Registered number
02563139
Essex Tile Design Limited
Filleted Accounts
30 November 2024
Essex Tile Design Limited
Registered number: 02563139
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 447,538 449,319
Current assets
Stocks 38,703 36,348
Debtors 4 54,495 16,948
Cash at bank and in hand 1,156,379 1,306,925
1,249,577 1,360,221
Creditors: amounts falling due within one year 5 (178,312) (175,415)
Net current assets 1,071,265 1,184,806
Total assets less current liabilities 1,518,803 1,634,125
Provisions for liabilities (9,390) (9,390)
Net assets 1,509,413 1,624,735
Capital and reserves
Called up share capital 99 99
Revaluation reserve 6 49,422 49,422
Profit and loss account 1,459,892 1,575,214
Shareholders' funds 1,509,413 1,624,735
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R C Brown
Director
Approved by the board on 31 May 2025
Essex Tile Design Limited
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land and investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings at 2% on cost
Plant and machinery at 25% on reducing balance
Motor vehicles at 25% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Investment property Commercial property Plant and machinery etc Motor vehicles Total
£ £ £ £ £
Cost
At 1 December 2023 330,000 222,995 2,907 55,381 611,283
At 30 November 2024 330,000 222,995 2,907 55,381 611,283
Depreciation
At 1 December 2023 - 110,800 1,273 49,891 161,964
Charge for the year - - 409 1,372 1,781
At 30 November 2024 - 110,800 1,682 51,263 163,745
Net book value
At 30 November 2024 330,000 112,195 1,225 4,118 447,538
At 30 November 2023 330,000 112,195 1,634 5,490 449,319
The fair value of the investment property at the balance sheet date has been arrived at on the basis of avaluation carried out at 30 November 2022 by R Brown, a director of the company, who is not a professionally qualified valuer.
4 Debtors 2024 2023
£ £
Trade debtors 41,446 16,948
Other debtors 13,049 -
54,495 16,948
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 121,644 33,742
Amounts owed to group undertakings and undertakings in which the company has a participating interest 8,995 11,194
Taxation and social security costs 37,158 58,284
Accruals 10,515 70,000
Other creditors - 2,195
178,312 175,415
6 Revaluation reserve 2024 2023
£ £
At 1 December 2023 49,422 49,422
At 30 November 2024 49,422 49,422
7 Related party transactions
R Brown is a director and 50% shareholder of Trade Price Ltd.
Purchases from Trade Price Ltd at cost price: £132,484 (2023 £135,851)
Owing to Trade Price Ltd at the balance sheet date: £8,995 (2023 £11191)
8 Other information
Essex Tile Design Limited is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
582 Honeypot Lane
Stanmore
Middlesex
HA7 1JS
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