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REGISTERED NUMBER: 02059408 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FLOORING SPECIALISTS LIMITED

FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 02059408)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

FLOORING SPECIALISTS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2024







DIRECTORS: M Pennells
J Pennells





REGISTERED OFFICE: Tilsmore Court
89 High Street
Heathfield
East Sussex
TN21 8JA





REGISTERED NUMBER: 02059408 (England and Wales)





ACCOUNTANTS: BSR Bespoke Chartered Accountants
Linden House
Linden Close
Tunbridge Wells
Kent
TN4 8HH

FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 02059408)

BALANCE SHEET
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 160,580 172,022

CURRENT ASSETS
Stocks 5 63,613 81,059
Debtors 6 269,976 385,633
Cash at bank and in hand 205,879 219,018
539,468 685,710
CREDITORS
Amounts falling due within one year 7 481,849 532,376
NET CURRENT ASSETS 57,619 153,334
TOTAL ASSETS LESS CURRENT
LIABILITIES

218,199

325,356

CREDITORS
Amounts falling due after more than one
year

8

(87,821

)

(79,246

)

PROVISIONS FOR LIABILITIES (37,370 ) (37,279 )
NET ASSETS 93,008 208,831

CAPITAL AND RESERVES
Called up share capital 60 60
Capital redemption reserve 40 40
Retained earnings 92,908 208,731
SHAREHOLDERS' FUNDS 93,008 208,831

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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.

FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 02059408)

BALANCE SHEET - continued
31 December 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2025 and were signed on its behalf by:





M Pennells - Director


FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 02059408)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024


1. STATUTORY INFORMATION

Flooring Specialists 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 recognised when it is probable that future economic benefits will flow to the company from the sale of goods and services and is measured as the fair value of consideration which the company expects to receive from those transactions. Sales of goods are recognised at the point of sale or on delivery of the goods and when the risks and rewards of ownership have passed to the customer. Turnover from services is recognised when the services are provided.

Turnover is recognised net of returns and of trade discounts and is shown exclusive of value added tax.

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 - in accordance with the lease term
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company enters into basic financial instruments that give rise to financial assets and financial liabilities including trade and other debtors, trade and other creditors, bank account balances, bank loans and other loans and borrowings and investments in certain non puttable and non convertible equity instruments.

Debt instruments which are not payable or receivable within one year are initially accounted for at the transaction price and are subsequently accounted for at amortised cost using the effective interest method. Debt instruments payable and receivable within one year are measured at their undiscounted cash amounts. Where the debt instruments are treated as a financing transaction, then the financial asset or liability is measured at the present value of future cash flows based on a market rate of interest. Debt instruments which are treated as financial assets and accounted for at amortised cost are also assessed for impairment.

Equity instruments are initially accounted for at transaction price. They are subsequently accounted for at cost unless they can be accounted for at fair value based on a readily available market price or fair value. Equity instruments which are treated as financial assets and accounted for at cost are also assessed for impairment.


FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 02059408)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 14 (2023 - 14 ) .

FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 02059408)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024


4. TANGIBLE FIXED ASSETS
Improvem- Fixtures
ents to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 89,900 54,682 32,932 252,375 429,889
Additions - 5,172 - 54,485 59,657
Disposals - - - (25,745 ) (25,745 )
At 31 December 2024 89,900 59,854 32,932 281,115 463,801
DEPRECIATION
At 1 January 2024 61,091 27,826 32,932 136,018 257,867
Charge for year 14,405 4,807 - 39,655 58,867
Eliminated on disposal - - - (13,513 ) (13,513 )
At 31 December 2024 75,496 32,633 32,932 162,160 303,221
NET BOOK VALUE
At 31 December 2024 14,404 27,221 - 118,955 160,580
At 31 December 2023 28,809 26,856 - 116,357 172,022

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024 86,915
Additions 54,485
At 31 December 2024 141,400
DEPRECIATION
At 1 January 2024 21,729
Charge for year 29,920
At 31 December 2024 51,649
NET BOOK VALUE
At 31 December 2024 89,751
At 31 December 2023 65,186

5. STOCKS
31.12.24 31.12.23
£    £   
Stocks 63,613 81,059

FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 02059408)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024


6. DEBTORS
31.12.24 31.12.23
£    £   
Amounts falling due within one year:
Trade debtors 106,046 197,694
Other debtors 157,263 179,844
263,309 377,538

Amounts falling due after more than one year:
Other debtors 6,667 8,095

Aggregate amounts 269,976 385,633

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 9) 35,244 21,623
Trade creditors 90,825 73,586
Taxation and social security 105,133 102,530
Other creditors 240,647 324,637
481,849 532,376

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Bank loans 11,667 21,667
Hire purchase contracts (see note 9) 76,154 57,579
87,821 79,246

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.24 31.12.23
£    £   
Net obligations repayable:
Within one year 35,244 21,623
Between one and five years 76,154 57,579
111,398 79,202

FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 02059408)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024


9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 61,451 72,175
Between one and five years 6,197 67,648
67,648 139,823

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits from directors subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24 31.12.23
£    £   
J Boon
Balance outstanding at start of year - -
Amounts advanced 32,990 46,783
Amounts repaid (32,990 ) (46,783 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

J Pennells
Balance outstanding at start of year 35,675 11,795
Amounts advanced 47,850 43,767
Amounts repaid (64,461 ) (19,887 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 19,064 35,675

M Pennells
Balance outstanding at start of year 33,436 10,446
Amounts advanced 44,835 43,568
Amounts repaid (62,028 ) (20,578 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 16,243 33,436

The director's loan account is repayable within 9 months of the balance sheet date. Interest is charged by the company at the statutory rate.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FLOORING SPECIALISTS LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Flooring Specialists Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Flooring Specialists Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Flooring Specialists Limited and state those matters that we have agreed to state to the Board of Directors of Flooring Specialists Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flooring Specialists Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Flooring Specialists Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Flooring Specialists Limited. You consider that Flooring Specialists Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Flooring Specialists 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 financial statements.






BSR Bespoke Chartered Accountants
Linden House
Linden Close
Tunbridge Wells
Kent
TN4 8HH


26 June 2025