High Duty Flooring Warehouse Limited Company accounts

High Duty Flooring Warehouse Limited Company accounts

HIGH DUTY FLOORING WAREHOUSE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00855520
High Duty Flooring Warehouse Limited
Unaudited Financial Statements
30 September 2019
High Duty Flooring Warehouse Limited
Financial Statements
Year ended 30 September 2019
Contents
Page
Officers and professional advisers
1
Directors' report
2
Report to the board of directors on the preparation of the unaudited statutory financial statements
3
Statement of income and retained earnings
4
Statement of financial position
5
Notes to the financial statements
6
High Duty Flooring Warehouse Limited
Officers and Professional Advisers
The board of directors
J E Page
Mrs C Page
Company secretary
Mrs H L Khaira
Registered office
17-19 Station Road West
Oxted
Surrey
UK
RH8 9EE
Accountants
Baulf-James
Chartered accountants
17-19 Station Road West
Oxted
Surrey
RH8 9EE
High Duty Flooring Warehouse Limited
Directors' Report
Year ended 30 September 2019
The directors present their report and the unaudited financial statements of the company for the year ended 30 September 2019 .
Directors
The directors who served the company during the year were as follows:
J E Page
Mrs C Page
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 5 June 2020 and signed on behalf of the board by:
Mrs C Page
Director
High Duty Flooring Warehouse Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of High Duty Flooring Warehouse Limited
Year ended 30 September 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of High Duty Flooring Warehouse Limited for the year ended 30 September 2019, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of High Duty Flooring Warehouse Limited, as a body, in accordance with the terms of our engagement letter dated 17 May 2012. Our work has been undertaken solely to prepare for your approval the financial statements of High Duty Flooring Warehouse Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than High Duty Flooring Warehouse Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that High Duty Flooring Warehouse 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 High Duty Flooring Warehouse Limited. You consider that High Duty Flooring Warehouse 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 High Duty Flooring Warehouse 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. Baulf-James Chartered accountants
17-19 Station Road West Oxted Surrey RH8 9EE
5 June 2020
High Duty Flooring Warehouse Limited
Statement of Income and Retained Earnings
Year ended 30 September 2019
2019
2018
Note
£
£
Turnover
419,836
373,318
Cost of sales
254,823
248,360
---------
---------
Gross profit
165,013
124,958
Administrative expenses
143,472
137,436
---------
---------
Operating profit/(loss)
21,541
( 12,478)
Other interest receivable and similar income
67
7
---------
---------
Profit/(loss) before taxation
5
21,608
( 12,471)
Tax on profit/(loss)
4,106
( 2,433)
--------
--------
Profit/(loss) for the financial year and total comprehensive income
17,502
( 10,038)
--------
--------
Dividends paid and payable
( 7,030)
( 12,500)
Retained earnings at the start of the year
21,040
43,578
--------
--------
Retained earnings at the end of the year
31,512
21,040
--------
--------
All the activities of the company are from continuing operations.
High Duty Flooring Warehouse Limited
Statement of Financial Position
30 September 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
6
4,911
5,533
Current assets
Stocks
19,403
14,167
Debtors
7
59,269
58,281
Cash at bank and in hand
25,247
18,797
---------
--------
103,919
91,245
Creditors: amounts falling due within one year
8
74,644
73,180
---------
--------
Net current assets
29,275
18,065
--------
--------
Total assets less current liabilities
34,186
23,598
Provisions
Taxation including deferred tax
674
558
--------
--------
Net assets
33,512
23,040
--------
--------
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss account
31,512
21,040
--------
--------
Shareholders funds
33,512
23,040
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 were approved by the board of directors and authorised for issue on 5 June 2020 , and are signed on behalf of the board by:
J E Page
Director
Company registration number: 00855520
High Duty Flooring Warehouse Limited
Notes to the Financial Statements
Year ended 30 September 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17-19 Station Road West, Oxted, Surrey, RH8 9EE, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred corporation tax recognised in the reporting period. Corporation tax is calculated on the taxable profit or loss. Deferred tax is recognised in respect of all timing differences at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
25% reducing balance
Fixtures & equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured 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 the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Pension contributions paid are paid to a defined contributions scheme.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2018: 5 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2019
2018
£
£
Depreciation of tangible assets
1,285
1,428
-------
-------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2018
10,799
51,387
20,250
82,436
Additions
663
–
–
663
--------
--------
--------
--------
At 30 September 2019
11,462
51,387
20,250
83,099
--------
--------
--------
--------
Depreciation
At 1 October 2018
10,151
48,743
18,009
76,903
Charge for the year
328
397
560
1,285
--------
--------
--------
--------
At 30 September 2019
10,479
49,140
18,569
78,188
--------
--------
--------
--------
Carrying amount
At 30 September 2019
983
2,247
1,681
4,911
--------
--------
--------
--------
At 30 September 2018
648
2,644
2,241
5,533
--------
--------
--------
--------
There is a fixed and floating charge over the assets of the company registered at Companies House.
7. Debtors
2019
2018
£
£
Trade debtors
57,205
54,217
Other debtors
2,064
4,064
--------
--------
59,269
58,281
--------
--------
8. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
14,175
27,353
Corporation tax
3,990
–
Social security and other taxes
23,651
3,398
Wages control
(1)
–
Pension control
377
219
Other creditors
32,452
42,210
--------
--------
74,644
73,180
--------
--------
9. Related party transactions
The company's controlling shareholder was J E Page .