| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 30th November 2024 |
| for |
| Snowden Seamless Floors Limited |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Princes House |
| Wright Street |
| Hull |
| East Yorkshire |
| HU2 8HX |
| BANKERS: |
| 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: |
| 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 |
| - | 1 |
| - | - |
| 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: |
| 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. |
| for and on behalf of |
| Statutory Auditors |
| Princes House |
| Wright Street |
| Hull |
| East Yorkshire |
| HU2 8HX |
| Snowden Seamless Floors Limited (Registered number: 07080866) |
| Income Statement |
| for the year ended 30th November 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 2,868,791 | 5,647,214 |
| Interest payable and similar expenses | 6 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| Snowden Seamless Floors Limited (Registered number: 07080866) |
| Other Comprehensive Income |
| for the year ended 30th November 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Snowden Seamless Floors Limited (Registered number: 07080866) |
| Balance Sheet |
| 30th November 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
13 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30th November 2023 |
| Changes in equity |
| Capital contributions to EOT | - | (5,546,250 | ) | (5,546,250 | ) |
| Total comprehensive income | - |
| Balance at 30th November 2024 |
| 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 |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Interest received |
| Net cash from investing activities |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | 4,587,769 | 27,622 |
| Amount withdrawn by directors | (1,239,782 | ) | (5,289,080 | ) |
| Equity dividends paid | ( |
) |
| Capital contributions to EOT | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
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 |
| Depreciation charges |
| Loss on disposal of fixed assets |
| Finance costs | 8,439 | 21,673 |
| Finance income | (231,805 | ) | (77,606 | ) |
| 2,636,986 | 5,571,665 |
| Increase in stocks | ( |
) | ( |
) |
| Decrease in trade and other debtors |
| 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 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 | ( |
) | 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| 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 |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Production | 1 | 1 |
| Administration | 3 | 3 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| 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 |
| Other operating leases |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Auditors' remuneration |
| 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 |
| Other interest |
| Loan interest |
| 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 |
| Tax on profit |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| 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 |
| 9. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1st December 2023 |
| and 30th November 2024 |
| AMORTISATION |
| At 1st December 2023 |
| and 30th November 2024 |
| 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 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts recoverable on contract |
| Other debtors |
| Directors' current accounts | 1,890,220 | 5,238,207 |
| VAT |
| Prepayments |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other loans (see note 14) |
| Trade creditors |
| Taxation |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other loans (see note 14) |
| 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 |
| Amounts falling due between one and two years: |
| Other loans - 1-2 years | 30,977 |
| Amounts falling due between two and five years: |
| Other loans - 2-5 years |
| 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 |
| Between one and five years |
| 16. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Other loans |
| 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: | £ | £ |
| Ordinary | £1 |
| Ordinary share capital includes full rights on voting dividends and repayment of capital. |
| 18. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1st December 2023 |
| Profit for the year |
| Capital contributions to EOT | (5,546,250 | ) |
| At 30th November 2024 |
| 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 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 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: |
| 2024 | 2023 |
| £ | £ |
| Snowden Plant Limited | 1,491,140 | 437,598 |
| During the year, the company made purchases from related parties as follows: |
| 2024 | 2023 |
| £ | £ |
| P G Snowden TA Snowden Flooring | 235,236 | 5,449,606 |
| Snowden Plant Limited | 925,000 | 1,865,000 |
| During the year, the company raised recharges to the related parties as follows: |
| 2024 | 2023 |
| £ | £ |
| P G Snowden TA Snowden Flooring | 15,400 | 15,400 |
| During the year, the company recieved recharges from related parties as follows: |
| 2024 | 2023 |
| £ | £ |
| Snowden Plant Limited | 21,934 | Nil |
| 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. |