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Registration number: 03391058

Prepared for the registrar

Interior Flooring Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Interior Flooring Ltd

(Registration number: 03391058)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

11,458

-

Tangible assets

5

2,076,923

2,152,060

 

2,088,381

2,152,060

Current assets

 

Stocks

803,327

750,357

Debtors

6

582,838

570,077

Cash at bank and in hand

 

583,730

481,225

 

1,969,895

1,801,659

Creditors: Amounts falling due within one year

7

(951,097)

(943,097)

Net current assets

 

1,018,798

858,562

Total assets less current liabilities

 

3,107,179

3,010,622

Creditors: Amounts falling due after more than one year

7

(1,047,329)

(1,067,711)

Deferred tax liabilities

9

(42,515)

(42,728)

Net assets

 

2,017,335

1,900,183

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,017,235

1,900,083

Shareholders' funds

 

2,017,335

1,900,183

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved by the Board on 27 February 2025 and signed on its behalf by:
 


A J Hill
Director

 

Interior Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Interior Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises of current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Improvements to property

10% straight line

Motor vehicles

25% reducing balance

Fixtures and fittings

33% straight line

Computer equipment

25% straight line

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Intellectual property is recorded at cost and amortised over its useful economic life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intellectual property

20% Straight Line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Interior Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Interior Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 10).

 

4

Intangible assets

Intellectual property
 £

Cost

Additions acquired separately

12,500

At 30 June 2024

12,500

Amortisation

Amortisation charge

1,042

At 30 June 2024

1,042

Carrying amount

At 30 June 2024

11,458

 

Interior Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

5

Tangible assets

Freehold property
£

Improvements to property
£

Motor vehicles
 £

Fixtures and fittings
£

Computer equipment
£

Total
£

Cost

At 1 July 2023

2,078,076

12,436

298,439

245,289

172,059

2,806,299

Additions

13,275

-

18,825

-

-

32,100

At 30 June 2024

2,091,351

12,436

317,264

245,289

172,059

2,838,399

Depreciation

At 1 July 2023

144,818

7,137

109,560

226,671

166,053

654,239

Charge for the year

41,726

1,244

49,180

11,013

4,074

107,237

At 30 June 2024

186,544

8,381

158,740

237,684

170,127

761,476

Carrying amount

At 30 June 2024

1,904,807

4,055

158,524

7,605

1,932

2,076,923

At 30 June 2023

1,933,258

5,299

188,879

18,618

6,006

2,152,060

 

Interior Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

6

Debtors

2024
£

2023
£

Trade debtors

481,003

488,076

Prepayments

101,835

82,001

582,838

570,077

 

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

29,457

35,943

Trade creditors

 

614,717

666,708

Taxation and social security

 

150,019

138,512

Accruals

 

11,306

7,321

Other creditors

 

32,227

8,662

Corporation tax liability

 

113,371

85,951

 

951,097

943,097

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,047,329

1,067,711

 

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

5,474

Hire purchase liabilities

26,909

28,956

Other borrowings

2,548

1,513

29,457

35,943

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

979,268

973,540

Hire purchase contracts

68,061

94,171

1,047,329

1,067,711

The bank borrowings are secured against the freehold property on the balance sheet.

 

Interior Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

42,635

Short term timing differences

(120)

42,515

2023

Liability
£

Fixed asset timing differences

42,728

42,728

 

10

Related party transactions

Other transactions with directors

At 30 June 2024, the company owed Mr A J Hill and Mrs M Hill £2,018 (2023 - £1,295) in the form of a directors' loan account. The loan is unsecured, interest free and repayable on demand.

At 30 June 2024, the company owed R J Hill £530 (2023 - £218) in the form of a directors' loan account. The loan is unsecured, interest free and repayable on demand.