Company registration number 04397343 (England and Wales)
GLOBAL TILES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
GLOBAL TILES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GLOBAL TILES LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
532,229
533,329
Investments
5
75
75
532,304
533,404
Current assets
Stocks
140,881
171,086
Debtors
7
19,125
56,363
Investments
8
63,919
54,759
Cash at bank and in hand
274,288
369,741
498,213
651,949
Creditors: amounts falling due within one year
9
(53,537)
(164,454)
Net current assets
444,676
487,495
Total assets less current liabilities
976,980
1,020,899
Creditors: amounts falling due after more than one year
10
(5,839)
(11,678)
Provisions for liabilities
11
(26,239)
(24,221)
Net assets
944,902
985,000
Capital and reserves
Called up share capital
12
90
90
Capital redemption reserve
13
10
10
Profit and loss reserves
944,802
984,900
Total equity
944,902
985,000
GLOBAL TILES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 3 October 2024
Mr D.A. Parrish
Director
Company registration number 04397343 (England and Wales)
GLOBAL TILES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Global Tiles Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 & 3, Eagles Farm Road, Mochdre Business Park, Colwyn Bay, Conwy, LL28 5HF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Plant and machinery
20% reducing balance
Computer equipment
25% on cost
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stock is valued at the lower of cost and net realisable value.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GLOBAL TILES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.7
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
9
GLOBAL TILES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
75,000
Amortisation and impairment
At 1 May 2023 and 30 April 2024
75,000
Carrying amount
At 30 April 2024
At 30 April 2023
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
610,292
225,736
836,028
Additions
49,681
49,681
Disposals
(18,984)
(18,984)
At 30 April 2024
610,292
256,433
866,725
Depreciation and impairment
At 1 May 2023
185,493
117,206
302,699
Depreciation charged in the year
12,206
29,524
41,730
Eliminated in respect of disposals
(9,933)
(9,933)
At 30 April 2024
197,699
136,797
334,496
Carrying amount
At 30 April 2024
412,593
119,636
532,229
At 30 April 2023
424,799
108,530
533,329
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
75
75
6
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
GLOBAL TILES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Subsidiaries
(Continued)
- 6 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
The Global Design Studio Ltd
UK
Ordinary
75.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
The Global Design Studio Ltd
110,077
74,444
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14,465
26,866
Amounts owed by group undertakings
2,337
5,446
Other debtors
2,323
24,051
19,125
56,363
8
Current asset investments
2024
2023
£
£
Other investments
63,919
54,759
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
24,631
86,046
Other taxation and social security
9,831
31,274
Other creditors
19,075
47,134
53,537
164,454
10
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases
5,839
11,678
The net amount of creditors for which security has been given amounted to £11,678 (2023 - £17,912) they are secured against the assets they relate to.
GLOBAL TILES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
11
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
26,239
24,221
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
90
90
90
90
13
Capital redemption reserve
2024
2023
£
£
At beginning and end of year
10
10
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
4,634