IRIS Accounts Production v24.3.2.46 04359843 director 1.6.23 31.5.24 31.5.24 Medium entities the manufacture and installation of beam and block floors, wideslab planks and precast stairs within the construction industry. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh043598432023-05-31043598432024-05-31043598432023-06-012024-05-31043598432022-05-31043598432022-06-012023-05-31043598432023-05-3104359843ns15:EnglandWales2023-06-012024-05-3104359843ns14:PoundSterling2023-06-012024-05-3104359843ns10:Director12023-06-012024-05-3104359843ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3104359843ns10:MediumEntities2023-06-012024-05-3104359843ns10:Audited2023-06-012024-05-3104359843ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-06-012024-05-3104359843ns10:Medium-sizedCompaniesRegimeForAccounts2023-06-012024-05-3104359843ns10:FullAccounts2023-06-012024-05-3104359843ns10:OrdinaryShareClass12023-06-012024-05-3104359843ns10:CompanySecretary12023-06-012024-05-3104359843ns10:RegisteredOffice2023-06-012024-05-3104359843ns5:CurrentFinancialInstruments2024-05-3104359843ns5:CurrentFinancialInstruments2023-05-3104359843ns5:Non-currentFinancialInstruments2024-05-3104359843ns5:Non-currentFinancialInstruments2023-05-3104359843ns5:ShareCapital2024-05-3104359843ns5:ShareCapital2023-05-3104359843ns5:RetainedEarningsAccumulatedLosses2024-05-3104359843ns5:RetainedEarningsAccumulatedLosses2023-05-3104359843ns5:ShareCapital2022-05-3104359843ns5:RetainedEarningsAccumulatedLosses2022-05-3104359843ns5:RetainedEarningsAccumulatedLosses2022-06-012023-05-3104359843ns5:RetainedEarningsAccumulatedLosses2023-06-012024-05-310435984312023-06-012024-05-3104359843ns5:PlantMachinery2023-06-012024-05-3104359843ns5:MotorVehicles2023-06-012024-05-3104359843ns5:ComputerEquipment2023-06-012024-05-3104359843ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-06-012024-05-3104359843ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-06-012023-05-3104359843ns5:OwnedAssets2023-06-012024-05-3104359843ns5:OwnedAssets2022-06-012023-05-310435984322023-06-012024-05-310435984322022-06-012023-05-3104359843ns5:HirePurchaseContracts2023-06-012024-05-3104359843ns5:HirePurchaseContracts2022-06-012023-05-3104359843ns10:OrdinaryShareClass12022-06-012023-05-3104359843ns5:LandBuildings2023-05-3104359843ns5:PlantMachinery2023-05-3104359843ns5:MotorVehicles2023-05-3104359843ns5:ComputerEquipment2023-05-3104359843ns5:LandBuildings2023-06-012024-05-3104359843ns5:LandBuildings2024-05-3104359843ns5:PlantMachinery2024-05-3104359843ns5:MotorVehicles2024-05-3104359843ns5:ComputerEquipment2024-05-3104359843ns5:LandBuildings2023-05-3104359843ns5:PlantMachinery2023-05-3104359843ns5:MotorVehicles2023-05-3104359843ns5:ComputerEquipment2023-05-3104359843ns5:WithinOneYearns5:CurrentFinancialInstruments2024-05-3104359843ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-3104359843ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-05-3104359843ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-05-3104359843ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-05-3104359843ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-05-3104359843ns5:HirePurchaseContracts2024-05-3104359843ns5:HirePurchaseContracts2023-05-3104359843ns5:DeferredTaxation2023-05-3104359843ns5:DeferredTaxation2023-06-012024-05-3104359843ns5:DeferredTaxation2024-05-3104359843ns10:OrdinaryShareClass12024-05-3104359843ns5:RetainedEarningsAccumulatedLosses2023-05-31
REGISTERED NUMBER: 04359843 (England and Wales)











STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

FLOORSPAN CONTRACTS LIMITED

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


FLOORSPAN CONTRACTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: N K Dighton



SECRETARY: Mrs S J Dighton



REGISTERED OFFICE: 9 Commerce Road
Lynchwood
Peterborough
Cambridgeshire
PE2 6LR



REGISTERED NUMBER: 04359843 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Thomas McManners BSc ACA



INDEPENDENT AUDITORS: TTCA Limited
Chartered accountants and statutory auditor
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Floorspan Investments Limited is a holding company. Floorspan Contracts Limited and Floorspan Holdings Limited are subsidiaries of Floorspan Investments Limited. The Group's trade is predominantly carried out by Floorspan Contracts Limited; this company's principal activities are the Design, Delivery, Installation and Manufacture of Pre-Stressed Concrete Products for the Construction Industry. Floorspan Holdings Limited holds the majority of Group's trading assets, including the industrial property.

The financial year 2023/2024 was one of relative commercial and economic stability and I am pleased to report that the Floorspan Group has again achieved a strong financial performance.

The last quarter of the financial year was foreshadowed by the prospect of a general election and a likely change in UK Government. This led to a minor, but noticeable slowdown in industry activity as interested parties and stakeholders assumed a watching brief.

Through hard work and perseverance, we were able to maximise the commercial opportunities available and establish new working relationships with a number of large regional operators that continue to grow.

Cost of living pressures remain, and we are sensitive to this. We continue to invest in our workforce and have seen staff retention and wellbeing continue to improve.

I continue to maintain a strategic role in the business, with oversight of key decisions that relate to our future growth, prosperity and sustainability.

I entrust the day-to-day running of the business to the experienced, established Senior Management Team who have long demonstrated their careful stewardship of our family business. They remain a longstanding, efficient unit.

Looking to the future we will continue with our planned investment and expansion, with all funds coming from carefully managed savings and existing cash reserves.

ON BEHALF OF THE BOARD:





N K Dighton - Director


23 January 2025

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MAY 2024

The director presents his report with the financial statements of the company for the year ended 31 May 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 May 2024 will be £ 2,500,000 .

DIRECTOR
N K Dighton held office during the whole of the period from 1 June 2023 to the date of this report.

N K Dighton is also the director and controlling shareholder of Floorspan Holdings Limited, the company's ultimate holding company.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MAY 2024


AUDITORS
The auditors, TTCA Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N K Dighton - Director


23 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLOORSPAN CONTRACTS LIMITED

Opinion
We have audited the financial statements of Floorspan Contracts Limited (the 'company') for the year ended 31 May 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLOORSPAN CONTRACTS LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLOORSPAN CONTRACTS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general auditing and accounting experience and through discussion with the directors and other management (as required by auditing standards), the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statement, for instance through the imposition of fines or litigation. We identified areas as those most likely to have such an effect such as anti-bribery and certain aspects of company legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLOORSPAN CONTRACTS LIMITED

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Thomas McManners BSc ACA (Senior Statutory Auditor)
for and on behalf of TTCA Limited
Chartered accountants and statutory auditor
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY

24 January 2025

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

TURNOVER 19,770,037 20,847,998

Cost of sales 14,211,108 15,292,729
GROSS PROFIT 5,558,929 5,555,269

Administrative expenses 3,291,939 2,958,048
2,266,990 2,597,221

Other operating income 30,000 30,000
OPERATING PROFIT 4 2,296,990 2,627,221

Interest receivable and similar
income

61,761

9,668
2,358,751 2,636,889

Interest payable and similar
expenses

6

33,869

8,018
PROFIT BEFORE TAXATION 2,324,882 2,628,871

Tax on profit 7 862,981 434,017
PROFIT FOR THE FINANCIAL
YEAR

1,461,901

2,194,854

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,461,901 2,194,854


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,461,901

2,194,854

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 4,222,387 1,036,545

CURRENT ASSETS
Stocks 10 459,727 384,605
Debtors 11 4,537,040 5,292,323
Cash at bank and in hand 980,832 1,673,044
5,977,599 7,349,972
CREDITORS
Amounts falling due within one
year

12

7,093,433

4,719,108
NET CURRENT (LIABILITIES)/ASSETS (1,115,834 ) 2,630,864
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,106,553

3,667,409

CREDITORS
Amounts falling due after more
than one year

13

(231,582

)

(84,259

)

PROVISIONS FOR LIABILITIES 15 (515,933 ) (186,013 )
NET ASSETS 2,359,038 3,397,137

CAPITAL AND RESERVES
Called up share capital 16 1 1
Retained earnings 17 2,359,037 3,397,136
SHAREHOLDERS' FUNDS 2,359,038 3,397,137

The financial statements were approved by the director and authorised for issue on 23 January 2025 and were signed by:





N K Dighton - Director


FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 1 1,202,282 1,202,283

Changes in equity
Total comprehensive income - 2,194,854 2,194,854
Balance at 31 May 2023 1 3,397,136 3,397,137

Changes in equity
Dividends - (2,500,000 ) (2,500,000 )
Total comprehensive income - 1,461,901 1,461,901
Balance at 31 May 2024 1 2,359,037 2,359,038

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Floorspan Contracts 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Judgements and key sources of estimation uncertainty
The preparation of these financial statements in conformity with United Kingdom Generally Accepted Accounting Practice requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include accrued income and deferred income.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits with flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.


FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,861,564 3,774,348
Social security costs 383,166 384,046
Other pension costs 160,398 148,646
4,405,128 4,307,040

The average number of employees during the year was as follows:
2024 2023

Directors 1 1
Direct 65 65
Administrative 44 44
110 110

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

3. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Director's remuneration 9,100 9,100

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 1,242,545 1,238,008
Other operating leases 69,135 76,583
Depreciation - owned assets 357,730 255,369
Loss on disposal of fixed assets 11,801 7,110

5. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

19,800

19,810

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest paid 16,153 -
Hire purchase 17,716 8,018
33,869 8,018

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 533,061 385,791
R&D Relief - (946 )
Total current tax 533,061 384,845

Deferred tax 329,920 49,172
Tax on profit 862,981 434,017

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,324,882 2,628,871
Profit multiplied by the standard rate of corporation tax in
the UK of 25% (2023 - 20.003%)

581,221

525,853

Effects of:
Expenses not deductible for tax purposes 1,728 411
Capital allowances in excess of depreciation - (11,954 )
Depreciation in excess of capital allowances 280,032 -

Research and development tax credit - (80,293 )
Total tax charge 862,981 434,017

8. DIVIDENDS
2024 2023
£    £   
Interim 2,500,000 -

9. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 - - 2,024,592 112,638 2,137,230
Additions 1,822,757 1,193,848 519,897 38,288 3,574,790
Disposals - - (148,450 ) - (148,450 )
At 31 May 2024 1,822,757 1,193,848 2,396,039 150,926 5,563,570
DEPRECIATION
At 1 June 2023 - - 1,022,243 78,442 1,100,685
Charge for year - - 318,687 39,043 357,730
Eliminated on disposal - - (117,232 ) - (117,232 )
At 31 May 2024 - - 1,223,698 117,485 1,341,183
NET BOOK VALUE
At 31 May 2024 1,822,757 1,193,848 1,172,341 33,441 4,222,387
At 31 May 2023 - - 1,002,349 34,196 1,036,545

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

10. STOCKS
2024 2023
£    £   
Raw materials 84,154 166,018
Finished goods 375,573 218,587
459,727 384,605

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,539,199 2,431,765
Amounts owed by group undertakings - 1,486,330
Other debtors 1,779,969 1,233,359
Prepayments 217,872 140,869
4,537,040 5,292,323

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14)
94,676

78,342
Trade creditors 1,368,984 1,408,961
Amounts owed to group undertakings 4,268,858 1,705,693
Tax 399,212 385,791
Social security and other taxes 109,323 115,304
VAT 27,588 54,821
Other creditors 297,494 283,644
Deferred income 267,785 368,675
Accrued expenses 259,513 317,877
7,093,433 4,719,108

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14)
231,582

84,259

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 94,676 78,342
Between one and five years 231,582 84,259
326,258 162,601

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 515,933 186,013

Deferred
tax
£   
Balance at 1 June 2023 186,013
Provided during year 329,920
Balance at 31 May 2024 515,933

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary 1 1 1

17. RESERVES
Retained
earnings
£   

At 1 June 2023 3,397,136
Profit for the year 1,461,901
Dividends (2,500,000 )
At 31 May 2024 2,359,037

18. ULTIMATE PARENT COMPANY

The ultimate controlling parent is Floorspan Investments Limited, a company incorporated in the United Kingdom. Group accounts have been drawn up for this company. The registered office address of Floorspan Investments Limited is 9 Commerce Road, Lynch Wood, Peterborough, United Kingdom, PE2 6LR.

The ultimate controlling party is N K Dighton.

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

19. RELATED PARTY DISCLOSURES

Westview Investments (Peterborough) Limited is a company in which N K Dighton is a director. This company is owned by Westview Holdings Limited; N K Dighton is also a director of Westview Holdings Limited. N K Dighton and his wife, Mrs S J Dighton, each own 12% of the shares in Westview Holdings Limited.

The company has provided an unsecured and interest-free loan to Westview Investments (Peterborough) Limited. At the balance sheet date, the amount loaned was £958,797 (2023: £644,803). Interest is to be charged from 01 June 2023 as per the bank of England base rate.

In addition to this, the company also leases commercial property from Westview Investments (Peterborough) Limited. During the year, the company paid £58,728 (2023: £62,650) to Westview Investments (Peterborough) Limited in respect of rental charges.

The company has made loans to L J Dighton, the son of N K Dighton. At the balance sheet date, the amount loaned to L J Dighton was £666,425 (2023: £297,128). Interest is charged on this loan at the HMRC beneficial interest rate. The loan is unsecured.

The company has made loans to Mrs L L Hart, the daughter of N K Dighton. At the balance sheet date, the amount loaned to Mrs L L Hart was £33,576 (2023: £39,577). Interest is charged on this loan at the HMRC beneficial interest rate. The loan is unsecured.