Company Registration No. 01693456 (England and Wales)
GLOBAL FLOORING NORTH EAST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
51,215
54,646
Current assets
Stocks
41,905
29,784
Debtors
4
1,800
2,776
Cash at bank and in hand
52,009
27,278
95,714
59,838
Creditors: amounts falling due within one year
5
(78,735)
(58,213)
Net current assets
16,979
1,625
Total assets less current liabilities
68,194
56,271
Provisions for liabilities
(6,126)
(2,700)
Net assets
62,068
53,571
Capital and reserves
Called up share capital
6
100
100
Revaluation reserve
7
19,953
24,670
Profit and loss reserves
42,015
28,801
Total equity
62,068
53,571
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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 2018
31 March 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 10 December 2018
Mr J Burke
Director
Company Registration No. 01693456
GLOBAL FLOORING NORTH EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 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 2018
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 8 (2017 - 11).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2017
61,702
65,309
127,011
Additions
-
932
932
At 31 March 2018
61,702
66,241
127,943
Depreciation and impairment
At 1 April 2017
21,269
51,096
72,365
Depreciation charged in the year
1,215
3,148
4,363
At 31 March 2018
22,484
54,244
76,728
Carrying amount
At 31 March 2018
39,218
11,997
51,215
At 31 March 2017
40,433
14,213
54,646
GLOBAL FLOORING NORTH EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
1,800
2,776
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
32,615
27,382
Corporation tax
11,097
8,813
Other taxation and social security
9,621
2,673
Other creditors
22,003
16,326
Accruals and deferred income
3,399
3,019
78,735
58,213
6
Called up share capital
2018
2017
£
£
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
2018
2017
£
£
At beginning of year
24,670
25,300
Transfer to retained earnings
(4,717)
(630)
At end of year
19,953
24,670