Craftsman Flooring Limited - Abbreviated accounts 16.1
Craftsman Flooring Limited - Abbreviated accounts 16.1
REGISTERED NUMBER: |
ABBREVIATED UNAUDITED ACCOUNTS |
FOR THE YEAR ENDED 31 OCTOBER 2015 |
FOR |
CRAFTSMAN FLOORING LIMITED |
CRAFTSMAN FLOORING LIMITED (REGISTERED NUMBER: 01526612) |
CONTENTS OF THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 OCTOBER 2015 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 3 |
Abbreviated Balance Sheet | 4 |
Notes to the Abbreviated Accounts | 6 |
CRAFTSMAN FLOORING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2015 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
BANKERS: |
CRAFTSMAN FLOORING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2015 |
SOLICITORS: |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
CRAFTSMAN FLOORING LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on |
pages four to nine) have been prepared. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your |
approval the financial statements of Craftsman Flooring Limited for the year ended 31 October 2015 which |
comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's |
accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. |
This report is made solely to the Board of Directors of Craftsman Flooring Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Craftsman Flooring Limited and state those matters that we have agreed to state to the Board of Directors of Craftsman Flooring Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Craftsman Flooring Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Craftsman Flooring Limited. You consider that Craftsman Flooring Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Craftsman Flooring Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
25 April 2016 |
CRAFTSMAN FLOORING LIMITED (REGISTERED NUMBER: 01526612) |
ABBREVIATED BALANCE SHEET |
31 OCTOBER 2015 |
2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
Investments | 3 |
Investment property | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CRAFTSMAN FLOORING LIMITED (REGISTERED NUMBER: 01526612) |
ABBREVIATED BALANCE SHEET - continued |
31 OCTOBER 2015 |
2015 | 2014 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Profit and loss account |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors on behalf by: |
CRAFTSMAN FLOORING LIMITED (REGISTERED NUMBER: 01526612) |
NOTES TO THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 OCTOBER 2015 |
1. | ACCOUNTING POLICIES |
Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance |
with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of |
service contracts where turnover is recognised when the company obtains the right to |
consideration. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Included within freehold property are alterations to the building which have an estimated useful life |
of 4 years. |
Alterations to freehold property - 25% on cost |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising |
from changes in market value is transferred to a revaluation reserve. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet date. |
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 the profit and loss account over the relevant |
period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis |
over the period of the lease. |
CRAFTSMAN FLOORING LIMITED (REGISTERED NUMBER: 01526612) |
NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2015 |
1. | ACCOUNTING POLICIES - continued |
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 the profit and loss account in the period to which they |
relate. |
Investments |
Investments held are stated at cost less any provision for permanent diminution in value. |
Purchase rebates |
Purchase rebates are received from certain suppliers. Rebates are dependent upon purchases during |
the accounting period and in some cases, subsequent accounting periods. As the purchases in |
subsequent periods are uncertain there can be no guarantee that purchase targets will be met. Only |
when the company reaches its purchase targets set by suppliers, will it be entitled to a rebate. The |
company has no right to consideration until it reaches it's purchase target and on this basis, the |
company only accrues for income once it has met it's purchase target. |
2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 November 2014 |
Additions |
Disposals | ( |
) |
At 31 October 2015 |
DEPRECIATION |
At 1 November 2014 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 October 2015 |
NET BOOK VALUE |
At 31 October 2015 |
At 31 October 2014 |
CRAFTSMAN FLOORING LIMITED (REGISTERED NUMBER: 01526612) |
NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2015 |
3. | FIXED ASSET INVESTMENTS |
Investments |
other |
than |
loans |
£ |
COST |
At 1 November 2014 | 693,939 |
Additions | 42,696 |
At 31 October 2015 | 736,635 |
NET BOOK VALUE |
At 31 October 2015 |
At 31 October 2014 |
Loans |
£ |
At 1 November 2014 | 157,583 |
Share of profit/(loss) | 5,736 |
At 31 October 2015 | 163,319 |
4. | INVESTMENT PROPERTY |
Total |
£ |
COST |
At 1 November 2014 |
and 31 October 2015 |
NET BOOK VALUE |
At 31 October 2015 |
At 31 October 2014 |
5. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
The aggregate total of debtors falling due after more than one year is £ |
6. | CREDITORS |
Creditors include an amount of £ |
CRAFTSMAN FLOORING LIMITED (REGISTERED NUMBER: 01526612) |
NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2015 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
Ordinary | £1 |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 October 2015 |
and 31 October 2014: |
2015 | 2014 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Balance outstanding at end of year |