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Registration number: 10013903

Tile Emporium Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Tile Emporium Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Tile Emporium Ltd

Company Information

Director

Mr K Iona

Registered office

Unit 1 Endeavour Business Park
Crow Arch Lane
Ringwood
Hampshire
BH24 1SF

Accountants

Wilkinsons Accountants Limited
Chartered Certified Accountants
The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

 

Tile Emporium Ltd

(Registration number: 10013903)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

24,566

49,069

Current assets

 

Stocks

5

84,912

140,190

Debtors

6

31,784

28,849

Cash at bank and in hand

 

2,399

7,316

 

119,095

176,355

Creditors: Amounts falling due within one year

7

(355,815)

(319,407)

Net current liabilities

 

(236,720)

(143,052)

Total assets less current liabilities

 

(212,154)

(93,983)

Creditors: Amounts falling due after more than one year

7

(38,845)

(47,991)

Net liabilities

 

(250,999)

(141,974)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(251,099)

(142,074)

Shareholders' deficit

 

(250,999)

(141,974)

For the financial year ending 31 August 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director on 11 November 2024
 

.........................................
Mr K Iona
Director

 

Tile Emporium Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
Unit 1 Endeavour Business Park
Crow Arch Lane
Ringwood
Hampshire
BH24 1SF

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.

The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £1.

Going concern

The Company had net current liabilities of £236,720 (2022 - £143,052) at the balance sheet date and is dependent on the continued support of its directors. The directors have given their assurances that they will provide sufficient further finance as may prove necessary to meet the company's working capital requirements for the foreseeable future.

Revenue recognition

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Government grants

Government grants of a revenue nature are recognised when there is a reasonable assurance that conditions attaching to them have been met and the grants will be received. The accruals model has been adopted for recognition.

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.

 

Tile Emporium Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

2

Accounting policies (continued)

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.

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

Short leasehold improvements

Over the term of the lease

Furniture and fittings

20% reducing balance

Office equipment

3 years straight line

Motor vehicles

25% reducing balance

Plant and machinery

20% reducing balance

Website

Over five 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.

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.

 

Tile Emporium Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

2

Accounting policies (continued)

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 the director) during the year, was 6 (2022 - 6).

 

Tile Emporium Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Land and buildings
£

Furniture fittings and equipment
 £

Motor vehicles
 £

Website
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2022

87,157

11,640

8,750

3,360

29,846

140,753

Additions

-

375

-

-

-

375

At 31 August 2023

87,157

12,015

8,750

3,360

29,846

141,128

Depreciation

At 1 September 2022

68,122

4,306

6,212

1,162

11,882

91,684

Charge for the year

18,401

946

634

672

4,225

24,878

At 31 August 2023

86,523

5,252

6,846

1,834

16,107

116,562

Carrying amount

At 31 August 2023

634

6,763

1,904

1,526

13,739

24,566

At 31 August 2022

19,035

7,334

2,538

2,198

17,964

49,069

Included within the net book value of land and buildings above is £633 (2022 - £19,035) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

84,912

140,190

6

Debtors

2023
£

2022
£

Trade debtors

6,681

21,597

Prepayments

529

2,445

Other debtors

24,574

4,807

31,784

28,849

 

Tile Emporium Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

84,004

68,517

Trade creditors

 

104,279

188,277

Taxation and social security

 

90,008

11,790

Accruals and deferred income

 

6,480

5,252

Other creditors

 

71,044

45,571

 

355,815

319,407

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

38,845

47,991

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

30,911

38,884

Hire purchase contracts

1,567

5,195

Other borrowings

6,367

3,912

38,845

47,991

2023
£

2022
£

Current loans and borrowings

Bank borrowings

13,990

13,857

Bank overdrafts

47,320

44,763

Hire purchase contracts

3,628

3,448

Other borrowings

19,066

6,449

84,004

68,517

 

Tile Emporium Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £178,125 (2022 - £50,501). This includes annual rental and leasing commitments of £39,458 (2022 - £46,188)

10

Related party transactions

Transactions with the director

2023

At 1 September 2022
£

Advances to director
£

At 31 August 2023
£

Mr K Iona

2% interest, unsecured and repayable on demand

-

24,320

24,320

       
     

 


Certain bank and other borrowings are secured by way of a personal guarantee from the Director.