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Flair Flooring Supplies Limited Registered number: 01663400 Annual report and financial statements For the year ended 30 June 2025
FLAIR FLOORING SUPPLIES LIMITED COMPANY INFORMATION
Directors | T R Carswell
| D P Shah
| N Shah
| R Shah
Company secretary | H Shah
Registered number | 01663400
Registered office | Etherow Works, Etherow Industrial Estate
| Woolley Bridge Road
| Hadfield
| Glossop
| Derbyshire
| SK13 2NS
Independent auditor | Forvis Mazars LLP
| Chartered Accountants & Statutory Auditor
| One St. Peter's Square
| Manchester
| M2 3DE
Bankers | HSBC Bank plc
| 4 Hardman Square
| Spinningfields
| Manchester
| M3 3EB
| ICICI Bank UK plc
| 25-31 Cheetham Hill Road
| Manchester
| M4 4FY
FLAIR FLOORING SUPPLIES LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 5
Independent Auditor's Report | 6 - 9
Statement of Comprehensive Income | 10
Statement of Financial Position | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 - 31
FLAIR FLOORING SUPPLIES LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 JUNE 2025
Introduction
The directors present the strategic report for the year ended 30 June 2025.
Business review
The Company's Statement of Financial Position as detailed on page 11 of the financial statements shows shareholders’ fund of £4,812,633 (2024: £7,242,701). Company turnover for the year increased by £1,295,631 (2.8%) (2024: £3,973,179 (9.2%)) whilst gross margin decreased by 0.3%, as a result of inflationary pressures in the market. The main reason for the sales increase is growth in the home furnishings category. Overheads have increased, with a significant proportion linked to in year and future sales growth, and also the impact of forward currency contracts. The business continues to successfully grow with its existing customer and supplier relationships.
Principal risks and uncertainties
Economic Downturn The success of the business is reliant on consumer spending in the home furnishings category. A downturn in this area could affect sales and so senior management monitor both macro and category trends. In the case of a severe economic downturn, marketing and pricing strategies are modified to reflect the new conditions. Proportion of Fixed Overheads as a Percentage of Turnover A proportion of the Company’s overheads are fixed. There is a risk that any significant decrease in revenue may lead to an inability to remain profitable. Management closely monitors fixed overheads against budget on a monthly basis and cost savings are made when there is an anticipated decline in revenue. Competition The markets in which the Company operates are highly competitive. As a result, there is constant downward pressure on margins. The Company strives to develop its sourcing routes to maintain competitive cost structures. People The Company operates a robust appraisal process which identifies training and development requirements for all employees. Adequate amounts are budgeted for to achieve these aims and mitigate colleague turnover, whilst supporting the growth of the business. Fluctuations in currency The majority of the Company’s purchases come from overseas and are denominated in foreign currencies. The Company is therefore exposed to foreign currency fluctuations. If required, the business uses forward contracts and other derivatives/financial instruments to reduce the exposure. If the hedging activity does not mitigate the exposure, then the results and the financial condition of the Company may be adversely impacted by foreign currency fluctuations. Application of current accounting standards has meant that the operating profit is affected by large swings in difference on foreign exchange, due to the number of forward contracts in place at year end and the movement in exchange rates. - 1 -
FLAIR FLOORING SUPPLIES LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Financial key performance indicators
The Company views its sales growth of £1,295,631 (2024: £3,973,179), overheads as a percentage of sales of 27.7% (2024: 22.2%) as its key financial performance indicators and monitors performance to ensure this significantly better than required. The overheads are significantly negatively impacted by an unrealised loss on future forward currency contracts.
Other key performance indicators
The Company uses a number of key performance indicators to deliver improvements in performance of working capital and customer service levels. Working capital key performance indicators include debtor and creditor days, stock turn and cashflow benchmarked against predefined numbers. Customer service key performance indicators include customer retention and satisfaction, along with various delivery key performance indicators.
Directors' statement of compliance with duty to promote the success of the Company
The board of directors of the Company consider that both individually and collectively for the year ended 30 June 2025 they have acted in the way they consider, in good faith, would be the most likely to promote the success of the Company for the benefit of its members as a whole and having regard to the matters set out in s172 (1)(a-f) as below: a) the likely consequences of any decisions in the long-term; b) the interests of the Company’s employees; c) the need to foster the Company’s business relationships with suppliers, customers and others; d) the impact of the Company’s operations on the community and environment; e) the desirability of the Company maintaining a reputation for high standards of business conduct; and f) the need to act fairly as between shareholders of the Company. The board will consider a range of matters when looking at the long-term success of the business, and therefore strategic decisions will fully consider the factors associated with s172. Our employee stakeholders were fundamental to the significant decisions made in the year, with the aim of strengthening the opportunity for long term business success and therefore job security. Employee communication is also made formally and informally on a regular basis through noticeboards and a variety of other means. The business engages with its customer from the new product development phase through to subsequent account management. Meanwhile, our production sites are accessible for quality audits, and similarly the same high standards are applied by the company to ensure the suitability and technical capability of our supply partners. This report was approved by the board on 29 May 2026 and signed on its behalf.
T R Carswell Director
- 2 -
FLAIR FLOORING SUPPLIES LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025 The directors present their report and the financial statements for the year ended 30 June 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; and ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 to 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.
Results and dividends
The loss for the year, after taxation, amounted to £493,493 (2024: profit £1,635,864). Dividends of £1,936,575 (2024: £1,336,575) were paid during the year.
Directors
The directors who served during the year were:
T R Carswell
D P Shah
N Shah
R Shah
- 3 -
FLAIR FLOORING SUPPLIES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Future developments
The directors review strategy on a regular basis to ensure the Company can contribute profitably in the future. In light of continued uncertainty due to geo-political events, we continually monitor our exposure to foreign exchange rates, ensuring we have appropriate levels of cover. As well as regularly assessing our supply chain to mitigate any impact from inflationary pressures.
Financial instruments
The Company's financial instruments comprise cash at bank, hire purchase and overdraft facilities. The object is to ensure that there is a continuity of funding, that cash levels are sufficient to meet the ongoing needs of the business, and that there is flexibility to deal with unforeseen events. The policy is to smooth cash management of the business and to arrange funding ahead of requirements, should it be needed.
Credit risk
The objective is to reduce the risk of loss arising from default by customers. The policy is to ensure customer debt and credit ratings are routinely monitored, and debt insured wherever possible. Interest risk The objective is to limit the Company's exposure to interest rate fluctuations. At present the Company only has secured bank borrowings in the form of a bank overdraft and trade loans, and maintain a policy or interest rate management. Foreign currency risk The Company's objective is to mitigate the effect of exchange rate volatility by using forward contracts to purchase foreign currency.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a directors in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Disclosure in the Strategic Report
As permitted by paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report. These matters relate to financial instruments and financial risk management.
Streamlined energy and carbon reporting
The streamlined energy and carbon reporting results for the year, have been disclosed within the consolidated financial statements of Flair Flooring Group Limited as at 30 June 2025 and these financial statements may be obtained from Companies House. - 4 -
FLAIR FLOORING SUPPLIES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Auditor
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 29 May 2026 and signed on its behalf.
T R Carswell Director
- 5 -
FLAIR FLOORING SUPPLIES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FLAIR FLOORING SUPPLIES LIMITED Opinion We have audited the financial statements of Flair Flooring Supplies Limited (the ‘Company’) for the year ended 30 June 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, and 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 FRS 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 30 June 2025 and of its loss 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 "Auditor’s 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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. - 6 -
FLAIR FLOORING SUPPLIES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FLAIR FLOORING SUPPLIES LIMITED 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 course of 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 and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic and Directors' Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which 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. - 7 -
FLAIR FLOORING SUPPLIES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FLAIR FLOORING SUPPLIES LIMITED Responsibilities of Directors As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: ∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; ∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities; ∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and ∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. - 8 -
FLAIR FLOORING SUPPLIES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FLAIR FLOORING SUPPLIES LIMITED In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: ∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; ∙Gaining an understanding of the internal controls established to mitigate risks related to fraud; ∙Discussing amongst the engagement team the risks of fraud; and ∙Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. 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 auditor’s report. Use of the audit 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 an auditor's report 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. Christopher Martin (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor One St. Peter's Square Manchester M2 3DE 29 May 2026 - 9 -
FLAIR FLOORING SUPPLIES LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 48,368,318 | 47,072,687
Cost of sales |  | (35,615,012) | (34,519,487)
Gross profit |  | 12,753,306 | 12,553,200
Distribution costs |  | (775,844) | (880,339)
Administrative expenses |  | (12,599,978) | (9,560,254)
Operating (loss)/profit | 5 | (622,516) | 2,112,607
Interest receivable and similar income | 9 | 12,060 | 34,018
Interest payable and similar expenses | 10 | (52,574) | (40,705)
(Loss)/profit before tax |  | (663,030) | 2,105,920
Tax on (loss)/profit | 11 | 169,537 | (470,056)
(Loss)/profit for the financial year |  | (493,493) | 1,635,864
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024: £Nil).
The notes on pages 13 to 31 form part of these financial statements.
- 10 -
FLAIR FLOORING SUPPLIES LIMITED REGISTERED NUMBER: 01663400 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | - |  | -
Tangible assets | 14 |  | 554,141 |  | 402,846
|  |  | 554,141 |  | 402,846
Current assets |  |  |  |  |
Stocks | 15 | 9,651,546 |  | 10,252,062 |
Debtors: amounts falling due within one year | 16 | 8,936,738 |  | 6,496,946 |
Cash at bank and in hand | 17 | 1,317,549 |  | 5,872,106 |
|  | 19,905,833 |  | 22,621,114 |
Creditors: amounts falling due within one year | 18 | (15,647,341) |  | (15,709,939) |
Net current assets |  |  | 4,258,492 |  | 6,911,175
Total assets less current liabilities |  |  | 4,812,633 |  | 7,314,021
Creditors: amounts falling due after more than one year | 19 |  | - |  | (71,320)
Net assets |  |  | 4,812,633 |  | 7,242,701
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 330 |  | 330
Profit and loss account | 23 |  | 4,812,303 |  | 7,242,371
|  |  | 4,812,633 |  | 7,242,701
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 May 2026.
T R Carswell
Director
The notes on pages 13 to 31 form part of these financial statements. - 11 -
FLAIR FLOORING SUPPLIES LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 July 2023 | 330 | 6,943,082 | 6,943,412
Comprehensive income for the year |  |  |
Profit for the year | - | 1,635,864 | 1,635,864
Total comprehensive income for the year | - | 1,635,864 | 1,635,864
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (1,336,575) | (1,336,575)
Total transactions with owners | - | (1,336,575) | (1,336,575)
At 1 July 2024 | 330 | 7,242,371 | 7,242,701
Comprehensive expense for the year |  |  |
Loss for the year | - | (493,493) | (493,493)
Total comprehensive expense for the year | - | (493,493) | (493,493)
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (1,936,575) | (1,936,575)
Total transactions with owners | - | (1,936,575) | (1,936,575)
At 30 June 2025 | 330 | 4,812,303 | 4,812,633
| The notes on pages 13 to 31 form part of these financial statements.
- 12 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
Flair Flooring Supplies Limited is a private company limited by shares and incorporated in England, company number 01663400. The address of the registered office and principal place of business is Etherow Works, Etherow Industrial Estate, Woolley Bridge Road, Hadfield, Glossop, Derbyshire, SK13 2NS. The nature of the Company's operation and its principal activity is that of the supply of rugs. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Flair Flooring Group Limited as at 30 June 2025 and these financial statements may be obtained from Companies House. - 13 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. - 14 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. - 15 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.10 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Motor vehicles | - | 25% straight-line
|  |  |  | Fixtures and fittings | - | 25% straight-line
|  |  |  | Display equipment | - | 100% straight-line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. - 16 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. - 17 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. - 18 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. - 19 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.18 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these judgments and estimates have been made include: Provision for impairment loss on trade debtors The management of the Company exercises significant judgment in providing for impairment losses on trade debtors. At the year end trade debtors amounted to £6,984,461 (2024: £5,486,198). The provision for impairment loss recognised was £3,461 (2024: £3,922). Provision for obsolete and slow moving stocks The Company reviews its stocks to assess loss on account of obsolescence on a regular basis. In determining whether provision for the obsolescence should be recorded in the profit and loss account, the Company makes judgments as to whether there is any observable data indicating that there is any future saleability of the product and the estimated net realisable value for such product. The valuation of stock is deemed to be an area of judgment due to management deciding upon the value of any provisions against stock at the year end. Accordingly, provision for impairment is made where the net realisable value is less than the cost based on best estimates by the management. The provision for obsolescence of stock is based on the ageing and historical sales pattern. At the year end stock had a carrying value of £9,651,546 (2024: £10,252,062). Stock provisions were recognised of £890,328 (2024: £519,967). Other estimates and judgments Management of the Company also exercises significant judgment in estimating the useful life of tangible fixed assets. At the year end tangible fixed assets have a net book value of £554,141 (2024: £402,846). Should these estimates vary, the profit or loss and balance sheet of the following years could be impacted. - 20 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wholesaling of rugs to the retail sector | 48,368,318 | 47,072,687
| All turnover arose within the United Kingdom.
5. | Operating (loss)/profit
| The operating (loss)/profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 222,388 | 204,130
| Exchange differences | 1,882,266 | (73,313)
| Other operating lease rentals | 1,017,844 | 947,869
| Defined contribution pension cost | 261,853 | 226,541
| Profit on disposal of fixed asset | 833 | (29,500)
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor and its associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 47,415 | 45,070
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
- 21 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 6,334,523 | 5,588,834
| Social security costs | 632,512 | 500,785
| Cost of defined contribution scheme | 261,853 | 226,541
|  | 7,228,888 | 6,316,160
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Distribution | 67 | 84
|  | Administrative | 90 | 82
|  | Management | 21 | 12
|  |  | 178 | 178
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 292,264 | 354,260
| Company contributions to defined contribution pension schemes | 32,277 | 24,765
|  | 324,541 | 379,025
| During the year retirement benefits were accruing to 1 director (2024 -1) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £140,549 (2024 - £143,349).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £32,277 (2024 - £24,405).
| There are no other key management personnel.
- 22 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 12,060 | 34,018
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | 39,066 | 40,705
| Other interest payable | 13,508 | -
|  | 52,574 | 40,705
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 143,581 | 315,007
| Adjustments in respect of previous periods | 877 | 179,283
| Total current tax | 144,458 | 494,290
| Deferred tax |  |
| Origination and reversal of timing differences | (317,034) | (24,234)
| Adjustments in respect of previous periods | 3,039 | -
| Total deferred tax | (313,995) | (24,234)
|  | (169,537) | 470,056
- 23 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25% (2024 -25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (663,030) | 2,105,920
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 -25%) | (165,758) | 526,480
| Effects of: |  |
| Expenses not deductible for tax purposes | 17,884 | -
| Fixed asset differences | 794 | -
| Income not taxable for tax purposes | - | (242,081)
| Adjustments to brought forward values | (26,373) | -
| Adjustments to tax charge in respect of previous periods- deferred tax | 3,039 | 6,374
| Adjustment to tax charge in respect of previous periods | 877 | 179,283
| Total tax charge for the year | (169,537) | 470,056
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Equity dividends paid | 1,936,575 | 1,336,575
| The total dividends paid of £1,936,575 comprised distributions of £850,919 to holders of Ordinary A shares, £792,235 to holders of Ordinary B shares and £293,420 to holders of Ordinary C shares.
- 24 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
13. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 1 July 2024 | 50,000
| At 30 June 2025 | 50,000
| Amortisation |
| At 1 July 2024 | 50,000
| At 30 June 2025 | 50,000
| Net book value |
| At 30 June 2025 | -
| At 30 June 2024 | -
- 25 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
14. | Tangible fixed assets
|  | Motor vehicles | Fixtures and fittings | Display equipment | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 July 2024 | 584,014 | 1,507,093 | 2,378,426 | 4,469,533
| Additions | 27,250 | 403,683 | 201,757 | 632,690
| Disposals | (57,250) | - | - | (57,250)
| At 30 June 2025 | 554,014 | 1,910,776 | 2,580,183 | 5,044,973
| Depreciation |  |  |  |
| At 1 July 2024 | 366,834 | 1,321,427 | 2,378,426 | 4,066,687
| Charge for the year | 68,511 | 153,877 | 201,757 | 424,145
| At 30 June 2025 | 435,345 | 1,475,304 | 2,580,183 | 4,490,832
| Net book value |  |  |  |
| At 30 June 2025 | 118,669 | 435,472 | - | 554,141
| At 30 June 2024 | 217,180 | 185,666 | - | 402,846
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixtures and fittings | 85,359 | 72,042
|  | 85,359 | 72,042
- 26 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
15. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Goods in transit | 2,286,984 | 3,243,944
| Finished goods and goods for resale | 7,364,562 | 7,008,118
|  | 9,651,546 | 10,252,062
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 6,984,461 | 5,486,198
| Amounts owed by group undertakings | 795,196 | 420,835
| Amounts owed by joint ventures and associated undertakings | 172 | -
| Other debtors | 10,363 | 9,734
| Prepayments and accrued income | 697,530 | 566,400
| Tax recoverable | 121,242 | -
| Deferred taxation | 327,774 | 13,779
|  | 8,936,738 | 6,496,946
| Amounts due from group undertakings are interest free and repayable on demand.
17. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,317,549 | 5,872,106
| Less: bank overdrafts | (3,833,094) | (2,349,040)
|  | (2,515,545) | 3,523,066
- 27 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 3,833,094 | 2,349,040
| Trade creditors | 7,069,662 | 8,117,733
| Amounts owed to group undertakings | - | 1,725,116
| Amounts owed to entities under common control | - | 160,000
| Corporation tax | - | 111,438
| Other taxation and social security | 1,045,942 | 884,292
| Obligations under finance lease and hire purchase contracts | 57,539 | 52,685
| Other creditors | 495,853 | 401,150
| Accruals and deferred income | 1,715,749 | 1,802,995
| Financial instruments | 1,429,502 | 105,490
|  | 15,647,341 | 15,709,939
| Amounts owed to group undertakings are interest free and repayable on demand. The bank overdrafts are secured by a fixed and floating charge over all assets of Flair Flooring Supplies Limited.
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | - | 71,320
| Net obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.
20. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 57,539 | 52,685
| Between 1-5 years | - | 71,320
|  | 57,539 | 124,005
- 28 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
21. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 13,779 | (10,455)
| Charged to profit or loss | 313,995 | 24,234
| At end of year | 327,774 | 13,779
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 327,774 | 13,779
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 145 (2024 -145) Ordinary A shares of £1.00 each | 145 | 145
|  | 135 (2024 -135) Ordinary B shares of £1.00 each | 135 | 135
|  | 50 (2024 -50) Ordinary C shares of £1.00 each | 50 | 50
|  |  | 330 | 330
| The Ordinary A shares, Ordinary B shares and Ordinary C shares rank pari passu in all respects but constitute separate classes of shares.
23. | Reserves
Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
24. | Pension commitments
The Company operates two defined contribution pension schemes and pays into employee personal pension schemes. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £261,853 (2024: £226,541). As at 30 June 2025, there was £585 contributions outstanding (2024: £23,956). - 29 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
25. | Commitments under operating leases
| At 30 June 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Land and Buildings |  |
| Not later than 1 year | 520,000 | 520,000
| Later than 1 year and not later than 5 years | 415,753 | 666,667
|  | 935,753 | 1,186,667
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other leases |  |
| Not later than 1 year | 161,939 | 71,972
| Later than 1 year and not later than 5 years | 306,908 | 143,999
|  | 468,847 | 215,971
26. | Related party transactions
| The Company has taken advantage of the exemption available under FRS102 and opted not to disclose transactions with wholly-owned group companies. At the year end amounts due to the directors from the Company totalled £495,067 (2024: £377,194) which is included in other creditors. The directors’ loan accounts where these balances have arisen are active accounts with both payments and receipts as such balances are always repayable on demand. No interest is charged on outstanding balances. Directors loan account interest has been accrued at an annual rate of 10%. The total interest accrued and paid for the year on the director's loan accounts was £37,931 (2024: £38,436). At the year end amounts owed in respect of employee loans totalled £300 (2024: £2,166) which is included within other debtors. This amount is interest free and repayable on demand. Donations were made to Flair Foundation during the year of £17,176 (2024: £195,633). Rent paid to entities under common control were made during the year of £520,000 (2024: £520,000). At the year end amounts owed to entities under common control totaled £Nil (2024: £160,000). Interest was charged on the outstanding loan relating to entities under common control totaling £Nil (2024: £30,897).
- 30 -
FLAIR FLOORING SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
27. | Controlling party
The ultimate parent undertaking is Flair Flooring Group Limited, a company registered in England and Wales. Flair Flooring Group Limited is the parent undertaking for the largest group for which group accounts are prepared. The consolidated financial statements of this group are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ. The Company is under the ultimate control of Mr N Shah, by virtue of his majority shareholding in Flair Flooring Group Limited.
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