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Company Registration No. 11085091 (England and Wales)
TBK Tiles Factory Outlet Limited Unaudited accounts for the year ended 30 April 2023
TBK Tiles Factory Outlet Limited Unaudited accounts Contents
Page
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TBK Tiles Factory Outlet Limited Company Information for the year ended 30 April 2023
Director
Mr S Joel
Company Number
11085091 (England and Wales)
Registered Office
Churchill House, Suite 112 120 Bunns Lane London Mill Hill NW7 2AS United Kingdom
Accountants
Platts Churchill House, Suite 112 120 Bunns Lane Mill Hill London NW7 2AS
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TBK Tiles Factory Outlet Limited Statement of financial position as at 30 April 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
25,182 
37,773 
Tangible assets
298,657 
331,856 
323,839 
369,629 
Current assets
Inventories
263,778 
339,071 
Debtors
94,211 
82,074 
Cash at bank and in hand
382,361 
258,672 
740,350 
679,817 
Creditors: amounts falling due within one year
(369,245)
(305,115)
Net current assets
371,105 
374,702 
Total assets less current liabilities
694,944 
744,331 
Creditors: amounts falling due after more than one year
(28,333)
(380,892)
Net assets
666,611 
363,439 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
666,511 
363,339 
Shareholders' funds
666,611 
363,439 
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. 11085091
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TBK Tiles Factory Outlet Limited Notes to the Accounts for the year ended 30 April 2023
1
Statutory information
TBK Tiles Factory Outlet Limited is a private company, limited by shares, registered in England and Wales, registration number 11085091. The registered office is Churchill House, Suite 112, 120 Bunns Lane , London, Mill Hill, NW7 2AS, United Kingdom.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Pension costs
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.
Intangible fixed assets
Website Development is stated at cost less accumulated amortisation and accumulated impairment losses. Website Development is amortised over its estimated useful life, of five years, on a straight line basis. Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
15% Straight Line Basis (Short Leasehold)
Fixtures & fittings
15% Reducing Balance Basis
Inventories
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.
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TBK Tiles Factory Outlet Limited Notes to the Accounts for the year ended 30 April 2023
Government grants
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
Intangible fixed assets
Other 
£ 
Cost
At 1 May 2022
62,955 
At 30 April 2023
62,955 
Amortisation
At 1 May 2022
25,182 
Charge for the year
12,591 
At 30 April 2023
37,773 
Net book value
At 30 April 2023
25,182 
At 30 April 2022
37,773 
5
Tangible fixed assets
Land & buildings 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 May 2022
433,265 
59,111 
492,376 
At 30 April 2023
433,265 
59,111 
492,376 
Depreciation
At 1 May 2022
130,176 
30,344 
160,520 
Charge for the year
28,884 
4,315 
33,199 
At 30 April 2023
159,060 
34,659 
193,719 
Net book value
At 30 April 2023
274,205 
24,452 
298,657 
At 30 April 2022
303,089 
28,767 
331,856 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
40,313 
14,082 
Accrued income and prepayments
48,167 
62,456 
Other debtors
5,731 
5,536 
94,211 
82,074 
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TBK Tiles Factory Outlet Limited Notes to the Accounts for the year ended 30 April 2023
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
10,000 
10,000 
VAT
28,460 
36,183 
Trade creditors
89,177 
36,702 
Taxes and social security
91,864 
76,992 
Other creditors
140,072 
123,504 
Accruals
9,672 
21,734 
369,245 
305,115 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
28,333 
38,333 
Other creditors
- 
342,559 
28,333 
380,892 
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
10
Operating lease commitments
2023 
2022 
£ 
£ 
At 30 April 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
264,000 
264,000 
Later than one year and not later than five years
1,188,000 
1,152,000 
Later than five years
1,400,000 
1,700,000 
2,852,000 
3,116,000 
11
Transactions with related parties
Included in Others Creditors falling due after more than one year is the sum of £Nil (2022 - £342,559) owed at the Balance Sheet date to Tiles & Baths Direct Limited, a company in which Mr S Joel is a director and ultimate shareholder and which is interest free. During the year, the company received rent for business premises in the sum of £198,000 (2022 - £198,000) from Tiles & Baths Direct Limited, a company in which Mr S Joel is also a director and shareholder. At the Balance Sheet date, included in Other Debtors, the company was owed an amount in the sum of £1,946 (2022 - £1,946) from TBK Tiles Ltd, a Company in which Mr S Joel is a Director and Shareholder and which is interest free and repayable on demand.
12
Average number of employees
During the year the average number of employees was 5 (2022: 5).
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