Accounts filed on 28-02-2014
Accounts filed on 28-02-2014
trueProgressive Floor Surfaces Ltd007157222014-02-28229202224011229902224711700700229902224711294632185225936524656319438118483013002514319032440632802022402020867415150125238523610682364984617336498461733Basis of accounting
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
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed
assets at their fair value. The capital element of the future payments is treated as a liability and
the interest is charged to the profit and loss account on a straight line basis.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Pension costs
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.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Plant & Machineryof reducing balance0.2000Motor Vehiclesof reducing balance0.25001088709529258001-44423438863355929761-194341088709529258001-444234388633559-1943429761Ordinary7001700700Ordinary17007007002014-11-28Mr G.A. Flinntruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureProgressive Floor Surfaces Ltd2013-03-012014-02-28Progressive Floor Surfaces Ltd2012-03-012013-02-28Progressive Floor Surfaces Ltd2012-02-29Progressive Floor Surfaces Ltd2013-02-28Progressive Floor Surfaces Ltd2013-02-28Progressive Floor Surfaces Ltd2014-02-28 2014-11-28
