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Unaudited Financial Statements |
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for the Year Ended 31 October 2019 |
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for |
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Floor Coverings Distributors |
(Glasgow) Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 October 2019 |
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for |
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Floor Coverings Distributors |
(Glasgow) Limited |
Floor Coverings Distributors |
(Glasgow) Limited (Registered number: SC063642) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Floor Coverings Distributors |
(Glasgow) Limited |
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Company Information |
for the Year Ended 31 October 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
140 Coniscliffe Road |
DARLINGTON |
Co Durham |
DL3 7RT |
Floor Coverings Distributors |
(Glasgow) Limited (Registered number: SC063642) |
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Balance Sheet |
31 October 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible fixed assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Floor Coverings Distributors |
(Glasgow) Limited (Registered number: SC063642) |
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Balance Sheet - continued |
31 October 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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Floor Coverings Distributors |
(Glasgow) Limited (Registered number: SC063642) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2019 |
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1. | STATUTORY INFORMATION |
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Floor Coverings Distributors (Glasgow) Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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There were no material departures from that standard. |
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The principal accounting policies adopted in the preparation of the financial statements are set out below and |
have remained unchanged from the previous year, and also have been consistently applied within the same |
accounts. |
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Related party exemption |
All transactions entered into with companies under common control were concluded under normal market |
conditions, therefore no further disclosure is necessary in accordance with FRS102 section 1A. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Income Recognition |
Income is recognised when a contract for the sale of goods is determined as unconditional. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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The directors consider that the improvements to property is maintained in such a state of repair that its residual |
value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and |
therefore is not charged in the profit and loss account. The directors perform annual impairment reviews in |
accordance with FRS 102 section 1A to ensure that the carrying value is not lower than the recoverable amount. |
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Stocks |
Stocks are valued at the lower of cost and selling prices less estimated costs to sell. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
Floor Coverings Distributors |
(Glasgow) Limited (Registered number: SC063642) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2018 |
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Additions |
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Disposals | ( |
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( |
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At 31 October 2019 |
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DEPRECIATION |
At 1 November 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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At 31 October 2018 |
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Floor Coverings Distributors |
(Glasgow) Limited (Registered number: SC063642) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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Amounts owed by group |
undertakings | 375,000 | - |
Deferred tax asset |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 8) |
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Trade creditors |
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Taxation and social security |
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Amounts owed to related |
undertakings | 336,624 | - |
Accruals and deferred income |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 8) |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2019 | 2018 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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Floor Coverings Distributors |
(Glasgow) Limited (Registered number: SC063642) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2019 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Hire purchase | 6,160 | 18,126 |
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Secured against assets to which it relates. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |