CONNECTION FLOORING LIMITED

• ⚠

  Material uncertainty over going concern

  The company's balance sheet is in a net liability position. The validity of the going concern basis is therefore dependent upon the continued support of the investors and bank. The directors expect this support to continue and the bank have provided a waiver for the covenant breach.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Clive Owen LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The company's balance sheet is in a net liability position. The validity of the going concern basis is therefore dependent upon the continued support of the investors and bank. The directors expect this support to continue and the bank have provided a waiver for the covenant breach.”

Significant events

• “The net current liability position of the Company has worsened because the intercompany loan balance which is linked to the shareholder loan notes in the parent company has been reclassified to amounts falling due within one year to mirror the expiry date of these shareholder loan notes in the parent. The Shareholders have formally committed to refinancing these notes and, once this is completed then they will be reclassified to amounts due after one year as appropriate in future Financial Statements.”
• “During the year the directors changed the useful economic life of fit out costs, held within fixtures and fittings, from 5 years to 10 years. This resulted in a change to the depreciation charge of £631k.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -4.8%

  £51,823,000 → £49,324,000

• Cash

  +657.9%

  £456,000 → £3,456,000

• Net assets

  +30%

  -£5,097,000 → -£3,567,000

• Employees

  -4%

  302 → 290

• Operating profit

  +153.2%

  -£2,188,000 → £1,164,000

• Profit before tax

  +118.8%

  -£3,295,000 → £619,000

• Wages

  -1.6%

  £8,813,000 → £8,668,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers