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REGISTERED NUMBER: 07080866 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30th November 2024

for

Snowden Seamless Floors Limited

Snowden Seamless Floors Limited (Registered number: 07080866)






Contents of the Financial Statements
for the year ended 30th November 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


Snowden Seamless Floors Limited

Company Information
for the year ended 30th November 2024







DIRECTORS: P G Snowden
J R Bates



SECRETARY: J Stewart



REGISTERED OFFICE: Unit 1 Green Lane Industrial Park
Featherstone
Pontefract
West Yorkshire
WF7 6EL



REGISTERED NUMBER: 07080866 (England and Wales)



AUDITORS: Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX



BANKERS: Virgin Money
6 to 10 Northgate
Wakefield
West Yorkshire
WF1 1TA

Snowden Seamless Floors Limited (Registered number: 07080866)

Strategic Report
for the year ended 30th November 2024

The directors present their strategic report for the year ended 30th November 2024.

REVIEW OF BUSINESS

The key performance indicators of turnover, turnover growth, gross profit and net profit before taxation communicate the financial performance of the company as a whole, they are as follows:

2024 2023 2022
£ £ £
Turnover 18,418,930 33,368,283 28,352,796
Turnover growth -44.80% 17.69% 115.80%
Gross profit margin 21.01% 19.04% 6.03%
Profit before tax 2,860,352 5,625,541 780,809

The directors of Snowden Seamless Floors Ltd aim to provide a balanced overview of the status and condition of the business during the last financial year.

Our review is comprehensive and consistent taking into account the size and non-complex nature of our business and the risks and uncertainties that our business may be exposed to.

We consider we have had an average year with some key developers delaying starting projects due to the increase in costs of materials and labour.

The company made pre-tax profits of £2,860,352 despite having to compete more keenly for projects due to the building downturn in the year. The company's activities continue to remain competitive in the current market place.as a result of the successful and efficient management of the business. Relationships with customers and key suppliers remain a constant focus and they are key to the company's success.

Maintaining strict controls over operating costs has ensured that we operate successfully in a very competitive market place and ensuring we deliver consistent pricing to our clients. The lack of reliance on key debt or borrowings, coupled with a positive cash reserve, has been instrumental in ensuring large credit facilities are maintained with major suppliers.

The company continues to hold its market share by winning high profile projects, based on past performance, whilst maintaining efficient and competitive methods. Emphasis on customer relationships has paid dividends in ensuring we remain at the forefront of our sector. A sustained hands-on role by the management continues to uphold quality standards at each site.

Our long-term reputation and standing within the sector remains an important factor in our ethical trading nature. This gives confidence to our clients and supply chain and ensures continued trading momentum.

The company closely manages its financial position by continuous management reviews of the cash flow balances and levels of trading creditors and debtors. This continuous overview ensures the agility of the company is maintained and the successful and continued operation or the company.

As the majority of our projects are ultimately funded by property investment, we are sensitive to changes in global investment patterns. We continue to adapt our construction teams to remain flexible in both the nature and volume of work we can provide, thereby maintaining our success through diversification and market share.

The continued growth of e-commerce maintains the need for specialist warehousing in the distribution sector and this has ensured that the company remains in a strong position and is well placed technically and commercially to deliver.

We are aware that risks, uncertainties and unforeseen events outside our control may affect future plans for the development and running of the business. However, we remain confident we have the market profile, experience, and capability to positively react to these events.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider that the principal risks and uncertainties faced by the company are in the following categories.


Snowden Seamless Floors Limited (Registered number: 07080866)

Strategic Report
for the year ended 30th November 2024

ECONOMIC RISK
The risk of inflation having an adverse impact upon the construction market. The risk of unrealistic increases in subcontractor and other costs impacting adversely on the competitiveness of the company and its principal customers. The risks are managed by strict control of costs and a team of experienced contract managers.

CONTRACT LOSS RISK
The risk of making a loss on contracts is managed by utilizing the skills and knowledge of experienced staff. This applies from the tendering stage through to completion of each contract. The progress of all contracts is reviewed by the directors and contract managers on a regular basis so that issues can be identified and dealt with at an early stage.

PEOPLE
The success of the company is largely dependent upon the retention of its key employees.

KEY PERFORMANCE INDICATORS
The gross profit margin is considered to be the main key performance indicator used by the company. There has been an increase in the gross profit margin from 19.04% in the year ended 30 November 2023 to 21.01% in the year ended 30 November 2024. The company's sales have returned to a more normal level with turnover for the year of £18.4m for the year, with last years being £33.3m.

ON BEHALF OF THE BOARD:





P G Snowden - Director


29th August 2025

Snowden Seamless Floors Limited (Registered number: 07080866)

Report of the Directors
for the year ended 30th November 2024

The directors present their report with the financial statements of the company for the year ended 30th November 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the laying of industrial concrete and similar flooring.

DIVIDENDS
No dividends will be distributed for the year ended 30th November 2024.

FUTURE DEVELOPMENTS
The tender volume remains strong and the market seems positive despite the world events like the Ukraine and Gaza wars and Trumps trade tariff's. Material prices have softened and more developers are starting projects. As such we expect to continue to maintain and increase market share and increase turnover and profit.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1st December 2023 to the date of this report.

The beneficial interests of the directors holding office at 30th November 2024 in the shares of the company, according to the register of directors' interests, were as follows:

1.12.23
or date of
appointment
30.11.24 if later
Ordinary shares of £1 each
P G Snowden - 1
J R Bates - appointed 18/10/24 - -

These directors did not hold any non-beneficial interests in the shares of the company.

FINANCIAL INSTRUMENTS
The Company's principal financial instruments comprise a positive bank balance. The main purpose of these instruments is to finance the Company's operations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

Snowden Seamless Floors Limited (Registered number: 07080866)

Report of the Directors
for the year ended 30th November 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P G Snowden - Director


29th August 2025

Report of the Independent Auditors to the Members of
Snowden Seamless Floors Limited

Opinion
We have audited the financial statements of Snowden Seamless Floors Limited (the 'company') for the year ended 30th November 2024 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 30th November 2024 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 Report of the Directors, 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Snowden Seamless Floors Limited


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 Report of the Directors.

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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, 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.

Report of the Independent Auditors to the Members of
Snowden Seamless Floors Limited


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the food sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK taxation legislation, and data protection, anti-bribery, employment, environmental, and health and safety legislation, along with industry specific regulations and requirements;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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
Snowden Seamless Floors Limited


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.




Paul Drant FCA (Senior Statutory Auditor)
for and on behalf of Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX

29th August 2025

Snowden Seamless Floors Limited (Registered number: 07080866)

Income Statement
for the year ended 30th November 2024

2024 2023
Notes £    £   

TURNOVER 18,418,930 33,368,283

Cost of sales 14,547,969 27,015,413
GROSS PROFIT 3,870,961 6,352,870

Administrative expenses 1,233,975 783,262
OPERATING PROFIT 4 2,636,986 5,569,608

Interest receivable and similar income 231,805 77,606
2,868,791 5,647,214

Interest payable and similar expenses 6 8,439 21,673
PROFIT BEFORE TAXATION 2,860,352 5,625,541

Tax on profit 7 731,634 1,295,824
PROFIT FOR THE FINANCIAL YEAR 2,128,718 4,329,717

Snowden Seamless Floors Limited (Registered number: 07080866)

Other Comprehensive Income
for the year ended 30th November 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,128,718 4,329,717


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,128,718

4,329,717

Snowden Seamless Floors Limited (Registered number: 07080866)

Balance Sheet
30th November 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Stocks 10 262,248 54,070
Debtors 11 5,453,109 10,332,525
Cash at bank and in hand 206,870 242,510
5,922,227 10,629,105
CREDITORS
Amounts falling due within one year 12 3,913,389 5,134,202
NET CURRENT ASSETS 2,008,838 5,494,903
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,008,838

5,494,903

CREDITORS
Amounts falling due after more than one
year

13

30,977

99,510
NET ASSETS 1,977,861 5,395,393

CAPITAL AND RESERVES
Called up share capital 17 1 1
Retained earnings 18 1,977,860 5,395,392
SHAREHOLDERS' FUNDS 1,977,861 5,395,393

The financial statements were approved by the Board of Directors and authorised for issue on 29th August 2025 and were signed on its behalf by:




P G Snowden - Director



J R Bates - Director


Snowden Seamless Floors Limited (Registered number: 07080866)

Statement of Changes in Equity
for the year ended 30th November 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st December 2022 1 1,265,675 1,265,676

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 4,329,717 4,329,717
Balance at 30th November 2023 1 5,395,392 5,395,393

Changes in equity
Capital contributions to EOT - (5,546,250 ) (5,546,250 )
Total comprehensive income - 2,128,718 2,128,718
Balance at 30th November 2024 1 1,977,860 1,977,861

Snowden Seamless Floors Limited (Registered number: 07080866)

Cash Flow Statement
for the year ended 30th November 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,383,833 5,626,100
Interest paid (8,439 ) (21,673 )
Tax paid (1,382,300 ) 14,948
Net cash from operating activities 1,993,094 5,619,375

Cash flows from investing activities
Interest received 231,805 77,606
Net cash from investing activities 231,805 77,606

Cash flows from financing activities
Loan repayments in year (62,276 ) (232,515 )
Amount introduced by directors 4,587,769 27,622
Amount withdrawn by directors (1,239,782 ) (5,289,080 )
Equity dividends paid - (200,000 )
Capital contributions to EOT (5,546,250 ) -
Net cash from financing activities (2,260,539 ) (5,693,973 )

(Decrease)/increase in cash and cash equivalents (35,640 ) 3,008
Cash and cash equivalents at beginning of
year

2

242,510

239,502

Cash and cash equivalents at end of year 2 206,870 242,510

Snowden Seamless Floors Limited (Registered number: 07080866)

Notes to the Cash Flow Statement
for the year ended 30th November 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 2,860,352 5,625,541
Depreciation charges - 514
Loss on disposal of fixed assets - 1,543
Finance costs 8,439 21,673
Finance income (231,805 ) (77,606 )
2,636,986 5,571,665
Increase in stocks (208,178 ) (26,006 )
Decrease in trade and other debtors 1,412,855 1,787,145
Decrease in trade and other creditors (457,830 ) (1,706,704 )
Cash generated from operations 3,383,833 5,626,100

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 30th November 2024
30/11/24 1/12/23
£    £   
Cash and cash equivalents 206,870 242,510
Year ended 30th November 2023
30/11/23 1/12/22
£    £   
Cash and cash equivalents 242,510 239,502


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/12/23 Cash flow At 30/11/24
£    £    £   
Net cash
Cash at bank and in hand 242,510 (35,640 ) 206,870
242,510 (35,640 ) 206,870
Debt
Debts falling due within 1 year (63,000 ) (6,257 ) (69,257 )
Debts falling due after 1 year (99,510 ) 68,533 (30,977 )
(162,510 ) 62,276 (100,234 )
Total 80,000 26,636 106,636

Snowden Seamless Floors Limited (Registered number: 07080866)

Notes to the Financial Statements
for the year ended 30th November 2024

1. STATUTORY INFORMATION

Snowden Seamless Floors 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced work done, excluding value added tax.

In respect of long term contracts, turnover represents the sales value of work done in the year, including estimates in respect of amounts not invoiced.

Goodwill
Goodwill, being the amount paid to acquire various assets of a business, is being amortised evenly over its estimated useful of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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

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.

Snowden Seamless Floors Limited (Registered number: 07080866)

Notes to the Financial Statements - continued
for the year ended 30th November 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Capital contributions to the employee ownership trust
Capital contributions to the Employee Ownership Trust are accounted for when they are paid.

Financial assets, financial liabilities and equity
Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost, less any impairment.

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 190,445 189,150
Social security costs 18,241 19,706
Other pension costs 7,121 6,865
215,807 215,721

The average number of employees during the year was as follows:
2024 2023

Production 1 1
Administration 3 3
4 4

2024 2023
£    £   
Directors' remuneration 13,875 -
Directors' pension contributions to money purchase schemes 366 -

Snowden Seamless Floors Limited (Registered number: 07080866)

Notes to the Financial Statements - continued
for the year ended 30th November 2024

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Plant hire, repairs & transport 1,906,671 2,834,756
Other operating leases 135,574 48,968
Depreciation - owned assets - 514
Loss on disposal of fixed assets - 1,543
Auditors' remuneration 17,000 15,000

5. EXCEPTIONAL ITEMS
2024 2023
£    £   
Exceptional items - (441,250 )
Exceptional items - legal fees (62,629 ) 13,511
(62,629 ) (427,739 )

On 29th August 2024 the company part funded the purchase by an Employee Ownership Trust of the sole £1 Ordinary share from the director P G Snowden. The full cost of the purchase was £9,250,000 of which £5,500,000 was paid in the year together with associated stamp duty of £46,250. The associated legal fees of £62,629 have been expensed as set out above.

The company was subject to a design failure claim from the main contractor in respect of a job undertaken in 2012/13 for Princes Foods at Bradford. Other defendants to the claim were the main contractor, their design engineers and design engineers to the company.

The settlement by the insurers for the main contactor was approximately £2,200,000 which they attempted to recover from the various parties involved.

A negotiated settlement resulted in the company agreeing to pay the main contractor £1,181,250 to include costs, interest and disbursements of which £200,000 has been allocated as contribution to legal fees. As parties to the agreement the company design engineers contributed £100,000 to the £1,181,250 settlement and the principal design engineers agreed to pay £1,081,250 to the main contractor. Legal fees of £486,489 were incurred by the company to protect their position and assist in negotiating the settlement.

As the matter proceeded provisions were made in the 2020/21 and 2021/22 accounts for potential settlement costs and associated legal fees. Adjustments as set out above were made in 2022/23 to correctly disclose the final position. Costs incurred in relation to the above in the 2023/24 financial year total £23,769.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest - 2,024
Other interest 2,984 2,174
Loan interest 5,455 17,475
8,439 21,673

Snowden Seamless Floors Limited (Registered number: 07080866)

Notes to the Financial Statements - continued
for the year ended 30th November 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 731,634 1,295,824
Tax on profit 731,634 1,295,824

UK corporation tax was charged at 25%) in 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,860,352 5,625,541
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

715,088

1,406,385

Effects of:
Expenses not deductible for tax purposes 16,546 1,449
Effect of change in tax rate - (111,862 )
Tax paid in advance - (148 )
Total tax charge 731,634 1,295,824

8. DIVIDENDS
2024 2023
£    £   
Interim - 200,000

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st December 2023
and 30th November 2024 5,750
AMORTISATION
At 1st December 2023
and 30th November 2024 5,750
NET BOOK VALUE
At 30th November 2024 -
At 30th November 2023 -

Goodwill comprises £5,750 paid for the trading style, customer base, telephone numbers and related IT communications of Seamless Floors (GB) Limited.

Snowden Seamless Floors Limited (Registered number: 07080866)

Notes to the Financial Statements - continued
for the year ended 30th November 2024

10. STOCKS
2024 2023
£    £   
Stocks 262,248 54,070

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 940,785 660,540
Amounts recoverable on contract 1,444,846 3,438,484
Other debtors 704,926 674,590
Directors' current accounts 1,890,220 5,238,207
VAT 325,618 210,044
Prepayments 146,714 110,660
5,453,109 10,332,525

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 14) 69,257 63,000
Trade creditors 1,559,472 2,415,866
Taxation 526,584 1,295,824
Social security and other taxes 30,202 44,993
Other creditors 1,491,140 1,111,481
Accrued expenses 236,734 203,038
3,913,389 5,134,202

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans (see note 14) 30,977 99,510

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans 69,257 63,000

Amounts falling due between one and two years:
Other loans - 1-2 years 30,977 68,993

Amounts falling due between two and five years:
Other loans - 2-5 years - 30,517

Snowden Seamless Floors Limited (Registered number: 07080866)

Notes to the Financial Statements - continued
for the year ended 30th November 2024

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 65,500 62,583
Between one and five years 76,416 141,916
141,916 204,499

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 100,234 162,510

Loans are secured by fixed and floating charges over the property and undertaking of the company.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

Ordinary share capital includes full rights on voting dividends and repayment of capital.

18. RESERVES
Retained
earnings
£   

At 1st December 2023 5,395,392
Profit for the year 2,128,718
Capital contributions to EOT (5,546,250 )
At 30th November 2024 1,977,860

Snowden Seamless Floors Limited (Registered number: 07080866)

Notes to the Financial Statements - continued
for the year ended 30th November 2024

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th November 2024 and 30th November 2023:

2024 2023
£    £   
P G Snowden
Balance outstanding at start of year 5,238,207 -
Amounts advanced 1,239,782 6,194,858
Amounts repaid (4,587,769 ) (956,651 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,890,220 5,238,207

During the year, the company received interest from the director of £230,931 (2023 - £77,485) in respect of the loan above. The loan was made purely so that the company could receive a higher rate of interest than in a company deposit account. The loan is repayable on demand. It was repaid in full on 28th March 2025.

The loan balance includes transactions between P G Snowden and also his sole trader business P G Snowden TA Snowden Flooring. The business provides consultancy services to Snowden Seamless Floors Limited.

20. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed amounts to related parties as follows:

20242023
£   £   
Snowden Plant Limited1,491,140437,598


During the year, the company made purchases from related parties as follows:

20242023
£   £   
P G Snowden TA Snowden Flooring235,2365,449,606
Snowden Plant Limited925,0001,865,000

During the year, the company raised recharges to the related parties as follows:

20242023
£   £   
P G Snowden TA Snowden Flooring15,40015,400


During the year, the company recieved recharges from related parties as follows:

20242023
£   £   
Snowden Plant Limited21,934Nil

As stated in note 5 the company paid a contribution of £5,500,000 to the Employee Ownership Trust.

Snowden Seamless Floors Limited (Registered number: 07080866)

Notes to the Financial Statements - continued
for the year ended 30th November 2024

21. ULTIMATE CONTROLLING PARTY

Pat Snowden was the ultimate controlling party until 29th August 2024.

On this date the company was acquired by The Snowden Seamless Floors Employee Ownership Trust which therefore became the 100% owner and ultimate controlling party.

Snowden Seamless Floors Trustees Limited, a company which is limited by guarantee (Reg. No. 15863470) is the sole Trustee of The Snowden Seamless Floors Employee Ownership Trust.