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REGISTERED NUMBER: 02303207 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Newcastle Flooring Company Limited

Newcastle Flooring Company Limited (Registered number: 02303207)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Newcastle Flooring Company Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mr J B Buzzeo
Ms C M Buzzeo
Mrs E M Naisbitt
Mrs G A M Lynch





REGISTERED OFFICE: 18 Heaton Road
Newcastle Upon Tyne
NE6 1SD





REGISTERED NUMBER: 02303207 (England and Wales)





ACCOUNTANTS: Evelyn Partners
17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN

Newcastle Flooring Company Limited (Registered number: 02303207)

Balance Sheet
30 April 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 196,824 166,495
196,824 166,495

CURRENT ASSETS
Stocks 13,500 13,500
Debtors 7 1,163,718 1,079,945
Cash at bank 244,372 448,446
1,421,590 1,541,891
CREDITORS
Amounts falling due within one year 8 (317,756 ) (413,275 )
NET CURRENT ASSETS 1,103,834 1,128,616
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,300,658

1,295,111

CREDITORS
Amounts falling due after more than one
year

9

(75,113

)

(65,652

)

PROVISIONS FOR LIABILITIES (4,089 ) (9,544 )
NET ASSETS 1,221,456 1,219,915

CAPITAL AND RESERVES
Called up share capital 2 2
Share premium 90,000 90,000
Profit and loss account 1,131,454 1,129,913
SHAREHOLDERS' FUNDS 1,221,456 1,219,915

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2024 and were signed on its behalf by:





Mr J B Buzzeo - Director


Newcastle Flooring Company Limited (Registered number: 02303207)

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

1. STATUTORY INFORMATION

Newcastle Flooring Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements are rounded to the nearest £.

The ultimate parent undertaking is Newcastle Flooring Company Holding Limited, who shares the same registered office address detailed above.

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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:

Plant and machinery10% reducing balance basis
Fixtures, fittings & equipment10% reducing balance basis
Motor vehicles25% reducing balance basis

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.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of 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). 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.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Newcastle Flooring Company Limited (Registered number: 02303207)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets:
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities:
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.


Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 24 ) .

Newcastle Flooring Company Limited (Registered number: 02303207)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 50,000
AMORTISATION
At 1 May 2023
and 30 April 2024 50,000
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 314,768
Additions 87,130
Disposals (56,358 )
At 30 April 2024 345,540
DEPRECIATION
At 1 May 2023 148,273
Charge for year 39,018
Eliminated on disposal (38,575 )
At 30 April 2024 148,716
NET BOOK VALUE
At 30 April 2024 196,824
At 30 April 2023 166,495

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 489,741 440,032
Amounts owed by group undertakings 603,160 600,891
Other debtors 70,817 39,022
1,163,718 1,079,945

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 37,069 24,802
Trade creditors 189,497 195,132
Taxation and social security 58,283 95,942
Other creditors 32,907 97,399
317,756 413,275

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 75,113 65,652

Newcastle Flooring Company Limited (Registered number: 02303207)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 112,182 90,454

Hire purchase liabilities are secured over the assets to which they relate, where the net book value of the assets at the year end was £186,019 (2023 - £152,514).

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
Mr J B Buzzeo
Balance outstanding at start of year 11,621 8,437
Amounts advanced 5,379 11,621
Amounts repaid (9,320 ) (8,437 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,680 11,621

Mrs E M Naisbitt
Balance outstanding at start of year - 2,647
Amounts repaid - (2,647 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Ms C M Buzzeo
Balance outstanding at start of year - 13,135
Amounts advanced 10,126 -
Amounts repaid (4,442 ) (13,135 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,684 -

The above loans are interest free, unsecured and repayable on demand.