Registration number:
Multiflor Limited
for the Year Ended 31 August 2024
Multiflor Limited
(Registration number: 08172324)
Balance Sheet as at 31 August 2024
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Note |
2024 |
2023 |
|
|
Fixed assets |
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|
Tangible assets |
13,740 |
17,575 |
|
|
Current assets |
|||
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Stocks |
29,320 |
50,265 |
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|
Debtors |
119,456 |
147,359 |
|
|
Cash at bank and in hand |
139,468 |
166,221 |
|
|
288,244 |
363,845 |
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Creditors: Amounts falling due within one year |
(144,247) |
(134,372) |
|
|
Net current assets |
143,997 |
229,473 |
|
|
Total assets less current liabilities |
157,737 |
247,048 |
|
|
Creditors: Amounts falling due after more than one year |
(96,938) |
(116,377) |
|
|
Net assets |
60,799 |
130,671 |
|
|
capital and reserves |
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Called up share capital |
10 |
10 |
|
|
Profit and loss account |
60,789 |
130,661 |
|
|
Shareholders' funds |
60,799 |
130,671 |
For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.
Multiflor Limited
(Registration number: 08172324)
Balance Sheet as at 31 August 2024 (continued)
.........................................
Mr Benjamin Bjork
Director
Multiflor Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Accounting policies |
Statutory information
Multiflor Limited is a private company, limited by shares, domiciled in England and Wales, company number 08172324. The registered office is at Unit 28 Strawberry Meadows Business Park, Berry Way, Euxton, Chorley, PR7 6FL.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. Revenue is recognised at the point of application being made on the contract.
Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Multiflor Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
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1 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Plant and machinery |
25% reducing balance |
|
Motor vehicles |
25% reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Work in progress comprises direct materials and overheads that have been incurred in bringing the contracts to their present valuation. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Statement of Income and Retained Earnings and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Multiflor Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
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1 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Tangible assets |
|
Plant and machinery |
Motor vehicles |
Total |
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Cost |
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At 1 September 2023 |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Multiflor Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
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Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
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Creditors |
|
2024 |
2023 |
|
|
Due within one year |
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|
Bank overdraft |
26,867 |
24,827 |
|
Bounce back loan |
4,545 |
4,545 |
|
Finance lease liabilities |
- |
2,241 |
|
Trade creditors |
33,652 |
28,975 |
|
Taxation and social security |
78,850 |
73,669 |
|
Other creditors |
333 |
115 |
|
144,247 |
134,372 |
|
2024 |
2023 |
|
|
Due after one year |
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Bounce back loan |
32,019 |
36,808 |
|
Business finance loan |
15,383 |
20,033 |
|
Other non-current financial liabilities |
49,536 |
59,536 |
|
96,938 |
116,377 |
The business finance loan is secured against a personal guarantee given by both of the directors.
Finance lease liabilities are secured against the assets concerned.