THEONLINEFLOORSHOP LTD Filleted accounts for Companies House (small and micro)

THEONLINEFLOORSHOP LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10022417

THEONLINEFLOORSHOP LTD

Filleted Unaudited Financial Statements

31 December 2021

THEONLINEFLOORSHOP LTD

Statement of Financial Position

31 December 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	4	23	34

Current assets

Cash at bank and in hand	220	160

Creditors: amounts falling due within one year	5	128,503	127,698
		---------	---------
Net current liabilities		128,283	127,538
		---------	---------
Total assets less current liabilities		( 128,260)	( 127,504)
		---------	---------
Net liabilities		( 128,260)	( 127,504)
		---------	---------

Capital and reserves

Called up share capital	6	100	100
Profit and loss account		( 128,360)	( 127,604)
		---------	---------
Shareholders deficit		( 128,260)	( 127,504)
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2021 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 29 September 2022 , and are signed on behalf of the board by:

Mr Q P F Clayson

Director

Company registration number: 10022417

THEONLINEFLOORSHOP LTD

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 Hurricane Drive, Liverpool, L24 8RL.

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 and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Computer equipment	-	33% reducing balance
Website	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method .

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

4. Tangible assets

	Plant and machinery	Website	Total
	£	£	£
Cost
At 1 January 2021 and 31 December 2021	149	8,000	8,149
	----	-------	-------
Depreciation
At 1 January 2021	116	7,999	8,115
Charge for the year	11	–	11
	----	-------	-------
At 31 December 2021	127	7,999	8,126
	----	-------	-------
Carrying amount
At 31 December 2021	22	1	23
	----	-------	-------
At 31 December 2020	33	1	34
	----	-------	-------

5. Creditors: amounts falling due within one year

	2021	2020
	£	£
Accruals and deferred income	300	360
Other creditors	128,203	127,338
	---------	---------
	128,503	127,698
	---------	---------

6. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	50	50	50	50
Ordinary Class A shares of £ 1 each	50	50	50	50
	----	----	----	----
	100	100	100	100
	----	----	----	----