|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPORT OF THE DIRECTORS AND |
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 27TH FEBRUARY 2019 |
|
FOR |
|
SITEFORM FLOORING CONTRACTORS LTD |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPORT OF THE DIRECTORS AND |
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 27TH FEBRUARY 2019 |
|
FOR |
|
SITEFORM FLOORING CONTRACTORS LTD |
SITEFORM FLOORING CONTRACTORS LTD (REGISTERED NUMBER: 08206359) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 27th February 2019 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Report of the Directors | 2 |
|
Chartered Accountants' Report | 3 |
|
Profit and Loss Account | 4 |
|
Statement of Financial Position | 5 |
|
Statement of Changes in Equity | 7 |
|
Notes to the Financial Statements | 8 |
|
SITEFORM FLOORING CONTRACTORS LTD |
|
COMPANY INFORMATION |
for the Year Ended 27th February 2019 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
1 City Road East |
Manchester |
M15 4PN |
SITEFORM FLOORING CONTRACTORS LTD (REGISTERED NUMBER: 08206359) |
|
REPORT OF THE DIRECTORS |
for the Year Ended 27th February 2019 |
|
|
The directors present their report with the financial statements of the company for the year ended 27th February 2019. |
|
EVENTS SINCE THE END OF THE YEAR |
On 18th October 2019 the company received an investment of £600,000 from Amsvest Limited, a company controlled |
by Lord A M Sugar. This has been used to repay all the bank loans and leave the company debt free. The company is |
now in a very strong position to grow in 2020 without the constraints of restricted working capital. |
|
DIRECTOR |
Mr B A Costello held office during the whole of the period from 28th February 2018 to the date of this report. |
|
Mr M P Corrigan was appointed on 17th October 2019. |
|
Lord A M Sugar was appointed on 18th October 2019. |
|
Mr M Ray was appointed as company secretary on 18th October 2019. |
|
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
SITEFORM FLOORING CONTRACTORS LTD |
|
|
|
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Siteform Flooring Contractors Ltd for the year ended 27th February 2019 which comprise the |
Profit and Loss Account, Statement of Financial Position, Statement of Changes in Equity and the related notes from |
the company's accounting records and from information and explanations you have given us. |
|
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
|
This report is made solely to the Board of Directors of Siteform Flooring Contractors Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Siteform Flooring Contractors Ltd and state those matters that we have agreed to state to the Board of Directors of Siteform Flooring Contractors Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Siteform Flooring Contractors Ltd and its Board of Directors, as a body, for our work or for this report. |
|
It is your duty to ensure that Siteform Flooring Contractors Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Siteform Flooring Contractors Ltd. You consider that Siteform Flooring Contractors Ltd is exempt from the statutory audit requirement for the year. |
|
We have not been instructed to carry out an audit or a review of the financial statements of Siteform Flooring Contractors Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
|
|
|
|
|
|
|
1 City Road East |
Manchester |
M15 4PN |
|
|
|
SITEFORM FLOORING CONTRACTORS LTD (REGISTERED NUMBER: 08206359) |
|
PROFIT AND LOSS ACCOUNT |
for the Year Ended 27th February 2019 |
|
Period |
1/3/17 |
Year ended | to |
27/2/19 | 27/2/18 |
Notes | £ | £ |
|
TURNOVER |
|
|
|
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
|
|
|
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 4 |
|
|
|
|
Interest payable and similar expenses | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
|
|
|
Tax on profit | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
|
|
SITEFORM FLOORING CONTRACTORS LTD (REGISTERED NUMBER: 08206359) |
|
STATEMENT OF FINANCIAL POSITION |
27th February 2019 |
|
2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 10 |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their 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. |
SITEFORM FLOORING CONTRACTORS LTD (REGISTERED NUMBER: 08206359) |
|
STATEMENT OF FINANCIAL POSITION - continued |
27th February 2019 |
|
|
|
|
The financial statements were approved and authorised for issue by the Board of Directors on
were signed on its behalf by: |
|
|
|
|
|
|
|
SITEFORM FLOORING CONTRACTORS LTD (REGISTERED NUMBER: 08206359) |
|
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 27th February 2019 |
|
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
|
Balance at 1st March 2017 |
|
|
|
Profit for the period | - | 90,004 | 90,004 |
Total comprehensive income | - |
|
|
Balance at 27th February 2018 |
|
|
|
Profit for the year | - | 113,354 | 113,354 |
Total comprehensive income | - |
|
|
Dividends | - | ( |
) | ( |
) |
Balance at 27th February 2019 |
|
|
|
SITEFORM FLOORING CONTRACTORS LTD (REGISTERED NUMBER: 08206359) |
|
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 27th February 2019 |
|
|
1. | STATUTORY INFORMATION |
|
Siteform Flooring Contractors Limited is a private company, limited by shares, registered in England and Wales, |
registration number 08206359. The address of the registered office and principal place of business is Unit 3 |
Waterloo Business Park, Upper Brook Street, Stockport, Cheshire, SK1 3BP. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for |
estimated customer returns, rebates and other similar allowances. |
|
Turnover from the sale of goods and services is recognised when all the following conditions are satisfied: |
|
- | the company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
- |
the company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold; |
- | the amount of turnover can be measured reliably; |
- | it is probable that the economic benefits associated with the transaction will flow to the company; and |
- | the costs incurred or too be incurred in respect of the transaction can be measured reliably. |
|
Specifically, turnover from the sale of goods is recognised when goods are delivered and legal title is passed. |
|
Tangible fixed assets |
Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
|
Depreciation on fixed assets is charged to the profit and loss so as to write off their value, over their estimated |
useful lives, using the following methods: |
|
Motor vehicles | - | 25% on reducing balance |
Plant & Machinery | - | 18% on reducing balance |
|
At each balance sheet date, the company reviews the carrying amounts of its fixed assets to determine whether |
there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any |
such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the |
impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company |
estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
|
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of |
the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
|
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised |
estimate of its recoverable amount, to the extent that the increased carrying amount that would have been |
determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A |
reversal of an impairment loss is recognised as income immediately. |
SITEFORM FLOORING CONTRACTORS LTD (REGISTERED NUMBER: 08206359) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 27th February 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
|
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
|
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 debtors and creditors, loans from banks and other third parties, loans |
to related parties and investments in non-puttable ordinary shares. |
|
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period |
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
recognised in profit or loss. |
|
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an |
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. |
|
Taxation |
The tax expense for the year comprises current and deferred tax. |
|
Tax is recognised in profit or loss except that a change 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. |
|
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed |
by the Balance Sheet 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. |
|
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
|
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. |
|
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the |
effective interest method, less impairment losses for bad and doubtful debts except where the effect of |
discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for |
bad and doubtful debts. |
SITEFORM FLOORING CONTRACTORS LTD (REGISTERED NUMBER: 08206359) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 27th February 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
|
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the |
effective interest method unless the effect of discounting would be immaterial, in which case they are stated at |
cost. |
|
Operating leases |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments |
under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | OPERATING PROFIT |
|
The operating profit is stated after charging: |
|
Period |
1/3/17 |
Year ended | to |
27/2/19 | 27/2/18 |
£ | £ |
Depreciation - owned assets |
|
|
|
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 28th February 2018 |
|
|
|
Additions |
|
|
|
At 27th February 2019 |
|
|
|
DEPRECIATION |
At 28th February 2018 |
|
|
|
Charge for year |
|
|
|
At 27th February 2019 |
|
|
|
NET BOOK VALUE |
At 27th February 2019 |
|
|
|
At 27th February 2018 |
|
|
|
SITEFORM FLOORING CONTRACTORS LTD (REGISTERED NUMBER: 08206359) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 27th February 2019 |
|
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
|
|
Hire purchase contracts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
|
|
Hire purchase contracts |
|
|
|
|
|
9. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2019 | 2018 |
£ | £ |
Bank loans |
|
|
Hire purchase contracts | 13,008 | 18,583 |
|
|
|
Any bank borrowings are secured by a fixed and floating charge over all current and future assets of the |
company. |
|
Amounts due under hire purchase contracts are secured on the relevant assets. |
SITEFORM FLOORING CONTRACTORS LTD (REGISTERED NUMBER: 08206359) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 27th February 2019 |
|
|
10. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
|
Ordinary | £1 | 100 | 100 |
|
11. | POST BALANCE SHEET EVENTS |
|
On 18th October 2019 the company received an investment of £600,000 from Amsvest Limited, a company |
controlled by Lord A M Sugar. This investment was used to repay the outstanding bank loans in October 2019. |