Accounts filed on 31-12-2014
Accounts filed on 31-12-2014
truePark Flooring Ltd063067712014-12-316234618234812020823481823481-35455-30033123388134591879331045582203054876629624741529412267355373351415000200002053713514Basis of accounting
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
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Goodwill-over 10 years
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Plant & Machineryreducing balance0.2500Motor Vehiclesreducing balance0.2500Fixtures, Fittings & Equipmentreducing balance0.2500Leasehold PropertyMethod for Leasehold property0.0000500005000035000300005000384593010812052-370117922165944488-3160884598010812052-37015292246594-31609488Ordinary1000011000010000Ordinary A3133Ordinary B3133Ordinary C4144Ordinary1101010Ordinary A1333Ordinary B1333Ordinary C1444Included within creditors at the balance sheet date is the following balances owed to directors on their loan accounts:
£38093 (2013: £70419) Mr G M Park
£40490 (2013: £70419) Mrs M C Park
Included within debtors at the balance sheet date is a balance of £0 (2013: £3931) owed by director, Mr R M Park, on his loan account.
These balances are interest free with no set repayment terms.
The company operates from retail premises owned by the directors, Mr G M Park and Mrs M C Park, for which it paid them a market rental of £15,000 (2013: £Nil). The company also uses a separate warehouse property, owned by the same directors, for which the company pays no rent.2015-09-23Mr G M ParkMrs M C ParkDirectortruetruetruetruexbrli:sharesiso4217:GBPxbrli:purePark Flooring Ltd2014-01-012014-12-31Park Flooring Ltd2013-01-012013-12-31Park Flooring Ltd2012-12-31Park Flooring Ltd2013-12-31Park Flooring Ltd2013-12-31Park Flooring Ltd2014-12-31 2015-09-24
