Registration number:
Parquet Flooring London Limited
for the Period from 7 August 2023 to 31 July 2024
Parquet Flooring London Limited
Contents
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Company Information |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
Parquet Flooring London Limited
Company Information
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Director |
B Rotblum |
Registered office |
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Accountants |
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Parquet Flooring London Limited
Director's Report for the Period from 7 August 2023 to 31 July 2024
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The director presents his report and the financial statements for the period from 7 August 2023 to 31 July 2024.
Incorporation
The company was incorporated on
Director of the company
The director who held office during the period was as follows:
Principal activity
The principal activity of the company is wholesale and retail of parquet flooring.
Small companies provision statement
This report has 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.
Approved by the Board on
B Rotblum
Director
Chartered Accountants' Report to the Director on the Preparation of the Statutory Accounts of
Parquet Flooring London Limited
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Parquet Flooring London Limited for the period ended 31 July 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Parquet Flooring London Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Parquet Flooring London Limited and state those matters that we have agreed to state to the Board of Directors of Parquet Flooring London Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parquet Flooring London Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Parquet Flooring London Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Parquet Flooring London Limited. You consider that Parquet Flooring London Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Parquet Flooring London Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
342 Regents Park Road
London
N3 2LJ
Parquet Flooring London Limited
Profit and Loss Account for the Period from 7 August 2023 to 31 July 2024
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Note |
2024 |
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Turnover |
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Cost of sales |
( |
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Gross profit |
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Administrative expenses |
( |
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Operating profit |
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Profit before tax |
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Taxation |
( |
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Profit for the financial period |
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Retained earnings brought forward |
- |
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Dividends paid |
( |
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Retained earnings carried forward |
19,109 |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
Parquet Flooring London Limited
Statement of Comprehensive Income for the Period from 7 August 2023 to 31 July 2024
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2024 |
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Profit for the period |
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Total comprehensive income for the period |
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Parquet Flooring London Limited
(Registration number: 15052336)
Balance Sheet as at 31 July 2024
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Note |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
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Retained earnings |
19,109 |
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Shareholders' funds |
19,209 |
For the financial period ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
......................................... |
Parquet Flooring London Limited
Statement of Changes in Equity for the Period from 7 August 2023 to 31 July 2024
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Share capital |
Retained earnings |
Total |
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Profit for the period |
- |
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Dividends |
- |
( |
( |
New share capital subscribed |
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- |
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At 31 July 2024 |
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Parquet Flooring London Limited
Notes to the Unaudited Financial Statements for the Period from 7 August 2023 to 31 July 2024
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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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
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.
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:
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.
Parquet Flooring London Limited
Notes to the Unaudited Financial Statements for the Period from 7 August 2023 to 31 July 2024
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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.
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. 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.
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.
Parquet Flooring London Limited
Notes to the Unaudited Financial Statements for the Period from 7 August 2023 to 31 July 2024
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Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Profit before tax |
Arrived at after charging/(crediting)
2024 |
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Depreciation expense |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 July 2024 |
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Depreciation |
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Charge for the period |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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Stocks |
2024 |
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Other inventories |
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Debtors |
Current |
2024 |
Trade debtors |
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Prepayments |
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Other debtors |
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Parquet Flooring London Limited
Notes to the Unaudited Financial Statements for the Period from 7 August 2023 to 31 July 2024
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Creditors |
Creditors: amounts falling due within one year
2024 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
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No. |
£ |
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|
100 |
Parquet Flooring London Limited
Detailed Profit and Loss Account for the Period from 7 August 2023 to 31 July 2024
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7 August 2023 to 31 July 2024 |
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Turnover |
1,413,966 |
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Cost of sales |
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Purchases |
852,101 |
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Closing finished goods |
(64,497) |
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Subcontract cost |
178,842 |
|
(966,446) |
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Gross profit |
447,520 |
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Administrative expenses |
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Wages and salaries (excluding directors) |
223,626 |
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Staff NIC (Employers) |
13,665 |
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Rent and rates |
43,733 |
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Light, heat and power |
13,589 |
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Insurance |
27,458 |
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Repairs and maintenance |
1,374 |
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Telephone and fax |
3,518 |
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Computer software and maintenance costs |
1,502 |
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Printing, postage and stationery |
4,316 |
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Sundry expenses |
2,814 |
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Cleaning |
7,873 |
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Motor expenses |
25,231 |
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Travel and subsistence |
1,823 |
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Advertising |
2,801 |
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Accountancy fees |
5,544 |
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Legal and professional fees |
12,574 |
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Bank charges |
13,745 |
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Depreciation of equipment |
5,129 |
|
410,315 |
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Operating profit |
37,205 |
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Profit for the year before taxation |
37,205 |