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TB Elliott Flooring Limited
Financial Statements
For The Year Ended 31 July 2024
TaxAssist Accountants
133 Station Road
Sidcup
DA15 7AA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07685478
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 69,983 58,786
69,983 58,786
CURRENT ASSETS
Stocks 5 8,401 6,602
Debtors 6 396,046 356,071
Cash at bank and in hand 356,419 392,552
760,866 755,225
Creditors: Amounts Falling Due Within One Year 7 (70,367 ) (86,057 )
NET CURRENT ASSETS (LIABILITIES) 690,499 669,168
TOTAL ASSETS LESS CURRENT LIABILITIES 760,482 727,954
Creditors: Amounts Falling Due After More Than One Year 8 (10,765 ) (9,845 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (16,278 ) (11,169 )
NET ASSETS 733,439 706,940
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 733,339 706,840
SHAREHOLDERS' FUNDS 733,439 706,940
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Page 2
For the year ending 31 July 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 Trevor Elliott
Director
10 April 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
TB Elliott Flooring Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07685478 . The registered office is 2a Petts Wood Road, Petts Wood, Orpington, BR5 1LB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.
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.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 3)
5 3
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 August 2023 8,610 129,031 4,016 141,657
Additions - 78,587 - 78,587
Disposals - (52,750 ) - (52,750 )
As at 31 July 2024 8,610 154,868 4,016 167,494
Depreciation
As at 1 August 2023 7,140 72,310 3,421 82,871
Provided during the period 367 22,812 149 23,328
Disposals - (8,688 ) - (8,688 )
As at 31 July 2024 7,507 86,434 3,570 97,511
Net Book Value
As at 31 July 2024 1,103 68,434 446 69,983
As at 1 August 2023 1,470 56,721 595 58,786
5. Stocks
2024 2023
£ £
Stock 8,401 6,602
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 110,885 94,015
Other debtors 219,241 196,136
330,126 290,151
Due after more than one year
Other debtors 65,920 65,920
396,046 356,071
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 30,282 15,576
Bank loans and overdrafts 9,991 10,000
Other creditors 13,703 14,743
Taxation and social security 16,391 45,738
70,367 86,057
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 10,765 9,845
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Trevor Elliott 181,247 9,947 - - 191,194
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