Company Registration No. 04151664 (England and Wales)
Tiles & Baths Direct Limited
Unaudited accounts
for the year ended 30 April 2019
Tiles & Baths Direct Limited
Unaudited accounts
Contents
Tiles & Baths Direct Limited
Company Information
for the year ended 30 April 2019
Company Number
04151664 (England and Wales)
Registered Office
Churchill House, Suite 112
120 Bunns Lane
Mill Hill
London
NW7 2AS
Accountants
Platts
Churchill House, Suite 112
120 Bunns Lane
Mill Hill
London
NW7 2AS
Tiles & Baths Direct Limited
Statement of financial position
as at
30 April 2019
Tangible assets
470,308
243,811
Inventories
737,445
585,223
Debtors
1,833,548
1,634,609
Cash at bank and in hand
828,611
586,777
Creditors: amounts falling due within one year
(3,739,004)
(2,626,053)
Net current (liabilities)/assets
(339,400)
180,556
Total assets less current liabilities
130,908
424,367
Provisions for liabilities
Deferred tax
(83,036)
(38,613)
Net assets
47,872
385,754
Called up share capital
2
2
Profit and loss account
47,870
385,752
Shareholders' funds
47,872
385,754
For the year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 10 December 2019.
Mr S Joel
Director
Company Registration No. 04151664
Tiles & Baths Direct Limited
Notes to the Accounts
for the year ended 30 April 2019
Tiles & Baths Direct Limited is a private company, limited by shares, registered in England and Wales, registration number 04151664. The registered office is Churchill House, Suite 112, 120 Bunns Lane, Mill Hill, London, NW7 2AS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The company (a wholly owned subsidiary) has taken advantage of the exemption under FRS 102, Section 33.1A, in that, disclosures need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to to the transaction is wholly owned by such a member.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, net discounts and value added taxes. Turnover includes revenue earned from goods sold, including, flooring, tiles, kitchens, bathrooms and bathroom accessories.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the point a sale being recognised when goods are collected by the customer or when delivered to the customer.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & machinery
15% straight line basis
Fixtures & fittings
15% straight line basis
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tiles & Baths Direct Limited
Notes to the Accounts
for the year ended 30 April 2019
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 May 2018
36,134
1,478,439
183,589
1,698,162
Additions
8,354
293,169
7,969
309,492
At 30 April 2019
44,488
1,771,608
191,558
2,007,654
At 1 May 2018
31,112
1,261,163
162,076
1,454,351
Charge for the year
2,006
76,567
4,422
82,995
At 30 April 2019
33,118
1,337,730
166,498
1,537,346
At 30 April 2019
11,370
433,878
25,060
470,308
At 30 April 2018
5,022
217,276
21,513
243,811
Finished goods
737,445
585,223
Tiles & Baths Direct Limited
Notes to the Accounts
for the year ended 30 April 2019
Trade debtors
456,283
313,596
Amounts due from group undertakings etc.
738,786
848,949
Accrued income and prepayments
35,376
20,261
Other debtors
603,103
451,803
7
Creditors: amounts falling due within one year
2019
2018
Trade creditors
2,484,408
1,939,122
Taxes and social security
303,975
418,900
Other creditors
162,929
163,874
Loans from directors
675,448
-
8
Deferred taxation
2019
2018
Accelerated capital allowances
83,036
38,613
Provision at start of year
38,613
35,820
Charged to the profit and loss account
44,423
2,793
Provision at end of year
83,036
38,613
9
Share capital
2019
2018
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
10
Operating lease commitments
2019
2018
At 30 April 2019 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
313,103
301,224
Within two to five years
7,847
2,142
Tiles & Baths Direct Limited
Notes to the Accounts
for the year ended 30 April 2019
11
Transactions with related parties
The company (a wholly owned subsidiary) has taken advantage of the exemption under FRS 102, Section 33.1A. in that, disclosures need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
See notes for disclosure of the directors' remuneration.
Key management compensation for the year amounted to £260,193 (2018 - £262,323).
At the Balance Sheet date, the Company was owed an amount in the sum of £Nil (2018 - £22,080) included within the Trade Debtors from Prima Marble & Granite Ltd, a Company in which Mr S Joel is a Director and Non-Controlling Shareholder and which is interest free and repayable on demand.
At the Balance Sheet date, the Company was owed an amount in the sum of £18,058 (2018 - £15,285) from TB Direct (Holdings) Ltd, the Company's ultimate parent undertaking which has a common director and which is interest free and repayable on demand.
At the Balance Sheet date, included in Debtors, the Company was owed an amount in the sum of £1,235 (2018 - £1,261) from Topsy Turvy Designs Ltd, a Company in which Mr S Joel is a Director and Shareholder and which is interest free and repayable on demand.
At the Balance Sheet date, included in Debtors, the Company was owed an amount in the sum of £18,211 (2018 - £18,211) from Villa Estates Ltd, a Company in which Mr S Joel is a Director and Shareholder and which is interest free and repayable on demand.
At the Balance Sheet date, included in Debtors, the Company was owed an amount in the sum of £700,802 (2018 - £814,193) from TBK Tiles Factory Outlet Ltd, a Company in which Mr S Joel is a Director and Shareholder and which is interest free and repayable on demand.
At the Balance Sheet date, included in Debtors, the Company was owed an amount in the sum of £480 (2018 - £Nil) from TBK Kitchens Ltd, a Company in which Mr S Joel is a Director and Shareholder and which is interest free and repayable on demand.
At the Balance Sheet date, the Company owed an amount in the sum of £10,764 (2018 - £7,242) included within Other Creditors to Prima Marble & Granite Ltd, a Company in which Mr S Joel is a Director and Non-Controlling Shareholder in which is interest free and repayable on demand.
During the year the Company leased the business premises in the sum of £300,00 (2018 - £300,000) from Topsy Turvy Designs Ltd, a company in which Mr S Joel is also a director and shareholder.
The immediate parent undertaking is TB Direct (Holdings) Limited.
The ultimate controlling party is Mr S Joel.
13
Average number of employees
During the year the average number of employees was 24 (2018: 30).