GB Flooring (North East) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06756334 (England and Wales)

Financial Statements

for the Year Ended 31 December 2016

for

GB Flooring (North East) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Booth

A Birbeck

REGISTERED OFFICE:

Unit 15B

North Seaton Industrial Estate

ASHINGTON

Northumberland

NE63 0YB

REGISTERED NUMBER:

06756334 (England and Wales)

ACCOUNTANTS:

Clive Owen LLP

Chartered Accountants

140 Coniscliffe Road

DARLINGTON

Co Durham

DL3 7RT

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

7,536

26,466

7,536

26,466

CURRENT ASSETS

Stocks

6

80,200

82,400

Debtors

7

46,771

48,304

Cash at bank and in hand

73,063

28,108

200,034

158,812

CREDITORS

Amounts falling due within one year

8

198,372

178,053

NET CURRENT ASSETS/(LIABILITIES)

1,662

(19,241

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,198

7,225

PROVISIONS FOR LIABILITIES

10

1,507

5,294

NET ASSETS

7,691

1,931

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

7,591

1,831

SHAREHOLDERS' FUNDS

7,691

1,931

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors on 5 June 2017 and were signed on its behalf by:

G Booth - Director

A Birbeck - Director

1.	STATUTORY INFORMATION

GB Flooring (North East) 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 the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

There were no material departures from that standard.

These financial statements for the year ended 31 December 2016 are the first financial statements that comply

with FRS 102 Section 1A small entities. The date of transition is 1 January 2015.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and also have been consistently applied within the same

accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Income recognition

Income is recognised when a contract for the sale of goods is recognised as unconditional.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Motor vehicles

-

33% on cost

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Leasing committments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2015 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Franchise

fees

£

COST

At 1 January 2016

and 31 December 2016

15,000

AMORTISATION

At 1 January 2016

and 31 December 2016

15,000

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

93,977

1,156

95,133

DEPRECIATION

At 1 January 2016

67,998

669

68,667

Charge for year

18,549

381

18,930

At 31 December 2016

86,547

1,050

87,597

NET BOOK VALUE

At 31 December 2016

7,430

106

7,536

At 31 December 2015

25,979

487

26,466

6.

STOCKS

2016

2015

£

£

Stocks

80,200

82,400

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

17,585

15,679

Other debtors

-

4,202

Prepayments and accrued income

29,186

28,423

46,771

48,304

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

-

4,229

Trade creditors

102,143

115,392

Corporation tax

20,249

13,377

Taxation and social security

17,003

11,266

Other creditors

420

548

Directors' loan accounts

8,014

180

Accruals and deferred income

50,543

33,061

198,372

178,053

9.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank loans

-

4,229

10.	PROVISIONS FOR LIABILITIES

2016

2015

£

£

Deferred tax

1,507

5,294

Deferred

tax

£

Balance at 1 January 2016

5,294

Accelerated capital allowances

(3,787

)

Balance at 31 December 2016

1,507

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

100

Ordinary

£1

100

100

12.	RELATED PARTY DISCLOSURES

2016

2015

£

£

Amounts due to directors

8,014

180

No interest has been charged.

13.	FIRST YEAR ADOPTION

The company has adopted FRS 102 Section 1A Small Entities for the year ended 31 December 2016. There were

no adjustments required on transition.