Company Registration No. 06105053 (England and Wales)
TILES PORCELAIN LIMITED T/A BUYTILES.COM
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
PAGES FOR FILING WITH REGISTRAR
TILES PORCELAIN LIMITED T/A BUYTILES.COM
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
TILES PORCELAIN LIMITED T/A BUYTILES.COM
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 1 -
The directors present their annual report and financial statements for the year ended 28 February 2019.
Principal activities
The principal activity of the company continued to be that of porcelain tile retailer.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J Colling
Mr P Glendenning
Mr D Wragg
Mrs C Glendenning
Mrs L Glendenning
Mr D Glendenning
Mr D Colling
Mrs J Colling
Miss T Bryden
Mrs M O Wragg
Mrs J Rutter
Mr K Rutter
Mrs K Wragg
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr P Glendenning
Director
26 November 2019
TILES PORCELAIN LIMITED T/A BUYTILES.COM
BALANCE SHEET
AS AT
28 FEBRUARY 2019
28 February 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
472,304
452,826
Current assets
Stocks
1,587,752
1,598,675
Debtors
4
370,033
399,371
Cash at bank and in hand
135,445
108,578
2,093,230
2,106,624
Creditors: amounts falling due within one year
5
(355,109)
(315,599)
Net current assets
1,738,121
1,791,025
Total assets less current liabilities
2,210,425
2,243,851
Creditors: amounts falling due after more than one year
6
(155,371)
(205,793)
Provisions for liabilities
(1,830)
(2,043)
Net assets
2,053,224
2,036,015
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
2,053,024
2,035,815
Total equity
2,053,224
2,036,015
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TILES PORCELAIN LIMITED T/A BUYTILES.COM
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2019
28 February 2019
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 26 November 2019 and are signed on its behalf by:
Mr P Glendenning
Director
Company Registration No. 06105053
TILES PORCELAIN LIMITED T/A BUYTILES.COM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 4 -
1
Accounting policies
Company information
Tiles Porcelain Limited T/A buytiles.com is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 1, off Littleburn Road, Littleburn Industrial Estate, Langley Moor, Co Durham, DH7 8JF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Straight line over 50 years - Assets under construction are not depreciated until completion
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
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
TILES PORCELAIN LIMITED T/A BUYTILES.COM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
1
Accounting policies
(Continued)
- 5 -
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
TILES PORCELAIN LIMITED T/A BUYTILES.COM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
TILES PORCELAIN LIMITED T/A BUYTILES.COM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
1
Accounting policies
(Continued)
- 7 -
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 21 (2018 - 21).
3
Tangible fixed assets
Land and buildings Freehold
Fixtures & fittings
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2018
462,786
68,479
48,275
25,343
11,272
616,155
Additions
31,181
10,347
-
1,927
-
43,455
Disposals
-
-
(21,000)
-
(11,272)
(32,272)
At 28 February 2019
493,967
78,826
27,275
27,270
-
627,338
Depreciation and impairment
At 1 March 2018
29,488
64,192
44,014
19,436
6,199
163,329
Depreciation charged in the year
9,879
3,230
672
3,546
-
17,327
Eliminated in respect of disposals
-
-
(19,423)
-
(6,199)
(25,622)
At 28 February 2019
39,367
67,422
25,263
22,982
-
155,034
Carrying amount
At 28 February 2019
454,600
11,404
2,012
4,288
-
472,304
At 28 February 2018
433,298
4,287
4,261
5,907
5,073
452,826
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
14,790
Other debtors
370,033
384,581
370,033
399,371
TILES PORCELAIN LIMITED T/A BUYTILES.COM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 8 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
52,906
55,719
Trade creditors
182,424
150,274
Corporation tax
88,986
94,193
Other taxation and social security
19,260
6,717
Other creditors
11,533
8,696
355,109
315,599
Bank loans and overdrafts are secured by fixed and floating charges over the assets of the company.
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
155,371
205,793
Bank loans and overdrafts are secured by fixed and floating charges over the assets of the company.
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued 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
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
133,333
173,333
TILES PORCELAIN LIMITED T/A BUYTILES.COM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 9 -
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loans to directors
2.50
325,917
387,000
5,214
(385,708)
332,423
325,917
387,000
5,214
(385,708)
332,423