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Registration number: NI639356

More Than Floors Limited

Filleted Financial Statements

for the Year Ended 30 June 2024

 

More Than Floors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

More Than Floors Limited

Company Information

Directors

Paul Brennan

Mrs Caroline Brennan

Registered office

9a Drumnaconagher Road
Crossgar
Downpatrick
Co Down
BT30 9AN

 

More Than Floors Limited

(Registration number: NI639356)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

36,177

17,275

Investments

6

17

17

 

36,194

17,292

Current assets

 

Debtors

7

2,964

10,998

Cash at bank and in hand

 

4,264

4,574

 

7,228

15,572

Creditors: Amounts falling due within one year

8

(32,891)

(6,179)

Net current (liabilities)/assets

 

(25,663)

9,393

Total assets less current liabilities

 

10,531

26,685

Creditors: Amounts falling due after more than one year

8

(1,619)

(3,216)

Net assets

 

8,912

23,469

Capital and reserves

 

Called up share capital

11

20

20

Retained earnings

8,892

23,449

Shareholders' funds

 

8,912

23,469

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 and 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.

 

More Than Floors Limited

(Registration number: NI639356)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 16 December 2024 and signed on its behalf by:
 

.........................................
Paul Brennan
Director

.........................................
Mrs Caroline Brennan
Director

 

More Than Floors Limited

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 Northern Ireland.

The address of its registered office is:
9a Drumnaconagher Road
Crossgar
Downpatrick
Co Down
BT30 9AN

These financial statements were authorised for issue by the Board on 16 December 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

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.

 

More Than Floors Limited

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

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 rate on the date when the fair value is re-measured.

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

More Than Floors Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 subsequently measured at amortised cost using the effective interest method.

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.

 

More Than Floors Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

12,058

5,759

 

More Than Floors Limited

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

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

32,848

32,848

Additions

47,750

47,750

Disposals

(29,848)

(29,848)

At 30 June 2024

50,750

50,750

Depreciation

At 1 July 2023

15,573

15,573

Charge for the year

12,059

12,059

Eliminated on disposal

(13,059)

(13,059)

At 30 June 2024

14,573

14,573

Carrying amount

At 30 June 2024

36,177

36,177

At 30 June 2023

17,275

17,275

 

More Than Floors Limited

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

6

Investments

2024
£

2023
£

Investments in subsidiaries

17

17

Subsidiaries

£

Cost or valuation

At 1 July 2023

17

Provision

Carrying amount

At 30 June 2024

17

At 30 June 2023

17

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

More Than Floors (Ireland) Limited

Commercial House
Millbank Business Park
Lower Lucan Road
Lucan
Co Dublin

Ireland

Ordinary

100%

100%

Subsidiary undertakings

More Than Floors (Ireland) Limited

The principal activity of More Than Floors (Ireland) Limited is floor laying and floor maintenance.

 

More Than Floors Limited

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

7

Debtors

2024
£

2023
£

Trade debtors

1,500

3,218

Amounts owed by group undertakings and undertakings in which the company has a participating interest

-

3,366

Other debtors

1,464

4,414

2,964

10,998

 

More Than Floors Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

1,704

1,704

Trade creditors

 

297

1,753

Accruals and deferred income

 

800

800

Other creditors

 

30,090

1,922

 

32,891

6,179

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,619

3,216

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,619

3,216

Current loans and borrowings

2024
£

2023
£

Bank borrowings

1,704

1,704

10

Related party transactions

2024

At 1 July 2023
£

Advances from director
£

At 30 June 2024
£

Paul Brennan

-

-

-

Directors' loan account

1,668

757

2,425

 

1,668

757

2,425

     
 

More Than Floors Limited

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

 

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Paul Brennan

-

-

-

Directors' loan account

1,487

181

1,668

 

1,487

181

1,668

     

 

Loans to related parties

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

20

20

20

20