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REGISTERED NUMBER: 01051487 (England and Wales)
















































Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Tileflair Limited

Tileflair Limited (Registered number: 01051487)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Tileflair Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P J Broadhurst
Mrs L R Broadhurst
D A Brown
M T L Johnson





REGISTERED OFFICE: Highwood Lane
Cribbs Causeway
Bristol
BS34 5TQ





REGISTERED NUMBER: 01051487 (England and Wales)





AUDITORS: Mander Duffill
Chartered Accountants & Statutory Auditor
The Old Post Office
41-43 Market Place
Chippenham
Wiltshire
SN15 3HR

Tileflair Limited (Registered number: 01051487)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The company's turnover year on year decreased to £12,573,473 in 2023, a decrease of £1,066,276 from £13,639,749 in 2022.

The directors are pleased with the performance during the year despite the difficult trading conditions. The directors look to 2024 with optimism and believe the company is well placed to continue to grow, improve margins and increase market share.

The directors continue to closely monitor key performance indicators and are constantly looking for ways to improve performance.

The company's key financial and other performance indicators during the year were as follows:

2023 2022
Turnover £12,573,473 £13,639,749
Gross profit £3,383,926 £3,450,581
EBITDA £315,549 £327,533
Earnings before tax £125,923 £130,417

PRINCIPAL RISKS AND UNCERTAINTIES
The company is exposed to price risk, credit risk, liquidity risk and cashflow risk. Appropriate policies have been developed and implemented to identify, evaluate and manage key risks and the directors review key management strategies regularly.

The company is constantly looking for ways to expand its market offering and for different ways to market. It strives to ensure that its outlets provide the highest levels of customer service which will leave the company well placed to take advantage of any opportunities that may arise.

Price risk, credit risk, liquidity risk and cash flow risk
Price risk - The company is exposed to price risk as a result of its operations. However, sales prices are constantly reviewed and agreed by management to ensure sales prices reflect any fluctuating prices within the market place.

Credit risk - Before sales are made, appropriate credit checks are made on potential customers. The majority are established customers of the company, therefore the credit risk on an individual customer is limited.

Liquidity and cash flow risk - The company's exposure to liquidity risk is minimal and the company has adequate net current assets.

ON BEHALF OF THE BOARD:





P J Broadhurst - Director


15 May 2024

Tileflair Limited (Registered number: 01051487)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of retail and distribution of wall and floor tiles and associated products.

DIVIDENDS
Ordinary dividends were paid during the year of £140,000 (2022: £114,000). The directors do not recommend payment of a final dividend (2022: £Nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

P J Broadhurst
Mrs L R Broadhurst
D A Brown
M T L Johnson

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Tileflair Limited (Registered number: 01051487)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Mander Duffill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P J Broadhurst - Director


15 May 2024

Report of the Independent Auditors to the Members of
Tileflair Limited

Opinion
We have audited the financial statements of Tileflair Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Tileflair Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In planning and designing our audit tests, we identify and assess the risks of material mis-statements, whether due to fraud or error. Our risk assessment procedures included:

- Enquiries of management about the entities policies and procedures on compliance with laws and regulations and whether they were aware of any instances of noncompliance together with the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
- Enquiries of management about the entities policies and procedures on fraud risks, including any actual, suspected or alleged fraud.
- Considered the nature of the industry and sector, control environment and business performance including the key drivers for directors' remuneration, bonus levels and performance targets.
- Reading minutes of meetings of those charged with governance.

We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Report of the Independent Auditors to the Members of
Tileflair Limited


We obtained an understanding of the legal and regulatory frameworks that the entity operates in, through discussions with the director, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statement or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls including the following:

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Enquiry of management concerning actual and potential litigation and claims.
- Reviewing correspondence with HMRC, and the company's legal advisors.
- Addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether judgements made in making accounting estimates are indicative of a potential bias, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Julian Duffill FCA (Senior Statutory Auditor)
for and on behalf of Mander Duffill
Chartered Accountants & Statutory Auditor
The Old Post Office
41-43 Market Place
Chippenham
Wiltshire
SN15 3HR

23 May 2024

Tileflair Limited (Registered number: 01051487)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 4 12,573,473 13,639,749

Cost of sales 9,189,547 10,189,168
GROSS PROFIT 3,383,926 3,450,581

Administrative expenses 3,426,065 3,375,353
(42,139 ) 75,228

Other operating income 5 192,752 74,217
OPERATING PROFIT 8 150,613 149,445

Interest receivable and similar income 8,565 1,319
159,178 150,764

Interest payable and similar expenses 10 33,255 20,347
PROFIT BEFORE TAXATION 125,923 130,417

Tax on profit 11 31,375 36,883
PROFIT FOR THE FINANCIAL YEAR 94,548 93,534

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

94,548

93,534

Tileflair Limited (Registered number: 01051487)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 13 806,601 785,055
Investments 14 840 840
Investment property 15 300,000 300,000
1,107,441 1,085,895

CURRENT ASSETS
Stocks 16 1,313,067 1,557,524
Debtors 17 7,464,524 7,652,500
Cash at bank and in hand 540,819 538,114
9,318,410 9,748,138
CREDITORS
Amounts falling due within one year 18 1,792,906 2,177,847
NET CURRENT ASSETS 7,525,504 7,570,291
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,632,945

8,656,186

CREDITORS
Amounts falling due after more than one
year

19

(532,219

)

(525,279

)

PROVISIONS FOR LIABILITIES 23 (108,620 ) (93,349 )
NET ASSETS 7,992,106 8,037,558

CAPITAL AND RESERVES
Called up share capital 24 60,000 60,000
Revaluation reserve 25 482,459 482,459
Retained earnings 25 7,449,647 7,495,099
SHAREHOLDERS' FUNDS 7,992,106 8,037,558

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2024 and were signed on its behalf by:





P J Broadhurst - Director


Tileflair Limited (Registered number: 01051487)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 60,000 7,475,540 522,484 8,058,024

Changes in equity
Dividends - (114,000 ) - (114,000 )
Total comprehensive income - 93,534 - 93,534
Transfer - 40,025 (40,025 ) -
Balance at 31 December 2022 60,000 7,495,099 482,459 8,037,558

Changes in equity
Dividends - (140,000 ) - (140,000 )
Total comprehensive income - 94,548 - 94,548
Balance at 31 December 2023 60,000 7,449,647 482,459 7,992,106

Tileflair Limited (Registered number: 01051487)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Tileflair Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The directors have reviewed projections for the next twelve months and consider the company to be able to continue as a going concern. The company has performed well during the year and the directors believe the company is well placed to perform well in 2024.

Based upon the information available to the directors at the date of approval of the financial statements, the directors consider it appropriate to continue to adopt the going concern basis in preparing these financial statements and that the company has adequate resources to continue to trade for the foreseeable future being twelve months from approval of these financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

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 comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of 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.

Tileflair Limited (Registered number: 01051487)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and buildings-2.5% reducing balance
Leasehold land and buildings-Over the term of the lease
Leasehold improvements-20% - 33% straight line
Furniture, fixtures and fittings-20% - 30% straight line
Computer equipment-25% - 50% straight line
Motor vehicles-30% straight line
Commercial vehicles-20% straight line

Tangible assets are stated in the balance sheet at cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Tangible assets held at valuation are revalued with sufficient regularity such that the carrying amount does not differ materially for that which would be determined using fair values at the balance sheet date.

The cost of tangible assets includes directly attributable incremental costs incurred in their aquisition and installation.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 sell. Cost is determined using the average cost (AVCO) method using standard cost.

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 and loss.

Tileflair Limited (Registered number: 01051487)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group 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 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.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Finance income and costs
Interest income and expenses are recognised using the effective interest rate method.

Tileflair Limited (Registered number: 01051487)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Having given due consideration to estimates and assumptions that form part of the carrying amounts of assets and liabilities within the financial statements, the directors are of the opinion that significant judgements relate to the valuation of the investment property, valuation of stock and recoverability of debtors.

Furthermore, the directors believe that lease dilapidations are an area of judgement significant to the financial statements, but do not consider the potential effect material.



4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 12,472,412 13,536,381
Outside the UK 101,061 103,368
12,573,473 13,639,749

5. OTHER OPERATING INCOME
31.12.23 31.12.22
£    £   
Rents received 62,000 62,000
Sundry receipts 130,752 12,217
192,752 74,217

6. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 2,444,007 2,458,617
Social security costs 241,756 247,262
Other pension costs 121,846 114,775
2,807,609 2,820,654

Tileflair Limited (Registered number: 01051487)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.23 31.12.22

Sales, admin and support 83 86

7. DIRECTORS' EMOLUMENTS
31.12.23 31.12.22
£    £   
Directors' remuneration 162,579 180,419
Directors' pension contributions to money purchase schemes 47,618 43,907

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

8. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Depreciation - owned assets 156,764 187,061
Profit on disposal of fixed assets (396 ) (10,293 )
Foreign exchange differences 4,746 (42,807 )
Operating lease expense 980,044 1,019,009

9. AUDITORS' REMUNERATION
31.12.23 31.12.22
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

12,000

11,500
Auditors' remuneration for non audit work 2,746 3,523

10. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 33,255 20,347

Tileflair Limited (Registered number: 01051487)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 16,104 30,544
Prior year tax adjustment - 3,315
Total current tax 16,104 33,859

Deferred tax 15,271 3,024
Tax on profit 31,375 36,883

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 125,923 130,417
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

31,481

24,779

Effects of:
Expenses not deductible for tax purposes 975 2,256
Adjustments to tax charge in respect of previous periods - 3,315
to changes in tax rate laws
group relief
Other tax effects for rec between accounting profit and tax expense (income)
2,005

6,533
Marginal tax relief adjustment (3,086 ) -
Total tax charge 31,375 36,883

12. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary shares of £1 each shares of £1 each
Interim 140,000 114,000

Tileflair Limited (Registered number: 01051487)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. TANGIBLE FIXED ASSETS
Furniture,
fixtures
Freehold Long and Motor
property leasehold fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 510,000 855,241 1,997,161 266,875 3,629,277
Additions - - 130,610 77,054 207,664
Disposals - - - (64,013 ) (64,013 )
Reclassification/transfer - - 1,315 (364 ) 951
At 31 December 2023 510,000 855,241 2,129,086 279,552 3,773,879
DEPRECIATION
At 1 January 2023 - 785,008 1,899,288 159,926 2,844,222
Charge for year - 70,233 50,015 36,516 156,764
Eliminated on disposal - - - (34,659 ) (34,659 )
Reclassification/transfer - - (1,162 ) 2,113 951
At 31 December 2023 - 855,241 1,948,141 163,896 2,967,278
NET BOOK VALUE
At 31 December 2023 510,000 - 180,945 115,656 806,601
At 31 December 2022 510,000 70,233 97,873 106,949 785,055

Revaluation
The fair value of the company's land and buildings was revalued on 31 August 2021 by an independent valuer.

The valuation advice was prepared in accordance with the RICS valuation - Professional Standards incorporating the International Valuation Standards Global and UK edition (July 2021).

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £169,307 (2022: £176,115).

Restriction on title and pledged as security
Freehold property with a carrying amount of £510,000 (2022: £510,000) has been pledged as security for the bank loan held during the year.

Cost or valuation at 31 December 2023 is represented by:

Furniture,
fixtures
Freehold Long and Motor
property leasehold fittings vehicles Totals
£    £    £    £    £   
Valuation in 2021 150,000 - - - 150,000
Valuation in 2012 84,114 - - - 84,114
Cost 275,886 855,241 2,129,086 279,552 3,539,765
510,000 855,241 2,129,086 279,552 3,773,879

Tileflair Limited (Registered number: 01051487)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

14. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 840
NET BOOK VALUE
At 31 December 2023 840
At 31 December 2022 840

15. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 300,000
NET BOOK VALUE
At 31 December 2023 300,000
At 31 December 2022 300,000

The freehold investment property held is included at fair value adjusted for the professional valuation carried out by ETP Property Consultants LLP. The valuation was carried out by qualified Royal Institute of Chartered Surveyors valuers. The valuation of the investment property has been deemed to be £300,000 per the professional valuation.

The investment property has been pledged as security for the bank loan held during the year.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2021 246,537
Cost 53,463
300,000

16. STOCKS
31.12.23 31.12.22
£    £   
Stocks 1,313,067 1,557,524

Stocks are stated after provision for impairment of £158,442 (2022: £212,702).

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 458,110 658,178
Amounts owed by group undertakings 6,601,849 6,601,849
Other debtors 1,405 552
Prepayments 403,160 391,921
7,464,524 7,652,500

Tileflair Limited (Registered number: 01051487)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Trade debtors are stated after provision for impairment of £22,032 (2022: £25,023).

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 20) 23,703 22,362
Hire purchase contracts (see note 21) 25,674 60,566
Trade creditors 1,080,523 1,229,342
Corporation tax 16,104 30,544
Social security and other taxes 70,377 72,856
VAT 235,772 299,248
Other creditors 253,690 376,524
Accrued expenses 87,063 86,405
1,792,906 2,177,847

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 20) 434,049 457,325
Hire purchase contracts (see note 21) 98,170 67,954
532,219 525,279

20. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 23,703 22,362

Amounts falling due between one and two years:
Bank loans - 1-2 years 25,237 23,730

Amounts falling due between two and five years:
Bank loans - 2-5 years 85,946 80,814

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 322,866 352,781

Tileflair Limited (Registered number: 01051487)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 25,674 60,566
Between one and five years 98,170 67,954
123,844 128,520

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 869,934 950,303
Between one and five years 2,056,845 2,279,506
In more than five years 1,821,784 2,230,238
4,748,563 5,460,047

The amount of non-cancellable operating lease payments recognised as an expense during the year was £980,044 (2022: £1,019,009).

22. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 457,752 479,687
Hire purchase contracts 123,844 128,520
581,596 608,207

The bank term loan is secured by a debenture and a £550,000 inter-company composite guarantee with accession between Tileflair Limited and its parent company, Tileflair Group Limited, including a first legal charge over all properties held by the group. Interest is accruing at 2.29% above the base rate set by the Bank of England. They are denominated in GBP and the final installment is due 180 months after the loan is drawn down.

Hire purchase contracts are secured on the assets to which they relate.

23. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 108,620 93,349

Tileflair Limited (Registered number: 01051487)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

23. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 93,349
Charge to Statement of Comprehensive Income during year 15,271
Balance at 31 December 2023 108,620

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
60,000 Ordinary shares of £1 each £1 60,000 60,000

25. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 7,495,099 482,459 7,977,558
Profit for the year 94,548 94,548
Dividends (140,000 ) (140,000 )
At 31 December 2023 7,449,647 482,459 7,932,106

26. PENSION COMMITMENTS

The company participates in a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £121,846 (2022: £114,775),

Contributions totalling £22,921 (2022: £22,428) were payable to the scheme at the end of the year and are included in creditors.

27. ULTIMATE PARENT COMPANY

Tileflair Group Limited is regarded by the directors as being the company's ultimate parent company.

The registered office address of Tileflair Group Limited is Highwood Lane, Cribbs Causeway, Bristol, BS34 5TQ.

Tileflair Group Limited is the largest and smallest group for which consolidated financial statements are drawn up of which the company is a member. The financial statements are available from the registered office address.

28. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tileflair Limited (Registered number: 01051487)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

28. RELATED PARTY DISCLOSURES - continued

Summary of transactions with other related parties
The company leases a property from certain directors under a 15 year lease on a commercial basis.

During the year, the company received supplier rebates of £75,123 (2022 - £102,119) from a buying group which represents independent tile distributors in the United Kingdom, in which it owns a 12.5% shareholding.

29. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the directors by virtue of their shareholdings in Tileflair Group Limited.

30. FINANCIAL GUARANTEES

An unlimited cross-company composite guarantee was in force during the current and preceding period as security for the bank term loan.