Park Flooring Limited Company Accounts

PARK FLOORING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06306771

Park Flooring Limited

Filleted Unaudited Financial Statements

31 December 2016

Park Flooring Limited

Financial Statements

Year ended 31 December 2016

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

The following pages do not form part of the financial statements

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	10

Park Flooring Limited

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Intangible assets	5	5,000	10,000
Tangible assets	6	20,490	17,133
		--------	--------
		25,490	27,133

Current assets

Stocks		25,197	55,926
Debtors	7	15,373	30,076
Cash at bank and in hand		1,243	16,515
		--------	---------
		41,813	102,517

Creditors: amounts falling due within one year	8	63,622		125,975
		--------		---------
Net current liabilities			21,809	23,458
			--------	--------
Total assets less current liabilities			3,681	3,675

Provisions

Taxation including deferred tax	3,678	2,915
	-------	-------
Net assets	3	760
	-------	-------

Capital and reserves

Called up share capital	20	20
Profit and loss account	( 17)	740
	----	----
Members funds	3	760
	----	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Park Flooring Limited

Statement of Financial Position (continued)

31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 14 September 2017 , and are signed on behalf of the board by:

Mr G M Park	Mrs M C Park
Director	Director

Mr R M Park
Director

Company registration number: 06306771

Park Flooring Limited

Notes to the Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is McGills, Oakley House, Tetbury Road, Cirencester, Glos, GL7 1US.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property	-	2% straight line
Plant and machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Fixtures, fittings and equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2015: 8 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2016 and 31 December 2016	50,000
	--------
Amortisation
At 1 January 2016	40,000
Charge for the year	5,000
	--------
At 31 December 2016	45,000
	--------
Carrying amount
At 31 December 2016	5,000
	--------
At 31 December 2015	10,000
	--------

6. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2016	7,776	10,260	15,981	4,473	38,490
Additions	–	–	7,400	500	7,900
	-------	--------	--------	-------	--------
At 31 December 2016	7,776	10,260	23,381	4,973	46,390
	-------	--------	--------	-------	--------
Depreciation
At 1 January 2016	382	8,797	9,595	2,552	21,326
Charge for the year	156	492	3,446	480	4,574
	-------	--------	--------	-------	--------
At 31 December 2016	538	9,289	13,041	3,032	25,900
	-------	--------	--------	-------	--------
Carrying amount
At 31 December 2016	7,238	971	10,340	1,941	20,490
	-------	--------	--------	-------	--------
At 31 December 2015	7,394	1,463	6,386	1,921	17,164
	-------	--------	--------	-------	--------

7. Debtors

	2016	2015
	£	£
Trade debtors	14,474	27,727
Other debtors	899	2,349
	--------	--------
	15,373	30,076
	--------	--------

8. Creditors: amounts falling due within one year

	2016	2015
	£	£
Bank loans and overdrafts	3,926	–
Trade creditors	7,735	12,521
Corporation tax	12,790	8,146
Social security and other taxes	10,651	29,726
Other creditors	28,520	75,582
	--------	---------
	63,622	125,975
	--------	---------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2016
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr G M Park	( 34,968)	24,748	( 10,220)
Mrs M C Park	( 38,284)	24,748	( 13,536)
	--------	--------	--------
	( 73,252)	49,496	( 23,756)
	--------	--------	--------

	2015
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr G M Park	( 34,968)	–	( 34,968)
Mrs M C Park	( 38,284)	–	( 38,284)
	--------	----	--------
	( 73,252)	–	( 73,252)
	--------	----	--------

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.

Park Flooring Limited

Management Information

Year ended 31 December 2016

The following pages do not form part of the financial statements.

Park Flooring Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Park Flooring Limited

Year ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Park Flooring Limited for the year ended 31 December 2016, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Park Flooring Limited, as a body, in accordance with the terms of our engagement letter dated 1 December 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Park Flooring Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Park Flooring Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Park 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 Park Flooring Limited. You consider that Park 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 Park 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.

McGILLS Chartered Accountants

Oakley House Tetbury Road Cirencester Gloucestershire GL7 1US

18 September 2017