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Registration number: 07317280

Specialist Tiling Supplies Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Specialist Tiling Supplies Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Independent Auditor's Report

6 to 10

Profit and Loss Account (incorporating the Statement of Income and Retained Earnings)

11

Balance Sheet

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 24

 

Specialist Tiling Supplies Limited

Company Information

Directors

Mr E Burrowes

Mr M P Burrowes

Registered office

5 Hawthorn Park
Coal Road
Leeds
West Yorkshire
LS14 1PQ

Auditors

Lambert Roper & Horsfield Limited
Chartered Accountants & Statutory AuditorsFirst Floor
Rosemount House
Huddersfield Road
Elland
West Yorkshire
HX5 0EE

 

Specialist Tiling Supplies Limited

Strategic Report

for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the company is the wholesale of tiling accessories.

Fair review of the business

After the large growth in revenue in 2022, the current year has seen a small increase in turnover as the company has consolidated its place in the market. There continues to be a strong demand for the primary product ranges from customers.

The gross margin has dropped significantly due to increased container shipping costs in 2024, with costs climbing to almost four times higher than what they were in 2023.
The business has taken on more space to enable greater storage of the products and to ensure a continued speedy supply to customers.
There has also been investment in additional personnel to improve operations and to facilitate the next stage of growth. This has resulted in increased overheads and lower profits in the year.

The results for the year are set out in the Profit and Loss Account and the KPI's are shown below.

The profit for the year has resulted in the balance sheet position remaining strong. The cash balances have decreased due to the extra stock and working capital requirement.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

17,569,489

17,379,048

Gross profit

£

4,964,889

6,360,355

Operating profit

£

1,005,937

3,256,950

 

Specialist Tiling Supplies Limited

Strategic Report

for the Year Ended 31 December 2024 (continued)

Principal risks and uncertainties

The business faces risks including being able to obtain its products from foreign suppliers in a timely manner and from shipping companies being able to meet the demand.

The company has worked hard to diversify the supply chain so it is not dependent on a limited source of products. In relation to shipping the products to the UK, the situation appears to have returned to normal and shipping costs have stabilised. There are still risk associated with the shipping which the business monitors.

The business continually seeks to improve its supply chain, add suppliers and increase competition for the manufacture of the products so that it can it can continue to obtain the products required for the market on a timely basis and at a competitive rate.

The actions taken should allow the company to continue to trade successfully and profitably for years to come.

Approved and authorised by the Board on 27 June 2025 and signed on its behalf by:
 

.........................................
Mr E Burrowes
Director

 

Specialist Tiling Supplies Limited

Directors' Report

for the Year Ended 31 December 2024

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

Directors of the company

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

Mr C Burrowes (ceased 31 March 2025)

Mr E Burrowes

Mr C L Ward (ceased 31 March 2025)

Mr M P Burrowes

Financial instruments

Objectives and policies

The company tries to limit its exposure to to financial risks. There is an exchange rate risk which arises due to purchasing in US dollars. The company will enter into contracts to pay suppliers and fix the exchange rate where possible to minimise risks.

Price risk, credit risk, liquidity risk and cash flow risk

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities. Further comments on these risks and what the company has done to mitigate them can be found in the strategic report

 

Specialist Tiling Supplies Limited

Directors' Report

for the Year Ended 31 December 2024 (continued)

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors’ Report and the financial statements in accordance with applicable law and regulations.
 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 27 June 2025 and signed on its behalf by:
 

.........................................
Mr E Burrowes
Director

 

Specialist Tiling Supplies Limited

Independent Auditor's Report to the Members of Specialist Tiling Supplies Limited

Opinion

We have audited the financial statements of Specialist Tiling Supplies Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account (incorporating the Statement of Income and Retained Earnings), Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Specialist Tiling Supplies Limited

Independent Auditor's Report to the Members of Specialist Tiling Supplies Limited (continued)

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or cease operations, or have no realistic alternative but to do so.

 

Specialist Tiling Supplies Limited

Independent Auditor's Report to the Members of Specialist Tiling Supplies Limited (continued)

Auditor's Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to:

i) Laws and regulations generally recognized to have a direct effect on the determination of material amounts and disclosures in the financial statements:
• The financial operating framework FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
• The Companies Act 2006
• Tax legislations - various
• Employment law
• Pensions Act 2008

ii) Laws and regulations which provides the legal framework within which the company conducts its business and which is central to the company’s ability to conduct its business:
• ISO 9001:2015 Certification
• ISO 14001 Environmental Management Certification

 

Specialist Tiling Supplies Limited

Independent Auditor's Report to the Members of Specialist Tiling Supplies Limited (continued)

We assessed the risks of material misstatement in respect of fraud through:
i) enquiries with management
ii) the audit team initial discussions on fraud to identify particular areas that were susceptible to misstatement

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.

The audit team was assessed to have the appropriate competence and capability to identify or recognise non-compliance with laws and regulation.

Our approach to understanding the company’s policies and procedures for compliance with those laws and regulations and to gaining an understanding of how instances of non-compliance with laws and regulations or knowledge of actual, suspected, or alleged fraud is documented was via enquiry with management.

We corroborated our enquiries through:
i) review of correspondence with HMRC and Companies House (and their respective websites)
ii) review of correspondence from the pension regulator
iii) review of relevant regulatory websites
iv) review of signed agreements / contracts

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. The audit tests implemented involved checks with compliance on various company and employment laws and regulations.

Where there was considered to be a lack of segregation of duty, systems of controls in place were verified through observation and enquiry and substantive testing.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries and accounting estimates into our audit approach. Any unusual transactions were investigated further and relevant documentary evidence obtained where deemed necessary.

We considered the risk of fraud through the selection and application of accounting policies by the company, particularly those related to subjective measurements and complex transactions, which may be indicative of fraudulent financial reporting resulting from management’s effort to manage earnings. In response, in our audit approach we reviewed the application of accounting policies, in particular those associated with accounting estimates, for reasonableness and correct application within the financial statements.

Audit test sample selection process involves random selection to incorporate an element of unpredictability in the selection of audit procedures.

Based on our approach and procedures in place explained above, we can provide reasonable assurance that any irregularities, including fraud, would likely be detected. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect irregularities.
 

 

Specialist Tiling Supplies Limited

Independent Auditor's Report to the Members of Specialist Tiling Supplies Limited (continued)

We assessed the risks of material misstatement in respect of fraud through:
i) enquiries with management
ii) the audit team initial discussions on fraud to identify particular areas that were susceptible to misstatement

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.

The audit team was assessed to have the appropriate competence and capability to identify or recognise non-compliance with laws and regulation.

Our approach to understanding the company’s policies and procedures for compliance with those laws and regulations and to gaining an understanding of how instances of non-compliance with laws and regulations or knowledge of actual, suspected, or alleged fraud is documented was via enquiry with management.

We corroborated our enquiries through:
i) review of correspondence with HMRC and Companies House (and their respective websites)
ii) review of correspondence from the pension regulator
iii) review of relevant regulatory websites
iv) review of signed agreements / contracts

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. The audit tests implemented involved checks with compliance on various company and employment laws and regulations.

Where there was considered to be a lack of segregation of duty, systems of controls in place were verified through observation and enquiry and substantive testing.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries and accounting estimates into our audit approach. Any unusual transactions were investigated further and relevant documentary evidence obtained where deemed necessary.

We considered the risk of fraud through the selection and application of accounting policies by the company, particularly those related to subjective measurements and complex transactions, which may be indicative of fraudulent financial reporting resulting from management’s effort to manage earnings. In response, in our audit approach we reviewed the application of accounting policies, in particular those associated with accounting estimates, for reasonableness and correct application within the financial statements.

Audit test sample selection process involves random selection to incorporate an element of unpredictability in the selection of audit procedures.

Based on our approach and procedures in place explained above, we can provide reasonable assurance that any irregularities, including fraud, would likely be detected. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect irregularities.
 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
SAMUEL MITCHELL FCA (Senior Statutory Auditor)
For and on behalf of Lambert Roper & Horsfield Limited, Statutory Auditor
 First Floor
Rosemount House
Huddersfield Road
Elland
West Yorkshire
HX5 0EE

27 June 2025

 

Specialist Tiling Supplies Limited

Profit and Loss Account
(Incorporating the Statement of Income and Retained Earnings)

for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

17,569,489

17,379,048

Cost of sales

 

(12,604,600)

(11,018,693)

Gross profit

 

4,964,889

6,360,355

Administrative expenses

 

(4,009,038)

(3,103,405)

Other operating income

4

50,000

-

Operating profit

6

1,005,851

3,256,950

Other interest receivable and similar income

7

54,397

32,353

Interest payable and similar charges

8

(42,025)

(51,767)

 

12,372

(19,414)

Profit before tax

 

1,018,223

3,237,536

Taxation

12

(264,878)

(771,222)

Profit for the financial year

 

753,345

2,466,314

Retained earnings brought forward

 

4,614,126

2,887,132

Dividends paid

 

(790,487)

(739,320)

Retained earnings carried forward

 

4,576,984

4,614,126

 

Specialist Tiling Supplies Limited

Balance Sheet

as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

520,395

618,685

Current assets

 

Stocks

14

4,050,409

3,775,883

Debtors

15

2,091,274

1,505,279

Cash at bank and in hand

 

493,520

2,363,433

 

6,635,203

7,644,595

Creditors: Amounts falling due within one year

17

(2,359,665)

(3,246,011)

Net current assets

 

4,275,538

4,398,584

Total assets less current liabilities

 

4,795,933

5,017,269

Creditors: Amounts falling due after more than one year

17

(98,837)

(263,187)

Provisions for liabilities

18

(119,912)

(139,756)

Net assets

 

4,577,184

4,614,326

Capital and reserves

 

Called up share capital

20

200

200

Profit and loss account

4,576,984

4,614,126

Total equity

 

4,577,184

4,614,326

Approved and authorised by the Board on 27 June 2025 and signed on its behalf by:
 

.........................................
Mr E Burrowes
Director

(Registration number: 07317280)

 

Specialist Tiling Supplies Limited

Statement of Cash Flows

for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

753,345

2,466,314

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

150,581

128,954

Loss on disposal of tangible assets

5

12,109

5,207

Finance income

7

(54,397)

(32,353)

Finance costs

8

42,025

51,767

Income tax expense

12

264,878

771,222

 

1,168,541

3,391,111

Working capital adjustments

 

Increase in stocks

14

(274,526)

(25,768)

(Increase)/decrease in trade debtors

15

(585,552)

177,631

Decrease in trade creditors

17

(213,470)

(73,922)

Cash generated from operations

 

94,993

3,469,052

Income taxes paid

12

(997,858)

(161,267)

Net cash flow from operating activities

 

(902,865)

3,307,785

Cash flows from investing activities

 

Interest received

7

54,397

32,353

Acquisitions of tangible assets

(98,826)

(429,185)

Proceeds from sale of tangible assets

 

34,426

24,824

Net cash flows from investing activities

 

(10,003)

(372,008)

Cash flows from financing activities

 

Interest paid

8

(42,025)

(51,767)

Proceeds from issue of ordinary shares, net of issue costs

 

-

101

Proceeds from bank borrowing draw downs

 

(209,167)

(90,000)

Payments to finance lease creditors

 

(61,290)

160,588

Dividends paid

(790,487)

(739,320)

Net cash flows from financing activities

 

(1,102,969)

(720,398)

Net (decrease)/increase in cash and cash equivalents

 

(2,015,837)

2,215,379

Cash and cash equivalents at 1 January

 

2,363,433

148,054

Cash and cash equivalents at 31 December

 

347,596

2,363,433

 

Specialist Tiling Supplies Limited

Notes to the 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.

The address of its registered office is:
5 Hawthorn Park
Coal Road
Leeds
West Yorkshire
LS14 1PQ

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These 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.

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.

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 significant risks and rewards of ownership have been transferred to the buyer.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

 

Specialist Tiling Supplies Limited

Notes to the Financial Statements

for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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. Exchange differences are taken into account in arriving at operating profit.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost (or deemed cost), less any accumulated depreciation and 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

- 25% per annum on a reducing balance basis

Fixtures, fittings and equipment

- 10% per annum on a reducing balance basis

Motor vehicles

- 25% per annum on a reducing balance basis

Computer equipment

- 33 1/3% per annum on a straight line basis

Improvements to leasehold

- depreciated over the life of the lease

 

Specialist Tiling Supplies Limited

Notes to the Financial Statements

for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost includes shipping and import duties where applicable, and is determined using the average method.

Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Leases

Rentals 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 the profit and loss account on a straight-line basis over the period of the lease.

Defined contribution pension obligation

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

17,569,489

17,379,048

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Government grants

50,000

-

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Loss on disposal of Tangible assets

(12,109)

(5,207)

 

Specialist Tiling Supplies Limited

Notes to the Financial Statements

for the Year Ended 31 December 2024 (continued)

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

150,581

128,954

Research and development cost

61,845

43,997

Operating lease expense - plant and machinery

134,034

69,212

Loss on disposal of property, plant and equipment

12,109

5,207

7

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

50,115

17,863

Other finance income

4,282

14,490

54,397

32,353

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

23,879

38,358

Interest on obligations under finance leases and hire purchase contracts

16,065

11,693

Interest expense on other finance liabilities

2,081

1,716

42,025

51,767

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,816,348

2,423,990

Pension costs, defined contribution scheme

52,214

37,487

Other employee expense

121,879

156,933

2,990,441

2,618,410

 

Specialist Tiling Supplies Limited

Notes to the Financial Statements

for the Year Ended 31 December 2024 (continued)

9

Staff costs (continued)

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

20

16

Sales, marketing and distribution

26

27

46

43

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

55,876

53,965

Contributions paid to money purchase schemes

262

190

56,138

54,155

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

11

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

18,000

17,000


 

 

Specialist Tiling Supplies Limited

Notes to the Financial Statements

for the Year Ended 31 December 2024 (continued)

12

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

284,722

718,588

Deferred taxation

Arising from origination and reversal of timing differences

(19,844)

52,634

Tax expense in the income statement

264,878

771,222

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,018,223

3,237,536

Corporation tax at standard rate

254,556

809,384

Decrease from effect of different UK tax rates on some earnings

-

(45,199)

Effect of expense not deductible in determining taxable profit (tax loss)

10,322

6,026

Tax increase/(decrease) from effect of capital allowances and depreciation

19,844

(51,623)

Total tax charge

284,722

718,588

 

Specialist Tiling Supplies Limited

Notes to the Financial Statements

for the Year Ended 31 December 2024 (continued)

13

Tangible assets

Improvements to leasehold
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 January 2024

82,218

274,318

309,715

322,476

988,727

Additions

-

24,203

74,623

-

98,826

Disposals

-

(6,976)

(51,490)

(36,393)

(94,859)

At 31 December 2024

82,218

291,545

332,848

286,083

992,694

Depreciation

At 1 January 2024

6,611

113,760

63,963

185,708

370,042

Charge for the year

16,518

34,340

68,057

31,666

150,581

Eliminated on disposal

-

(2,902)

(20,382)

(25,040)

(48,324)

At 31 December 2024

23,129

145,198

111,638

192,334

472,299

Carrying amount

At 31 December 2024

59,089

146,347

221,210

93,749

520,395

At 31 December 2023

75,607

160,558

245,752

136,768

618,685

14

Stocks

2024
£

2023
£

Finished goods and goods for resale

4,050,409

3,775,883

 

Specialist Tiling Supplies Limited

Notes to the Financial Statements

for the Year Ended 31 December 2024 (continued)

15

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,823,014

1,397,278

Amounts owed by related parties

23

111,510

-

Other debtors

 

443

43,144

Prepayments

 

156,307

64,857

   

2,091,274

1,505,279

16

Cash and cash equivalents

2024
£

2023
£

Cash on hand

366

1,119

Cash at bank

493,154

2,362,314

493,520

2,363,433

Bank overdrafts

(145,924)

-

Cash and cash equivalents in statement of cash flows

347,596

2,363,433

17

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank borrowings

21

-

90,000

Bank overdrafts

21

145,924

-

HP and finance lease liabilities

21

45,183

61,290

Trade creditors

 

1,761,448

1,599,333

Directors loan accounts

23

91,666

321,088

Social security and other taxes

 

184,631

243,985

Outstanding defined contribution pension costs

 

7,343

6,466

Other payables

 

-

23,494

Accruals and deferred income

 

118,018

181,767

Corporation tax liability

12

5,452

718,588

 

2,359,665

3,246,011

 

Specialist Tiling Supplies Limited

Notes to the Financial Statements

for the Year Ended 31 December 2024 (continued)

17

Creditors (continued)

Note

2024
£

2023
£

Due after one year

 

Bank borrowings

21

-

119,167

HP and finance lease liabilities

21

98,837

144,020

 

98,837

263,187

18

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2024

139,756

139,756

Increase (decrease) in existing provisions

(19,844)

(19,844)

At 31 December 2024

119,912

119,912

19

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £51,952 (2023 - £37,487).

Contributions totalling £7,343 (2023 - £6,466) were payable to the scheme at the end of the year and are included in creditors.

20

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200

200

100

100

Growth shares of £0 (2023 - £1) each

-

-

100

100

200

200

200

200

 

Specialist Tiling Supplies Limited

Notes to the Financial Statements

for the Year Ended 31 December 2024 (continued)

21

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

90,000

Bank overdrafts

145,924

-

HP and finance lease liabilities

45,183

61,290

191,107

151,290

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

119,167

HP and finance lease liabilities

98,837

144,020

98,837

263,187

22

Obligations under leases and hire purchase contracts

Finance leases

The amount of non-cancellable operating lease payments recognised as an expense during the year was £438,806 (2023 - £305,697).

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

469,408

424,313

Later than one year and not later than five years

1,183,468

1,478,691

1,652,876

1,903,004

 

Specialist Tiling Supplies Limited

Notes to the Financial Statements

for the Year Ended 31 December 2024 (continued)

23

Related party transactions

Summary of transactions with parent

Hyfield Group Limited During the year the company paid dividends of £188,193 to Hyfield Group Limited.

Summary of transactions with other related parties

Alberton Investments Limited During the year the company provided an interest free loan of £111,510 to Alberton Investments Limited, a group company. The loan is repayable on demand.

24

Parent and ultimate parent undertaking

The company's immediate parent is Hyfield Group Limited, incorporated in England.