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 2020

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 2020 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

7 June 2021

FIXED ASSETS

Tangible assets

4

401,804

290,991

Investments

5

920,246

687,740

1,322,050

978,731

CURRENT ASSETS

Stocks

57,250

56,000

Debtors

6

725,967

1,609,868

Cash at bank and in hand

157,935

5,227

941,152

1,671,095

CREDITORS

Amounts falling due within one year

7

722,651

1,134,265

NET CURRENT ASSETS

218,501

536,830

TOTAL ASSETS LESS CURRENT LIABILITIES

1,540,551

1,515,561

CREDITORS

Amounts falling due after more than one year

8

(205,110

)

(141,606

)

PROVISIONS FOR LIABILITIES

(2,086

)

(11,117

)

NET ASSETS

1,333,355

1,362,838

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

10

1,332,355

1,361,838

SHAREHOLDERS' FUNDS

1,333,355

1,362,838

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 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 7 June 2021 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

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 43 (2019 - 45 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2019

378,671

111,627

423,981

44,717

958,996

Additions

-

851

211,568

538

212,957

Disposals

-

-

(225,842

)

-

(225,842

)

At 31 October 2020

378,671

112,478

409,707

45,255

946,111

DEPRECIATION

At 1 November 2019

232,130

109,389

284,765

41,721

668,005

Charge for year

5,971

595

77,338

2,438

86,342

Eliminated on disposal

-

-

(210,040

)

-

(210,040

)

At 31 October 2020

238,101

109,984

152,063

44,159

544,307

NET BOOK VALUE

At 31 October 2020

140,570

2,494

257,644

1,096

401,804

At 31 October 2019

146,541

2,238

139,216

2,996

290,991

Included in cost of land and buildings is freehold land of £ 22,000 (2019 - £ 22,000 ) which is not depreciated.

The net book value of tangible fixed assets includes £ 257,644 (2019 - £ 139,216 ) in respect of assets held under finance leases.

5.	FIXED ASSET INVESTMENTS

2020

2019

£

£

Other investments not loans

728,247

501,477

Other loans

191,999

186,263

920,246

687,740

Additional information is as follows:

Other

investments

£

COST OR VALUATION

At 1 November 2019

501,477

Additions

220,582

Revaluations

6,188

At 31 October 2020

728,247

NET BOOK VALUE

At 31 October 2020

728,247

At 31 October 2019

501,477

Cost or valuation at 31 October 2020 is represented by:

Other

investments

£

Valuation in 2020

728,247

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

2020

2019

£

£

Cost

711,857

442,374

Fixed asset investments were valued on an open market basis on 31 October 2020 by Barclays Bank plc .

Other

loans

£

At 1 November 2019

186,263

Other movement

5,736

At 31 October 2020

191,999

6.

DEBTORS

2020

2019

£

£

Amounts falling due within one year:

Trade debtors

653,619

1,207,974

Other debtors

72,348

307,894

725,967

1,515,868

Amounts falling due after more than one year:

Trade debtors

-

94,000

Aggregate amounts

725,967

1,609,868

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

-

176,337

Finance leases

81,273

83,186

Trade creditors

413,433

642,077

Taxation and social security

160,445

134,087

Other creditors

67,500

98,578

722,651

1,134,265

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Finance leases

205,110

141,606

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdraft

-

176,337

Finance leases

286,383

224,792

286,383

401,129

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 1.11.19

1,361,838

1,305,036

56,802

Profit for the year

78,159

121,686

(43,527

)

Dividends

(94,493

)

(94,493

)

Carried forward 31.10.19

1,345,504

1,332,229

13,275

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 £10,901 (2019: £19,170)

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2020 and 31 October 2019:

2020

2019

£

£

K J Lewis

Balance outstanding at start of year

-

2,096

Amounts repaid

-

(2,096

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

Mrs S J Lewis

Balance outstanding at start of year

-

602

Amounts repaid

-

(602

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

G J Lewis

Balance outstanding at start of year

222,608

-

Amounts advanced

-

222,608

Amounts repaid

(222,608

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

222,608

Loans to directors are interest free and repayable on demand.