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Company No: 00988162 (England and Wales)

T W BETTS FLOORING LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

T W BETTS FLOORING LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

T W BETTS FLOORING LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2024
T W BETTS FLOORING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
DIRECTORS Anne Marie Barber
Joshua Barron Donlan
Leslie Hargreaves
Ciaran Panagis Michalitsianos (Appointed 04 March 2024)
SECRETARY Anne Marie Barber
REGISTERED OFFICE Treviot House
186-192 High Road
Ilford
IG1 1LR
United Kingdom
COMPANY NUMBER 00988162 (England and Wales)
ACCOUNTANT Gravita Essex Limited
Treviot House
186 - 192 High Road
Ilford
Essex
IG1 1LR
United Kingdom
T W BETTS FLOORING LIMITED

BALANCE SHEET

As at 30 September 2024
T W BETTS FLOORING LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 38,928 49,381
38,928 49,381
Current assets
Stocks 39,840 35,780
Debtors 4 1,745,095 1,763,699
Cash at bank and in hand 1,274,787 1,194,053
3,059,722 2,993,532
Creditors: amounts falling due within one year 5 ( 892,515) ( 803,266)
Net current assets 2,167,207 2,190,266
Total assets less current liabilities 2,206,135 2,239,647
Creditors: amounts falling due after more than one year 6 ( 9,912) ( 24,087)
Provision for liabilities ( 9,732) ( 7,493)
Net assets 2,186,491 2,208,067
Capital and reserves
Called-up share capital 10,004 10,004
Share premium account 119 119
Capital redemption reserve 5,440 5,440
Profit and loss account 2,170,928 2,192,504
Total shareholders' funds 2,186,491 2,208,067

For the financial year ending 30 September 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 T W Betts Flooring Limited (registered number: 00988162) were approved and authorised for issue by the Board of Directors on 19 February 2025. They were signed on its behalf by:

Leslie Hargreaves
Director
T W BETTS FLOORING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
T W BETTS FLOORING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

T W Betts Flooring 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 Treviot House, 186-192 High Road, Ilford, IG1 1LR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover represents net invoiced sales, excluding value added tax. In respect of contracts for on-going services, turnover represents the value of the work done in the year, including estimates of amounts not invoiced.

Employee benefits

Defined contribution schemes
The company operates a defined pension contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Land and buildings 10 years straight line
Plant and machinery etc. 25 % reducing balance
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

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

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 20 19

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 October 2023 109,663 190,064 299,727
Additions 0 10,921 10,921
At 30 September 2024 109,663 200,985 310,648
Accumulated depreciation
At 01 October 2023 99,719 150,627 250,346
Charge for the financial year 9,944 11,430 21,374
At 30 September 2024 109,663 162,057 271,720
Net book value
At 30 September 2024 0 38,928 38,928
At 30 September 2023 9,944 39,437 49,381
Leased assets included above:
Net book value
At 30 September 2024 0 21,135 21,135
At 30 September 2023 0 28,181 28,181

4. Debtors

2024 2023
£ £
Trade debtors 561,915 503,783
Amounts owed by Group undertakings 1,076,891 1,154,487
Other debtors 106,289 105,429
1,745,095 1,763,699

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,311 10,056
Trade creditors 246,894 274,466
Taxation and social security 282,228 209,994
Obligations under finance leases and hire purchase contracts 3,509 9,250
Other creditors 349,573 299,500
892,515 803,266

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 7,904 18,215
Obligations under finance leases and hire purchase contracts 2,008 5,872
9,912 24,087

There are no amounts included above in respect of which any security has been given by the small entity.

7. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 5,518 89,066