Company registration number 10184607 (England and Wales)
DESIGN FLOORING CIRENCESTER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DESIGN FLOORING CIRENCESTER LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
DESIGN FLOORING CIRENCESTER LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,168
8,536
Current assets
Stocks
1,500
1,500
Debtors
102,414
84,610
Cash at bank and in hand
1,263
12,607
105,177
98,717
Creditors: amounts falling due within one year
(70,584)
(49,469)
Net current assets
34,593
49,248
Total assets less current liabilities
40,761
57,784
Creditors: amounts falling due after more than one year
(40,347)
(57,555)
Net assets
414
229
Capital and reserves
Called up share capital
4
100
100
Profit and loss reserves
314
129
Total equity
414
229
DESIGN FLOORING CIRENCESTER LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

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 10184607 (England and Wales)
DESIGN FLOORING CIRENCESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Design Flooring Cirencester 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, United Kingdom, 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 happens first.

1.4
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:

Leasehold improvements
20% on cost

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.

1.5
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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

DESIGN FLOORING CIRENCESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.

1.7
Leases

Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the relevant lease.

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
Tangible fixed assets
Total
£
Cost
At 1 April 2023 and 31 March 2024
19,838
Depreciation and impairment
At 1 April 2023
11,302
Depreciation charged in the year
2,368
At 31 March 2024
13,670
Carrying amount
At 31 March 2024
6,168
At 31 March 2023
8,536
4
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
90
90
90
90
Ordinary B of £1 each
10
10
10
10
100
100
100
100
DESIGN FLOORING CIRENCESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Related party transactions

Kingfisher Flooring Ltd

A company in which Mr Brennan is a director and shareholder

 

During the year the company made purchases from the related party of £152,777 (2023: £205,968). These transactions were carried out at an arms length basis,

 

In a previous period the company lent money to the related party for working capital. During the year further money was loaned to the related party. No terms of repayment have been agreed and the debt, which is unsecured, is repayable on demand. . The amount due from the related party at the balance sheet date was £97,295 (2023: £81,674).

 

Ford Flooring Ltd

A company in which Mr Brennan is the sole director and shareholder.

 

In previous years the company loaned money to the related party for working capital. During the year further money was advanced. No terms of interest have been agreed and the debt, which is unsecured, is repayable on demand. The amount due from the related party at the balance sheet date was £7,593 (2023: £2,183).

 

During the year the related party recharged overheads of £35,000 (2023: £7,600) to the company. These transactions were carried out at an arms' length basis.

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