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COMPANY REGISTRATION NUMBER: 13033923
THE TILEPORTFOLIO LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
THE TILEPORTFOLIO LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
10,638
14,000
CURRENT ASSETS
Stocks
23,239
23,957
Debtors
6
1,225
4,145
Cash at bank and in hand
23,926
29,901
--------
--------
48,390
58,003
CREDITORS: amounts falling due within one year
7
93,661
105,140
--------
---------
NET CURRENT LIABILITIES
45,271
47,137
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 34,633)
( 33,137)
--------
--------
NET LIABILITIES
( 34,633)
( 33,137)
--------
--------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
( 34,733)
( 33,237)
--------
--------
SHAREHOLDERS DEFICIT
( 34,633)
( 33,137)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE TILEPORTFOLIO LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 16 October 2024 , and are signed on behalf of the board by:
Mrs J M Gilhooly
Director
Company registration number: 13033923
THE TILEPORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Headlands House, 1 Kings Court, Kettering Parkway, Kettering, Northants, NN15 6WJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from the director and creditors. On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
33 1/3% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
2,076
12,925
4,000
1,243
20,244
Additions
462
462
-------
--------
-------
-------
--------
At 31 March 2024
2,076
12,925
4,000
1,705
20,706
-------
--------
-------
-------
--------
Depreciation
At 1 April 2023
663
3,752
1,000
829
6,244
Charge for the year
212
2,293
750
569
3,824
-------
--------
-------
-------
--------
At 31 March 2024
875
6,045
1,750
1,398
10,068
-------
--------
-------
-------
--------
Carrying amount
At 31 March 2024
1,201
6,880
2,250
307
10,638
-------
--------
-------
-------
--------
At 31 March 2023
1,413
9,173
3,000
414
14,000
-------
--------
-------
-------
--------
6. DEBTORS
2024
2023
£
£
Trade debtors
710
3,940
Other debtors
515
205
-------
-------
1,225
4,145
-------
-------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
252
3,088
Social security and other taxes
4,717
7,621
Other creditors
88,692
94,431
--------
---------
93,661
105,140
--------
---------
8. RELATED PARTY TRANSACTIONS
During the year the company undertook the following transactions with related parties: The director has advanced monies to the company. At 31 March 2024 the amount due from the company was £84,949 (2023 - £91,446). This loan is unsecured and interest free.
9. GOING CONCERN
The director has considered the period to 31 October 2025 when assessing the company's ability to continue as a going concern. It is believed that the company will either be able to satisfy its liabilities as these become payable, or alternatively will be sold as a going concern.