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Registration number: 08091582

Longstaffes Flooring Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Longstaffes Flooring Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Longstaffes Flooring Limited

Company Information

Directors

Mr Jeffrey Longstaffe

Mrs Imelda Longstaffe

Mr Jamie Longstaffe

Registered office

3, Brookfield Drive
Aintree
Liverpool
Merseyside
L9 7AN

Accountants

Ron Welsh & Co
Chartered Accountants
Mannamead
Church Lane
Neston
Cheshire
CH64 9US

 

Longstaffes Flooring Limited

(Registration number: 08091582)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

627,910

563,943

Current assets

 

Stocks

6

267,112

288,264

Debtors

7

32,618

26,207

Cash at bank and in hand

 

628,485

653,087

 

928,215

967,558

Creditors: Amounts falling due within one year

8

(302,325)

(317,015)

Net current assets

 

625,890

650,543

Total assets less current liabilities

 

1,253,800

1,214,486

Creditors: Amounts falling due after more than one year

8

(123,232)

(145,418)

Net assets

 

1,130,568

1,069,068

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,130,468

1,068,968

Shareholders' funds

 

1,130,568

1,069,068

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 February 2025 and signed on its behalf by:
 

 

Longstaffes Flooring Limited

(Registration number: 08091582)
Balance Sheet as at 31 May 2024

.........................................
Mrs Imelda Longstaffe
Director

.........................................
Mr Jamie Longstaffe
Director

 

Longstaffes Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
3, Brookfield Drive
Aintree
Liverpool
Merseyside
L9 7AN
England

These financial statements were authorised for issue by the Board on 5 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Longstaffes Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Not depreciated - maintained in condition

Office equipment

20% straight line

Motor vehicles

20% straight line

Fistures and fittings

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line method over estimated useful life

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Longstaffes Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Longstaffes Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 13).

 

Longstaffes Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

375,000

375,000

At 31 May 2024

375,000

375,000

Amortisation

At 1 June 2023

375,000

375,000

At 31 May 2024

375,000

375,000

Carrying amount

At 31 May 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

533,280

41,585

36,826

611,691

Additions

-

546

71,140

71,686

At 31 May 2024

533,280

42,131

107,966

683,377

Depreciation

At 1 June 2023

-

31,494

16,254

47,748

Charge for the year

-

2,098

5,621

7,719

At 31 May 2024

-

33,592

21,875

55,467

Carrying amount

At 31 May 2024

533,280

8,539

86,091

627,910

At 31 May 2023

533,280

10,091

20,572

563,943

Included within the net book value of land and buildings above is £533,280 (2023 - £533,280) in respect of freehold land and buildings.
 

 

Longstaffes Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Stocks

2024
£

2023
£

Other inventories

267,112

288,264

7

Debtors

Current

2024
£

2023
£

Trade debtors

903

1,112

Prepayments

17,651

16,266

Other debtors

14,064

8,829

 

32,618

26,207

 

Longstaffes Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

41,077

42,500

Trade creditors

 

112,555

124,288

Taxation and social security

 

107,189

105,672

Accruals and deferred income

 

5,302

4,579

Other creditors

 

36,202

39,976

 

302,325

317,015

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

123,232

145,418

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

123,232

145,418

Current loans and borrowings

2024
£

2023
£

Bank borrowings

41,077

42,500

 

Longstaffes Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

11

Dividends

2024

2023

£

£

Interim dividend of £1,120.00 (2023 - £2,170.00) per ordinary share

112,000

217,000

 

 

12

Related party transactions

There were no related party transactions requiring disclosure during the current financial period.

 

Longstaffes Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

130,000

47,417

Contributions paid to money purchase schemes

24,048

6,048

154,048

53,465