Company registration number 10728624 (England and Wales)
EAST RIDING FLOORS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
EAST RIDING FLOORS LTD
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
EAST RIDING FLOORS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
2022
2021
£
£
(Loss)/profit for the year
(5,198)
5,132
Other comprehensive income
-
-
Total comprehensive income for the year
(5,198)
5,132
EAST RIDING FLOORS LTD
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,521
6,360
Current assets
Stocks
139,823
121,923
Debtors
4
105,102
122,535
Cash at bank and in hand
57,190
18,992
302,115
263,450
Creditors: amounts falling due within one year
5
(200,414)
(263,909)
Net current assets/(liabilities)
101,701
(459)
Total assets less current liabilities
107,222
5,901
Creditors: amounts falling due after more than one year
6
(106,519)
Net assets
703
5,901
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
603
5,801
Total equity
703
5,901
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 2022 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.
EAST RIDING FLOORS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 17 May 2022
Mr R J Lake
Director
Company Registration No. 10728624
EAST RIDING FLOORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
1
Accounting policies
Company information
East Riding Floors Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 1 Hytec Way, Hytec Park, Brough, England, HU15 1YS.
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.
Covid-19 continued to interrupt UK business through 2021 and the outlook for 2022 looks significantly brighter. After nearly 2 years both the company and the economy are learning how to work with the pandemic and any future spikes, we would anticipate having minimal impact, although this cannot be guaranteed. The forecasts for 2022 and beyond assume that the pandemic and potential further lockdowns will not happen. We believe that these assumptions made are realistic and that the company has sufficient headroom within its liquid capital to continue for the foreseeable future.
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
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
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.
EAST RIDING FLOORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
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:
Plant and equipment
25% pa on cost
Fixtures and fittings
25% pa on cost
Computer equipment
25% pa on cost
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. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
EAST RIDING FLOORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 6 -
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
The company has accessed government grants and support during the Covid-19 pandemic in relation to the Coronavirus Job Retention Scheme (CJRS), Small Business Support Grant and Bounce back loan. This income is recorded as other income within the financial statements.
1.10
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2021
6,748
1,393
3,728
11,869
Additions
1,879
1,879
At 31 March 2022
8,627
1,393
3,728
13,748
Depreciation and impairment
At 1 April 2021
3,711
349
1,449
5,509
Depreciation charged in the year
1,532
349
837
2,718
At 31 March 2022
5,243
698
2,286
8,227
Carrying amount
At 31 March 2022
3,384
695
1,442
5,521
At 31 March 2021
3,037
1,044
2,279
6,360
EAST RIDING FLOORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
103,548
120,132
Other debtors
1,554
2,403
105,102
122,535
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
17,526
49,199
Trade creditors
91,285
75,531
Taxation and social security
43,274
38,573
Other creditors
48,329
100,606
200,414
263,909
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
106,519
7
Related party transactions
During the year the director provided the company with a loan, this loan is unsecured and repayable upon demand.
8
Ultimate Controlling Party
The ultimate controlling party is Mr R Lake,