Company Registration No. 11085091 (England and Wales)
TBK Tiles Factory Outlet Limited
Unaudited accounts
for the year ended 30 April 2024
TBK Tiles Factory Outlet Limited
Unaudited accounts
Contents
TBK Tiles Factory Outlet Limited
Company Information
for the year ended 30 April 2024
Company Number
11085091 (England and Wales)
Registered Office
Unit 5 Swaker Yard
2b Theobald Street
Herts
WD6 4SE
United Kingdom
Accountants
Platts
Unit 5 Swaker Yard
2b Theobald Street
Herts
WD6 4SE
TBK Tiles Factory Outlet Limited
Statement of financial position
as at 30 April 2024
Intangible assets
12,591
25,182
Tangible assets
275,312
298,657
Inventories
174,653
263,778
Cash at bank and in hand
246,902
382,361
Creditors: amounts falling due within one year
(305,450)
(369,245)
Net current assets
234,976
371,105
Total assets less current liabilities
522,879
694,944
Creditors: amounts falling due after more than one year
(18,333)
(28,333)
Net assets
504,546
666,611
Called up share capital
100
100
Profit and loss account
504,446
666,511
Shareholders' funds
504,546
666,611
For the year ending 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 4 November 2024 and were signed on its behalf by
Mr S Joel
Director
Company Registration No. 11085091
TBK Tiles Factory Outlet Limited
Notes to the Accounts
for the year ended 30 April 2024
TBK Tiles Factory Outlet Limited is a private company, limited by shares, registered in England and Wales, registration number 11085091. The registered office is Unit 5 Swaker Yard, 2b Theobald Street, Herts, WD6 4SE, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Website Development is stated at cost less accumulated amortisation and accumulated impairment losses. Website Development is amortised over its estimated useful life, of five years, on a straight line basis.
Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances.
The assets are reviewed for impairment if the above factors indicate that the carrying
amount may be impaired.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
15% Straight Line Basis (Short Leasehold)
Fixtures & fittings
15% Reducing Balance Basis
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
TBK Tiles Factory Outlet Limited
Notes to the Accounts
for the year ended 30 April 2024
4
Intangible fixed assets
Other
Charge for the year
12,591
5
Tangible fixed assets
Land & buildings
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 May 2023
433,265
59,111
492,376
At 30 April 2024
433,265
69,943
503,208
At 1 May 2023
159,060
34,659
193,719
Charge for the year
28,884
5,293
34,177
At 30 April 2024
187,944
39,952
227,896
At 30 April 2024
245,321
29,991
275,312
At 30 April 2023
274,205
24,452
298,657
Amounts falling due within one year
Trade debtors
64,029
40,313
Accrued income and prepayments
52,896
48,167
TBK Tiles Factory Outlet Limited
Notes to the Accounts
for the year ended 30 April 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,000
10,000
Trade creditors
48,345
89,177
Amounts owed to group undertakings and other participating interests
2,066
-
Taxes and social security
119,910
91,864
Other creditors
77,688
140,072
Loans from directors
2,193
-
8
Creditors: amounts falling due after more than one year
2024
2023
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Operating lease commitments
2024
2023
At 30 April 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
288,000
264,000
Later than one year and not later than five years
1,200,000
1,188,000
Later than five years
1,100,000
1,400,000
11
Transactions with related parties
Included in Others Creditors falling due after more than one year is the sum of £2,066 (2023 - £Nil) owed at the Balance Sheet date to Tiles & Baths Direct Limited, a company in which Mr S Joel is a director and ultimate shareholder and which is interest free.
During the year, the company received rent for business premises in the sum of £198,000 (2023 - £198,000) from Tiles & Baths Direct Limited, a company in which Mr S Joel is also a director and shareholder.
At the Balance Sheet date, included in Other Debtors, the company was owed an amount in the sum of £1,946 (2023 - £1,946) from TBK Tiles Ltd, a Company in which Mr S Joel is a Director and Shareholder and which is interest free and repayable on demand.
12
Average number of employees
During the year the average number of employees was 4 (2023: 5).