KENNINGTON FLOORING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024
Company Registration Number: 04978225
KENNINGTON FLOORING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 11
KENNINGTON FLOORING LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024
DIRECTORS
D A Rist
P K Rist
J J Harrison
S M P O'Driscoll
SECRETARY
P K Rist
REGISTERED OFFICE
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ
COMPANY REGISTRATION NUMBER
04978225 England and Wales
KENNINGTON FLOORING LIMITED
BALANCE SHEET
AS AT 29 FEBRUARY 2024
Notes 2024 2023
£ £
FIXED ASSETS
Intangible assets 5 - 22,500
Tangible assets 6 124,851 141,795
Investments 7 60,056 55
184,907 164,350
CURRENT ASSETS
Stock 154,037 154,339
Debtors 8 550,778 347,190
Cash at bank and in hand 3,576 5,681
708,391 507,210
CREDITORS: Amounts falling due within one year 9 412,617 285,123
NET CURRENT ASSETS 295,774 222,087
TOTAL ASSETS LESS CURRENT LIABILITIES 480,681 386,437
Provisions for liabilities and charges 18,388 20,079
NET ASSETS 462,293 366,358
CAPITAL AND RESERVES
Called up share capital 150 150
Distributable profit and loss account 462,143 366,208
SHAREHOLDERS' FUNDS 462,293 366,358
KENNINGTON FLOORING LIMITED
BALANCE SHEET
AS AT 29 FEBRUARY 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
D A Rist
Director
Date approved by the board: 29 November 2024
KENNINGTON FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
1 GENERAL INFORMATION
Kennington Flooring Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
Registered office Principal place of business
C9 Glyme Court Units 2 & 3
Oxford Office Village Chancerygate Business Centre
Langford Lane Transport Way
Kidlington Cowley
Oxford Oxford
OX5 1LQ OX4 6HE
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the value of flooring supplied and installed, stated net of trade discounts and value added tax. Revenue is recognised when the flooring has been delivered and installed. However, if there is no installation arrangement, revenue is recognised upon supply of the flooring, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
KENNINGTON FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Intangible fixed assets
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 20 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Alterations to leasehold Straight line basis at 5% per annum
Plant and machinery Reducing balance basis at 25% per annum
Office equipment Reducing balance basis at 25% per annum
Motor vehicles Reducing balance basis at 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Investments
Investments in subsidiaries are shown at cost less accumulated impairment losses.
KENNINGTON FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
KENNINGTON FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 of deferred tax liabilities or other taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
Employee benefits
Short term employee benefits are recognised as an expense in the period in which they are incurred.
KENNINGTON FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Consolidation
The company is a parent company subject to the small companies regime. The company and its subsidiaries comprise a small group. The company has therefore taken advantage of the option provided by section 399 of the Companies Act 2006 not to prepare group accounts.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 24 23
5 INTANGIBLE FIXED ASSETS
Goodwill
£
Cost
At 1 March 2023 450,000
At 29 February 2024 450,000
Accumulated amortisation and impairments
At 1 March 2023 427,500
Charge for year 22,500
At 29 February 2024 450,000
Net book value
At 1 March 2023 22,500
At 29 February 2024 -
KENNINGTON FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
6 TANGIBLE ASSETS
Alterations to leasehold Plant and machinery Office equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 March 2023 204,483 30,128 13,302 192,115 440,028
Additions - 2,220 1,565 - 3,785
Disposals - - - (10,495) (10,495)
At 29 February 2024 204,483 32,348 14,867 181,620 433,318
Accumulated depreciation and impairments
At 1 March 2023 140,179 29,756 8,004 120,294 298,233
Charge for year 10,224 416 1,389 8,043 20,072
Disposals - - - (9,838) (9,838)
At 29 February 2024 150,403 30,172 9,393 118,499 308,467
Net book value
At 1 March 2023 64,304 372 5,298 71,821 141,795
At 29 February 2024 54,080 2,176 5,474 63,121 124,851
KENNINGTON FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
7 FIXED ASSET INVESTMENTS
Investment in subsidiary undertakings
£
Cost
At 1 March 2023 55
Additions 60,001
At 29 February 2024 60,056
Net book value
At 1 March 2023 55
At 29 February 2024 60,056
8 DEBTORS
2024 2023
£ £
Trade debtors 331,221 209,540
Prepayments and accrued income 9,692 20,642
Other debtors 209,865 117,008
550,778 347,190
9 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 125,122 84,678
Trade creditors 132,314 85,523
Taxation and social security 59,249 84,815
Accruals and deferred income 6,363 19,639
Other creditors 89,569 10,468
412,617 285,123
10 SECURED DEBTS
The company's bankers hold fixed and floating charges over the assets of the company.
KENNINGTON FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
11 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year:
Balance at 1 March 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 29 February 2024
£ £ £ £ £
D A Rist 74,308 - 7,818 - 66,490
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
12 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
ACH Flooring Services Ltd. Subsidiary
Vale Curtains and Blinds Limited Subsidiary
During the year, the following transactions with related parties took place:
P K Rist
Director and shareholder 2024 2023
£ £
The director made advances to the company during the year. The following amounts were due to the director at the year end: 65,413 10,413
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