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Company No: 12575954 (England and Wales)

SURFACES GROUP LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

SURFACES GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

SURFACES GROUP LIMITED

COMPANY INFORMATION

For the financial year ended 29 February 2024
SURFACES GROUP LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
DIRECTORS Mr M Evison
Mr M Leathley
REGISTERED OFFICE Carlyle House
78 Chorley New Road
Bolton
BL1 4BY
United Kingdom
COMPANY NUMBER 12575954 (England and Wales)
CHARTERED ACCOUNTANTS Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
SURFACES GROUP LIMITED

BALANCE SHEET

As at 29 February 2024
SURFACES GROUP LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 203,739 90,744
203,739 90,744
Current assets
Stocks 0 51,201
Debtors 4 1,245,091 1,824,599
Cash at bank and in hand 75,247 27,730
1,320,338 1,903,530
Creditors: amounts falling due within one year 5 ( 778,903) ( 1,455,902)
Net current assets 541,435 447,628
Total assets less current liabilities 745,174 538,372
Creditors: amounts falling due after more than one year 6 ( 67,299) 0
Provision for liabilities 7 ( 14,251) ( 13,248)
Net assets 663,624 525,124
Capital and reserves
Called-up share capital 100 100
Profit and loss account 663,524 525,024
Total shareholder's funds 663,624 525,124

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Surfaces Group Limited (registered number: 12575954) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

Mr M Leathley
Director
SURFACES GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
SURFACES GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Surfaces Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Carlyle House, 78 Chorley New Road, Bolton, BL1 4BY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 3 years straight line
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 March 2023 45,710 34,815 7,983 31,637 10,118 130,263
Additions 33,212 0 104,565 0 0 137,777
At 29 February 2024 78,922 34,815 112,548 31,637 10,118 268,040
Accumulated depreciation
At 01 March 2023 6,469 9,302 4,790 13,371 5,587 39,519
Charge for the financial year 5,401 3,827 7,709 4,566 3,279 24,782
At 29 February 2024 11,870 13,129 12,499 17,937 8,866 64,301
Net book value
At 29 February 2024 67,052 21,686 100,049 13,700 1,252 203,739
At 28 February 2023 39,241 25,513 3,193 18,266 4,531 90,744

4. Debtors

2024 2023
£ £
Trade debtors 0 1,430,531
Other debtors 1,245,091 394,068
1,245,091 1,824,599

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 497,987 388,902
Taxation and social security 156,998 246,432
Obligations under finance leases and hire purchase contracts 5,702 0
Other creditors 118,216 820,568
778,903 1,455,902

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 67,299 0

7. Provision for liabilities

2024 2023
£ £
Deferred tax 14,251 13,248

8. Related party transactions

Other related party transactions

As at the balance sheet date the company was owed the following amounts from related companies. The amounts are disclosed in Other debtors :
Tradescape Limited £263,568 (2023:£nil)
Tradescape Holdings Limited £1,715 (2023:£1,215)
Surfaces HR & Safety Limited £86,942 (2023: £23,192)
Tradescape Wholesale Limited £229,472 (2023: £138)
Tradescape Merchants Limited £31,843 (2023:£nil) &
Tilson Manufacturing Limited £149,538 (2023: £139,020).

Also as at the balance sheet date the company owed the following amounts to related companies. The amounts are disclosed in Other creditors :
Tradescape Limited £nil (2023: £782,410) &
Tradescape Merchants Limited £nil (2023:£972).