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Registration number: 05101552

Horizon Tile and Bathroom Centre Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2024

 

Horizon Tile and Bathroom Centre Limited

Contents

Company Information

1

Directors' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 10

 

Horizon Tile and Bathroom Centre Limited

Company Information

Directors

P J Lister

L E Lister

Company secretary

P J Lister

Registered office

Unit 2 Snape Road
Clay Flatts Trading Estate
Workington
CA14 2TQ

 

Horizon Tile and Bathroom Centre Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the abridged financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

P J Lister - Company secretary and director

L E Lister

Principal activity

The principal activity of the company is retail of tiles and bathroom equipment.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 25 March 2025 and signed on its behalf by:
 

.........................................
P J Lister
Company secretary and director

 

Horizon Tile and Bathroom Centre Limited

(Registration number: 05101552)
Abridged Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

12,500

Tangible assets

5

60,759

65,934

 

60,759

78,434

Current assets

 

Stocks

6

168,618

176,180

Debtors

101,995

18,106

Cash at bank and in hand

 

12,612

17,098

 

283,225

211,384

Prepayments and accrued income

 

4,781

6,258

Creditors: Amounts falling due within one year

(406,582)

(359,362)

Net current liabilities

 

(118,576)

(141,720)

Total assets less current liabilities

 

(57,817)

(63,286)

Creditors: Amounts falling due after more than one year

(10,000)

(20,000)

Accruals and deferred income

 

(5,160)

(5,800)

Net liabilities

 

(72,977)

(89,086)

Capital and reserves

 

Called up share capital

7

104

104

Retained earnings

(73,081)

(89,190)

Shareholders' deficit

 

(72,977)

(89,086)

For the financial year ending 31 December 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.

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 and Directors' Report.

Approved and authorised by the Board on 25 March 2025 and signed on its behalf by:
 

 

Horizon Tile and Bathroom Centre Limited

(Registration number: 05101552)
Abridged Balance Sheet as at 31 December 2024

.........................................
P J Lister
Company secretary and director

 

Horizon Tile and Bathroom Centre Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 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 2 Snape Road
Clay Flatts Trading Estate
Workington
CA14 2TQ

These financial statements were authorised for issue by the Board on 25 March 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.

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.

Tax

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.

 

Horizon Tile and Bathroom Centre Limited

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

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

Furniture, fixtures and equipment

33% Straight line

Short leasehold

2% Straight line

Motor vehicle

25% 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

20 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.

 

Horizon Tile and Bathroom Centre Limited

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

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.

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.

 

Horizon Tile and Bathroom Centre Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 10).

 

Horizon Tile and Bathroom Centre Limited

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

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2024

300,000

At 31 December 2024

300,000

Amortisation

At 1 January 2024

287,500

Amortisation charge

12,500

At 31 December 2024

300,000

Carrying amount

At 31 December 2024

-

At 31 December 2023

12,500

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

58,757

74,842

39,449

173,048

Additions

-

632

-

632

At 31 December 2024

58,757

75,474

39,449

173,680

Depreciation

At 1 January 2024

14,683

65,818

26,613

107,114

Charge for the year

1,175

1,423

3,209

5,807

At 31 December 2024

15,858

67,241

29,822

112,921

Carrying amount

At 31 December 2024

42,899

8,233

9,627

60,759

At 31 December 2023

44,074

9,024

12,836

65,934

Included within the net book value of land and buildings above is £42,899 (2023 - £44,074) in respect of short leasehold land and buildings.
 

 

Horizon Tile and Bathroom Centre Limited

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

6

Stocks

2024
£

2023
£

Other inventories

168,618

176,180

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A ordinary of £1 each

50

50

50

50

B ordinary of £1 each

50

50

50

50

C ordinary of £1 each

2

2

2

2

D ordinary of £1 each

2

2

2

2

104

104

104

104