Registration number: 05245548

Devon Tiles Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Devon Tiles Limited

Company Information

Directors

J E Ingram R P Ingram C D Ingram

Registered office

23 - 25 Finnimore Industrial Estate Ottery St Mary Devon EX11 1NR

Accountants

Thompson Jenner LLP Chartered Accountants 28 Alexandra Terrace Exmouth Devon EX8 1BD

Devon Tiles Limited

(Registration number: 05245548)
Balance Sheet as at 30 November 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	54,677	65,556
Current assets
Stocks	6	378,662	350,523
Debtors	7	14,503	68,964
Cash at bank and in hand		26,801	3,639
		419,966	423,126
Creditors: Amounts falling due within one year	8	(251,790)	(281,670)
Net current assets		168,176	141,456
Total assets less current liabilities		222,853	207,012
Creditors: Amounts falling due after more than one year	8	(91,881)	(87,604)
Provisions for liabilities		(9,555)	(4,622)
Net assets		121,417	114,786
Capital and reserves
Called up share capital		120	120
Retained earnings		121,297	114,666
Shareholders' funds		121,417	114,786

For the financial year ending 30 November 2025 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.

These financial statements have 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.

Devon Tiles Limited

(Registration number: 05245548)
Balance Sheet as at 30 November 2025

These financial statements have been 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.

Approved and authorised by the Board on 8 May 2026 and signed on its behalf by:
 

......................................... R P Ingram Director

Devon Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

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:
23 - 25 Finnimore Industrial Estate
Ottery St Mary
Devon
EX11 1NR

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 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.

Tax

The tax expense for the period comprises 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.

Deferred income 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Devon Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

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
Fixtures and fittings	20% reducing balance
Motor vehicles	20% straight line, less residual value
Displays and Website	20% straight line
Office equipment	33.3% reducing balance
Plant and machinery	20% reducing balance
Leasehold Property	12.5% straight line

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	Over 5 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.

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.

Devon Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

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.

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 Balance Sheet as a finance lease obligation.

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

Devon Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2024 - 8).

Devon Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 December 2024	5,000	5,000
At 30 November 2025	5,000	5,000
Amortisation
At 1 December 2024	5,000	5,000
At 30 November 2025	5,000	5,000
Carrying amount
At 30 November 2025	-	-

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Displays £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 December 2024	4,095	109,383	100,993	97,618	23,754	335,843
Additions	-	1,313	-	6,238	363	7,914
At 30 November 2025	4,095	110,696	100,993	103,856	24,117	343,757
Depreciation
At 1 December 2024	4,095	104,135	61,030	78,013	23,014	270,287
Charge for the year	-	1,972	6,981	9,619	221	18,793
At 30 November 2025	4,095	106,107	68,011	87,632	23,235	289,080
Carrying amount
At 30 November 2025	-	4,589	32,982	16,224	882	54,677
At 30 November 2024	-	5,248	39,963	19,605	740	65,556

Included within the net book value of land and buildings above is £Nil (2024 - £Nil) in respect of short leasehold land and buildings.
 

Devon Tiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

6

Stocks

	2025 £	2024 £
Other stocks	378,662	350,523

7

Debtors

	2025 £	2024 £
Trade debtors	4,984	54,194
Prepayments and accrued income	9,519	14,770
Total current trade and other debtors	14,503	68,964

8

Creditors

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	26,383	30,163
Trade creditors		132,495	137,048
Taxation and social security		27,285	29,404
Other creditors		61,015	80,928
Accrued expenses		4,612	4,127
		251,790	281,670

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £7,595 (2024 - £7,595) and loans and borrowings of £13,167 (2024 - £12,509).

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	91,881	87,604

	2025 £	2024 £
Due after more than five years
After more than five years by instalments	38,507	32,556

	-	-