Registered number
12296816
Floorseal Ltd
Filleted Accounts
for the year ended 31 December 2024
Floorseal Ltd
Registered number: 12296816
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 87,982 105,579
Tangible assets 4 41,516 53,299
129,498 158,878
Current assets
Stocks 123,982 126,267
Debtors 5 31,584 30,096
Cash at bank and in hand 475,699 210,015
631,265 366,378
Creditors: amounts falling due within one year 6 (148,369) (79,442)
Net current assets 482,896 286,936
Total assets less current liabilities 612,394 445,814
Creditors: amounts falling due after more than one year 7 (1,253) (4,500)
Provisions for liabilities (10,379) (13,325)
Net assets 600,762 427,989
Capital and reserves
Called up share capital 100 100
Share premium 163,865 163,865
Profit and loss account 436,797 264,024
Shareholder's funds 600,762 427,989
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Graeme Hamilton Smith
Director
Approved by the board on 20 January 2025
Floorseal Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 future taxable profits. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 175,965
At 31 December 2024 175,965
Amortisation
At 1 January 2024 70,386
Provided during the year 17,597
At 31 December 2024 87,983
Net book value
At 31 December 2024 87,982
At 31 December 2023 105,579
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 72,602
Additions 8,667
Disposals (17,814)
At 31 December 2024 63,455
Depreciation
At 1 January 2024 19,303
Charge for the year 8,862
On disposals (6,226)
At 31 December 2024 21,939
Net book value
At 31 December 2024 41,516
At 31 December 2023 53,299
5 Debtors 2024 2023
£ £
Trade debtors 24,084 16,860
Other debtors 7,500 13,236
31,584 30,096
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,000 3,000
Trade creditors 16,922 11,837
Taxation and social security costs 112,666 63,834
Other creditors 15,781 771
148,369 79,442
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,253 4,500
8 Pension commitments
The company operates a defined contribution pension scheme. The company also makes contributions to the director's private personal pension scheme. Contributions totalling £nil (2023 : £nil) remained payable at the end of the period and are included in creditors.
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 69,685 77,000
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Graeme Hamilton Smith
Interest free loan account with no fixed terms for repayment, in credit at the reporting date. 628 (91,162) 104,860 14,326
628 (91,162) 104,860 14,326
11 Other information
Floorseal Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Gatehead Cottage
Barnside Lane
Hepworth
Holmfirth
HD9 1TN
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