REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Tileflair Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants & Statutory Auditor |
The Old Post Office |
41-43 Market Place |
Chippenham |
Wiltshire |
SN15 3HR |
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 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(42,139 | ) | 75,228 |
Other operating income | 5 |
OPERATING PROFIT | 8 |
Interest receivable and similar income |
159,178 | 150,764 |
Interest payable and similar expenses | 10 |
PROFIT BEFORE TAXATION |
Tax on profit | 11 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Tileflair Limited (Registered number: 01051487) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 13 |
Investments | 14 |
Investment property | 15 |
CURRENT ASSETS |
Stocks | 16 |
Debtors | 17 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 18 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
19 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 23 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 24 |
Revaluation reserve | 25 |
Retained earnings | 25 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Outside the UK | 101,061 | 103,368 |
5. | OTHER OPERATING INCOME |
31.12.23 | 31.12.22 |
£ | £ |
Rents received |
Sundry receipts | 130,752 | 12,217 |
192,752 | 74,217 |
6. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
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 |
7. | DIRECTORS' EMOLUMENTS |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
8. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Foreign exchange differences | ( |
) |
Operating lease expense |
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 |
10. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Bank interest |
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 |
Prior year tax adjustment | - | 3,315 |
Total current tax |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
15. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
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 |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
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) |
Hire purchase contracts (see note 21) |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 235,772 | 299,248 |
Other creditors |
Accrued expenses |
19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans (see note 20) |
Hire purchase contracts (see note 21) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Between one and five years |
Non-cancellable | operating leases |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 |
Hire purchase contracts | 123,844 | 128,520 |
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 |
Charge to Statement of Comprehensive Income during year |
Balance at 31 December 2023 |
24. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
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. |