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Registration number: 04207391

Frome Tile Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Frome Tile Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Frome Tile Limited

(Registration number: 04207391)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,115

3,850

Tangible assets

5

311

-

 

3,426

3,850

Current assets

 

Stocks

6

135,112

136,459

Debtors

7

45,791

76,583

Cash at bank and in hand

 

57,057

44,299

 

237,960

257,341

Creditors: Amounts falling due within one year

8

(174,210)

(169,365)

Net current assets

 

63,750

87,976

Total assets less current liabilities

 

67,176

91,826

Creditors: Amounts falling due after more than one year

8

(32,870)

(37,432)

Net assets

 

34,306

54,394

Capital and reserves

 

Called up share capital

102

102

Retained earnings

34,204

54,292

Shareholders' funds

 

34,306

54,394

For the financial year ending 30 June 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.

 

Frome Tile Limited

(Registration number: 04207391)
Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 26 October 2023 and signed on its behalf by:
 

.........................................
C Doolan
Director

 

Frome Tile Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
7a King Street
Frome
Somerset
BA11 1BH

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

 

Frome Tile Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on cost

Plant and machinery etc

25% and 33% on cost

Intangible assets

Intangible assets are measured at cost less cumulative amortisation and any accumulative impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Stamp Duty Land Tax

10% on cost

Lease Premium

over term of lease

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Frome Tile Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 7).

 

Frome Tile Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2022

5,700

5,700

At 30 June 2023

5,700

5,700

Amortisation

At 1 July 2022

1,850

1,850

Amortisation charge

735

735

At 30 June 2023

2,585

2,585

Net book value

At 30 June 2023

3,115

3,115

At 30 June 2022

3,850

3,850

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

72,214

23,626

95,840

Additions

415

-

415

Disposals

(8,565)

-

(8,565)

At 30 June 2023

64,064

23,626

87,690

Depreciation

At 1 July 2022

72,214

23,626

95,840

Charge for the year

104

-

104

Eliminated on disposal

(8,565)

-

(8,565)

At 30 June 2023

63,753

23,626

87,379

Net book value

At 30 June 2023

311

-

311

 

Frome Tile Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

6

Stocks

2023
£

2022
£

Stock

135,112

136,459

7

Debtors

2023
£

2022
£

Trade debtors

28,521

72,716

Prepayments

17,270

-

Other debtors

-

3,867

45,791

76,583

8

Creditors

Amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

5,556

6,550

Trade creditors

 

129,933

106,611

Taxation and social security

 

18,766

15,183

Other creditors

 

17,823

21,845

Corporation tax

 

2,132

19,176

 

174,210

169,365

Amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

32,870

37,432

 

Frome Tile Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

32,870

37,432

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,556

6,550

Bank borrowings

Corona Bounce Back loan is denominated in with a nominal interest rate of 2.5%, and the final instalment is due on 1 May 2026. The carrying amount at year end is £38,426 (2022 - £43,982).

The loan has been secured by personal guarantees from one of the directors.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £302,475 (2022 - £314,911).