Company registration number 08971821 (England and Wales)
HB FLOORING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
HB FLOORING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HB FLOORING LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
42,866
35,167
Current assets
Stocks
9,500
9,500
Debtors
4
393,768
207,624
Cash at bank and in hand
142,641
19,053
545,909
236,177
Creditors: amounts falling due within one year
5
(264,697)
(115,519)
Net current assets
281,212
120,658
Total assets less current liabilities
324,078
155,825
Creditors: amounts falling due after more than one year
6
(37,028)
(21,667)
Net assets
287,050
134,158
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
286,950
134,058
Total equity
287,050
134,158

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 8 October 2024
Mr C Helliwell
Director
Company registration number 08971821 (England and Wales)
HB FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

HB Flooring Limited is a private company limited by shares incorporated in England and Wales. The registered office is 88 Hill Village Road, Four Oaks, Sutton Coldfield, B75 5BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% on cost
Plant and equipment
20% on cost
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are valued at lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HB FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

The company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charged to the profit or loss in the period to which they relate.

 

1.7
Operating leases

Rentals payable under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
4
HB FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
4,139
51,474
55,613
Additions
-
0
42,877
42,877
Disposals
-
0
(26,723)
(26,723)
At 30 April 2024
4,139
67,628
71,767
Depreciation and impairment
At 1 May 2023
3,312
17,134
20,446
Depreciation charged in the year
414
10,666
11,080
Eliminated in respect of disposals
-
0
(2,625)
(2,625)
At 30 April 2024
3,726
25,175
28,901
Carrying amount
At 30 April 2024
413
42,453
42,866
At 30 April 2023
827
34,340
35,167
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
319,969
185,456
Other debtors
73,799
22,168
393,768
207,624
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
146,448
61,404
Taxation and social security
90,669
36,852
Other creditors
17,580
7,263
264,697
115,519
HB FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,667
21,667
Other creditors
25,361
-
0
37,028
21,667
7
Lease commitments

The company has commitments to non-cancellable operating leases of £137,862.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of £1 each
60
60
60
60
B Ordinary Shares of £1 each
40
40
40
40
100
100
100
100
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