Company Registration No. 06379088 (England and Wales)
LIVING FLOORS (SOUTHERN) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
LIVING FLOORS (SOUTHERN) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LIVING FLOORS (SOUTHERN) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
29,127
18,033
Current assets
Stocks
50,030
102,945
Debtors
4
55,795
63,366
Cash at bank and in hand
93,063
69,297
198,888
235,608
Creditors: amounts falling due within one year
5
(131,129)
(146,805)
Net current assets
67,759
88,803
Total assets less current liabilities
96,886
106,836
Creditors: amounts falling due after more than one year
6
(25,674)
(25,613)
Provisions for liabilities
(1,110)
(1,458)
Net assets
70,102
79,765
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
70,002
79,665
Total equity
70,102
79,765
LIVING FLOORS (SOUTHERN) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 16 May 2025 and are signed on its behalf by:
Mr S J Keightley
Director
Company registration number 06379088 (England and Wales)
LIVING FLOORS (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Living Floors (Southern) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 24 Albany Park, Cabot Lane, Poole, Dorset, BH17 7BX.
1.1
Accounting convention
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% straight line
Motor vehicles
25% reducing balance / 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
LIVING FLOORS (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit or loss account on a straight line basis.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
5
LIVING FLOORS (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
8,251
52,161
2,271
46,968
109,651
Additions
2,076
240
441
22,500
25,257
Disposals
(11,780)
(11,780)
At 30 September 2024
10,327
52,401
2,712
57,688
123,128
Depreciation and impairment
At 1 October 2023
6,103
49,020
2,271
34,224
91,618
Depreciation charged in the year
1,060
2,682
110
6,089
9,941
Eliminated in respect of disposals
(7,558)
(7,558)
At 30 September 2024
7,163
51,702
2,381
32,755
94,001
Carrying amount
At 30 September 2024
3,164
699
331
24,933
29,127
At 30 September 2023
2,148
3,141
12,744
18,033
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
49,562
53,663
Other debtors
6,233
9,703
55,795
63,366
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,311
10,057
Trade creditors
63,243
63,974
Taxation and social security
40,830
57,512
Other creditors
16,745
15,262
131,129
146,805
Included within other creditors are balances relating to hire purchase and finance leases totalling £10,946 (2023: £7,816) which are secured against the assets to which they relate.
LIVING FLOORS (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,903
18,214
Other creditors
17,771
7,399
25,674
25,613
Included within other creditors are balances relating to hire purchase and finance leases totalling £17,771 (2023: £7,399) which are secured against the assets to which they relate.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of 1p each
10,000
10,000
100
100
Ordinary B shares of 1p each
1
1
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
13,820
13,500
Between two and five years
55,280
54,000
In over five years
13,500
69,100
81,000