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Registration number: NI602068

Aughnacloy Tile Centre Limited

trading as Aughnacloy Tile Centre

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2024

 

Aughnacloy Tile Centre Limited

trading as Aughnacloy Tile Centre

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Aughnacloy Tile Centre Limited

trading as Aughnacloy Tile Centre

Company Information

Directors

Mrs Carol Lockhart

Mr Esdale Lockhart

Registered office

Aughnacloy Tile Centre Limited
24a Tirelugan Road
Aughnacloy

Accountants

Thomas Oliver and Associates Limited
Certified Public Accountants1 Moygashel Mills Park
Dungannon
Co Tyrone
BT71 7DH

 

Aughnacloy Tile Centre Limited

trading as Aughnacloy Tile Centre

(Registration number: NI602068)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

17,094

19,943

Tangible assets

5

44,790

53,891

 

61,884

73,834

Current assets

 

Stocks

6

13,068

19,286

Debtors

7

23,987

17,736

Cash at bank and in hand

 

36,261

37,702

 

73,316

74,724

Prepayments and accrued income

 

812

961

Creditors: Amounts falling due within one year

(76,155)

(70,329)

Net current (liabilities)/assets

 

(2,027)

5,356

Total assets less current liabilities

 

59,857

79,190

Creditors: Amounts falling due after more than one year

(11,045)

(20,721)

Accruals and deferred income

 

(3,680)

(4,285)

Net assets

 

45,132

54,184

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

45,130

54,182

Shareholders' funds

 

45,132

54,184

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Aughnacloy Tile Centre Limited

trading as Aughnacloy Tile Centre

(Registration number: NI602068)
Abridged Balance Sheet as at 31 May 2024

These financial statements have been prepared and 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 Board on 17 February 2025 and signed on its behalf by:
 

.........................................

Mrs Carol Lockhart

Director

.........................................

Mr Esdale Lockhart

Director

 

Aughnacloy Tile Centre Limited

trading as Aughnacloy Tile Centre

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Aughnacloy Tile Centre Limited
24a Tirelugan Road
Aughnacloy

The principal place of business is:
24A Tirelugan Road
Aughnacloy

These financial statements were authorised for issue by the Board on 17 February 2025.

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 abridged 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 abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

 

Aughnacloy Tile Centre Limited

trading as Aughnacloy Tile Centre

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Fixtures and fittings

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Aughnacloy Tile Centre Limited

trading as Aughnacloy Tile Centre

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Aughnacloy Tile Centre Limited

trading as Aughnacloy Tile Centre

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 June 2023

56,980

At 31 May 2024

56,980

Amortisation

At 1 June 2023

37,037

Amortisation charge

2,849

At 31 May 2024

39,886

Carrying amount

At 31 May 2024

17,094

At 31 May 2023

19,943

 

Aughnacloy Tile Centre Limited

trading as Aughnacloy Tile Centre

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

18,522

25,399

31,850

10,988

86,759

Additions

-

-

-

420

420

At 31 May 2024

18,522

25,399

31,850

11,408

87,179

Depreciation

At 1 June 2023

-

10,697

16,595

5,576

32,868

Charge for the year

926

2,205

5,562

828

9,521

At 31 May 2024

926

12,902

22,157

6,404

42,389

Carrying amount

At 31 May 2024

17,596

12,497

9,693

5,004

44,790

At 31 May 2023

18,522

14,702

15,255

5,412

53,891

Included within the net book value of land and buildings above is £17,596 (2023 - £18,522) in respect of freehold land and buildings.
 

 

Aughnacloy Tile Centre Limited

trading as Aughnacloy Tile Centre

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

6

Stocks

2024
£

2023
£

Other inventories

13,068

19,286

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Dividends

2024

2023

£

£

Interim dividend of £20,000.00 (2023 - £10,000.00) per ordinary share

20,000

10,000

 

 

10

Related party transactions

 

Aughnacloy Tile Centre Limited

trading as Aughnacloy Tile Centre

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,120

18,120