Registration number:
Global Tiles & Bathrooms Limited
for the Year Ended 31 July 2017
Old Fire Station
Cecil Street
Newry
Co. Down
BT35 6AU
Global Tiles & Bathrooms Limited
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Accountants' Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Global Tiles & Bathrooms Limited
Company Information
Director |
Mr Michael Flood |
Registered office |
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Accountants |
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Page 1 |
Global Tiles & Bathrooms Limited
Strategic Report for the Year Ended 31 July 2017
The director presents his strategic report for the year ended 31 July 2017.
Principal activity
The principal activity of the company is Tiles and bathrooms retailer
Approved by the Board on
.........................................
Mr Michael Flood
Director
Page 2 |
Global Tiles & Bathrooms Limited
Director's Report for the Year Ended 31 July 2017
The director presents his report and the financial statements for the year ended 31 July 2017.
Incorporation
The company was incorporated on
Director of the company
The director who held office during the year was as follows:
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the Board on
.........................................
Mr Michael Flood
Director
Page 3 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Global Tiles & Bathrooms Limited
for the Year Ended 31 July 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Global Tiles & Bathrooms Limited for the year ended 31 July 2017 as set out on pages 5 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Global Tiles & Bathrooms Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Global Tiles & Bathrooms Limited and state those matters that we have agreed to state to the Board of Directors of Global Tiles & Bathrooms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Global Tiles & Bathrooms Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Global Tiles & Bathrooms Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Global Tiles & Bathrooms Limited. You consider that Global Tiles & Bathrooms Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Global Tiles & Bathrooms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Cecil Street
Newry
Co. Down
BT35 6AU
Page 4 |
Global Tiles & Bathrooms Limited
Profit and Loss Account for the Year Ended 31 July 2017
Note |
Total |
Total |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(6,267) |
(2,090) |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 5 |
Global Tiles & Bathrooms Limited
(Registration number: NI073256)
Balance Sheet as at 31 July 2017
Note |
2017 |
2016 |
|
Current assets |
|||
Stocks |
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|
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Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net assets |
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|
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Capital and reserves |
|||
Called up share capital |
|
|
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Profit and loss account |
|
|
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Total equity |
|
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For the financial year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
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 in accordance with the provisions applicable to companies subject to the small companies regime.
Approved and authorised by the
.........................................
Mr Michael Flood
Director
Page 6 |
Global Tiles & Bathrooms Limited
Statement of Changes in Equity for the Year Ended 31 July 2017
Share capital |
Profit and loss account |
Total |
|
At 1 August 2016 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 July 2017 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 August 2015 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 July 2016 |
|
|
|
Page 7 |
Global Tiles & Bathrooms Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
General information |
The company is a private company limited by share capital incorporated in Northern Ireland.
The address of its registered office is:
Northern Ireland
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 8 |
Global Tiles & Bathrooms Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2017 |
2016 |
|
Sale of goods |
|
|
Operating profit |
Arrived at after charging/(crediting)
2017 |
2016 |
|
Operating lease expense - plant and machinery |
|
|
Interest payable and similar expenses |
2017 |
2016 |
|
Interest on bank overdrafts and borrowings |
- |
|
Foreign exchange (gains) / losses |
|
|
|
|
Page 9 |
Global Tiles & Bathrooms Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2017 |
2016 |
|
Wages and salaries |
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2017 |
2016 |
|
Administration and support |
|
|
Sales, marketing and distribution |
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
2017 |
2016 |
|
Remuneration |
|
|
Taxation |
Tax charged/(credited) in the income statement
2017 |
2016 |
|
Current taxation |
||
UK corporation tax |
|
|
Page 10 |
Global Tiles & Bathrooms Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Tangible assets |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
|
Cost or valuation |
|||
At 1 August 2016 |
|
|
|
At 31 July 2017 |
|
|
|
Depreciation |
|||
At 1 August 2016 |
|
|
|
At 31 July 2017 |
|
|
|
Carrying amount |
|||
At 31 July 2017 |
- |
- |
- |
Stocks |
2017 |
2016 |
|
Other inventories |
|
|
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Total current trade and other debtors |
|
|
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Income tax liability |
19,737 |
14,370 |
|
|
|
Share capital |
Allotted, called up and fully paid shares
Page 11 |
Global Tiles & Bathrooms Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
Dividends |
Final dividends paid
2017 |
2016 |
|
Final dividend of £
|
|
|
Page 12 |
Global Tiles & Bathrooms Limited
Detailed Profit and Loss Account for the Year Ended 31 July 2017
2017 |
2016 |
|
Turnover (analysed below) |
945,021 |
753,349 |
Cost of sales (analysed below) |
(626,264) |
(523,333) |
Gross profit |
318,757 |
230,016 |
Gross profit (%) |
33.73% |
30.53% |
Distribution costs (analysed below) |
(100,782) |
(68,612) |
Administrative expenses |
||
Employment costs (analysed below) |
(78,924) |
(54,722) |
Establishment costs (analysed below) |
(44,572) |
(31,339) |
General administrative expenses (analysed below) |
(30,697) |
(25,528) |
Finance charges (analysed below) |
(3,122) |
(2,758) |
(157,315) |
(114,347) |
|
Operating profit |
60,660 |
47,057 |
Interest payable and similar charges (analysed below) |
(6,267) |
(2,090) |
Profit before tax |
54,393 |
44,967 |
Page 13 |
Global Tiles & Bathrooms Limited
Detailed Profit and Loss Account for the Year Ended 31 July 2017
2017 |
2016 |
Turnover |
||
Sale of goods, UK |
945,021 |
753,349 |
Cost of sales |
||
Opening raw materials |
105,000 |
68,500 |
Purchases |
710,764 |
559,833 |
Closing raw materials |
(189,500) |
(105,000) |
626,264 |
523,333 |
Distribution costs |
||
Subcontract cost |
12,742 |
10,995 |
Packaging material |
252 |
555 |
Freight and carriage |
86,128 |
56,262 |
Insurance |
1,660 |
800 |
100,782 |
68,612 |
Employment costs |
||
Wages and salaries |
(67,177) |
(46,922) |
Directors remuneration |
(11,747) |
(7,800) |
(78,924) |
(54,722) |
Establishment costs |
||
Rent |
(16,000) |
(16,000) |
Rates |
(23,369) |
(6,002) |
Light, heat and power |
(1,793) |
(3,032) |
Repairs and renewals |
(3,410) |
(6,305) |
(44,572) |
(31,339) |
General administrative expenses |
||
Telephone and fax |
(3,856) |
(3,862) |
Computer software and maintenance costs |
(524) |
- |
Printing, postage and stationery |
(1,793) |
(610) |
Charitable donations |
(4,037) |
(633) |
Lease of motor vehicles (Operating leases) |
- |
(4,756) |
Discounts allowable |
(833) |
(39) |
Discounts receivable |
332 |
296 |
Motor expenses |
(5,210) |
(4,722) |
Car hire and leasing expenses (Operating leases) |
(4,752) |
- |
Travel and subsistence |
(1,310) |
(269) |
Advertising |
(5,914) |
(6,333) |
Accountancy fees |
(2,800) |
(4,600) |
(30,697) |
(25,528) |
Page 14 |
Global Tiles & Bathrooms Limited
Detailed Profit and Loss Account for the Year Ended 31 July 2017
Finance charges |
||
Bank charges |
(3,122) |
(2,758) |
Interest payable and similar expenses |
||
Bank interest payable |
- |
12 |
Foreign currency (gains)/losses |
6,267 |
2,078 |
6,267 |
2,090 |
Page 15 |