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Company No: 05444551 (England and Wales)

NAOS FLOORS LIMITED

Abridged Unaudited Financial Statements
For the financial year ended 31 May 2024

NAOS FLOORS LIMITED

Abridged Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

NAOS FLOORS LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2024
NAOS FLOORS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
DIRECTORS Guy Edwards Milner
David Michael Ryan
SECRETARY David Michael Ryan
REGISTERED OFFICE 16-17 Vale Rise
Woodgate Business Park
Tonbridge
Kent
TN9 1TB
United Kingdom
COMPANY NUMBER 05444551 (England and Wales)
ACCOUNTANT Synergee
Pluto House
6 Vale Avenue
Tunbridge Wells
TN1 1DJ
NAOS FLOORS LIMITED

BALANCE SHEET

As at 31 May 2024
NAOS FLOORS LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 31.05.24 31.05.23
£ £
Fixed assets
Intangible assets 3 3,598 1,530
Tangible assets 4 92,159 58,791
Investments 5 56,509 13,846
152,266 74,167
Current assets
Stocks 102,691 134,634
Debtors 943,334 841,314
Cash at bank and in hand 499,820 498,844
1,545,845 1,474,792
Creditors: amounts falling due within one year ( 428,946) ( 444,372)
Net current assets 1,116,899 1,030,420
Total assets less current liabilities 1,269,165 1,104,587
Net assets 1,269,165 1,104,587
Capital and reserves
Called-up share capital 7 120 120
Profit and loss account 1,269,045 1,104,467
Total shareholders' funds 1,269,165 1,104,587

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Naos Floors Limited (registered number: 05444551) were approved and authorised for issue by the Board of Directors on 05 February 2025. They were signed on its behalf by:

Guy Edwards Milner
Director
NAOS FLOORS LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
NAOS FLOORS LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Naos Floors Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 16-17 Vale Rise, Woodgate Business Park, Tonbridge, Kent, TN9 1TB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised to the extent it is probable that economic benefit will flow to the company, and that it can be reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of discounts, rebates, VAT and other sales taxes.

Turnover from the sale of goods is recognised when the following conditions are satisfied:
- the significant risks and rewards of ownership are transferred to the customer;
- the company does not retain managerial involvement, nor control over the goods sold;
- the amount of turnover can be reliably measured;
- the right to consideration due for the transaction is probable; and
- the costs incurred, or to be incurred, can be reliably measured.
Turnover from the provision of services is recognised in the period in which the services are provided in
accordance with the stage of completion of the contract when the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that consideration due will be received;
- the stage of completion of the contract at the reporting date can be measured reliably, and
- the costs incurred, or to be incurred, can be measured reliably.

Turnover recognised but not billed at the reporting date is treated as amounts recoverable on contracts due within one year.

Turnover is recognised upon dispatch or collection of the goods by the customer.

Monies received in respect of advanced orders are treated as deposits until the criteria for recognition as turnover is met.

Employee benefits

Defined contribution schemes
The company operates a defined contribution pension scheme. A defined contribution scheme is a plan under which the company pays fixed contributions into a separate legal entity. Once the contributions have been paid, the company has no further payment obligations.

Contributions payable to the company's pension scheme are recognised in the statement of income and retained earnings in the period to which they fall due. Amounts not paid by the reporting date are shown within accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Tangible assets 4 years straight line
15 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the term of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by hire purchase are depreciated over the useful economic life. Assets acquired by finance lease are depreciated over the term of the lease, or useful economic life if shorter.

Finance leases are those where substantially all of the risks and benefits of ownership are assumed by the company. Obligations under such agreements are included in creditors, net of finance charges allocated to future periods. The finance element of the rental payment is charged to the statement of income and retained earnings so as to produce a constant, periodic rate of charge on the net obligation outstanding in each period.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors; loans from banks and other third parties; loans to related parties and investments in non-puttable ordinary shares.

Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, and such impairments is recognised in total comprehensive income.

2. Employees

31.05.24 31.05.23
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 13

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 June 2023 2,550 2,550
Additions 3,010 3,010
At 31 May 2024 5,560 5,560
Accumulated amortisation
At 01 June 2023 1,020 1,020
Charge for the financial year 942 942
At 31 May 2024 1,962 1,962
Net book value
At 31 May 2024 3,598 3,598
At 31 May 2023 1,530 1,530

4. Tangible assets

5. Fixed asset investments

31.05.24 31.05.23
£ £
Other investments and loans 56,509 13,846

6. Deferred tax

31.05.24 31.05.23
£ £
At the beginning of financial year ( 11,170) ( 8,801)
Charged to the Statement of Income and Retained Earnings ( 6,142) ( 2,369)
rounding ( 1) 0
At the end of financial year ( 17,313) ( 11,170)

7. Called-up share capital

31.05.24 31.05.23
£ £
Allotted, called-up and fully-paid
90 Ordinary shares of £ 1.00 each 90 90
20 Ordinary B shares of £ 1.00 each 20 20
10 Ordinary A shares of £ 1.00 each 10 10
120 120

Retained earnings represents reserves of accumulated profits and losses. Retained earnings is distributable except to extent that it relates to unrealised gains.

8. Related party transactions

Transactions with the entity's directors

31.05.24 31.05.23
£ £
G E Milner 137,550 127,679
D M Ryan 232,798 183,114

As at 31 May 2024, the directors owed £370,348 (2023: £310,793) to the company. In the year then ended, £59,555 was advanced, £nil has been repaid, £nil has been written off, and £nil has been waived.

Amounts advanced to directors are unsecured and repayable on demand. Interest is charged at HMRC official rates.