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Registration number: 03759195

East Coast Flooring Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

East Coast Flooring Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

East Coast Flooring Limited

Company Information

Director

J D Cooksey

Registered office

Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

 

East Coast Flooring Limited

(Registration number: 03759195)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

266,044

289,046

Current assets

 

Stocks

5

23,255

24,952

Debtors

6

733,506

312,006

Cash at bank and in hand

 

371,839

345,455

 

1,128,600

682,413

Creditors: Amounts falling due within one year

7

(433,981)

(257,659)

Net current assets

 

694,619

424,754

Total assets less current liabilities

 

960,663

713,800

Provisions for liabilities

(8,171)

(17,135)

Net assets

 

952,492

696,665

Capital and reserves

 

Called up share capital

125

125

Retained earnings

952,367

696,540

Shareholders' funds

 

952,492

696,665

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

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 September 2024
 

.........................................
J D Cooksey
Director

 

East Coast Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 03759195.

The address of its registered office is:
Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

The principal place of business is:
Unit 1, Vale Court
Vale Road Industrial Estate
Spilsby
Lincolnshire
PE23 5HE

These financial statements were authorised for issue by the director on 13 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling and rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

East Coast Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal ofdeferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

15% reducing balance & 33% straight line

Motor vehicles

25% reducing balance

Land and buildings

2% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

East Coast Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 6 (2023 - 6).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

343,530

63,809

85,319

492,658

Additions

-

6,268

20,850

27,118

Disposals

-

-

(37,660)

(37,660)

At 30 April 2024

343,530

70,077

68,509

482,116

Depreciation

At 1 May 2023

121,842

57,042

24,728

203,612

Charge for the year

6,871

3,261

10,582

20,714

Eliminated on disposal

-

-

(8,254)

(8,254)

At 30 April 2024

128,713

60,303

27,056

216,072

Carrying amount

At 30 April 2024

214,817

9,774

41,453

266,044

At 30 April 2023

221,688

6,767

60,591

289,046

Included within the net book value of land and buildings above is £214,817 (2023 - £221,688) in respect of freehold land and buildings.
 

 

East Coast Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Raw materials and consumables

23,255

24,952

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

216,142

153,885

Amounts owed by related parties

511,693

150,000

Other debtors

 

5,671

8,121

   

733,506

312,006

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

9,209

9,128

Trade creditors

 

189,337

102,406

Taxation and social security

 

230,415

145,384

Accruals and deferred income

 

-

741

Other creditors

 

5,020

-

 

433,981

257,659

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

9,209

9,128

9

Parent and ultimate parent undertaking

The Company's immediate parent is East Coast Flooring Holdings Limited , incorporated in England and Wales.