Terra Firma Flooring Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC309773 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

TERRA FIRMA FLOORING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A P Berry

SECRETARY:

Miss P E Stuart

REGISTERED OFFICE:

The Old Schoolhouse

4 Main Street

Craigie

Ayrshire

KA1 5LY

REGISTERED NUMBER:

SC309773 (Scotland)

ACCOUNTANTS:

Henry Brown & Co

Chartered Accountants

26 Portland Road

Kilmarnock

Ayrshire

KA1 2EB

FIXED ASSETS

Tangible assets

4

26,905

32,350

CURRENT ASSETS

Debtors

5

86,960

154,954

Cash at bank

81,909

52,507

168,869

207,461

CREDITORS

Amounts falling due within one year

6

41,727

51,534

NET CURRENT ASSETS

127,142

155,927

TOTAL ASSETS LESS CURRENT LIABILITIES

154,047

188,277

CREDITORS

Amounts falling due after more than one year

7

(42,320

)

(57,339

)

PROVISIONS FOR LIABILITIES

(5,112

)

(6,147

)

NET ASSETS

106,615

124,791

CAPITAL AND RESERVES

Called up share capital

600

600

Retained earnings

106,015

124,191

SHAREHOLDERS' FUNDS

106,615

124,791

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 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 director and authorised for issue on 16 May 2023 and were signed by:

A P Berry - Director

1.	STATUTORY INFORMATION

Terra Firma Flooring Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The financial statements relate to a single company.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the net invoiced amount of sales from the supply and installation of floor and wall coverings, stated net of value added tax.

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.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

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 or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 November 2021

2,072

48,978

2,220

53,270

Additions

-

-

3,524

3,524

Disposals

-

-

(2,220

)

(2,220

)

At 31 October 2022

2,072

48,978

3,524

54,574

DEPRECIATION

At 1 November 2021

1,974

16,726

2,220

20,920

Charge for year

25

8,063

881

8,969

Eliminated on disposal

-

-

(2,220

)

(2,220

)

At 31 October 2022

1,999

24,789

881

27,669

NET BOOK VALUE

At 31 October 2022

73

24,189

2,643

26,905

At 31 October 2021

98

32,252

-

32,350

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 November 2021

and 31 October 2022

28,053

DEPRECIATION

At 1 November 2021

3,843

Charge for year

6,052

At 31 October 2022

9,895

NET BOOK VALUE

At 31 October 2022

18,158

At 31 October 2021

24,210

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

63,871

123,899

Amounts recoverable on contract

-

5,000

Other debtors

23,089

26,055

86,960

154,954

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

5,000

5,000

Hire purchase contracts

9,461

9,461

Trade creditors

9,891

23,271

Taxation and social security

15,575

12,052

Other creditors

1,800

1,750

41,727

51,534

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

37,589

43,148

Hire purchase contracts

4,731

14,191

42,320

57,339

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

17,589

23,148

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2022 and 31 October 2021:

2022

2021

£

£

A P Berry

Balance outstanding at start of year

15,633

17,659

Amounts advanced

788

672

Amounts repaid

(2,223

)

(2,698

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

14,198

15,633

9.	ULTIMATE CONTROLLING PARTY

The controlling party is P Stuart and A Berry.