Registered number
06042855
Floor Dimensions Limited
Filleted Accounts
29 March 2024
Floor Dimensions Limited
Registered number: 06042855
Balance Sheet
as at 29 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 79,011 91,240
Current assets
Stocks 14,500 18,500
Debtors 5 74,755 124,579
Cash at bank and in hand 5,910 14,333
95,165 157,412
Creditors: amounts falling due within one year 6 (59,542) (152,950)
Net current assets 35,623 4,462
Total assets less current liabilities 114,634 95,702
Creditors: amounts falling due after more than one year 7 (54,014) (39,977)
Provisions for liabilities (14,345) (12,089)
Net assets 46,275 43,636
Capital and reserves
Called up share capital 60,100 60,100
Profit and loss account (13,825) (16,464)
Shareholder's funds 46,275 43,636
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 member has 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.
Mr A Overson
Director
Approved by the board on 14 January 2025
Floor Dimensions Limited
Notes to the Accounts
for the period from 31 March 2023 to 29 March 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Leasehold improvements over 10 years
Plant and machinery 10% - 25% reducing balance
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Intangible fixed assets £
Goodwill:
Cost
At 31 March 2023 106,000
At 29 March 2024 106,000
Amortisation
At 31 March 2023 106,000
At 29 March 2024 106,000
Net book value
At 29 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 31 March 2023 82,843 150,476 233,319
Additions 3,900 36,117 40,017
Disposals (82,843) (9,167) (92,010)
At 29 March 2024 3,900 177,426 181,326
Depreciation
At 31 March 2023 55,228 86,851 142,079
Charge for the period 3,842 16,221 20,063
Surplus on revaluation (58,681) - (58,681)
On disposals - (1,146) (1,146)
At 29 March 2024 389 101,926 102,315
Net book value
At 29 March 2024 3,511 75,500 79,011
At 30 March 2023 27,615 63,625 91,240
5 Debtors 2024 2023
£ £
Trade debtors 70,353 124,136
Other debtors 4,402 443
74,755 124,579
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,000 12,500
Obligations under finance lease and hire purchase contracts 9,765 7,736
Trade creditors 19,852 105,218
Taxation and social security costs 12,212 3,697
Directors' loan account 2 1,496
Other creditors 11,711 22,303
59,542 152,950
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 29,855 27,500
Obligations under finance lease and hire purchase contracts 24,159 12,477
54,014 39,977
8 Controlling party
In the opinion of the directors Mr A Overson is the company's controlling party by virtue of his shareholding in the company.
9 Other information
Floor Dimensions Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bury Lodge
Bury Road
Stowmarket
Suffolk
IP14 1JA
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