Craftsman Flooring Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 01526612

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2014

FOR

CRAFTSMAN FLOORING LIMITED

Page

Company Information

1

Chartered Accountants' Report

3

Abbreviated Balance Sheet

4

Notes to the Abbreviated Accounts

6

DIRECTORS:

K J Lewis

Mrs S J Lewis

C Evans

M L Cheverton

SECRETARY:

Mrs S J Lewis

REGISTERED OFFICE:

Craftsman Buildings

Seaway Drive

Seaway Parade Ind Estate

Port Talbot

West Glamorgan

SA12 7BT

REGISTERED NUMBER:

01526612

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, from which the unaudited abbreviated accounts (set out on

pages four to nine) have been prepared.

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 2014 which

comprise the Profit and Loss Account, the Balance Sheet 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 at icaew.com/membershandbook.

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 AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company 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

23 July 2015

FIXED ASSETS

Tangible assets

2

309,666

288,976

Investments

3

851,522

841,002

Investment property

4

122,863

122,863

1,284,051

1,252,841

CURRENT ASSETS

Stocks

129,600

146,257

Debtors

5

540,865

878,006

Cash at bank and in hand

8,705

8,692

679,170

1,032,955

CREDITORS

Amounts falling due within one year

6

608,152

912,912

NET CURRENT ASSETS

71,018

120,043

TOTAL ASSETS LESS CURRENT LIABILITIES

1,355,069

1,372,884

CREDITORS

Amounts falling due after more than one year

6

54,383

-

NET ASSETS

1,300,686

1,372,884

CAPITAL AND RESERVES

Called up share capital

7

1,000

1,000

Profit and loss account

1,299,686

1,371,884

SHAREHOLDERS' FUNDS

1,300,686

1,372,884

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 July 2015 and were signed on its behalf by:

K J Lewis - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of

service contracts where turnover is recognised when the company obtains the right to

consideration.

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 is shown at most recent valuation. Any aggregate surplus or deficit arising

from changes in market value is transferred to a revaluation reserve.

Stocks

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

obsolete and slow moving items.

Deferred tax

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

at the balance sheet date.

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 the profit and loss account over the relevant

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

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they

relate.

Investments

Investments held are stated at cost less any provision for permanent diminution in value.

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2013

775,138

Additions

85,229

Disposals

(100,513

)

At 31 October 2014

759,854

DEPRECIATION

At 1 November 2013

486,162

Charge for year

39,858

Eliminated on disposal

(75,832

)

At 31 October 2014

450,188

NET BOOK VALUE

At 31 October 2014

309,666

At 31 October 2013

288,976

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 November 2013

689,155

Additions

20,784

Disposals

(16,000

)

At 31 October 2014

693,939

NET BOOK VALUE

At 31 October 2014

693,939

At 31 October 2013

689,155

Loans

£

At 1 November 2013

151,847

Share of profit/(loss)

5,736

At 31 October 2014

157,583

4.	INVESTMENT PROPERTY

Total

£

COST

At 1 November 2013

and 31 October 2014

122,863

NET BOOK VALUE

At 31 October 2014

122,863

At 31 October 2013

122,863

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 138,450 (2013 - £ 111,613 )

6.

CREDITORS

Creditors include an amount of £ 272,738 (2013 - £ 228,086 ) for which security has been given.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1,000

Ordinary

£1

1,000

1,000

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2014

and 31 October 2013:

2014

2013

£

£

K J Lewis

Balance outstanding at start of year

3,752

2,688

Amounts advanced

1,175

1,064

Amounts repaid

(3,800

)

-

Balance outstanding at end of year

1,127

3,752