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Registered number: 09620221
Online Flooring Contracts Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Finsbury Robinson Ltd
237 Westcombe Hill
London
SE3 7DW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 09620221
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 37,931 53,150
37,931 53,150
CURRENT ASSETS
Stocks 5 40,000 40,805
Debtors 212,357 453,001
Cash at bank and in hand 189,941 842,533
442,298 1,336,339
Creditors: Amounts Falling Due Within One Year (139,113 ) (186,171 )
NET CURRENT ASSETS (LIABILITIES) 303,185 1,150,168
TOTAL ASSETS LESS CURRENT LIABILITIES 341,116 1,203,318
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,331 ) (7,991 )
NET ASSETS 333,785 1,195,327
CAPITAL AND RESERVES
Called up share capital 6 54 100
Capital redemption reserve 46 -
Profit and Loss Account 333,685 1,195,227
SHAREHOLDERS' FUNDS 333,785 1,195,327
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr L O'Connell
Director
25th November 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Online Flooring Contracts Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09620221 . The registered office is 237 Westcombe Hill, London, SE3 7DW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% on reducing balance
Computer Equipment 40% on reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Tax is recognised in the profit and loss account 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 Balance Sheet date.
Deferred Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet 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.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 6)
4 6
Page 3
Page 4
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 129,758 13,783 143,541
Disposals (18,148 ) - (18,148 )
As at 30 June 2024 111,610 13,783 125,393
Depreciation
As at 1 July 2023 77,374 13,017 90,391
Provided during the period 12,491 306 12,797
Disposals (15,726 ) - (15,726 )
As at 30 June 2024 74,139 13,323 87,462
Net Book Value
As at 30 June 2024 37,471 460 37,931
As at 1 July 2023 52,384 766 53,150
5. Stocks
2024 2023
£ £
Stock 40,000 40,805
6. Share Capital
2024 2023
Allotted, called up and fully paid £ £
54 Ordinary Shares of £ 1.00 each 54 100
Page 4