Company registration number 04638822 (England and Wales)
FORD FLOORING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FORD FLOORING LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
FORD FLOORING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
13,003
17,936
Cash at bank and in hand
2,641
13,003
20,577
Creditors: amounts falling due within one year
(9,819)
(12,662)
Net current assets
3,184
7,915
Creditors: amounts falling due after more than one year
(11,131)
(15,215)
Net liabilities
(7,947)
(7,300)
Capital and reserves
Called up share capital
3
150
150
Profit and loss reserves
(8,097)
(7,450)
Total equity
(7,947)
(7,300)
For the financial year ended 31 March 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.
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 22 January 2025
Mr A J Brennan
Director
Company registration number 04638822 (England and Wales)
FORD FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Ford Flooring Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Manor Park Business Centre, Mackenzie Way, Cheltenham, Gloucestershire, England, GL51 9TX.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company relies for its working capital on several different sources, including companies under common control. The director has assessed the working capital requirements of the company for a period of twelve months from the date of approval of these financial statements and, despite the ongoing uncertainties surrounding the national economy, is confident that the company will generate sufficient funds to enable it to continue to trade as a going concern. As a result the directors considers it appropriate to assume that the company can continue as a going concern and has prepared the financial statements on that basis.true
1.3
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.
Revenue is recognised at the point of invoicing or payment, whichever comes first.
1.4
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 income statement 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.
1.5
Leases
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the relevant lease.
FORD FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
Ordinary B of £1 each
50
50
50
50
150
150
150
150
4
Related party transactions
Kingfisher Flooring Ltd
A company in which Mr Brennan is a director and shareholder
During the year the company loaned the related party £3,488 for working capital. No terms of interest have been agreed and the debt, which is unsecured, is repayable on demand. The balance due from the related party at the balance sheet date was £3,488 (2023: £nil).
Design Flooring Cirencester Ltd
A company in which Mr Brennan is a director and shareholder
In previous years the company loaned money to the related party for working capital. Further money was loaned to the related party during the year. No terms of interest have been agreed and the debt, which is unsecured, is repayable on demand. The balance due from the related party at the balance sheet date was £7,593 (2023: £2,183).
During the year the company recharged overheads of £35,000 (2023: £7,600) to the related party on an arms length basis.