SNOWDEN SEAMLESS FLOORS LIMITED - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 07080866 (England and Wales)

SNOWDEN SEAMLESS FLOORS LIMITED

Financial Statements

for the Year Ended 30 November 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

P G Snowden

SECRETARY:

J Stewart

REGISTERED OFFICE:

Unit 1

Green Lane Industrial Park

Featherstone

West Yorkshire

WF7 6EL

REGISTERED NUMBER:

07080866 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,057

2,742

2,057

2,742

CURRENT ASSETS

Stocks

28,064

46,040

Debtors

6

7,011,507

4,267,160

Cash at bank and in hand

239,502

225,319

7,279,073

4,538,519

CREDITORS

Amounts falling due within one year

7

5,852,945

3,487,695

NET CURRENT ASSETS

1,426,128

1,050,824

TOTAL ASSETS LESS CURRENT LIABILITIES

1,428,185

1,053,566

CREDITORS

Amounts falling due after more than one year

8

162,509

219,515

NET ASSETS

1,265,676

834,051

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

1,265,675

834,050

SHAREHOLDERS' FUNDS

1,265,676

834,051

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 29 August 2023 and were signed by:

P G Snowden - Director

1.	STATUTORY INFORMATION

SNOWDEN SEAMLESS FLOORS 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.

Goodwill

Goodwill, being the amount paid to acquire various assets of a business, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Revenue recognition

Revenue represents the amount derived from ordinary activities net of VAT.

Revenue from contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably revenue is only recognised to the extent of the expenses recognised that it is probable will be recovered.

Stocks

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2021

and 30 November 2022

5,750

AMORTISATION

At 1 December 2021

and 30 November 2022

5,750

NET BOOK VALUE

At 30 November 2022

-

At 30 November 2021

-

Goodwill comprises £5,750 paid for the trading style, customer base, telephone numbers and related IT communications of Seamless Floors (GB) Limited.

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2021

and 30 November 2022

11,820

DEPRECIATION

At 1 December 2021

9,078

Charge for year

685

At 30 November 2022

9,763

NET BOOK VALUE

At 30 November 2022

2,057

At 30 November 2021

2,742

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/11/22

30/11/21

£

£

Trade debtors

1,590,423

1,252,962

Amounts recoverable on contract

4,779,577

2,223,592

Other debtors

641,507

790,606

7,011,507

4,267,160

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/11/22

30/11/21

£

£

Bank loans and overdrafts

175,510

200,000

Trade creditors

3,566,609

2,813,620

Taxation and social security

201,967

123,395

Other creditors

1,908,859

350,680

5,852,945

3,487,695

Other creditors of £1,908,859 (2021 - £350,680) include £23,251 (2021 - £539) owed to the director P G Snowden. The loan was interest free and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/11/22

30/11/21

£

£

Other creditors

162,509

219,515

9.	SECURED DEBTS

The following secured debts are included within creditors:

30/11/22

30/11/21

£

£

Bank loans

175,510

200,000

10.	CONTINGENT LIABILITIES

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2022 and 30 November 2021:

30/11/22

30/11/21

£

£

P G Snowden

Balance outstanding at start of year

-

99,690

Amounts repaid

-

(99,690

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

Interest is charged on advances at 2.5% per annum.