Apex Tailored Flooring Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06927230 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2023

for

Apex Tailored Flooring Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T K Tobin

F L Tobin

T Tobin

R Tobin

REGISTERED OFFICE:

Woodthorpe Studios

88 Chorley New Road

Heaton

Bolton

Lancashire

BL1 4DH

REGISTERED NUMBER:

06927230 (England and Wales)

ACCOUNTANTS:

Higsons Limited

Accountants

Offices 1 and 2

1A King Street

Farnworth

Bolton

Greater Manchester

BL4 7AB

FIXED ASSETS

Tangible assets

4

187,734

199,527

CURRENT ASSETS

Stocks

28,589

42,167

Debtors

5

80,754

106,965

Cash at bank and in hand

22,613

10,490

131,956

159,622

CREDITORS

Amounts falling due within one year

6

231,304

199,641

NET CURRENT LIABILITIES

(99,348

)

(40,019

)

TOTAL ASSETS LESS CURRENT LIABILITIES

88,386

159,508

CREDITORS

Amounts falling due after more than one year

7

(68,281

)

(99,540

)

PROVISIONS FOR LIABILITIES

(9,347

)

(10,985

)

NET ASSETS

10,758

48,983

CAPITAL AND RESERVES

Called up share capital

12

12

Retained earnings

10,746

48,971

SHAREHOLDERS' FUNDS

10,758

48,983

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:

T Tobin - Director

1.	STATUTORY INFORMATION

Apex Tailored Flooring Ltd 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

Turnover is the amount derived from ordinary activities,excluding 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 reducing balance

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 July 2022

141,711

29,142

12,374

Additions

-

-

2,970

At 30 June 2023

141,711

29,142

15,344

DEPRECIATION

At 1 July 2022

-

21,603

8,306

Charge for year

-

1,885

1,325

At 30 June 2023

-

23,488

9,631

NET BOOK VALUE

At 30 June 2023

141,711

5,654

5,713

At 30 June 2022

141,711

7,539

4,068

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 July 2022

115,133

15,695

314,055

Additions

-

-

2,970

At 30 June 2023

115,133

15,695

317,025

DEPRECIATION

At 1 July 2022

73,611

11,008

114,528

Charge for year

10,381

1,172

14,763

At 30 June 2023

83,992

12,180

129,291

NET BOOK VALUE

At 30 June 2023

31,141

3,515

187,734

At 30 June 2022

41,522

4,687

199,527

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

Motor

vehicles

£

COST

At 1 July 2022

and 30 June 2023

102,248

DEPRECIATION

At 1 July 2022

62,016

Charge for year

10,058

At 30 June 2023

72,074

NET BOOK VALUE

At 30 June 2023

30,174

At 30 June 2022

40,232

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Trade debtors

58,875

86,171

Other debtors

21,879

20,794

80,754

106,965

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Bank loans and overdrafts

26,271

24,957

Hire purchase contracts and finance leases

9,154

17,841

Trade creditors

76,376

65,390

Taxation and social security

93,423

78,264

Other creditors

26,080

13,189

231,304

199,641

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.23

30.6.22

£

£

Bank loans

63,488

85,269

Hire purchase contracts and finance leases

4,793

14,271

68,281

99,540

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.23

30.6.22

£

£

Bank loans

89,759

110,226

Hire purchase contracts and finance leases

13,947

32,112

103,706

142,338