Craftsman Flooring Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 01526612

FOR

Page

Company Information  

1

Chartered Accountants' Report  

3

Abbreviated Balance Sheet  

4

Notes to the Abbreviated Accounts  

6

DIRECTORS:

K J Lewis

Mrs S J Lewis

C Evans

M L Cheverton

SECRETARY:

Mrs S J Lewis

REGISTERED OFFICE:

Craftsman Buildings

Seaway Drive

Seaway Parade Ind Estate

Port Talbot

West Glamorgan

SA12 7BT

REGISTERED NUMBER:

01526612

ACCOUNTANTS:

WBV Limited

Chartered Accountants

Woodfield House

Castle Walk

Neath

West Glamorgan

SA11 3LN

BANKERS:

Barclays Bank plc

9 The Parade

Neath

West Glamorgan

SA11 1QZ

SOLICITORS:

Hutchinson Thomas

Pendrill Court,

119 London Road,

Neath.

SA11 1LF

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 2013 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.

WBV Limited

Chartered Accountants

Woodfield House

Castle Walk

Neath

West Glamorgan

SA11 3LN

29 July 2014

FIXED ASSETS

Tangible assets

2

288,976

356,908

Investments

3

841,002

751,592

Investment property

4

122,863

122,863

1,252,841

1,231,363

CURRENT ASSETS

Stocks

146,257

191,374

Debtors

5

878,006

893,779

Cash at bank and in hand

8,692

53,674

1,032,955

1,138,827

CREDITORS

Amounts falling due within one year

6

912,912

976,930

NET CURRENT ASSETS

120,043

161,897

TOTAL ASSETS LESS CURRENT

LIABILITIES

1,372,884

1,393,260

CREDITORS

Amounts falling due after more than

one year

6

-

36,275

NET ASSETS

1,372,884

1,356,985

CAPITAL AND RESERVES

Called up share capital

7

1,000

1,000

Profit and loss account

1,371,884

1,355,985

SHAREHOLDERS' FUNDS

1,372,884

1,356,985

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2013.  

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2013 in accordance with Section 476 of the Companies Act 2006.  

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.  

The financial statements were approved by the Board of Directors on 29 July 2014 and were signed on its

behalf by:

K J Lewis - Director

1.

ACCOUNTING POLICIES

Accounting convention

Turnover

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.

Freehold property

-

2% on Building cost and nil % on land

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

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.

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 2012

937,077

Disposals

(161,939

)

At 31 October 2013

775,138

DEPRECIATION

At 1 November 2012

580,169

Charge for year

45,118

Eliminated on disposal

(139,125

)

At 31 October 2013

486,162

NET BOOK VALUE

At 31 October 2013

288,976

At 31 October 2012

356,908

3.

FIXED ASSET INVESTMENTS

Investment

other

than

loans

£   

COST

At 1 November 2012

605,481

Additions

83,674

At 31 October 2013

689,155

NET BOOK VALUE

At 31 October 2013

689,155

At 31 October 2012

605,481

Loans

£   

At 1 November 2012

146,111

Loan interest

5,736

At 31 October 2013

151,847

4.

INVESTMENT PROPERTY

Total

£   

COST

At 1 November 2012

and 31 October 2013

122,863

NET BOOK VALUE

At 31 October 2013

122,863

At 31 October 2012

122,863

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 111,613 (2012 - £ 133,897 )

6.

CREDITORS

Creditors include an amount of £ 228,086 (2012 - £ 123,435 ) for which security has been given.

7.

CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2012

value:

£   

£   

1,000

Ordinary

£1

1,000

1,000

8.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2013

and 31 October 2012:

2013

2012

£   

£   

K J Lewis

Balance outstanding at start of year

2,688

(1,141

)

Amounts advanced

1,064

3,829

Amounts repaid

-

-

Balance outstanding at end of year

3,752

2,688