Ultima Floors Limited - Period Ending 2018-02-28

Company registration number: 05320088

Ultima Floors Limited

Filleted Unaudited Financial Statements

for the Year Ended 28 February 2018

Abrams Ashton
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

Ultima Floors Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 7

Ultima Floors Limited

Company Information

Directors

Mr M Smith Mrs A M Smith

Company secretary

Mrs A M Smith

Registered office

40 North Road St Helens Merseyside WA10 2TR

Accountants

Abrams Ashton Chartered Accountants 7 Waterside Court St. Helens Merseyside WA9 1UA

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ultima Floors Limited
for the Year Ended 28 February 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ultima Floors Limited for the year ended 28 February 2018 as set out on pages 3 to 7 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Ultima Floors Limited, as a body, in accordance with the terms of our engagement letter dated 31 August 2016. Our work has been undertaken solely to prepare for your approval the accounts of Ultima Floors Limited and state those matters that we have agreed to state to the Board of Directors of Ultima Floors Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ultima Floors Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ultima Floors Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ultima Floors Limited. You consider that Ultima Floors 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 accounts of Ultima Floors 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 accounts.

......................................

Abrams Ashton
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

29 November 2018

Page 2

Ultima Floors Limited

(Registration number: 05320088)
Balance Sheet as at 28 February 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	3	12,803	15,284
Current assets
Stocks		31,720	26,313
Debtors	4	21,158	2,557
Cash at bank and in hand		2,282	4,538
		55,160	33,408
Creditors: Amounts falling due within one year	5	(143,343)	(137,158)
Net current liabilities		(88,183)	(103,750)
Net liabilities		(75,380)	(88,466)
Capital and reserves
Called up share capital		60,100	60,100
Profit and loss account		(135,480)	(148,566)
Total equity		(75,380)	(88,466)

For the financial year ending 28 February 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 November 2018 and signed on its behalf by:
 

.........................................

Mr M Smith
Director

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Ultima Floors Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
40 North Road
St Helens
Merseyside
WA10 2TR

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis the validity of which depends upon future profitable trading and the support of the directors. Should the company be unable to continue trading, adjustments would be necessary to reduce the value of assets to their recoverable amount, to provide for further liabilities which might arise and to reclassify fixed assets as current assets.

Revenue recognition

Turnover comprises the fair value of the sale of goods and services net of value added tax, rebates and discounts. Sales of goods and services are recognised when the company has delivered the goods and services to the customer and they are accepted.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% and 25% reducing balance
Motor vehicles	25% reducing balance

Page 4

Ultima Floors Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

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.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Page 5

Ultima Floors Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

3	Tangible assets

	Fixtures and fittings £	Motor vehicles  £	Total £
Cost or valuation
At 1 March 2017	24,001	8,408	32,409
Additions	581	-	581
At 28 February 2018	24,582	8,408	32,990
Depreciation
At 1 March 2017	15,023	2,102	17,125
Charge for the year	1,485	1,577	3,062
At 28 February 2018	16,508	3,679	20,187
Carrying amount
At 28 February 2018	8,074	4,729	12,803
At 28 February 2017	8,978	6,306	15,284

4

Debtors

	2018 £	2017 £
Trade debtors	7,455	1,116
Other debtors	13,703	1,441
	21,158	2,557

5

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Trade creditors		23,369	29,144
Amounts owed to group undertakings and undertakings in which the company has a participating interest	6	34,379	-
Other creditors		85,595	108,014
		143,343	137,158

 

Page 6

Ultima Floors Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

6	Related party transactions

Summary of transactions with parent

The company is a wholly owned subsidiary of Rainford Carpet Tile Company Limited, a company registered in England and Wales.
 During the year the company made sales to Rainford Carpet Tile Company Ltd the parent of the company of £11,982 (2017 - £32,443). Included in this figure is rent receivable of £10,000 (2017 - £12,000) from Rainford Carpet Tile Company Ltd.
 

7	Going concern

Although the financial statements show net current liabilities of £88,183 (2017 - £103,750) and net liabilities of £75,380 (2017 - £88,466), the directors are of the opinion that the financial statements can be prepared on a going concern basis on the grounds that they will continue to support the company and that the company will trade profitably in the future.

Page 7