Gainsborough Floor Coverings Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01365884 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

FOR

GAINSBOROUGH FLOOR COVERINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

V A Brown

REGISTERED OFFICE:

26 Heatley Street

Preston

Lancashire

PR1 2XB

REGISTERED NUMBER:

01365884 (England and Wales)

ACCOUNTANTS:

SBCA Chartered Accountants

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

FIXED ASSETS

Tangible assets

4

87,696

120,820

CURRENT ASSETS

Stocks

5

2,476

8,056

Debtors

6

76,086

69,236

Cash at bank

33,945

42,870

112,507

120,162

CREDITORS

Amounts falling due within one year

7

(99,070

)

(120,696

)

NET CURRENT ASSETS/(LIABILITIES)

13,437

(534

)

TOTAL ASSETS LESS CURRENT LIABILITIES

101,133

120,286

CREDITORS

Amounts falling due after more than
one year

8

(26,846

)

(64,199

)

PROVISIONS FOR LIABILITIES

9

(4,120

)

(11,745

)

NET ASSETS

70,167

44,342

CAPITAL AND RESERVES

Called up share capital

10

43,500

Retained earnings

11

26,667

842

SHAREHOLDERS' FUNDS

70,167

44,342

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

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

The director acknowledges her 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 20th July 2026 and were signed by:

V A Brown - Director

1.	STATUTORY INFORMATION

Gainsborough Floor Coverings 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.

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, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

20% on cost

Stocks

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

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

COST

At 1st January 2025

89,363

900

47,794

131,259

269,316

Additions

-

1,503

-

1,503

Disposals

(3,114

)

-

(98,781

)

(101,895

)

At 31st December 2025

86,249

900

49,297

32,478

168,924

DEPRECIATION

At 1st January 2025

34,247

711

11,048

102,490

148,496

Charge for year

6,816

90

4,791

6,496

18,193

Eliminated on disposal

(3,114

)

-

(82,347

)

(85,461

)

At 31st December 2025

37,949

801

15,839

26,639

81,228

NET BOOK VALUE

At 31st December 2025

48,300

99

33,458

5,839

87,696

At 31st December 2024

55,116

189

36,746

28,769

120,820

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1st January 2025

102,916

Disposals

(70,438

)

At 31st December 2025

32,478

DEPRECIATION

At 1st January 2025

74,147

Charge for year

6,496

Eliminated on disposal

(54,004

)

At 31st December 2025

26,639

NET BOOK VALUE

At 31st December 2025

5,839

At 31st December 2024

28,769

5.

STOCKS

31.12.25

31.12.24

£

Stocks

2,476

5,312

Work-in-progress

-

2,744

2,476

8,056

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

Trade debtors

37,190

40,567

Other debtors

38,896

28,669

76,086

69,236

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

Bank loans and overdrafts

6,495

6,375

Hire purchase contracts

5,488

8,059

Trade creditors

32,073

59,356

Taxation and social security

35,142

25,783

Other creditors

19,872

21,123

99,070

120,696

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

Bank loans

22,065

28,680

Hire purchase contracts

4,781

31,936

Other creditors

-

3,583

26,846

64,199

9.	PROVISIONS FOR LIABILITIES

31.12.25

31.12.24

£

Deferred tax

Accelerated capital allowances

4,120

11,745

Deferred

tax

£

Balance at 1st January 2025

11,745

Provided during year

(7,625

)

Balance at 31st December 2025

4,120

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

22,000

A Ordinary

£1

21,999

21,500

B Ordinary

£1

21,500

43,499

11.

RESERVES

Retained

earnings

£

At 1st January 2025

842

Profit for the year

53,825

Dividends

(28,000

)

At 31st December 2025

26,667

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2025 and 31st December 2024:

31.12.25

31.12.24

£

V A Brown

Balance outstanding at start of year

14,243

9,424

Amounts advanced

50,635

33,281

Amounts repaid

(40,312

)

(28,462

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

24,566

14,243

The maximum balance the Directors Loan Account was overdrawn by during the year was £24,568. Interest has been charged at the HMRC approved interest rate and in line with HMRC rules. Amounts are repayable on demand.