REGISTERED NUMBER: 03497184 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2025

for

J2 Flooring Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S G Latham

REGISTERED OFFICE:

Unit 2, Barracuda Business Park

Barracuda Way

Burscough

Ormskirk

Lancashire

L40 7BP

REGISTERED NUMBER:

03497184 (England and Wales)

ACCOUNTANTS:

Topping & Company

Chartered Accountants

209 Liverpool Road

Birkdale

Southport

Merseyside

PR8 4PH

FIXED ASSETS

Tangible assets

4

97,860

127,405

CURRENT ASSETS

Stocks

951,527

1,469,113

Debtors

5

676,908

668,238

Cash at bank

143,156

182,116

1,771,591

2,319,467

CREDITORS

Amounts falling due within one year

6

679,259

1,053,961

NET CURRENT ASSETS

1,092,332

1,265,506

TOTAL ASSETS LESS CURRENT LIABILITIES

1,190,192

1,392,911

PROVISIONS FOR LIABILITIES

24,465

31,851

NET ASSETS

1,165,727

1,361,060

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,165,627

1,360,960

SHAREHOLDERS' FUNDS

1,165,727

1,361,060

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 October 2025 and were signed by:

S G Latham - Director

1.	STATUTORY INFORMATION

J2 Flooring 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 principal activity of the company is that of the provision of stylish floors designed for living.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and rebates and excluding value added tax.

The company provides stylish floors designed for living. The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

Tangible fixed assets

All tangible assets are initially recorded at cost. Cost includes all expenditure directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner included by management.

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

Plant & machinery - 25% on cost

Fixtures & fittings - 15% on cost

Computer equipment - 33.3% on cost

At each reporting date the carrying values of the company's tangible fixed assets are reviewed to determine whether there is an indication that an asset may be impaired (accounting policy: impairment of financial assets).

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated on a first in, first out basis and includes all costs of purchase consistently applied from year to year.

At each reporting date the carrying value of the company's stocks assets are reviewed to determine whether there is an indication that the carrying value of the company's stocks may be impaired (accounting policy: impairment of financial assets).

Taxation

Taxation for the year comprises of 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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Impairment of financial assets

At each reporting date financial assets not carried at fair value, like plant and machinery etc, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of an asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to its selling price less costs to complete and sell and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other account receivables and trade and other account payables.

Financial assets that are measured at cost are assessed at the end of each reporting period for objective evidence of impairment (accounting policy: impairment of financial assets).

Short term debtors are measured at transaction price, less any impairment.

Short term creditors are measured at the transaction price.

Financial assets are derecognised when the rights to receive cash flows from the asset have expired. Provision is made when there is objective evidence that the company will not be able to collect certain debts. Bad debts are written off when identified. Financial liabilities are derecognised when the obligations under the liability is discharged, cancelled or expires.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2024

204,654

Additions

24,273

Disposals

(21,082

)

At 31 January 2025

207,845

DEPRECIATION

At 1 February 2024

77,249

Charge for year

38,006

Eliminated on disposal

(5,270

)

At 31 January 2025

109,985

NET BOOK VALUE

At 31 January 2025

97,860

At 31 January 2024

127,405

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Trade debtors

453,923

481,878

Other debtors

222,985

186,360

676,908

668,238

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Bank loans and overdrafts

50,000

77,546

Trade creditors

233,845

147,473

Amounts owed to associated interests

14,043

88,556

Taxation and social security

378,598

714,804

Other creditors

2,773

25,582

679,259

1,053,961

7.	RELATED PARTY DISCLOSURES

At the year end, "Other Creditors" included an amount of £14,043 (2024 - £88,556) due to a Flooring UK.Com Limited, a Company in which Mr S G Latham is a Director and Shareholder. The amount is repayable on demand, unsecured and interest free.

"Creditors" also included an amount of £50,000 (2024 - £50,000) due to Mr G C J Latham, a relative of Mr S G Latham, who is Director of the Company. The amount is repayable on demand, unsecured and interest free.

8.	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of financial statements, in conformity with generally accepted accounting principles, requires the use of estimates and judgements that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on the director's best knowledge of current events and actions, actual results may differ from these estimates.

The director does not consider there to be any estimates and judgements in connection with the preparation of the company's year ended 31 January 2025 financial statements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities at the balance sheet date of 31 January 2025.