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REGISTERED NUMBER: 01365884 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

GAINSBOROUGH FLOOR COVERINGS LIMITED

GAINSBOROUGH FLOOR COVERINGS LIMITED (REGISTERED NUMBER: 01365884)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GAINSBOROUGH FLOOR COVERINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTORS: S A Brown
V A Brown





REGISTERED OFFICE: 26 Heatley Street
Preston
PR1 2XB





REGISTERED NUMBER: 01365884 (England and Wales)





ACCOUNTANTS: SBCA Chartered Accountants
17 Moor Park Avenue
Preston
Lancashire
PR1 6AS

GAINSBOROUGH FLOOR COVERINGS LIMITED (REGISTERED NUMBER: 01365884)

BALANCE SHEET
31ST DECEMBER 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 120,820 136,361

CURRENT ASSETS
Stocks 5 8,056 3,639
Debtors 6 69,236 86,694
Cash at bank 42,870 34,208
120,162 124,541
CREDITORS
Amounts falling due within one year 7 (120,696 ) (128,288 )
NET CURRENT LIABILITIES (534 ) (3,747 )
TOTAL ASSETS LESS CURRENT LIABILITIES 120,286 132,614

CREDITORS
Amounts falling due after more than
one year

8

(64,199

)

(72,138

)

PROVISIONS FOR LIABILITIES 9 (11,745 ) (14,966 )
NET ASSETS 44,342 45,510

CAPITAL AND RESERVES
Called up share capital 10 43,500 43,500
Retained earnings 11 842 2,010
SHAREHOLDERS' FUNDS 44,342 45,510

GAINSBOROUGH FLOOR COVERINGS LIMITED (REGISTERED NUMBER: 01365884)

BALANCE SHEET - continued
31ST DECEMBER 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th June 2025 and were signed on its behalf by:





V A Brown - Director


GAINSBOROUGH FLOOR COVERINGS LIMITED (REGISTERED NUMBER: 01365884)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024


1. STATUTORY INFORMATION

Gainsborough Floor Coverings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on cost

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

GAINSBOROUGH FLOOR COVERINGS LIMITED (REGISTERED NUMBER: 01365884)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


GAINSBOROUGH FLOOR COVERINGS LIMITED (REGISTERED NUMBER: 01365884)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

GAINSBOROUGH FLOOR COVERINGS LIMITED (REGISTERED NUMBER: 01365884)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st January 2024 89,363 900 34,204 131,259 255,726
Additions - - 22,735 - 22,735
Disposals - - (9,145 ) - (9,145 )
At 31st December 2024 89,363 900 47,794 131,259 269,316
DEPRECIATION
At 1st January 2024 27,431 621 10,183 81,130 119,365
Charge for year 6,816 90 4,546 21,360 32,812
Eliminated on disposal - - (3,681 ) - (3,681 )
At 31st December 2024 34,247 711 11,048 102,490 148,496
NET BOOK VALUE
At 31st December 2024 55,116 189 36,746 28,769 120,820
At 31st December 2023 61,932 279 24,021 50,129 136,361

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st January 2024
and 31st December 2024 102,916
DEPRECIATION
At 1st January 2024 53,563
Charge for year 20,584
At 31st December 2024 74,147
NET BOOK VALUE
At 31st December 2024 28,769
At 31st December 2023 49,353

GAINSBOROUGH FLOOR COVERINGS LIMITED (REGISTERED NUMBER: 01365884)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


5. STOCKS
31.12.24 31.12.23
£    £   
Stocks 5,312 3,104
Work-in-progress 2,744 535
8,056 3,639

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 40,567 64,363
Other debtors 28,669 22,331
69,236 86,694

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts 6,375 10,876
Hire purchase contracts 8,059 7,552
Trade creditors 59,356 48,068
Taxation and social security 25,783 45,226
Other creditors 21,123 16,566
120,696 128,288

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans 28,680 32,143
Hire purchase contracts 31,936 39,995
Other creditors 3,583 -
64,199 72,138

9. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax
Accelerated capital allowances 11,745 14,966

GAINSBOROUGH FLOOR COVERINGS LIMITED (REGISTERED NUMBER: 01365884)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st January 2024 14,966
Provided during year (3,221 )
Balance at 31st December 2024 11,745

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
21,999 A Ordinary £1 21,999 21,999
21,500 B Ordinary £1 21,500 21,500
1 C Ordinary £1 1 1
43,500 43,500

11. RESERVES
Retained
earnings
£   

At 1st January 2024 2,010
Profit for the year 22,832
Dividends (24,000 )
At 31st December 2024 842

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, advances of £33,281 and credits of £28,462 were made. The maximum amount owed during the year was £14,692. At the balance sheet date the amount owed from the director was £14,243. Interest has been charged at the official rate on overdrawn amounts. Amounts are repayable on demand.