Craftsman Flooring Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01526612 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

FOR

CRAFTSMAN FLOORING LIMITED

Page

Company Information

1

Chartered Accountants' Report

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

K J Lewis

Mrs S J Lewis

C Evans

M L Cheverton

G J Lewis

SECRETARY:

Mrs S J Lewis

REGISTERED OFFICE:

Craftsman Buildings

Seaway Drive

Seaway Parade Ind Estate

Port Talbot

West Glamorgan

SA12 7BT

REGISTERED NUMBER:

01526612 (England and Wales)

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. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

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 2017 which

comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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 ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Craftsman Flooring Limited 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

23 April 2018

FIXED ASSETS

Tangible assets

4

375,034

418,986

Investments

5

974,719

958,663

Investment property

6

122,863

122,863

1,472,616

1,500,512

CURRENT ASSETS

Stocks

96,400

97,200

Debtors

7

926,309

722,836

Cash at bank and in hand

222,882

150,211

1,245,591

970,247

CREDITORS

Amounts falling due within one year

8

904,631

700,433

NET CURRENT ASSETS

340,960

269,814

TOTAL ASSETS LESS CURRENT LIABILITIES

1,813,576

1,770,326

CREDITORS

Amounts falling due after more than one year

9

(204,414

)

(217,530

)

PROVISIONS FOR LIABILITIES

(13,085

)

(13,690

)

NET ASSETS

1,596,077

1,539,106

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

11

1,595,077

1,538,106

SHAREHOLDERS' FUNDS

1,596,077

1,539,106

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 23 April 2018 and were signed on its behalf by:

K J Lewis - Director

1.	STATUTORY INFORMATION

Craftsman Flooring 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 as modified by the revaluation of certain assets.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 October 2017 are the first that are prepared in

accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance

with UK GAAP, the date of transition to FRS 102 Section 1A is 1 November 2015.

A reconciliation of how transition to FRS 102 affected the reported financial position and

performance of the business is included in note15.

Turnover

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

discounts, rebates, value added tax and other sales taxes.

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

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 for which fair value can be measured reliably without undue cost or effort are

measured at fair value at each reporting date with changes in fair value recognised in the profit and

loss account.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, 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.

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 profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

Investments

Investments held are measured at fair value. Changes in the fair value are recognised in the profit

and loss account.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2016 - 40 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2016

378,671

109,476

371,652

33,891

893,690

Additions

-

1,470

64,514

8,845

74,829

Disposals

-

-

(46,490

)

-

(46,490

)

At 31 October 2017

378,671

110,946

389,676

42,736

922,029

DEPRECIATION

At 1 November 2016

214,130

107,299

123,790

29,485

474,704

Charge for year

6,000

789

91,941

3,891

102,621

Eliminated on disposal

-

-

(30,330

)

-

(30,330

)

At 31 October 2017

220,130

108,088

185,401

33,376

546,995

NET BOOK VALUE

At 31 October 2017

158,541

2,858

204,275

9,360

375,034

At 31 October 2016

164,541

2,177

247,862

4,406

418,986

Included in cost of land and buildings is freehold land of £ 22,000 (2016 - £ 22,000 ) which is not

depreciated.

The net book value of tangible fixed assets includes £ 204,275 (2016 - £ 245,025 ) in respect of

assets held under hire purchase contracts and finance leases.

5.	FIXED ASSET INVESTMENTS

2017

2016

£

£

Other investments not loans

799,928

789,608

Other loans

174,791

169,055

974,719

958,663

Additional information is as follows:

Other

investments

£

COST OR VALUATION

At 1 November 2016

789,608

Additions

(5,135

)

Disposals

(72,000

)

Revaluations

87,455

At 31 October 2017

799,928

NET BOOK VALUE

At 31 October 2017

799,928

At 31 October 2016

789,608

Cost or valuation at 31 October 2017 is represented by:

Other

investments

£

Valuation in 2017

799,928

If fixed asset investments had not been revalued they would have been included at the following

historical cost:

2017

2016

£

£

Cost

731,056

721,160

Fixed asset investments were valued on an open market basis on 31 October 2017 by Barclays Bank plc

.

Other

loans

£

At 1 November 2016

169,055

Other movement

5,736

At 31 October 2017

174,791

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2016

and 31 October 2017

122,863

NET BOOK VALUE

At 31 October 2017

122,863

At 31 October 2016

122,863

The directors consider that the open market value of the property is not significantly different from

its cost price and on this basis they consider original cost to be an acceptable basis of valuation.

7.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

791,707

586,234

Other debtors

5,602

5,333

797,309

591,567

Amounts falling due after more than one year:

Trade debtors

129,000

131,269

Aggregate amounts

926,309

722,836

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts and finance leases

75,000

63,970

Trade creditors

592,698

463,450

Taxation and social security

132,964

84,547

Other creditors

103,969

88,466

904,631

700,433

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts and finance leases

204,414

217,530

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts and finance leases

279,414

281,500

The hire purchase and finance lease liabilities are secured upon the assets being financed.

11.

RESERVES

Total

Distributable

Non - distributable

£

£

£

Brought forward 1.11.16

1,538,106

1,469,658

68,448

Profit for the year

210,040

209,616

424

Dividends

(153,069

)

(153,069

)

Carried forward 31.10.17

1,595,077

1,526,205

68,872

The non - distributable reserves above represent the fair value gain on fixed asset investments.

12.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance

sheet amount to £27,222 (2016: £33,407)

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2017

and 31 October 2016:

2017

2016

£

£

K J Lewis

Balance outstanding at start of year

2,549

-

Amounts advanced

4,453

2,549

Amounts repaid

(3,750

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,252

2,549

Mrs S J Lewis

Balance outstanding at start of year

1,135

-

Amounts advanced

1,127

1,135

Amounts repaid

(1,250

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,012

1,135

14.	FIRST YEAR ADOPTION

The company has adopted FRS 102 1A for the first time in the year ended 31 October 2017. The

effect of transition from previous financial reporting framework (FRSSE) to FRS 102 1A is outlined

below:

Listed Investments

Under the previous reporting framework, listed investments were recognised on a 'cost' basis.

Under FRS 102 1A, listed investments are measured at fair value with deferred taxation recognised

on the increase in fair value above its cost element.

The effect of the change from cost to fair value accounting was:

On the date of transition 1 November 2015

An adjustment of £31,997 has been recognised through the profit and loss reserve account for the

increase in fair value above it's cost price (as previously shown) and a charge for deferred taxation

provided of £6,400.

In the comparative period - year to 31 October 2016

An adjustment for the market value gain of £10,049 on a part disposal within the investment fund

was reversed through the profit and loss account and replaced with the fair value increase in the

year of £46,499 on the whole fund. A deferred taxation liability of £7,291 was recognised on the

movement in the year.

In the current period - year to 31 October 2017

An adjustment of £87,455 has been recognised through the profit and loss account for the increase

in fair value in the year.The deferred taxation liability was reduced by £604 due to gains on part

disposals arising in the period subject to corporation tax.