Company Registration No. 8896647 (England and Wales)
PRIMA FLOORING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
PAGES FOR FILING WITH REGISTRAR
PRIMA FLOORING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
PRIMA FLOORING LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2021
28 February 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
2
3,441
3,706
Current assets
Stock and work in progress
17,533
15,850
Debtors
3
3,714
Cash at bank and in hand
7,821
55
29,068
15,905
Creditors: amounts falling due within one year
4
(32,151)
(18,884)
Net current liabilities
(3,083)
(2,979)
Total assets less current liabilities
358
727
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
258
627
Total equity
358
727
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 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 2021 and are signed on its behalf by:
Director
Company Registration No. 8896647
PRIMA FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 2 -
1
Accounting policies
Company information
PRIMA FLOORING LIMITED is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
292 York Road, Stevenage, Herts, SG1 4HN.
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.
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
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
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash and cash equivalents
Cash and cash equivalents
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.
PRIMA FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 3 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 29 February 2020
8,111
Additions
882
At 28 February 2021
8,993
Depreciation and impairment
At 29 February 2020
4,405
Depreciation charged in the year
1,147
At 28 February 2021
5,552
Carrying amount
At 28 February 2021
3,441
At 28 February 2020
3,706
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
3,714
4
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
13,231
11,480
Corporation tax
1,617
553
Other taxation and social security
1,578
6,226
Other creditors
15,725
625
32,151
18,884
5
Called up share capital
2021
2020
£
£
Ordinary share capital
Authorised
100 Ordinary shares of £1 each
100
100
Issued and fully paid
100 Ordinary shares of £1 each
100
100