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Registration number: 05606418

Tarlton Tiling Company Limited

Unaudited Abridged Financial Statements

(Companies House version)

for the Year Ended 31 March 2023

 

Tarlton Tiling Company Limited

Contents

Accountants' Report

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Tarlton Tiling Company Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Tarlton Tiling Company Limited for the year ended 31 March 2023 as set out on pages 2 to 7 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 Tarlton Tiling Company 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 Tarlton Tiling Company Limited and state those matters that we have agreed to state to the Board of Directors of Tarlton Tiling Company 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 Tarlton Tiling Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Tarlton Tiling Company 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 loss of Tarlton Tiling Company Limited. You consider that Tarlton Tiling Company 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 Tarlton Tiling Company 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.

......................................

Page Kirk LLP
Chartered Accountants
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

9 October 2023

 

Tarlton Tiling Company Limited

(Registration number: 05606418)
Abridged Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

5

 

197

 

7,320

Current assets

   

 

Stocks

5,000

 

20,700

 

Debtors

71,702

 

76,630

 

Cash at bank and in hand

 

10,454

 

4,125

 

 

87,156

 

101,455

 

Creditors: Amounts falling due within one year

(64,519)

 

(26,306)

 

Net current assets

   

22,637

 

75,149

Total assets less current liabilities

   

22,834

 

82,469

Creditors: Amounts falling due after more than one year

 

(10,000)

 

(16,218)

Provisions for liabilities

 

-

 

(1,383)

Net assets

   

12,834

 

64,868

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

12,734

 

64,768

 

Total equity

   

12,834

 

64,868

 

Tarlton Tiling Company Limited

(Registration number: 05606418)
Abridged Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 9 October 2023 and signed on its behalf by:
 

.........................................

Mr R D Tarlton

Director

 

Tarlton Tiling Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sherwood House
7 Gregory Boulevard
NottinghamNG7 6LB

These financial statements were authorised for issue by the Board on 9 October 2023.

2

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.

Basis of preparation of financial statements

These financial statements were prepared under the historical cost convention in accordance with applicable United Kingdom accounting standards, including the Financial Reporting Standard 102 ('FRS 102') Section 1A small entities, and with the Companies Act 2006.

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.

Government grants

Government grants have been accounted for under the accruals basis.

 

Tarlton Tiling Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
 

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years (see goodwill note)

 

Tarlton Tiling Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

During the year, the average number of employees at the company was 5 (2022 - 5).

 

Tarlton Tiling Company Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

50,000

50,000

At 31 March 2023

50,000

50,000

Amortisation

At 1 April 2022

50,000

50,000

At 31 March 2023

50,000

50,000

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

2,498

27,765

30,263

Disposals

-

(15,895)

(15,895)

At 31 March 2023

2,498

11,870

14,368

Depreciation

At 1 April 2022

2,401

20,542

22,943

Eliminated on disposal

-

(8,772)

(8,772)

At 31 March 2023

2,401

11,770

14,171

Carrying amount

At 31 March 2023

97

100

197

At 31 March 2022

97

7,223

7,320