Company Registration No. 08865080 (England and Wales)
Complete Flooring Solutions NE Ltd
Unaudited accounts
for the year ended 31 January 2022
Complete Flooring Solutions NE Ltd
Unaudited accounts
Contents
Complete Flooring Solutions NE Ltd
Company Information
for the year ended 31 January 2022
Company Number
08865080 (England and Wales)
Registered Office
10-11 Tundry Way
Tundry Way
Blaydon-On-Tyne
NE21 5SJ
United Kingdom
Accountants
Accountants For The Trade Limited
Office 35
Derwentside Business Centre
Consett
DH8 6BP
Complete Flooring Solutions NE Ltd
Statement of financial position
as at
31 January 2022
Tangible assets
54,275
18,411
Inventories
38,250
46,760
Cash at bank and in hand
66,931
159,556
Creditors: amounts falling due within one year
(150,774)
(126,967)
Net current assets
71,758
104,349
Total assets less current liabilities
126,033
122,760
Creditors: amounts falling due after more than one year
(59,164)
(55,500)
Provisions for liabilities
Called up share capital
1
1
Profit and loss account
66,868
63,761
Shareholders' funds
66,869
63,762
For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 10 August 2022 and were signed on its behalf by
Mr J Robson
Director
Company Registration No. 08865080
Complete Flooring Solutions NE Ltd
Notes to the Accounts
for the year ended 31 January 2022
Complete Flooring Solutions NE Ltd is a private company, limited by shares, registered in England and Wales, registration number 08865080. The registered office is 10-11 Tundry Way, Tundry Way, Blaydon-On-Tyne, NE21 5SJ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 January 2022 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 February 2020.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Reducing Balance
Fixtures & fittings
20% Reducing Balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Complete Flooring Solutions NE Ltd
Notes to the Accounts
for the year ended 31 January 2022
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 February 2021
47,535
-
47,535
Additions
46,525
4,951
51,476
Disposals
(15,390)
-
(15,390)
At 31 January 2022
78,670
4,951
83,621
At 1 February 2021
29,124
-
29,124
Charge for the year
9,621
908
10,529
On disposals
(10,307)
-
(10,307)
At 31 January 2022
28,438
908
29,346
At 31 January 2022
50,232
4,043
54,275
At 31 January 2021
18,411
-
18,411
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
50,232
18,411
5
Debtors: amounts falling due within one year
2022
2021
Other debtors
50,000
25,000
Complete Flooring Solutions NE Ltd
Notes to the Accounts
for the year ended 31 January 2022
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
10,969
-
Obligations under finance leases and hire purchase contracts
12,660
6,709
Trade creditors
34,828
15,247
Taxes and social security
11,431
13,759
Loans from directors
79,636
84,785
7
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
26,800
5,471
8
Average number of employees
During the year the average number of employees was 6 (2021: 8).