Company Registration No. 04151664 (England and Wales)
Tiles & Baths Direct Limited
Unaudited accounts
for the year ended 30 April 2020
Tiles & Baths Direct Limited
Unaudited accounts
Contents
Tiles & Baths Direct Limited
Company Information
for the year ended 30 April 2020
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 2020
Tangible assets
1,027,457
470,308
Inventories
871,450
737,445
Debtors
1,734,239
1,833,548
Cash at bank and in hand
294,515
828,611
Creditors: amounts falling due within one year
(2,591,640)
(3,063,556)
Net current assets
308,564
336,048
Total assets less current liabilities
1,336,021
806,356
Creditors: amounts falling due after more than one year
(951,534)
(675,448)
Provisions for liabilities
Deferred tax
(190,032)
(83,036)
Net assets
194,455
47,872
Called up share capital
2
2
Profit and loss account
194,453
47,870
Shareholders' funds
194,455
47,872
For the year ending 30 April 2020 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.
The financial statements were approved by the Board and authorised for issue on 15 February 2021 and were signed on its behalf by
Mr S Joel
Director
Company Registration No. 04151664
Tiles & Baths Direct Limited
Notes to the Accounts
for the year ended 30 April 2020
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 2020
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 2019
44,488
1,771,608
191,558
2,007,654
Additions
2,595
731,172
4,699
738,466
At 30 April 2020
47,083
2,502,780
196,257
2,746,120
At 1 May 2019
33,118
1,337,730
166,498
1,537,346
Charge for the year
2,095
174,758
4,464
181,317
At 30 April 2020
35,213
1,512,488
170,962
1,718,663
At 30 April 2020
11,870
990,292
25,295
1,027,457
At 30 April 2019
11,370
433,878
25,060
470,308
Tiles & Baths Direct Limited
Notes to the Accounts
for the year ended 30 April 2020
Trade debtors
183,842
456,283
Amounts due from group undertakings etc.
794,262
738,786
Accrued income and prepayments
17,653
35,376
Other debtors
738,482
603,103
Total debtors less than one year
1,734,239
1,833,548
Total debtors
1,734,239
1,833,548
Amounts due after more than one year
707,320
770,316
6
Creditors: amounts falling due within one year
2020
2019
Trade creditors
593,724
1,023,104
Taxes and social security
293,518
303,975
Other creditors
1,684,730
1,624,233
7
Creditors: amounts falling due after more than one year
2020
2019
Loans from directors
951,534
675,448
8
Deferred taxation
2020
2019
Accelerated capital allowances
190,032
83,036
Provision at start of year
83,036
38,613
Charged to the profit and loss account
106,996
44,423
Provision at end of year
190,032
83,036
9
Share capital
2020
2019
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
Tiles & Baths Direct Limited
Notes to the Accounts
for the year ended 30 April 2020
10
Operating lease commitments
2020
2019
At 30 April 2020 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
12,797
313,103
Within two to five years
2,970
7,847
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 £227,635 (2019 - £260,193).
At the Balance Sheet date, the Company was owed an amount in the sum of £19,931 (2019 - £18,058) 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 £66,158 (2019 - £1,235) 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 £Nil (2019 - £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 £707,320 (2019 - £770,316) 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 after more than one year.
At the Balance Sheet date, included in Debtors, the Company was owed an amount in the sum of £853 (2019 - £480) 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.
During the year the Company leased the business premises in the sum of £275,000 (2019 - £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 (2019: 24).