3
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2021-07-01
Sage Accounts Production Advanced 2021 - FRS102_2021
20,000
8,571
2,858
11,429
8,571
11,429
xbrli:pure
xbrli:shares
iso4217:GBP
10774631
2021-07-01
2022-06-30
10774631
2022-06-30
10774631
2021-06-30
10774631
2020-07-01
2021-06-30
10774631
2021-06-30
10774631
core:PlantMachinery
2021-07-01
2022-06-30
10774631
core:MotorVehicles
2021-07-01
2022-06-30
10774631
core:NetGoodwill
2021-07-01
2022-06-30
10774631
bus:RegisteredOffice
2021-07-01
2022-06-30
10774631
bus:LeadAgentIfApplicable
2021-07-01
2022-06-30
10774631
bus:Director1
2021-07-01
2022-06-30
10774631
bus:Director2
2021-07-01
2022-06-30
10774631
core:NetGoodwill
2021-06-30
10774631
core:NetGoodwill
2022-06-30
10774631
core:PlantMachinery
2021-06-30
10774631
core:MotorVehicles
2021-06-30
10774631
core:PlantMachinery
2022-06-30
10774631
core:MotorVehicles
2022-06-30
10774631
core:WithinOneYear
2022-06-30
10774631
core:WithinOneYear
2021-06-30
10774631
core:AfterOneYear
2022-06-30
10774631
core:AfterOneYear
2021-06-30
10774631
core:ShareCapital
2022-06-30
10774631
core:ShareCapital
2021-06-30
10774631
core:RetainedEarningsAccumulatedLosses
2022-06-30
10774631
core:RetainedEarningsAccumulatedLosses
2021-06-30
10774631
core:NetGoodwill
2021-06-30
10774631
core:PlantMachinery
2021-06-30
10774631
core:MotorVehicles
2021-06-30
10774631
bus:Director1
2021-06-30
10774631
bus:Director1
2022-06-30
10774631
bus:Director1
2020-06-30
10774631
bus:Director1
2021-06-30
10774631
bus:Director1
2020-07-01
2021-06-30
10774631
bus:SmallEntities
2021-07-01
2022-06-30
10774631
bus:AuditExemptWithAccountantsReport
2021-07-01
2022-06-30
10774631
bus:FullAccounts
2021-07-01
2022-06-30
10774631
bus:SmallCompaniesRegimeForAccounts
2021-07-01
2022-06-30
10774631
bus:PrivateLimitedCompanyLtd
2021-07-01
2022-06-30
10774631
core:OfficeEquipment
2021-07-01
2022-06-30
10774631
core:OfficeEquipment
2021-06-30
10774631
core:OfficeEquipment
2022-06-30
10774631
1
2021-07-01
2022-06-30
COMPANY REGISTRATION NUMBER:
10774631
Filleted Unaudited Financial Statements
|
|
Year ended 30 June 2022
The directors present their report and the unaudited financial statements of the company for the year ended
30 June 2022
.
Directors
The directors who served the company during the year were as follows:
Mr P R Dixon
|
|
Mrs A L Dixon
|
|
|
|
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
27 January 2023
and signed on behalf of the board by:
Registered office:
|
32 Queens Road
|
Aberystwyth
|
Ceredigion
|
SY23 2HN
|
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
F&R Flooring Ltd
|
|
Year ended 30 June 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of F&R Flooring Ltd for the year ended 30 June 2022, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of F&R Flooring Ltd, as a body, in accordance with the terms of our engagement letter dated 1 July 2018. Our work has been undertaken solely to prepare for your approval the financial statements of F&R Flooring Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F&R Flooring Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that F&R Flooring Ltd 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 F&R Flooring Ltd. You consider that F&R Flooring Ltd 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 F&R Flooring Ltd. 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.
FRANCIS GRAY CHARTERED ACCOUNTANTS
Chartered accountants
Ty Madog
32 Queens Road
Aberystwyth
Ceredigion
SY23 2HN
27 January 2023
Statement of Financial Position
|
|
30 June 2022
Fixed assets
Intangible assets
|
5
|
8,571
|
11,429
|
Tangible assets
|
6
|
14,944
|
18,339
|
|
--------
|
--------
|
|
23,515
|
29,768
|
|
|
|
|
Current assets
Stocks
|
5,000
|
10,000
|
Debtors
|
7
|
96,113
|
35,872
|
Cash at bank and in hand
|
37,517
|
35,952
|
|
---------
|
--------
|
|
138,630
|
81,824
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
146,267
|
88,235
|
|
---------
|
--------
|
Net current liabilities
|
7,637
|
6,411
|
|
--------
|
--------
|
Total assets less current liabilities
|
15,878
|
23,357
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
15,869
|
23,354
|
|
--------
|
--------
|
Net assets
|
9
|
3
|
|
--------
|
--------
|
|
|
|
|
Capital and reserves
Called up share capital
|
2
|
2
|
Profit and loss account
|
7
|
1
|
|
----
|
----
|
Shareholders funds
|
9
|
3
|
|
----
|
----
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued)
|
|
30 June 2022
These financial statements were approved by the
board of directors
and authorised for issue on
27 January 2023
, and are signed on behalf of the board by:
Company registration number:
10774631
Notes to the Financial Statements
|
|
Year ended 30 June 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 32 Queens Road, Aberystwyth, Ceredigion, SY23 2HN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery
|
-
|
25% reducing balance
|
|
Motor vehicles
|
-
|
20% reducing balance
|
|
Equipment
|
-
|
25% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2021:
4
).
5.
Intangible assets
|
Goodwill
|
|
£
|
Cost
|
|
At 1 July 2021 and 30 June 2022
|
20,000
|
|
--------
|
Amortisation
|
|
At 1 July 2021
|
8,571
|
Charge for the year
|
2,858
|
|
--------
|
At 30 June 2022
|
11,429
|
|
--------
|
Carrying amount
|
|
At 30 June 2022
|
8,571
|
|
--------
|
At 30 June 2021
|
11,429
|
|
--------
|
|
|
6.
Tangible assets
|
Plant and machinery
|
Motor vehicles
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 July 2021
|
464
|
32,650
|
922
|
34,036
|
Additions
|
235
|
–
|
105
|
340
|
|
----
|
--------
|
-------
|
--------
|
At 30 June 2022
|
699
|
32,650
|
1,027
|
34,376
|
|
----
|
--------
|
-------
|
--------
|
Depreciation
|
|
|
|
|
At 1 July 2021
|
213
|
15,072
|
412
|
15,697
|
Charge for the year
|
97
|
3,515
|
123
|
3,735
|
|
----
|
--------
|
-------
|
--------
|
At 30 June 2022
|
310
|
18,587
|
535
|
19,432
|
|
----
|
--------
|
-------
|
--------
|
Carrying amount
|
|
|
|
|
At 30 June 2022
|
389
|
14,063
|
492
|
14,944
|
|
----
|
--------
|
-------
|
--------
|
At 30 June 2021
|
251
|
17,578
|
510
|
18,339
|
|
----
|
--------
|
-------
|
--------
|
|
|
|
|
|
7.
Debtors
|
2022
|
2021
|
|
£
|
£
|
Trade debtors
|
24,341
|
13,010
|
Other debtors
|
71,772
|
22,862
|
|
--------
|
--------
|
|
96,113
|
35,872
|
|
--------
|
--------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2022
|
2021
|
|
£
|
£
|
Bank loans and overdrafts
|
17,680
|
5,609
|
Trade creditors
|
27,054
|
27,597
|
Corporation tax
|
83,723
|
43,187
|
Social security and other taxes
|
13,616
|
6,690
|
Other creditors
|
4,194
|
5,152
|
|
---------
|
--------
|
|
146,267
|
88,235
|
|
---------
|
--------
|
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2022
|
2021
|
|
£
|
£
|
Bank loans and overdrafts
|
14,583
|
18,921
|
Other creditors
|
1,286
|
4,433
|
|
--------
|
--------
|
|
15,869
|
23,354
|
|
--------
|
--------
|
|
|
|
10.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2022
|
|
|
Balance brought forward
|
Advances/ (credits) to the directors
|
Balance outstanding
|
|
|
£
|
£
|
£
|
|
Mr P R Dixon
|
22,862
|
48,910
|
71,772
|
|
|
--------
|
--------
|
--------
|
|
|
|
|
|
|
2021
|
|
|
Balance brought forward
|
Advances/ (credits) to the directors
|
Balance outstanding
|
|
|
£
|
£
|
£
|
|
Mr P R Dixon
|
2,971
|
19,891
|
22,862
|
|
|
-------
|
--------
|
--------
|
|
|
|
|
|
11.
Controlling party
The company was under the control of the directors, Mr and Mrs Dixon, throughout the current year.