Company Registration No. 06105053 (England and Wales)
TILES PORCELAIN LIMITED T/A BUYTILES.COM
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2016
TILES PORCELAIN LIMITED T/A BUYTILES.COM
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
TILES PORCELAIN LIMITED T/A BUYTILES.COM
ABBREVIATED BALANCE SHEET
AS AT
28 FEBRUARY 2016
28 February 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
241,834
241,076
Current assets
Stocks
1,530,744
1,536,302
Debtors
415,177
177,900
Cash at bank and in hand
197,002
156,563
2,142,923
1,870,765
Creditors: amounts falling due within one year
(445,629)
(322,126)
Net current assets
1,697,294
1,548,639
Total assets less current liabilities
1,939,128
1,789,715
Creditors: amounts falling due after more than one year
-
(33,088)
Provisions for liabilities
(3,499)
(3,499)
1,935,629
1,753,128
Capital and reserves
Called up share capital
3
200
200
Profit and loss account
1,935,429
1,752,928
Shareholders' funds
1,935,629
1,753,128
TILES PORCELAIN LIMITED T/A BUYTILES.COM
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2016
28 February 2016
- 2 -
For the financial year ended 28 February 2016 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their 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 21 October 2016
Mr Paul Glendenning
Director
Company Registration No. 06105053
TILES PORCELAIN LIMITED T/A BUYTILES.COM
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2016
- 3 -
1
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
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land 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 Freehold
Straight line over 50 years
Fixtures & fittings
15% Reducing balance and 25% straight line
Plant and machinery
25% reducing balance
Computer equipment
33% Straight line
Motor vehicles
20% Straight line
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
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.
TILES PORCELAIN LIMITED T/A BUYTILES.COM
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 March 2015
372,547
Additions
11,272
Disposals
(542)
At 28 February 2016
383,277
Depreciation
At 1 March 2015
131,471
On disposals
(307)
Charge for the year
10,279
At 28 February 2016
141,443
Net book value
At 28 February 2016
241,834
At 28 February 2015
241,076
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary A of £1 each
100
100
35 Ordinary B of £1 each
35
35
30 Ordinary C of £1 each
30
30
35 Ordinary D of £1 each
35
35
200
200
4
Related party relationships and transactions
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr Paul Glendenning -
3.00
54,674
167,856
3,339
111,230
114,639
Mr Darren Wragg -
3.00
51,780
145,469
3,003
97,141
103,111
Mr Jason Colling -
3.00
54,226
158,380
3,002
112,530
103,078
160,680
471,705
9,344
320,901
320,828