Expo Floors Limited - Accounts to registrar (filleted) - small 18.2
Expo Floors Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31st December 2018 |
| for |
| EXPO FLOORS LIMITED |
| EXPO FLOORS LIMITED (REGISTERED NUMBER: 02613814) |
| Contents of the Financial Statements |
| for the year ended 31st December 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| EXPO FLOORS LIMITED |
| Company Information |
| for the year ended 31st December 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| (The practising name of |
| Baker (Midlands) Limited) |
| Arbor House |
| Broadway North |
| Walsall |
| WS1 2AN |
| EXPO FLOORS LIMITED (REGISTERED NUMBER: 02613814) |
| Balance Sheet |
| 31st December 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors on behalf by: |
| EXPO FLOORS LIMITED (REGISTERED NUMBER: 02613814) |
| Notes to the Financial Statements |
| for the year ended 31st December 2018 |
| 1. | STATUTORY INFORMATION |
| Expo Floors Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in sterling which is the functional currency of the company and rounded |
| to the nearest £1. |
| The significant accounting policies applied in the preparation of these financial statements are set out below. |
| These policies have been consistently applied to all years presented unless otherwise stated. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and |
| assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the |
| amounts reported for revenues and expenses during the year. However the nature of estimation means that |
| actual outcomes could differ from those estimates. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade |
| discounts.The policy adopted for the recognition of turnover is as follows: |
| Sale of Goods |
| Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods |
| have transferred to the buyer, 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 to be |
| incurred in respect of the transaction can be measured reliably . This is usually on the dispatch of goods. |
| Hire of Flooring |
| Turnover from hire services provided is recognised when the flooring systems are installed for use. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| EXPO FLOORS LIMITED (REGISTERED NUMBER: 02613814) |
| Notes to the Financial Statements - continued |
| for the year ended 31st December 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any |
| accumulated impairment losses. Historical cost includes any expenditure that is directly attributable to bringing |
| the asset to the location and condition necessary for it to be capable of operating in the manner intended by |
| management. |
| Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset on |
| a systematic basis over its expected useful life or, if held under a finance lease, over the term of the lease, |
| whichever is shorter. |
| Depreciation is provided on the following basis: |
| Leasehold - 10% on cost |
| Plant & machinery - 15% on reducing balance |
| Platform system - 25% on reducing balance and 10% on cost |
| Motor vehicles - 25% on reducing balance |
| The carrying values of tangible fixed assets are reviewed for impairment when events or changes in |
| circumstances indicate the carrying value may not be recoverable. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes |
| all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and |
| condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and |
| slow-moving stock where appropriate. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| 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. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| balance sheet date. |
| 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. |
| 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| EXPO FLOORS LIMITED (REGISTERED NUMBER: 02613814) |
| Notes to the Financial Statements - continued |
| for the year ended 31st December 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
| at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Assets |
| held under hire purchase contracts are depreciated over their estimated useful lives, those held under finance |
| leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to the profit and loss account over the relevant period. The |
| capital element of the future repayments is treated as a liability. |
| Rentals paid under operating leases are charged against profits as incurred. |
| Employee benefits |
| When employees have rendered service to the company, short-term employee benefits to which the |
| employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that |
| service. |
| The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed |
| as they become payable. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
| transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
| administrative expenses. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each |
| balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating |
| unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable |
| amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount |
| where the impairment loss is a revaluation decrease. |
| Provisions |
| Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past |
| event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be |
| reliably estimated. |
| Short term debtors and creditors |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
| transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
| administrative expenses. |
| Cash and cash equivalents |
| Cash comprise cash in hand and demand deposits. Cash equivalents are short-term, highly liquid investments |
| that mature in no more than three months from the date of acquisition and that are readily convertible to |
| known amounts of cash with an insignificant risk of change in value. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| EXPO FLOORS LIMITED (REGISTERED NUMBER: 02613814) |
| Notes to the Financial Statements - continued |
| for the year ended 31st December 2018 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| Additions |
| At 31st December 2018 |
| AMORTISATION |
| Charge for year |
| At 31st December 2018 |
| NET BOOK VALUE |
| At 31st December 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1st January 2018 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Reclassification/transfer | ( |
) | ( |
) |
| At 31st December 2018 |
| DEPRECIATION |
| At 1st January 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31st December 2018 |
| NET BOOK VALUE |
| At 31st December 2018 |
| At 31st December 2017 |
| EXPO FLOORS LIMITED (REGISTERED NUMBER: 02613814) |
| Notes to the Financial Statements - continued |
| for the year ended 31st December 2018 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1st January 2018 |
| Additions |
| Disposals | ( |
) |
| At 31st December 2018 |
| DEPRECIATION |
| At 1st January 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31st December 2018 |
| NET BOOK VALUE |
| At 31st December 2018 |
| At 31st December 2017 |
| 6. | STOCKS |
| 2018 | 2017 |
| £ | £ |
| Stocks |
| Finished goods |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Other debtors | 3,033 | 8,507 |
| Prepayments and accrued income |
| EXPO FLOORS LIMITED (REGISTERED NUMBER: 02613814) |
| Notes to the Financial Statements - continued |
| for the year ended 31st December 2018 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Included within other creditors are accruals and deferred income of £135,562 (2017: £70,842). |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2018 | 2017 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating |
| leases |
| 2018 | 2017 |
| £ | £ |
| Within one year |
| Between one and five years |
| EXPO FLOORS LIMITED (REGISTERED NUMBER: 02613814) |
| Notes to the Financial Statements - continued |
| for the year ended 31st December 2018 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2018 | 2017 |
| £ | £ |
| Bank overdraft |
| Hire purchase contracts | 97,893 | 133,224 |
| HSBC Bank Plc holds a debenture charge dated 8 December 2017 over all the assets of the company.. HSBC also |
| has a Composite Company Unlimited Multilateral Guarantee given by Expo Floors Limited, Portland Holdings |
| Limited, and Beauimel Floors Limited. |
| Hire purchase debts are secured over the assets to which they relate. |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2018 | 2017 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |