Company Registration No. 08407905 (England and Wales)
FUTURE FLOORING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
FUTURE FLOORING LIMITED
CONTENTS
Page
Balance sheet
3 - 4
Notes to the financial statements
5 - 9
FUTURE FLOORING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2018
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2018.
Principal activities
The principal activity of the company continued to be that of flooring specialists.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr C Miller
Mrs E Miller
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr C Miller
Director
12 November 2018
FUTURE FLOORING LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FUTURE FLOORING LIMITED FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Future Flooring Limited for the year ended 31 March 2018 set out on pages to 9 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 at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Future Flooring Limited, as a body, in accordance with the terms of our engagement letter dated 1 July 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Future Flooring Limited
and state those matters that we have agreed to state to the Board of Directors of Future Flooring Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Future Flooring Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Future Flooring Limited 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 Future Flooring Limited. You consider that Future Flooring Limited 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 Future Flooring Limited. 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.
HJS Chartered Accountants
12 November 2018
12-14 Carlton Place
Southampton
Hampshire
England
SO15 2EA
FUTURE FLOORING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 3 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,521
28,270
Current assets
Debtors
4
28,722
10,854
Cash at bank and in hand
7,851
3,631
36,573
14,485
Creditors: amounts falling due within one year
5
(31,476)
(23,145)
Net current assets/(liabilities)
5,097
(8,660)
Total assets less current liabilities
27,618
19,610
Creditors: amounts falling due after more than one year
6
(13,429)
(18,628)
Provisions for liabilities
(4,279)
(433)
Net assets
9,910
549
Capital and reserves
Called up share capital
7
50
50
Capital redemption reserve
50
50
Profit and loss reserves
9,810
449
Total equity
9,910
549
FUTURE FLOORING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 4 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 12 November 2018 and are signed on its behalf by:
Mr C Miller
Director
Company Registration No. 08407905
FUTURE FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
1
Accounting policies
Company information
Future Flooring Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
First Floor The Lookout, Bull Close Road, Nottingham, England, NG7 2UL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% Reducing balance
Motor vehicles
20% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets.
A provision is made for any impairment loss and taken to the profit and loss account.
FUTURE FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 6 -
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company
only enters into Basic financial instrument transactions
.
Financial instruments are recognised in the company's balance sheet 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.
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 receipts discounted at a market rate of interest.
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, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
FUTURE FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 7 -
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
FUTURE FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 8 -
3
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2017 and 31 March 2018
3,770
38,488
42,258
Depreciation and impairment
At 1 April 2017
1,895
12,094
13,989
Depreciation charged in the year
469
5,279
5,748
At 31 March 2018
2,364
17,373
19,737
Carrying amount
At 31 March 2018
1,406
21,115
22,521
At 31 March 2017
1,875
26,395
28,270
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
27,366
10,854
Other debtors
373
-
Prepayments and accrued income
983
-
28,722
10,854
5
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Obligations under finance leases
5,199
5,199
Trade creditors
8,327
6,655
Corporation tax
9,441
6,025
Other taxation and social security
6,662
3,965
Other creditors
347
(3,199)
Accruals and deferred income
1,500
4,500
31,476
23,145
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
13,429
18,628
FUTURE FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 9 -
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
25 Ordinary of £1 each
25
25
25 Ordinary B of £1 each
25
25
50
50