Floortech Industries UK Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08447722 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

FLOORTECH INDUSTRIES UK LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

6

DIRECTORS:

Mr A Blay

Mr A Lehane

REGISTERED OFFICE:

Unit 6 Thames Trading Centre

Woodrow Way

Irlam

Manchester

Lancashire

M44 6BP

REGISTERED NUMBER:

08447722 (England and Wales)

ACCOUNTANTS:

Cadishead Accountancy Services Limited

Britannic House

657 Liverpool Road

Irlam

Manchester

Lancashire

M44 5XD

BANKERS:

HSBC Bank Plc

11 Stamford New Road

Altrincham

Cheshire

WA14 1BW

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the supply and installation of flooring.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1 April 2022 to the date of this report.

The beneficial interests of the directors holding office at 31 March 2023 in the shares of the company, according to the register of directors' interests, were as follows:

31.3.23

1.4.22

Ordinary shares of £1 each

Mr A Blay

400

400

Mr A Lehane

600

600

These directors did not hold any non-beneficial interests in the shares of the company.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr A Blay - Director

20 December 2023

FIXED ASSETS

Property, plant and equipment

4

2,213

1,303

CURRENT ASSETS

Inventories

209,412

148,956

Debtors

5

579,205

280,116

Cash at bank and in hand

418,685

247,466

1,207,302

676,538

CREDITORS

Amounts falling due within one year

6

(908,163

)

(390,191

)

NET CURRENT ASSETS

299,139

286,347

TOTAL ASSETS LESS CURRENT LIABILITIES

301,352

287,650

PROVISIONS FOR LIABILITIES

(420

)

(248

)

NET ASSETS

300,932

287,402

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

299,932

286,402

SHAREHOLDERS' FUNDS

300,932

287,402

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2023 and were signed on its behalf by:

Mr A Blay - Director

Mr A Lehane - Director

1.	STATUTORY INFORMATION

Floortech Industries UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Improvements to property

-

33% on cost

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 3 (2022 - 2 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2022

12,802

3,689

2,077

18,568

Additions

-

-

1,602

1,602

At 31 March 2023

12,802

3,689

3,679

20,170

DEPRECIATION

At 1 April 2022

12,802

2,386

2,077

17,265

Charge for year

-

326

366

692

At 31 March 2023

12,802

2,712

2,443

17,957

NET BOOK VALUE

At 31 March 2023

-

977

1,236

2,213

At 31 March 2022

-

1,303

-

1,303

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

561,657

261,362

Other debtors

17,548

18,754

579,205

280,116

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

2,696

615

Trade creditors

107,460

48,433

Taxation and social security

187,857

147,962

Other creditors

610,150

193,181

908,163

390,191

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.23

31.3.22

£

£

Within one year

6,750

3,381

Between one and five years

20,164

43,275

26,914

46,656

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr A Lehane.