Company registration number 10217558 (England and Wales)
GOLDEN TILE DISTRIBUTION UK LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
GOLDEN TILE DISTRIBUTION UK LTD
CONTENTS
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 6
GOLDEN TILE DISTRIBUTION UK LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The director presents his annual report and financial statements for the year ended 29 February 2024.

Principal activities

The principal activity of the company was that of floor and wall tile distributors.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

V Shevetovskyy

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
V Shevetovskyy
Director
8 November 2024
GOLDEN TILE DISTRIBUTION UK LTD
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 2 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
625
833
Current assets
Stocks
22,555
30,165
Debtors
5
136,406
144,872
Cash at bank and in hand
51,848
312,161
210,809
487,198
Creditors: amounts falling due within one year
6
(166,130)
(402,403)
Net current assets
44,679
84,795
Net assets
45,304
85,628
Capital and reserves
Called up share capital
7
34,000
34,000
Profit and loss reserves
11,304
51,628
Total equity
45,304
85,628

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 8 November 2024
V Shevetovskyy
Director
Company registration number 10217558 (England and Wales)
GOLDEN TILE DISTRIBUTION UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Golden Tile Distribution UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE18 6SS.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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:

Computers
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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

GOLDEN TILE DISTRIBUTION UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds to be received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
4
GOLDEN TILE DISTRIBUTION UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
4
Tangible fixed assets
Computers
£
Cost
At 1 March 2023 and 29 February 2024
2,197
Depreciation and impairment
At 1 March 2023
1,364
Depreciation charged in the year
208
At 29 February 2024
1,572
Carrying amount
At 29 February 2024
625
At 28 February 2023
833
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
120,814
66,478
Corporation tax recoverable
11,629
35,873
Other debtors
3,963
42,521
136,406
144,872
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
138,101
319,276
Taxation and social security
20,434
25,978
Other creditors
7,595
57,149
166,130
402,403
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
34 Ordinary shares of £1000 each
34,000
34,000

 

GOLDEN TILE DISTRIBUTION UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Finished goods totalling £202,992 (2023: £273,776) were purchased from Kharkiv Tile Plant PJSC which is a subsidiary of the parent company. The balance due to Kharkiv Tile Plant at the balance sheet date is £138,023(2023: £312,712).

 

Purchases were made at arms length.

 

The amounts outstanding are unsecured and will be settled in cash. No interest is charged on the outstanding balance.

 

Payments for services totalling £12,700 (2023: £NIL) were made to SVV Capital Ltd which is wholly owned by V Shevetovsky who is also sole director and shareholder of Golden Tile Distribution UK Ltd. There was £NIL amount due for payment as at the year end and the services rendered are considered to at fair value based on current sector value.

9
Director's transactions

Included within other debtors at the balance sheet date is an amount of £NIL (2023: £34,458) in respect of a director loan account.

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