Registered number
09617772
The Floor Barn Ltd
Filleted Accounts
30 June 2024
The Floor Barn Ltd
Registered number: 09617772
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 49,059 22,400
Current assets
Stocks 29,260 18,289
Debtors 4 32,262 41,401
Cash at bank and in hand 8,744 28,981
70,266 88,671
Creditors: amounts falling due within one year 5 (41,297) (47,560)
Net current assets 28,969 41,111
Total assets less current liabilities 78,028 63,511
Creditors: amounts falling due after more than one year 6 (21,977) (12,182)
Net assets 56,051 51,329
Capital and reserves
Called up share capital 2 2
Profit and loss account 56,049 51,327
Shareholders' funds 56,051 51,329
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
SJ Dinsdale
Director
Approved by the board on 12 February 2025
The Floor Barn Ltd
Notes to the Accounts
for the year ended 30 June 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.
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 over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 15,475 33,533 24,995 74,003
Additions - 6,508 30,816 37,324
At 30 June 2024 15,475 40,041 55,811 111,327
Depreciation
At 1 July 2023 9,715 16,893 24,995 51,603
Charge for the year 1,762 6,849 2,054 10,665
At 30 June 2024 11,477 23,742 27,049 62,268
Net book value
At 30 June 2024 3,998 16,299 28,762 49,059
At 30 June 2023 5,760 16,640 - 22,400
4 Debtors 2024 2023
£ £
Trade debtors 28,183 39,401
Other debtors 4,079 2,000
32,262 41,401
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,100 5,100
Obligations under finance lease and hire purchase contracts 6,338 3,610
Trade creditors 21,110 17,578
Taxation and social security costs 8,749 21,193
Other creditors - 79
41,297 47,560
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,358 9,775
Obligations under finance lease and hire purchase contracts 17,619 2,407
21,977 12,182
7 Controlling party
The company is controlled by Mr and Mrs S Dinsdale.
8 Other information
The Floor Barn Ltd is a private company limited by shares and incorporated in England. Its registered office is:
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