SNOWDEN SEAMLESS FLOORS LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07080866 (England and Wales)

SNOWDEN SEAMLESS FLOORS LIMITED

Financial Statements

for the Year Ended 30 November 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

P G Snowden

SECRETARY:

J Stewart

REGISTERED OFFICE:

Unit 1

Green Lane Industrial Park

Featherstone

West Yorkshire

WF7 6EL

REGISTERED NUMBER:

07080866 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

4,874

2,782

4,874

2,782

CURRENT ASSETS

Stocks

42,961

15,308

Debtors

6

2,155,257

3,239,672

Cash at bank and in hand

64,114

36,932

2,262,332

3,291,912

CREDITORS

Amounts falling due within one year

7

1,180,486

2,460,590

NET CURRENT ASSETS

1,081,846

831,322

TOTAL ASSETS LESS CURRENT LIABILITIES

1,086,720

834,104

CREDITORS

Amounts falling due after more than one year

8

(213,278

)

(237,500

)

PROVISIONS FOR LIABILITIES

(1,000

)

(1,000

)

NET ASSETS

872,442

595,604

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

872,441

595,603

SHAREHOLDERS' FUNDS

872,442

595,604

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 July 2020 and were signed by:

P G Snowden - Director

1.	STATUTORY INFORMATION

SNOWDEN SEAMLESS FLOORS LIMITED is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Goodwill

Goodwill, being the amount paid to acquire various assets of a business, is being amortised evenly over its

estimated useful life of five years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow

moving stock.

Work in progress is valued at cost plus an appropriate proportion to recover indirect expenditure.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

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.

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.

Revenue recognition

Revenue represents the amount derived from ordinary activities net of VAT.

Revenue from contracts is recognised by reference to the stage of completion when the stage of completion, costs

incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing

costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably revenue is only

recognised to the extent of the expenses recognised that it is probable will be recovered.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2018

and 30 November 2019

5,750

AMORTISATION

At 1 December 2018

and 30 November 2019

5,750

NET BOOK VALUE

At 30 November 2019

-

At 30 November 2018

-

Goodwill comprises £5,750 paid for the trading style, customer base, telephone numbers and related IT

communications of Seamless Floors (GB) Limited.

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2018

8,475

Additions

3,345

At 30 November 2019

11,820

DEPRECIATION

At 1 December 2018

5,693

Charge for year

1,253

At 30 November 2019

6,946

NET BOOK VALUE

At 30 November 2019

4,874

At 30 November 2018

2,782

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/11/19

30/11/18

£

£

Trade debtors

-

1,454,294

Amounts recoverable on contract

1,381,547

1,447,903

Other debtors

773,710

337,475

2,155,257

3,239,672

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/11/19

30/11/18

£

£

Trade creditors

860,205

2,217,286

Taxation and social security

291,598

169,864

Other creditors

28,683

73,440

1,180,486

2,460,590

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/11/19

30/11/18

£

£

Other creditors

213,278

237,500

9.	POST BALANCE SHEET EVENTS

The effect of Covid 19 upon the company:-

During the Coronavirus Government lockdown due to the large open nature of the working environment the

company was able to continue to trade profitably. Appropriate working practices were agreed and full site

operations allowed.

The company has taken advantage of Government backed low interest rate bank finance to strongly enhance

available funding as and when required.

The trading position in the short and medium term has been improved due to the drive for internet shopping

which has resulted in hugely increased demand for new large warehousing facilities that the company is in a

strong developed position to benefit from.