Expo Floors Limited - Accounts to registrar (filleted) - small 18.2
Expo Floors Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st December 2019 |
for |
EXPO FLOORS LIMITED |
EXPO FLOORS LIMITED (REGISTERED NUMBER: 02613814) |
Contents of the Financial Statements |
for the year ended 31st December 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
EXPO FLOORS LIMITED |
Company Information |
for the year ended 31st December 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
(The practising name of |
Baker (Midlands) Limited) |
Arbor House |
Broadway North |
Walsall |
WS1 2AN |
EXPO FLOORS LIMITED (REGISTERED NUMBER: 02613814) |
Balance Sheet |
31st December 2019 |
2019 | 2018 |
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 |
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. |
EXPO FLOORS LIMITED (REGISTERED NUMBER: 02613814) |
Balance Sheet - continued |
31st December 2019 |
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 |
EXPO FLOORS LIMITED (REGISTERED NUMBER: 02613814) |
Notes to the Financial Statements |
for the year ended 31st December 2019 |
1. | STATUTORY INFORMATION |
Expo Floors Limited is a |
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 2019 |
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 2019 |
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 2019 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1st January 2019 |
and 31st December 2019 |
AMORTISATION |
At 1st January 2019 |
Charge for year |
At 31st December 2019 |
NET BOOK VALUE |
At 31st December 2019 |
At 31st December 2018 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st January 2019 |
Additions |
Reclassification/transfer | ( |
) | ( |
) |
At 31st December 2019 |
DEPRECIATION |
At 1st January 2019 |
Charge for year |
At 31st December 2019 |
NET BOOK VALUE |
At 31st December 2019 |
At 31st December 2018 |
EXPO FLOORS LIMITED (REGISTERED NUMBER: 02613814) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2019 |
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 2019 |
and 31st December 2019 |
DEPRECIATION |
At 1st January 2019 |
Charge for year |
At 31st December 2019 |
NET BOOK VALUE |
At 31st December 2019 |
At 31st December 2018 |
6. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
Finished goods |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
Other debtors | 3,758 | 3,033 |
Prepayments and accrued income |
EXPO FLOORS LIMITED (REGISTERED NUMBER: 02613814) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2019 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
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 |
2019 | 2018 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 10) |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2019 | 2018 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2019 | 2018 |
£ | £ |
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 2019 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2019 | 2018 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 72,019 | 97,893 |
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 | 2019 | 2018 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |