Konfloor Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: NI055863 (Northern Ireland)

KONFLOOR LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Jacqueline O'Reilly

Brendan O'Reilly

Kevin O'Reilly

Siadhal O'Reilly

Philip O'Reilly

Ciara Elmore

REGISTERED OFFICE:

Suite D

Armagh Business Park

50 Hamiltonsbawn Road

Armagh

Co. Armagh

BT60 1HW

REGISTERED NUMBER:

NI055863 (Northern Ireland)

INDEPENDENT AUDITORS:

CavanaghKelly

Chartered Accountants and Statutory Auditors

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

NON-CURRENT ASSETS

Property, plant and equipment

5

208,801

-

CURRENT ASSETS

Inventories

6

136,982

-

Receivables: amounts falling due within one year

7

6,033,268

1,470,429

Investments

8

882

882

Cash at bank and in hand

362,192

473,239

6,533,324

1,944,550

PAYABLES

Amounts falling due within one year

9

(5,954,975

)

(1,037,916

)

NET CURRENT ASSETS

578,349

906,634

TOTAL ASSETS LESS CURRENT LIABILITIES

787,150

906,634

PAYABLES

Amounts falling due after more than one year

10

(48,117

)

-

PROVISIONS FOR LIABILITIES

11

(355,695

)

(286,910

)

NET ASSETS

383,338

619,724

CAPITAL AND RESERVES

Called up share capital

12

120

120

Retained earnings

383,218

619,604

SHAREHOLDERS' FUNDS

383,338

619,724

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 27 January 2023 and were signed on its behalf by:

Jacqueline O'Reilly - Director

Brendan O'Reilly - Director

1.	Statutory information

Konfloor Ltd is a private company, limited by shares, registered within the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

2.	Statement of compliance

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 accounting policies detailed below have been applied consistently throughout the year.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention, on a going concern basis.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the significant risks and rewards of ownership have been transferred to the buyer;

- the group retains no continuing involvement or control over the goods;

- the amount of revenue can be measured reliably;

- it is probable that future economic benefits will flow through the group

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue is recognised on customer receipt.

Rendering of services and contracting

Revenue from a contract to provide services is recognised in the period in which the serves are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the group will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured

reliably, and;

- the costs incurred and the costs to complete the contract can be measured reliably.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Work in progress

Work in progress is stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each contract to its present stage, plus an element of profit attributable to the current stage of completion. Net realisable value is based on estimated contract price less any further costs expected to be incurred to completion.

Financial instruments

The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to the Company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the Company's shareholders. These amounts are recognised in the statement of changes in equity.

Warranty provision

The company offers a warranty for any faulty goods sold. Provision is made for potential claims under warranty for goods which have a default. Management review the level of sales and the number of warranty claims made on a regular basis in order to calculate the provision for future claims for goods sold.

Going concern

The company continues to monitor the situation in respect of the Covid-19 pandemic. Although the long term impact of the pandemic is difficult to predict and the company has experienced business interruptions, the directors believe they have taken the appropriate steps to manage the impact on the business, both in terms of appropriate health and safety of employees and maintaining a level of business activity to ensure the business can trade profitly.

The directors will continue to follow the various government guidance and will continue to monitor the economic impact of the pandemic on the business and with a strong order book secured they are confident the company can return to pre Covid trading levels.

4.	Employees and directors

The average number of employees during the year was 22 (2021 - 21 ) .

5.	Property, plant and equipment

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

Additions

219,440

2,777

222,217

At 30 June 2022

219,440

2,777

222,217

DEPRECIATION

Charge for year

13,033

383

13,416

At 30 June 2022

13,033

383

13,416

NET BOOK VALUE

At 30 June 2022

206,407

2,394

208,801

6.	Inventories

2022

2021

£

£

Inventories

136,982

-

7.

Receivables: amounts falling due within one year

2022

2021

£

£

Trade receivables

1,625,614

1,215,699

Amounts owed by group undertakings

3,066,646

-

Other receivables

1,341,008

254,730

6,033,268

1,470,429

Amounts owed by group undertakings are unsecured, interest free and payable on demand.

8.	Current asset investments

2022

2021

£

£

Unlisted investments

882

882

9.

Payables: amounts falling due within one year

2022

2021

£

£

Bank loans and overdrafts

310,310

-

Hire purchase contracts

38,706

-

Trade payables

754,955

626,410

Amounts owed to group undertakings

4,765,485

85,614

Taxation and social security

67,382

10,611

Other payables

18,137

315,281

5,954,975

1,037,916

10.

Payables: amounts falling due after one year

2022

2021

£

£

Hire purchase contracts

48,117

-

11.	Provisions for liabilities

2022

2021

£

£

Other provisions

Warranty provision

355,695

286,910

The company offers a warranty for any faulty goods sold. Provision is made for potential claims under warranty for goods which have a default. Management review the level of sales and the number of warranty claims made on a regular basis in order to calculate the provision for future claims for goods sold.

12.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

120

Ordinary Share Capital

1

120

120

13.	Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Mr. Ryan Falls (F.C.A.) (Senior Statutory Auditor)

for and on behalf of CavanaghKelly

14.	Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15.	Ultimate controlling party