Associated Floor Coverings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00992500 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

ASSOCIATED FLOOR COVERINGS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

S Rogers

M A Rogers

B P Goudge

REGISTERED OFFICE:

1550 London Road

Leigh on Sea

Essex

SS9 2QG

REGISTERED NUMBER:

00992500 (England and Wales)

ACCOUNTANTS:

Goldwyns Limited

Chartered Accountants

Rutland House

90-92 Baxter Avenue

Southend on Sea

Essex

SS2 6HZ

FIXED ASSETS

Tangible assets

4

68,632

78,654

CURRENT ASSETS

Stocks

104,589

96,028

Debtors

252,624

272,993

Cash at bank and in hand

36,618

43,886

393,831

412,907

CREDITORS

Amounts falling due within one year

384,434

246,864

NET CURRENT ASSETS

9,397

166,043

TOTAL ASSETS LESS CURRENT LIABILITIES

78,029

244,697

CREDITORS

Amounts falling due after more than one year

(26,274

)

(44,670

)

PROVISIONS FOR LIABILITIES

-

(4,067

)

NET ASSETS

51,755

195,960

CAPITAL AND RESERVES

Called up share capital

7

25,000

25,000

Retained earnings

26,755

170,960

SHAREHOLDERS' FUNDS

51,755

195,960

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 9 September 2019 and were signed on its behalf by:

B P Goudge - Director

M A Rogers - Director

1.	STATUTORY INFORMATION

Associated Floor Coverings 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 cost

Improvements to property

-

over remaining period of lease

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2018

201,502

Additions

2,673

At 31 December 2018

204,175

DEPRECIATION

At 1 January 2018

122,848

Charge for year

12,695

At 31 December 2018

135,543

NET BOOK VALUE

At 31 December 2018

68,632

At 31 December 2017

78,654

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2018

and 31 December 2018

21,484

DEPRECIATION

At 1 January 2018

5,371

Charge for year

4,028

At 31 December 2018

9,399

NET BOOK VALUE

At 31 December 2018

12,085

At 31 December 2017

16,113

5.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

5,429

5,429

Between one and five years

5,881

11,310

11,310

16,739

Non-cancellable operating

leases

2018

2017

£

£

Within one year

26,951

25,812

Between one and five years

6,667

22,740

33,618

48,552

6.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

40,798

-

Bank loans

33,338

45,829

Hire purchase contracts

11,310

16,739

85,446

62,568

Hire purchase contracts are secured by legal charges over the assets to which they relate.

The bank loan and overdraft are secured by a legal charge over the company's freehold property and by a fixed

and floating charge over the company's assets.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

24,000

Ordinary "A"

£1

24,000

24,000

1,000

Ordinary "B"

£1

1,000

1,000

25,000

25,000

8.	PENSION COMMITMENTS

At the balance sheet date, the company owed £113 (2017: £35) to the pension provider.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2018 and

31 December 2017:

2018

2017

£

£

M A Rogers

Balance outstanding at start of year

866

314

Amounts advanced

-

552

Amounts repaid

(5

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

861

866

B P Goudge

Balance outstanding at start of year

-

-

Amounts advanced

162

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

162

-

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 Associated Floor Coverings Limited for the year ended 31 December 2018 which comprise the

Income Statement, Abridged Balance Sheet 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 Associated Floor Coverings 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 Associated Floor Coverings Limited and state those matters that we have agreed to state to the Board of Directors of Associated Floor Coverings 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 Associated Floor Coverings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Associated Floor Coverings 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 loss of Associated Floor Coverings Limited. You consider that Associated Floor Coverings 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 Associated Floor Coverings 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.

Goldwyns Limited

Chartered Accountants

Rutland House

90-92 Baxter Avenue

Southend on Sea

Essex

SS2 6HZ

9 September 2019