STYLEFLOOR_LIMITED - Accounts

STYLEFLOOR LIMITED - Company Information

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Company Registration No. 06716423 (England and Wales)

STYLEFLOOR LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

STYLEFLOOR LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

3 - 4

STYLEFLOOR LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF STYLEFLOOR LIMITED FOR THE YEAR ENDED 31 OCTOBER 2016

- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stylefloor Limited for the year ended 31 October 2016 set out on pages 2 to 4 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

This report is made solely to the Board of Directors of Stylefloor Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Stylefloor Limited and state those matters that we have agreed to state to the Board of Directors of Stylefloor Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stylefloor Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Stylefloor 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 profit of Stylefloor Limited. You consider that Stylefloor 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 Stylefloor 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.

Moore and Smalley LLP

Chartered Accountants

Richard House

9 Winckley Square

Preston

PR1 3HP

28 July 2017

STYLEFLOOR LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2016

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2016

2015

Notes

Fixed assets

Tangible assets

1,797

Current assets

Stocks

31,700

33,034

Debtors

134,053

147,949

Cash at bank and in hand

48,360

1,657

214,113

182,640

Creditors: amounts falling due within one year

(206,712)

(173,994)

Net current assets

7,401

8,646

Total assets less current liabilities

9,198

8,646

Provisions for liabilities

(341)

8,857

8,646

Capital and reserves

Called up share capital

Profit and loss account

8,855

8,644

Shareholders' funds

8,857

8,646

For the financial year ended 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 28 July 2017

Mr M Flood

Director

Company Registration No. 06716423

STYLEFLOOR LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold

Over 5 years

Fixtures, fittings & equipment

20% straight line

Motor vehicles

25% straight line

1.5

Stock

Stock is valued at the lower of cost and net realisable value.

1.6

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.7

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

1.8

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

STYLEFLOOR LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2016

- 4 -

Fixed assets

Tangible assets

Cost

At 1 November 2015

50,225

Additions

1,875

At 31 October 2016

52,100

Depreciation

At 1 November 2015

50,225

Charge for the year

At 31 October 2016

50,303

Net book value

At 31 October 2016

1,797

Share capital

2016

2015

Allotted, called up and fully paid

2 Ordinary Shares of £1 each

Directors' benefits: Advances, credits and guarantees

Mr M Flood has a loan account with the company against which personal expenditure and drawings may be charged. The loan account was overdrawn at 1 November 2015 by £45 (1 November 2014: £2,160) and £nil on 31 October 2016 (31 October 2015: £45). During this period cash advances totalling £nil (2015: £45) were made to Mr Flood. During the same period cash repayments totalling £45 (2015: £2,160) were received . During that period the maximum overdrawn balance on the loan was £45 (2015: £2,160).

This loan was unsecured.

No interest has been charged by the company on this loan.