Belfast Tiles and Bathroom Centre Ltd Company accounts

COMPANY REGISTRATION NUMBER: NI055324

Belfast Tiles and Bathroom Centre Ltd

Unaudited Financial Statements

31 December 2024

Belfast Tiles and Bathroom Centre Ltd

Financial Statements

Year ended 31 December 2024

Contents	Page

Director's report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

The following pages do not form part of the financial statements

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	11

Belfast Tiles and Bathroom Centre Ltd

Director's Report

Year ended 31 December 2024

The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2024 .

Director

The director who served the company during the year was as follows:

J A Lorimer

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 3 July 2025 and signed on behalf of the board by:

J A Lorimer
Director

Registered office:

631 Lisburn Road

BELFAST

Northern Ireland

BT9 7GT

Belfast Tiles and Bathroom Centre Ltd

Statement of Income and Retained Earnings

Year ended 31 December 2024

	2024	2023
Note	£	£
Turnover	373,356	396,164

Cost of sales	239,672	258,189
	---------	---------
Gross profit	133,684	137,975

Administrative expenses	113,552	108,891
	---------	---------
Operating profit	20,132	29,084

Other interest receivable and similar income		1,245	1,808
		---------	---------
Profit before taxation	5	21,377	30,892

Tax on profit	4,133	6,240
	--------	--------
Profit for the financial year and total comprehensive income	17,244	24,652
	--------	--------

Dividends paid and payable	( 30,996)	( 36,900)

Retained earnings at the start of the year	49,739	61,987
	--------	--------
Retained earnings at the end of the year	35,987	49,739
	--------	--------

All the activities of the company are from continuing operations.

Belfast Tiles and Bathroom Centre Ltd

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	6		10,135	11,314

Current assets

Stocks		40,566	38,045
Debtors	7	36,877	19,925
Cash at bank and in hand		76,801	141,661
		---------	---------
		154,244	199,631

Creditors: amounts falling due within one year	8	127,419		159,938
		---------		---------
Net current assets			26,825	39,693
			--------	--------
Total assets less current liabilities			36,960	51,007

Provisions

Taxation including deferred tax	873	1,168
	--------	--------
Net assets	36,087	49,839
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	35,987	49,739
	--------	--------
Shareholders funds	36,087	49,839
	--------	--------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the 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.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Belfast Tiles and Bathroom Centre Ltd

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 3 July 2025 , and are signed on behalf of the board by:

J A Lorimer
Director

Company registration number: NI055324

Belfast Tiles and Bathroom Centre Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 631 Lisburn Road, BELFAST, BT9 7GT, Northern Ireland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	20% reducing balance
Fixtures and Fittings	-	20% reducing balance
Motor Vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2024	2023
	£	£
Depreciation of tangible assets	1,179	1,492
	-------	-------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024 and 31 December 2024	6,644	5,415	1,892	9,250	23,201
	-------	-------	-------	-------	--------
Depreciation
At 1 January 2024	–	4,709	1,830	5,348	11,887
Charge for the year	–	141	62	976	1,179
	-------	-------	-------	-------	--------
At 31 December 2024	–	4,850	1,892	6,324	13,066
	-------	-------	-------	-------	--------
Carrying amount
At 31 December 2024	6,644	565	–	2,926	10,135
	-------	-------	-------	-------	--------
At 31 December 2023	6,644	706	62	3,902	11,314
	-------	-------	-------	-------	--------

7. Debtors

	2024	2023
	£	£
Trade debtors	26,912	14,032
Other debtors	9,965	5,893
	--------	--------
	36,877	19,925
	--------	--------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	49,152	26,948
Corporation tax	4,331	11,630
Social security and other taxes	1,197	505
Other creditors	72,739	120,855
	---------	---------
	127,419	159,938
	---------	---------

9. Financial instruments

Where reduced disclosures are applied, disclosures from the Companies Act 2006 still need to be made regarding the fair value of the instruments in each category and the changes in value recognised in profit and loss. Disclosures of the significant assumptions underlying the valuation models and techniques used, and extent and nature of derivative instruments are also required.

10. Director's advances, credits and guarantees

The Company owed Mr J Lorimer £32,114.89 (on an interest free basis) at 31 December 2024. (2023 £85,941.38).

Belfast Tiles and Bathroom Centre Ltd

Management Information

Year ended 31 December 2024

The following pages do not form part of the financial statements.

Belfast Tiles and Bathroom Centre Ltd

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Belfast Tiles and Bathroom Centre Ltd

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Belfast Tiles and Bathroom Centre Ltd for the year ended 31 December 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the director of Belfast Tiles and Bathroom Centre Ltd in accordance with the terms of our engagement letter dated 1 October 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Belfast Tiles and Bathroom Centre Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Belfast Tiles and Bathroom Centre Ltd and its director for our work or for this report.

It is your duty to ensure that Belfast Tiles and Bathroom Centre Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Belfast Tiles and Bathroom Centre Ltd. You consider that Belfast Tiles and Bathroom Centre Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Belfast Tiles and Bathroom Centre Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

AUBREY CAMPBELL ACCOUNTANTS LIMITED Chartered Accountants

631 Lisburn Road Belfast N. Ireland BT9 7GT