Registered number
05761309
Parquet Floors Limited
Filleted Accounts
31 March 2025
Parquet Floors Limited
Registered number: 05761309
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Intangible assets 3 - 3,858
Tangible assets 4 31,795 40,926
31,795 44,784
Current assets
Stocks 68,059 114,660
Debtors 5 772 1,357
Cash at bank and in hand 14,687 3,452
83,518 119,469
Creditors: amounts falling due within one year 6 (47,927) (60,703)
Net current assets 35,591 58,766
Total assets less current liabilities 67,386 103,550
Creditors: amounts falling due after more than one year 7 (17,112) (19,360)
Net assets 50,274 84,190
Capital and reserves
Called up share capital 2 2
Profit and loss account 50,272 84,188
Shareholders' funds 50,274 84,190
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Bounds
Director
Approved by the board on 30 May 2025
Parquet Floors Limited
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% net book value
Motor vehicles 25% net book value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Cost
At 1 April 2024 37,062
At 31 March 2025 37,062
Amortisation
At 1 April 2024 33,204
Provided during the year 3,858
On disposals -
At 31 March 2025 37,062
Net book value
At 31 March 2025 -
At 31 March 2024 3,858
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2024 152,300 12,424 164,724
Additions 1,468 - 1,468
At 31 March 2025 153,768 12,424 166,192
Depreciation
At 1 April 2024 112,111 11,687 123,798
Charge for the year 10,415 184 10,599
At 31 March 2025 122,526 11,871 134,397
Net book value
At 31 March 2025 31,242 553 31,795
At 31 March 2024 40,189 737 40,926
5 Debtors 2025 2024
£ £
Other debtors 772 1,357
772 1,357
6 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 5,000 16,919
Taxation and social security costs 8,699 12,848
Other creditors 34,228 30,936
47,927 60,703
7 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 17,112 19,360
17,112 19,360
8 Controlling party
The company is under the control of Mr N Bounds and Mr A Burke.
9 Other information
Parquet Floors Limited is a private company limited by shares and incorporated in England. Its registered office is:
Kenilworth
Porthdafarch Road
Holyhead
Sir Ynys Mon
LL65 2RU
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