The Flood Company Commercial Ltd 31/12/2020 iXBRL

The Flood Company Commercial Ltd 31/12/2020 iXBRL

THE FLOOD COMPANY COMMERCIAL LTD - Company Information

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Company registration number: 7691973
The Flood Company Commercial Ltd
Unaudited filleted financial statements
31 December 2020
The Flood Company Commercial Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
The Flood Company Commercial Ltd
Directors and other information
Directors A N Ruddiman (Resigned 26 February 2021)
J A P Ruddiman (Resigned 26 February 2021)
D Grayston (Appointed 26 February 2021)
S Holden (Appointed 24 May 2021)
Company number 7691973
Registered office Office 5 Farington House
Lancashire Enterprise Business Park
Leyland
Lancashire
PR26 6TW
Business address Lunnoclough House
10 Kaffir Road
Huddersfield
HD2 2AN
Accountants Turner and Brown Limited
105 Garstang Road
Preston
Lancashire
PR1 1LD
The Flood Company Commercial Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of The Flood Company Commercial Ltd
Period ended 31 December 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Flood Company Commercial Ltd for the period ended 31 December 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of The Flood Company Commercial Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Flood Company Commercial Ltd and state those matters that we have agreed to state to the board of directors of The Flood Company Commercial Ltd as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Flood Company Commercial Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that The Flood Company Commercial Ltd 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 The Flood Company Commercial Ltd. You consider that The Flood Company Commercial Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of The Flood Company Commercial Ltd. 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.
Turner and Brown Limited
Chartered Accountants
105 Garstang Road
Preston
Lancashire
PR1 1LD
The Flood Company Commercial Ltd
Statement of financial position
31 December 2020
31/12/20 31/01/20
Note £ £ £ £
Fixed assets
Intangible assets 5 2,603 39,116
Tangible assets 6 3,093 2,971
_______ _______
5,696 42,087
Current assets
Stocks 5,032 3,620
Debtors 7 578,376 287,861
Cash at bank and in hand 37,272 117,269
_______ _______
620,680 408,750
Creditors: amounts falling due
within one year 8 ( 317,617) ( 336,511)
_______ _______
Net current assets 303,063 72,239
_______ _______
Total assets less current liabilities 308,759 114,326
Creditors: amounts falling due
after more than one year 9 ( 157,580) ( 10,655)
Provisions for liabilities 1,062 -
_______ _______
Net assets 152,241 103,671
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 152,141 103,571
_______ _______
Shareholders funds 152,241 103,671
_______ _______
For the period ending 31 December 2020 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 period 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 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.
These financial statements were approved by the board of directors and authorised for issue on 28 June 2021 , and are signed on behalf of the board by:
D Grayston
Director
Company registration number: 7691973
The Flood Company Commercial Ltd
Notes to the financial statements
Period ended 31 December 2020
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Office 5 Farington House, Lancashire Enterprise Business Park, Leyland, Lancashire, PR26 6TW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are 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.
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:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 25% reducing balance (33.3% SL computer equip.)
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2020: 3 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 February 2020 and 31 December 2020 220,550 220,550
_______ _______
Amortisation
At 1 February 2020 181,434 181,434
Charge for the period 36,513 36,513
_______ _______
At 31 December 2020 217,947 217,947
_______ _______
Carrying amount
At 31 December 2020 2,603 2,603
_______ _______
At 31 January 2020 39,116 39,116
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 February 2020 5,878 10,433 16,311
Additions - 971 971
Disposals - ( 2,815) ( 2,815)
_______ _______ _______
At 31 December 2020 5,878 8,589 14,467
_______ _______ _______
Depreciation
At 1 February 2020 3,824 9,517 13,341
Charge for the year 363 485 848
Disposals - ( 2,815) ( 2,815)
_______ _______ _______
At 31 December 2020 4,187 7,187 11,374
_______ _______ _______
Carrying amount
At 31 December 2020 1,691 1,402 3,093
_______ _______ _______
At 31 January 2020 2,054 916 2,970
_______ _______ _______
7. Debtors
31/12/20 31/01/20
£ £
Trade debtors 123,809 245,915
Amounts owed by group undertakings 446,171 41,946
Other debtors 8,396 -
_______ _______
578,376 287,861
_______ _______
8. Creditors: amounts falling due within one year
31/12/20 31/01/20
£ £
Bank loans and overdrafts 27,296 13,530
Trade creditors 118,476 69,367
Social security and other taxes 53,613 76,632
Other creditors 118,232 176,982
_______ _______
317,617 336,511
_______ _______
9. Creditors: amounts falling due after more than one year
31/12/20 31/01/20
£ £
Bank loans and overdrafts 157,580 10,655
_______ _______