Company registration number 13195587 (England and Wales)
HONITON TILE AND BATHROOM LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HONITON TILE AND BATHROOM LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HONITON TILE AND BATHROOM LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
60,956
79,719
Current assets
Stocks
47,875
49,353
Debtors
4
127,816
81,211
Cash at bank and in hand
16,006
18,563
191,697
149,127
Creditors: amounts falling due within one year
5
(151,771)
(175,039)
Net current assets/(liabilities)
39,926
(25,912)
Total assets less current liabilities
100,882
53,807
Creditors: amounts falling due after more than one year
6
(70,063)
(72,339)
Net assets/(liabilities)
30,819
(18,532)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
30,817
(18,534)
Total equity
30,819
(18,532)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

HONITON TILE AND BATHROOM LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
Mr A S Vatter
Mr S C Vatter
Director
Director
Company registration number 13195587 (England and Wales)
HONITON TILE AND BATHROOM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Honiton Tile and Bathroom Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Gloucester Court, Gloucester Close, Heathpark Industrial Estate, Honiton, Devon, EX14 1SJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4% on cost
Plant and equipment
15% on net book value
Fixtures and fittings
15% on net book value
Computers
33% on cost
Motor vehicles
25% on net book value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.5
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

HONITON TILE AND BATHROOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
5
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
1,169
91,219
92,388
Additions
-
0
365
365
At 31 December 2023
1,169
91,584
92,753
Depreciation and impairment
At 1 January 2023
47
12,622
12,669
Depreciation charged in the year
47
19,081
19,128
At 31 December 2023
94
31,703
31,797
Carrying amount
At 31 December 2023
1,075
59,881
60,956
At 31 December 2022
1,122
78,597
79,719
HONITON TILE AND BATHROOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
121,916
81,211
Other debtors
5,900
-
0
127,816
81,211
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
12,884
10,023
Trade creditors
112,148
112,705
Taxation and social security
7,671
4,005
Other creditors
19,068
48,306
151,771
175,039

Included within other creditors is a hire purchase liability of £8,896 (2022: £13,005). Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
26,162
24,121
Other creditors
43,901
48,218
70,063
72,339

Included within other creditors is a hire purchase liability of £43,901 (2022: £48,218). Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
13,361
-
HONITON TILE AND BATHROOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
One director
2.25
(10,896)
16,796
5,900
(10,896)
16,796
5,900

The aforementioned advances are interest free, unsecured and repayable on demand.

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