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Registration number: 07051076

In 2 Tiles Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

In 2 Tiles Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

In 2 Tiles Limited

Company Information

Directors

Mr D Berry

Mr Robinson

Registered office

4 Stakes Hill Road
Waterlooville
Hampshire
PO7 7HY

Accountants

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

In 2 Tiles Limited

(Registration number: 07051076)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

500

Tangible assets

5

532,085

316,337

 

532,085

316,837

Current assets

 

Stocks

6

45,000

51,000

Debtors

7

4,105

11,254

Cash at bank and in hand

 

938

5,740

 

50,043

67,994

Creditors: Amounts falling due within one year

8

(213,014)

(208,750)

Net current liabilities

 

(162,971)

(140,756)

Total assets less current liabilities

 

369,114

176,081

Creditors: Amounts falling due after more than one year

8

(234,334)

(296,158)

Provisions for liabilities

(70,334)

-

Net assets/(liabilities)

 

64,446

(120,077)

Capital and reserves

 

Called up share capital

9

2

2

Revaluation reserve

255,000

-

Retained earnings

(190,556)

(120,079)

Shareholders' funds/(deficit)

 

64,446

(120,077)

 

In 2 Tiles Limited

(Registration number: 07051076)
Balance Sheet as at 30 April 2023

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

.........................................
Mr D Berry
Director

 

In 2 Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
4 Stakes Hill Road
Waterlooville
Hampshire
PO7 7HY
England

These financial statements were authorised for issue by the Board on 20 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants relating to revenue expenditure are recognised in income over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

 

In 2 Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Freehold property

not depreciated

Plant and machinery

20% reducing balance basis

Fixtures and fittings

20% straight line basis

Motor vehicles

10% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

In 2 Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Amortisation

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

Asset class

Amortisation method and rate

Goodwill

over 10 years

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.

Trade debtors

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

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

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

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

 

In 2 Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

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

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

In 2 Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

5,000

5,000

At 30 April 2023

5,000

5,000

Amortisation

At 1 May 2022

4,500

4,500

Amortisation charge

500

500

At 30 April 2023

5,000

5,000

Carrying amount

At 30 April 2023

-

-

At 30 April 2022

500

500

 

In 2 Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

245,000

27,100

75,922

348,022

Revaluations

255,000

-

-

255,000

Additions

-

1,967

-

1,967

Disposals

-

-

(39,672)

(39,672)

At 30 April 2023

500,000

29,067

36,250

565,317

Depreciation

At 1 May 2022

-

22,351

9,334

31,685

Charge for the year

-

3,993

3,263

7,256

Eliminated on disposal

-

-

(5,709)

(5,709)

At 30 April 2023

-

26,344

6,888

33,232

Carrying amount

At 30 April 2023

500,000

2,723

29,362

532,085

At 30 April 2022

245,000

4,749

66,588

316,337

Included within the net book value of land and buildings above is £500,000 (2022 - £245,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Land and buildings was revalued on 30 April 2023. An independent valuer was not involved.
The valuation of land and buildings represents the director's assessment following consultation with professional advisors with knowledge and experience of commercal property valuations..
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £245,000 (2022 - £245,000).

6

Stocks

2023
£

2022
£

Other inventories

45,000

51,000

 

In 2 Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

4,105

10,971

Prepayments

-

283

 

4,105

11,254

 

In 2 Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

4,215

17,511

Trade creditors

 

6,464

29,141

Amounts owed to group undertakings and undertakings in which the company has a participating interest

18,934

40,778

Taxation and social security

 

10,408

8,884

Accruals and deferred income

 

5,650

3,150

Other creditors

 

167,343

109,286

 

213,014

208,750

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

234,334

296,158

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

255,000

255,000

 

In 2 Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

214,229

247,031

Hire purchase contracts

20,105

49,127

234,334

296,158

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

4,215

17,511