Company Registration No. 04151664 (England and Wales)
Tiles & Baths Direct Limited
Unaudited accounts
for the year ended 30 April 2023
Tiles & Baths Direct Limited
Unaudited accounts
Contents
Tiles & Baths Direct Limited
Company Information
for the year ended 30 April 2023
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 2023
Tangible assets
579,935
824,950
Inventories
933,730
1,075,204
Debtors
1,941,957
2,226,258
Cash at bank and in hand
1,554,607
1,526,235
Creditors: amounts falling due within one year
(2,514,255)
(3,121,265)
Net current assets
1,916,039
1,706,432
Total assets less current liabilities
2,495,974
2,531,382
Creditors: amounts falling due after more than one year
(281,667)
(383,130)
Provisions for liabilities
Deferred tax
(107,330)
(153,255)
Net assets
2,106,977
1,994,997
Called up share capital
2
2
Profit and loss account
2,106,975
1,994,995
Shareholders' funds
2,106,977
1,994,997
For the year ending 30 April 2023 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 17 November 2023 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 2023
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% reducing balance basis
Motor vehicles
15% reducing balance basis
Fixtures & fittings
10% straight line basis
Computer equipment
15% reducing balance 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 2023
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.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 May 2022
47,083
9,375
2,597,305
198,106
2,851,869
Additions
-
17,900
-
5,608
23,508
At 30 April 2023
47,083
27,275
2,597,305
203,714
2,875,377
At 1 May 2022
38,508
2,601
1,807,461
178,349
2,026,919
Charge for the year
1,286
3,701
259,731
3,805
268,523
At 30 April 2023
39,794
6,302
2,067,192
182,154
2,295,442
At 30 April 2023
7,289
20,973
530,113
21,560
579,935
At 30 April 2022
8,575
6,774
789,844
19,757
824,950
Tiles & Baths Direct Limited
Notes to the Accounts
for the year ended 30 April 2023
Amounts falling due within one year
Trade debtors
117,235
356,529
Amounts due from group undertakings etc.
846,186
1,011,316
Accrued income and prepayments
9,031
17,931
Other debtors
969,505
840,482
Amounts due after more than one year
821,804
987,639
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
130,000
158,537
Trade creditors
440,946
526,715
Taxes and social security
305,483
268,644
Other creditors
1,451,278
1,716,388
Loans from directors
3,124
290,324
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
281,667
383,130
8
Deferred taxation
2023
2022
Accelerated capital allowances
107,330
153,255
Provision at start of year
153,255
170,896
Credited to the profit and loss account
(45,925)
(17,641)
Provision at end of year
107,330
153,255
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 2023
10
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.
Key management compensation for the year amounted to £412,263 (2022 - £328,429).
At the Balance Sheet date, the Company was owed an amount in the sum of £23,677 (2022 - £23,677) 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 £822,704 (2022 - £645,080) 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 (2022 - £342,559) 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.
During the year the Company leased the business premises in the sum of £198,000 (2022 - £198,000) from TBK Tiles Factory Outlet Ltd, a company in which Mr S Joel is also a director and shareholder.
During the year the Company leased the business premises in the sum of £120,000 (2022 - £Nil) 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.
12
Average number of employees
During the year the average number of employees was 16 (2022: 16).