| REGISTERED NUMBER: |
| Strategic Report, |
| Directors' Report and |
| Audited Financial Statements |
| for the Year Ended |
| 31 January 2025 |
| for |
| Contract Flooring Solutions Limited |
| REGISTERED NUMBER: |
| Strategic Report, |
| Directors' Report and |
| Audited Financial Statements |
| for the Year Ended |
| 31 January 2025 |
| for |
| Contract Flooring Solutions Limited |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Contents of the Financial Statements |
| for the Year Ended 31 January 2025 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Directors' Report | 3 |
| Report of the Independent Auditors | 5 |
| Income Statement | 8 |
| Other Comprehensive Income | 9 |
| Balance Sheet | 10 |
| Statement of Changes in Equity | 11 |
| Cash Flow Statement | 12 |
| Notes to the Cash Flow Statement | 13 |
| Notes to the Financial Statements | 14 |
| Contract Flooring Solutions Limited |
| Company Information |
| for the Year Ended 31 January 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Church Court |
| Stourbridge Road |
| Halesowen |
| West Midlands |
| B63 3TT |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Strategic Report |
| for the Year Ended 31 January 2025 |
| The director presents the strategic report for the year end 31 January 2025 |
| REVIEW OF BUSINESS |
| The company's principal activities during the year continued to be the procurement and installation of flooring to the UK new build market, together with the sale of flooring via our nationwide retail stores. This was a decision made by management following a strategic report review of the business, and one that has helped to mitigate some of the current risks and uncertainties noted below. |
| FINANCIAL KEY PERFORMER INDICATORS |
| The key financial and other performance indicators during the year were as follows; |
| 2025 | 2024 |
| £'000 | £'000 |
| Turnover | 10,814 | 10,797 |
| Operating profit/(loss) | 220 | 204 |
| Profit/(loss) after tax | 109 | 24 |
| Av. | Av. |
| Number of employees | 59 | 65 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The principal risks and uncertainties facing the company are competitive risks & skill availability. |
| Competitive Risks |
| The company is reliant on a small number of UK new-build plc's. Business is awarded subject to a periodic "competitive tendering" process based on price and service. |
| Renewal is considering to be "low-risk"; however volume are subject to the fluctuations of the housing market and the challenge is to manage the feast or famine nature of that market. Demand from the retail sector is more flexible and will enable the company to make more productive use of its labour. |
| Price risk is assessed as low. Our business is essentially non-contractual and we are not obligated to supply beyond the committed volume of plots |
| Credit risk is assessed as low. We only give credit to plc's whose financial status is proven. Even so, we have credit insurance in place. |
| The company uses invoice financing to provide liquidity, which is subject to the seasonality of the new-build housing market (governed by their full and half-year reporting dates to the City). |
| Where possible we have negotiated increased credit limits with our suppliers and the growing contribution from our retail division will reduce our dependence on debt to service growth. |
| Skill availability |
| The company recognises that its growth strategy increases exposure to the limited supply of suitable skilled labour. |
| Financial instruments risks |
| The company does not have any exposure to foreign currency variability or other financial derivatives. |
| ON BEHALF OF THE BOARD: |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Directors' Report |
| for the Year Ended 31 January 2025 |
| The directors present their report with the financial statements of the company for the year ended 31 January 2025. |
| DIVIDENDS |
| Results and dividends |
| The profit for the year, after taxation, amounted to £121,169 (2024:£24,306). |
| During the year, the directors have recommended a final dividend of £256,300 (2024: £218,094). |
| FUTURE DEVELOPMENTS |
| The Directors aim to maintain the management policies which have resulted in the company's substantial growth in recent years. The directors consider that the next year will show a further significant organic growth in sales. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 February 2024 to the date of this report. |
| MATTERS INCLUDED WITHIN THE STRATEGIC REPORT |
| The company has chosen in accordance with section 414C(11) of the companies Act 2006 (strategic report and directors' report) Regulations 2013 to set out in the company's strategic report information required by the large and medium-sized companies and groups (accounts and reports) Regulations Schedule 7 to be contained in the director's report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Directors' Report |
| for the Year Ended 31 January 2025 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| Each of the persons who are directors at the time when this directors' report is approved has confirmed that: |
| - so far the director is aware, there is no relevant audit information of which the company's auditors are unaware, and |
| - the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Opinion |
| We have audited the financial statements of Contract Flooring Solutions Limited (the 'company') for the year ended 31 January 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 January 2025 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Report of the Independent Auditors to the Members of |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We identify and assess risks of material misstatement of the financial statements, whether due to fraud and error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
| - the nature of the industry, control environment and business performance; |
| - results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
| - any matters we have identified having reviewed the company's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. The key laws and regulations we considered in this context included the Companies Act 2006. |
| As a result of these procedures we considered the opportunities that may exist within the organisation for fraud resulting in material misstatement in the financial statements. We considered that any such opportunities are mitigated by the fact that the company is under the close control of its directors. |
| Our procedures to arrive at this conclusion included the following: |
| - reviewing balance sheet control accounts to ensure properly reconciled; |
| - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| - enquiring with management concerning actual and potential litigation claims. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Statutory Auditors |
| Church Court |
| Stourbridge Road |
| Halesowen |
| West Midlands |
| B63 3TT |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Income Statement |
| for the Year Ended 31 January 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 5 |
| Interest payable and similar expenses | 7 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 |
| PROFIT FOR THE FINANCIAL YEAR |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Other Comprehensive Income |
| for the Year Ended 31 January 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Prior year adjustment | ( |
) |
| TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
(116,570 |
) |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Balance Sheet |
| 31 January 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| CURRENT ASSETS |
| Stocks | 11 |
| Debtors | 12 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 14 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Capital redemption reserve | 20 |
| Retained earnings | 20 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Statement of Changes in Equity |
| for the Year Ended 31 January 2025 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 February 2023 |
| Prior year adjustment | - | ( |
) | - | ( |
) |
| As restated |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 January 2024 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 January 2025 |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Cash Flow Statement |
| for the Year Ended 31 January 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Repayments of loans | ( |
) | ( |
) |
| Movement of finance leases | ( |
) |
| Increase in invoice discounting | ( |
) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
(222,192 |
) |
6,777 |
| Cash and cash equivalents at end of year |
2 |
110,543 |
( |
) |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 January 2025 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2025 | 2024 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Loss/(profit) on disposal of fixed assets | ( |
) |
| Increase in amts owed by related parties | 76,314 | 99,812 |
| Finance costs | 98,372 | 133,201 |
| 518,992 | 485,446 |
| Decrease in stocks |
| Decrease in trade and other debtors |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 January 2025 |
| 31.1.25 | 1.2.24 |
| £ | £ |
| Cash and cash equivalents | 110,543 | 3 |
| Bank overdrafts | ( |
) |
| 110,543 | (222,192 | ) |
| Year ended 31 January 2024 |
| 31.1.24 | 1.2.23 |
| £ | £ |
| Cash and cash equivalents | 3 | 6,777 |
| Bank overdrafts | ( |
) |
| (222,192 | ) | 6,777 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.2.24 | Cash flow | At 31.1.25 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 3 | 110,540 | 110,543 |
| Bank overdrafts | (222,195 | ) | 222,195 | - |
| (222,192 | ) | 110,543 |
| Debt |
| Finance leases | (169,680 | ) | (62,667 | ) | (232,347 | ) |
| Debts falling due within 1 year | (1,476,179 | ) | 146,897 | (1,329,282 | ) |
| (1,645,859 | ) | 84,230 | (1,561,629 | ) |
| Total | (1,868,051 | ) | 416,965 | (1,451,086 | ) |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Notes to the Financial Statements |
| for the Year Ended 31 January 2025 |
| 1. | STATUTORY INFORMATION |
| Contract Flooring Solutions Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Contract Flooring Solutions Limited (the company) is a limited liability company incorporated and domiciled in the United Kingdom. The address of its registered office is shown on the company information page. |
| The financial statements are prepared in sterling (£), which is the functional currency of the company. The financial statements are for the year ended 31 January 2025 (2022: year ended 31 January 2024), |
| The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard (FRS) 02, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
| The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity or areas where assumptions and estimates are significant to the financial statements are disclosed in note 2. |
| The following accounting policies have been applied consistently throughout the year: |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Critical accounting judgements and key sources of estimation uncertainty |
| The directors make estimates and assumptions concerning the future. The directors are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
| Recoverability of trade debtors |
| Trade and other debtors are recognised to the extent that they are judged recoverable. The directors' reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain. |
| Carrying value of stocks |
| The directors review the market value of and demand for the company's stock on a periodic basis to ensure stock is recorded in the financial statements at the lower of cost and net realisable value. Any provision for impairment is recorded against the carrying value of stock. The directors use their knowledge of market conditions, historical experiences and estimates of future events to assess future demand for the company's products and achievable selling prices. |
| Leases |
| The directors determine whether leases entered into are an operating lease or finance lease, These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet. |
| Depreciation and residual values |
| The directors have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriate. |
| The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programs are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
| Provisions |
| A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. |
| Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not. External advice is sort where appropriate. |
| Taxation |
| There are many transactions and calculations for which the ultimate tax determination is uncertain. The company takes professional advice on its tax affairs and recognises liabilities for anticipated tax based on estimates of what taxation is likely to be due. |
| Management estimation is required to determine the amount of any deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits. |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: |
| Sale of goods |
| -the company has transferred the significant risks and rewards of ownership to the buyer, who has confirmed this transfer via a signed certificate; |
| -the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
| -the amount of turnover can be measured reliably; |
| -it is probable that the company will receive the consideration due under the transaction; and |
| -the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Tangible fixed assets |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, or, if held under a finance lease, over the lease term, whichever is the shorter. |
| Depreciation is provided on the following basis: |
| Plant and machinery 10% on reducing balance |
| Motor vehicles 25% on reducing balance |
| Fixtures, fittings and computers 20% on cost |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
| Stocks |
| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
| At each balance sheet date, stocks are assessed for impairment, if stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account. |
| Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
| Taxation |
| Tax is recognised in the profit and loss account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
| The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts and finance |eases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease tern and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
| Operating Leases |
| Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the lease term. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. |
| The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
| Going concern |
| At the balance sheet date the company had a strong net asset position, At the time of signing these accounts, the directors have prepared forecasts based on future trading expectations, and consider that this does indicate that the company will continue to trade for a period of at least 12 months from the date of signing these financial statements due to the banking facilities available to it. |
| On that basis, the directors have prepared these financial statements on a going concern basis. |
| Provisions |
| Provisions are recognised when the company has a present obligation (legal or constructive) as a result of past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Legal advice is sought where appropriate. |
| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable \/without penalty on notice of not more than 24 hours, Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. |
| 3. | TURNOVER |
| The whole of the turnover is attributable to the principal activity of the company, |
| All turnover arose within the United Kingdom. |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2025 | 2024 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2025 | 2024 |
| 2025 | 2024 |
| £ | £ |
| Directors' remuneration |
| 5. | OPERATING PROFIT |
| The operating profit/(loss) is stated after charging: | 2023 | 2022 |
| Depreciation of tangible fixed assets | 239,537 | 212,512 |
| Other operating lease rentals | 253,833 | 239,026 |
| Defined contribution pension cost | 51,059 | 55,975 |
| 6. | AUDITORS' REMUNERATION |
| 2025 | 2024 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
33,170 |
13,500 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2025 | 2024 |
| £ | £ |
| Bank interest |
| Debt Factoring Interest |
| Hire purchase |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2025 | 2024 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Taxation earlier years | - | 8,826 |
| Total current tax |
| Deferred tax | ( |
) |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2025 | 2024 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2024 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | - |
| Depreciation in excess of capital allowances | - |
| Adjustments to tax charge in respect of previous periods |
| Other tax adjustments | (16,383 | ) | (8,651 | ) |
| Total tax charge | 12,126 | 46,069 |
| 9. | DIVIDENDS |
| 2025 | 2024 |
| £ | £ |
| Ordinary A Shares shares of £1 each |
| Interim |
| Ordinary B Shares shares of £1 each |
| Interim |
| Ordinary C Shares shares of £1 each |
| Interim |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 10. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 February 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows: |
| 2025 | 2024 |
| £ | £ |
| Motor vehicles | 247,377 | 120,975 |
| Plant and machinery | 0 | 45,774 |
| Furniture, fixtures and computers | 34,878 | 58,131 |
| 282,255 | 224,877 |
| 11. | STOCKS |
| 2025 | 2024 |
| £ | £ |
| Stocks |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| Amounts owed by related parties are interest free and repayable on demand. |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts (see note 15) |
| Other loans (see note 15) |
| Hire purchase contracts (see note 16) |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| The company has fully repaid its CBIL loan during the year. |
| Amounts included within the invoice discounting facility are secured upon the debts to which they relate and a fixed and floating charge over all assets of the company. |
| Amounts owed to related parties are interest free and repayable on demand. |
| Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate. |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Hire purchase contracts (see note 16) |
| Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate. |
| 15. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Bank loans |
| Other loans |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2025 | 2024 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 17. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Bank overdraft |
| 18. | PROVISIONS FOR LIABILITIES |
| 2025 | 2024 |
| £ | £ |
| Deferred tax | 130,000 | 136,664 |
| Deferred |
| tax |
| £ |
| Balance at 1 February 2024 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 January 2025 |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary A Shares | £1 | 49 | 49 |
| Ordinary B Shares | £1 | 3 | 3 |
| Ordinary C Shares | £1 | 3 | 3 |
| 55 | 55 |
| 20. | RESERVES |
| Capital redemption reserve |
| The capital redemption reserve represents the nominal value of shares repurchased. |
| Profit and loss account |
| The profit and loss account includes all current and prior period retained profits and losses, less dividends paid. |
| 21. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £30,337 (2024: £38,125). |
| At the year end, unpaid contributions amounted to £5,515 (2024: £11,923) and are included in other creditors. |
| 22. | CONTINGENT LIABILITIES |
| The company guarantees the bank borrowings of Plymouth Property (Midlands) Limited up to a total of £2,705,000. |
| Contract Flooring Solutions Limited (Registered number: 05463582) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 January 2025 and 31 January 2024: |
| 2025 | 2024 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 24. | RELATED PARTY DISCLOSURES |
| Included within amounts owed by related parties are balanced due to companies under common control totalling £294,747 (2024: £344,724 due from). No interest has been paid on these balances and they are repayable upon demand. |
| 25. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is a S A Day. |
| 26. | COMMITMENTS UNDER OPERATING LEASES |
| At January 2025 the company has future minimum lease payments due under non-cancellable operating leases for each of he following periods: |
| 2025 | 2024 |
| £ | £ |
| Not later then 1 year | 327,531 | 294,020 |
| Later then 1 year and not later than 5 years | 264,196 | 541,207 |
| Later than 5 years | - | - |
| 591,727 | 835,227 |