6 5 Tavistock Bathrooms and Tiles Limited 09586672 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of the sale of bathroom equipment. Digita Accounts Production Advanced 6.30.9574.0 true 09586672 2023-07-01 2024-06-30 09586672 2024-06-30 09586672 2 2024-06-30 09586672 core:CurrentFinancialInstruments 2024-06-30 09586672 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 09586672 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 09586672 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 09586672 core:BetweenTwoFiveYears 2024-06-30 09586672 core:WithinOneYear 2024-06-30 09586672 core:FurnitureFittings 2024-06-30 09586672 core:LandBuildings core:LongLeaseholdAssets 2024-06-30 09586672 core:MotorVehicles 2024-06-30 09586672 core:OfficeEquipment 2024-06-30 09586672 core:PlantMachinery 2024-06-30 09586672 1 2024-06-30 09586672 bus:SmallEntities 2023-07-01 2024-06-30 09586672 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 09586672 bus:FilletedAccounts 2023-07-01 2024-06-30 09586672 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 09586672 bus:RegisteredOffice 2023-07-01 2024-06-30 09586672 bus:Director1 2023-07-01 2024-06-30 09586672 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09586672 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 09586672 core:IntangibleAssetsOtherThanGoodwill 2023-07-01 2024-06-30 09586672 core:ComputerEquipment 2023-07-01 2024-06-30 09586672 core:FurnitureFittings 2023-07-01 2024-06-30 09586672 core:LandBuildings 2023-07-01 2024-06-30 09586672 core:LandBuildings core:LongLeaseholdAssets 2023-07-01 2024-06-30 09586672 core:MotorVehicles 2023-07-01 2024-06-30 09586672 core:OfficeEquipment 2023-07-01 2024-06-30 09586672 core:PlantMachinery 2023-07-01 2024-06-30 09586672 countries:EnglandWales 2023-07-01 2024-06-30 09586672 1 2023-07-01 2024-06-30 09586672 2023-06-30 09586672 core:FurnitureFittings 2023-06-30 09586672 core:LandBuildings core:LongLeaseholdAssets 2023-06-30 09586672 core:MotorVehicles 2023-06-30 09586672 core:OfficeEquipment 2023-06-30 09586672 core:PlantMachinery 2023-06-30 09586672 1 2023-06-30 09586672 2022-07-01 2023-06-30 09586672 2023-06-30 09586672 2 2023-06-30 09586672 core:CurrentFinancialInstruments 2023-06-30 09586672 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 09586672 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 09586672 core:BetweenTwoFiveYears 2023-06-30 09586672 core:WithinOneYear 2023-06-30 09586672 core:FurnitureFittings 2023-06-30 09586672 core:LandBuildings core:LongLeaseholdAssets 2023-06-30 09586672 core:MotorVehicles 2023-06-30 09586672 core:OfficeEquipment 2023-06-30 09586672 core:PlantMachinery 2023-06-30 09586672 1 2023-06-30 09586672 1 2022-07-01 2023-06-30 09586672 1 2022-06-30 xbrli:pure iso4217:GBP

Registration number: 09586672

Tavistock Bathrooms and Tiles Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Tavistock Bathrooms and Tiles Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Tavistock Bathrooms and Tiles Limited

(Registration number: 09586672)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,867

-

Tangible assets

5

41,639

51,478

 

43,506

51,478

Current assets

 

Stocks

21,623

25,264

Debtors

6

26,086

53,741

Cash at bank and in hand

 

15,985

30,886

 

63,694

109,891

Creditors: Amounts falling due within one year

7

(66,672)

(88,744)

Net current (liabilities)/assets

 

(2,978)

21,147

Total assets less current liabilities

 

40,528

72,625

Creditors: Amounts falling due after more than one year

7

(21,508)

(32,213)

Provisions for liabilities

(4,597)

(7,211)

Net assets

 

14,423

33,201

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

14,323

33,101

Shareholders' funds

 

14,423

33,201

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Tavistock Bathrooms and Tiles Limited

(Registration number: 09586672)
Statement of Financial Position as at 30 June 2024 (continued)

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.

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 Statement of Comprehensive Income.

Approved and authorised by the Board on 21 March 2025 and signed on its behalf by:
 


Mrs A Warnett
Director

 

Tavistock Bathrooms and Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Unit 8
Plymouth Road Industrial Estate
Tavistock
Devon
PL19 9QN

Principal activity

The principal activity of the company is that of the sale of bathroom equipment.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

 

Tavistock Bathrooms and Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and 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.

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.

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 statement of financial position 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

Leasehold Land and buildings

12.5% straight line

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

25% reducing balance

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

Software development cost

33.33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Tavistock Bathrooms and Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

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 statement of comprehensive income 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 statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Tavistock Bathrooms and Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 5).

 

Tavistock Bathrooms and Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Intangible assets

Software development costs
 £

Total
£

Cost or valuation

Additions acquired separately

2,800

2,800

At 30 June 2024

2,800

2,800

Amortisation

Amortisation charge

933

933

At 30 June 2024

933

933

Carrying amount

At 30 June 2024

1,867

1,867

5

Tangible assets

Long leasehold land and buildings
£

Fixtures, fittings & equipment
£

Plant and machinery
£

IT equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

22,043

881

14,904

7,235

78,659

123,722

Additions

-

-

2,845

410

-

3,255

Disposals

-

(881)

-

-

-

(881)

At 30 June 2024

22,043

-

17,749

7,645

78,659

126,096

Depreciation

At 1 July 2023

19,018

881

10,562

3,942

37,841

72,244

Charge for the year

531

-

1,438

921

10,204

13,094

Eliminated on disposal

-

(881)

-

-

-

(881)

At 30 June 2024

19,549

-

12,000

4,863

48,045

84,457

Carrying amount

At 30 June 2024

2,494

-

5,749

2,782

30,614

41,639

At 30 June 2023

3,025

-

4,342

3,293

40,818

51,478

 

Tavistock Bathrooms and Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

5

Tangible assets (continued)

Included within the net book value of land and buildings above is £2,494 (2023 - £3,025) in respect of long leasehold land and buildings.
 

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

14,345

45,693

Other debtors

 

4,657

-

Prepayments

 

7,084

7,239

Income tax asset

-

809

 

26,086

53,741

 

Tavistock Bathrooms and Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

11,124

11,124

Trade creditors

23,996

50,079

Taxation and social security

9,453

54

Accruals and deferred income

4,058

3,868

Other creditors

18,041

23,619

66,672

88,744

The bounce back loan benefits from a government guarantee.

Other creditors include £4,124 (2023: £4,124) of hire purchase liabilities which are secured to the assets to which it relates.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

21,508

32,213

The bounce back loan benefits from a government guarantee.

Other creditors include £15,091 (2023: £18,871) of hire purchase liabilities which are secured to the assets to which it relates.

 

Tavistock Bathrooms and Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

15,000

27,500

Later than one year and not later than five years

-

12,500

15,000

40,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £30,000 (2023 - £27,500).

10

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

At 30 June 2024
£

Directors

(1,160)

5,816

4,656

       
     

 

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Directors

(15,735)

14,575

(1,160)

 

Other transactions with directors

Overdrawn directors loans are interest free and repayable on demand.