Craftsman Flooring Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01526612 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2019

FOR

CRAFTSMAN FLOORING LIMITED

Page

Company Information

1

Chartered Accountants' Report

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

K J Lewis

Mrs S J Lewis

C Evans

M L Cheverton

G J Lewis

OE Lewis

SECRETARY:

Mrs S J Lewis

REGISTERED OFFICE:

Craftsman Buildings

Seaway Drive

Seaway Parade Ind Estate

Port Talbot

West Glamorgan

SA12 7BT

REGISTERED NUMBER:

01526612 (England and Wales)

ACCOUNTANTS:

WBV Limited

Chartered Accountants

Woodfield House

Castle Walk

Neath

West Glamorgan

SA11 3LN

BANKERS:

Barclays Bank plc

9 The Parade

Neath

West Glamorgan

SA11 1QZ

SOLICITORS:

Hutchinson Thomas

Pendrill Court,

119 London Road,

Neath.

SA11 1LF

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Craftsman Flooring Limited for the year ended 31 October 2019 which

comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Craftsman Flooring Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Craftsman Flooring Limited and state those matters that we have agreed to state to the Board of Directors of Craftsman Flooring Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Craftsman Flooring Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Craftsman Flooring 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 Craftsman Flooring Limited. You consider that Craftsman Flooring 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 Craftsman Flooring 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.

WBV Limited

Chartered Accountants

Woodfield House

Castle Walk

Neath

West Glamorgan

SA11 3LN

9 October 2020

FIXED ASSETS

Tangible assets

4

290,991

368,478

Investments

5

687,740

971,174

978,731

1,339,652

CURRENT ASSETS

Stocks

56,000

82,800

Debtors

6

1,609,868

914,759

Cash at bank and in hand

5,227

182,344

1,671,095

1,179,903

CREDITORS

Amounts falling due within one year

7

1,134,265

840,303

NET CURRENT ASSETS

536,830

339,600

TOTAL ASSETS LESS CURRENT LIABILITIES

1,515,561

1,679,252

CREDITORS

Amounts falling due after more than one year

8

(141,606

)

(218,242

)

PROVISIONS FOR LIABILITIES

(11,117

)

(8,418

)

NET ASSETS

1,362,838

1,452,592

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

10

1,361,838

1,451,592

SHAREHOLDERS' FUNDS

1,362,838

1,452,592

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 9 October 2020 and were signed on its behalf by:

K J Lewis - Director

1.	STATUTORY INFORMATION

Craftsman Flooring 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on Building cost and nil % on land

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Included within freehold property are alterations to the building which have an estimated useful life

of 4 years.

Alterations to freehold property - 25% on cost

Investment property

Investment property for which fair value can be measured reliably without undue cost or effort are

measured at fair value at each reporting date with changes in fair value recognised in the profit and

loss account.

Stocks

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

obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those 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 profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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.

Investments

Investments held are measured at fair value. Changes in the fair value are recognised in the profit

and loss account.

Purchase rebates

Purchase rebates are received from certain suppliers. Rebates are dependent upon purchases during

the accounting period and in some cases, subsequent accounting periods. As the purchases in

subsequent periods are uncertain there can be no guarantee that purchase targets will be met. Only

when the company reaches its purchase targets set by suppliers, will it be entitled to a rebate. The

company has no right to consideration until it reaches it's purchase target and on this basis, the

company only accrues for income once it has met it's purchase target.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2018 - 37 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2018

378,671

110,946

423,873

43,447

956,937

Additions

-

681

28,718

1,270

30,669

Disposals

-

-

(28,610

)

-

(28,610

)

At 31 October 2019

378,671

111,627

423,981

44,717

958,996

DEPRECIATION

At 1 November 2018

226,130

108,802

215,643

37,884

588,459

Charge for year

6,000

587

96,539

3,837

106,963

Eliminated on disposal

-

-

(27,417

)

-

(27,417

)

At 31 October 2019

232,130

109,389

284,765

41,721

668,005

NET BOOK VALUE

At 31 October 2019

146,541

2,238

139,216

2,996

290,991

At 31 October 2018

152,541

2,144

208,230

5,563

368,478

Included in cost of land and buildings is freehold land of £ 22,000 (2018 - £ 22,000 ) which is not

depreciated.

The net book value of tangible fixed assets includes £ 139,216 (2018 - £ 208,230 ) in respect of assets

held under finance leases.

5.	FIXED ASSET INVESTMENTS

2019

2018

£

£

Other investments not loans

501,477

790,647

Other loans

186,263

180,527

687,740

971,174

Additional information is as follows:

Other

investment

£

COST OR VALUATION

At 1 November 2018

790,647

Additions

(854

)

Disposals

(320,608

)

Revaluations

32,292

At 31 October 2019

501,477

NET BOOK VALUE

At 31 October 2019

501,477

At 31 October 2018

790,647

Cost or valuation at 31 October 2019 is represented by:

Other

investment

£

Valuation in 2019

501,477

If fixed asset investments had not been revalued they would have been included at the following

historical cost:

2019

2018

£

£

Cost

442,374

746,344

Fixed asset investments were valued on an open market basis on 31 October 2019 by Barclays Bank plc

.

Other

loans

£

At 1 November 2018

180,527

Other movement

5,736

At 31 October 2019

186,263

6.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Trade debtors

1,207,974

753,932

Other debtors

307,894

4,078

1,515,868

758,010

Amounts falling due after more than one year:

Trade debtors

94,000

156,749

Aggregate amounts

1,609,868

914,759

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

176,337

-

Finance leases

83,186

81,851

Trade creditors

642,077

544,675

Taxation and social security

134,087

120,565

Other creditors

98,578

93,212

1,134,265

840,303

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Finance leases

141,606

218,242

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdraft

176,337

-

Finance leases

224,792

300,093

401,129

300,093

The bank overdraft is secured by way of a Debenture granted by Craftsman Flooring Limited held by

Barclays Security Trustee Limited for the benefit of Barclays Bank UK PLC and Barclays Bank PLC.

Also, a legal charge over land lying to North West of Seaway Parade Baglan Port Talbot held by

Barclays Security Trustee Limited for the benefit of Barclays Bank UK PLC and Barclays Bank PLC.

The finance lease liabilities are secured upon the assets being financed.

10.

RESERVES

Total

Distributable

Non - distributable

£

£

£

Brought forward 1.11.18

1,451,592

1,415,708

35,884

Profit for the year

49,333

37,824

11,509

Dividends

(139,087

)

(139,087

)

Carried forward 31.10.19

1,361,838

1,314,445

47,393

The non - distributable reserve above represent the fair value gain on fixed asset investments after

provision for deferred taxation.

11.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance

sheet amount to £19,170 (2018: £42,349)

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2019

and 31 October 2018:

2019

2018

£

£

K J Lewis

Balance outstanding at start of year

2,096

3,252

Amounts advanced

-

2,594

Amounts repaid

(2,096

)

(3,750

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

2,096

Mrs S J Lewis

Balance outstanding at start of year

602

1,012

Amounts advanced

-

840

Amounts repaid

(602

)

(1,250

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

602

G J Lewis

Balance outstanding at start of year

-

-

Amounts advanced

222,608

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

222,608

-