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Registration number: 05422647

Impressive Flooring Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Impressive Flooring Company Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Impressive Flooring Company Limited

Company Information

Directors

R J Scarry

K Scarry

Company secretary

K Scarry

Registered office

Heath Farm
Church Lane
Headley
Epsom
Surrey
KT18 6ND

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Impressive Flooring Company Limited

(Registration number: 05422647)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Non-current assets

 

Property, plant and equipment

5

1,071,494

952,261

Current assets

 

Receivables

6

617,028

1,100,762

Cash at bank and in hand

 

50,194

188,108

 

667,222

1,288,870

Payables: Amounts falling due within one year

7

(78,701)

(258,538)

Net current assets

 

588,521

1,030,332

Total assets less current liabilities

 

1,660,015

1,982,593

Provisions for liabilities

(14,283)

(25,280)

Net assets

 

1,645,732

1,957,313

Equity

 

Called up share capital

9

100

100

Retained earnings

1,645,632

1,957,213

Shareholders' funds

 

1,645,732

1,957,313

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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 Income statement.

The financial statements of Impressive Flooring Company Limited were approved and authorised for issue by the Board on 31 January 2025 and signed on its behalf by:
 

 

Impressive Flooring Company Limited

(Registration number: 05422647)
Statement of Financial Position as at 31 May 2024 (continued)

.........................................

R J Scarry
Director

 

Impressive Flooring Company Limited

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

1

General information

Impressive Flooring Company Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, which may be obtained from . Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel..

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

 

Impressive Flooring Company Limited

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

2

Accounting policies (continued)

Revenue recognition

Revenue 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. Revenue 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 and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

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

Improvements to property

10% on cost

Plant and machinery

15% on cost and 10 % on cost

Fixtures and fittings

10% on cost

Motor vehicles

20% on cost

Computer equipment

33% on cost

Freehold property

2% on cost

Goodwill

Goodwill is amortised over its useful life of 5 years.

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

10% on cost

 

Impressive Flooring Company Limited

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

2

Accounting policies (continued)

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.

Receivables

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

Receivables 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 receivables 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.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Payables 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.

Payables 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 income statement 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Impressive Flooring Company Limited

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

2

Accounting policies (continued)

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 12).

 

Impressive Flooring Company Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

120,000

120,000

At 31 May 2024

120,000

120,000

Amortisation

At 1 June 2023

120,000

120,000

At 31 May 2024

120,000

120,000

Carrying amount

At 31 May 2024

-

-

5

Property, plant and equipment

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 June 2023

866,223

525,513

199,997

32,879

1,624,612

Additions

-

672

25,000

224,017

249,689

Disposals

-

(27,300)

(24,000)

-

(51,300)

At 31 May 2024

866,223

498,885

200,997

256,896

1,823,001

Depreciation

At 1 June 2023

74,415

410,332

154,725

32,879

672,351

Charge for the year

17,324

40,487

17,868

22,402

98,081

Eliminated on disposal

-

(12,285)

(6,640)

-

(18,925)

At 31 May 2024

91,739

438,534

165,953

55,281

751,507

Carrying amount

At 31 May 2024

774,484

60,351

35,044

201,615

1,071,494

At 31 May 2023

791,808

115,181

45,272

-

952,261

 

Impressive Flooring Company Limited

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

5

Property, plant and equipment (continued)

Included within the net book value of land and buildings above is £774,484 (2023 - £791,808) in respect of freehold land and buildings.
 

6

Receivables

2024
£

2023
£

Trade receivables

317,277

539,173

Other receivables

299,751

550,852

Social security and other taxes

-

10,737

617,028

1,100,762

 

Impressive Flooring Company Limited

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

7

Payables

Payables: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

1,292

13,009

Trade payables

 

82,364

137,149

Other payables

 

6,268

11,562

Accruals

 

9,700

9,149

Income tax liability

(20,923)

87,669

 

78,701

258,538

8

Provisions for liabilities

Deferred tax
£

Total
£

At 1 June 2023

25,280

25,280

Additional provisions

(10,997)

(10,997)

At 31 May 2024

14,283

14,283

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

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

-

11,717

Other borrowings

1,292

1,292

1,292

13,009