Company Registration No. 01693456 (England and Wales)
GLOBAL FLOORING NORTH EAST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
GLOBAL FLOORING NORTH EAST LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
GLOBAL FLOORING NORTH EAST LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
54,646
60,041
Current assets
Stocks
29,784
34,476
Debtors
4
2,776
1,668
Cash at bank and in hand
27,278
16,353
59,838
52,497
Creditors: amounts falling due within one year
5
(58,213)
(57,271)
Net current assets/(liabilities)
1,625
(4,774)
Total assets less current liabilities
56,271
55,267
Provisions for liabilities
(2,700)
(3,671)
Net assets
53,571
51,596
Capital and reserves
Called up share capital
6
100
100
Revaluation reserve
7
24,670
25,300
Profit and loss reserves
28,801
26,196
Total equity
53,571
51,596
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
GLOBAL FLOORING NORTH EAST LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 December 2017 and are signed on its behalf by:
Mr J Burke
Director
Company Registration No. 01693456
GLOBAL FLOORING NORTH EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Global Flooring North East Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Rialto Cinema, Seaside Lane, Easington Colliery, Peterlee, County Durham, SR8 3LA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Long leasehold
2% on straight line
Property alteration
15% on reducing balance
Fixtures, fittings & equipment
15% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
GLOBAL FLOORING NORTH EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2016 - 7).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2016
61,702
64,894
126,596
Additions
-
415
415
At 31 March 2017
61,702
65,309
127,011
Depreciation and impairment
At 1 April 2016
20,016
46,539
66,555
Depreciation charged in the year
1,253
4,557
5,810
At 31 March 2017
21,269
51,096
72,365
Carrying amount
At 31 March 2017
40,433
14,213
54,646
At 31 March 2016
41,686
18,355
60,041
GLOBAL FLOORING NORTH EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
2,776
1,668
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
27,382
24,415
Corporation tax
8,813
10,680
Other taxation and social security
2,673
3,573
Other creditors
16,326
14,800
Accruals and deferred income
3,019
3,803
58,213
57,271
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
76 A Ordinary of £1 each
76
76
24 B Ordinary of £1 each
24
24
100
100
7
Revaluation reserve
2017
2016
£
£
At beginning of year
25,300
26,560
Transfer to retained earnings
(630)
(1,260)
At end of year
24,670
25,300