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Registered number: 04182046
Tilesite Limited
Unaudited Financial Statements
For The Year Ended 31 December 2025
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: 04182046
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,668,931 5,668,931
5,668,931 5,668,931
CURRENT ASSETS
Debtors 5 848,529 718,062
Cash at bank and in hand 30,396 29,903
878,925 747,965
Creditors: Amounts Falling Due Within One Year 6 (354,325 ) (232,375 )
NET CURRENT ASSETS (LIABILITIES) 524,600 515,590
TOTAL ASSETS LESS CURRENT LIABILITIES 6,193,531 6,184,521
Creditors: Amounts Falling Due After More Than One Year 7 (482,850 ) (516,150 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (856,467 ) (856,467 )
NET ASSETS 4,854,214 4,811,904
CAPITAL AND RESERVES
Called up share capital 9 1 1
Income Statement 4,854,213 4,811,903
SHAREHOLDERS' FUNDS 4,854,214 4,811,904
Page 1
Page 2
For the year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr J N Shepherd
Director
9th September 2026
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Tilesite Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04182046 . The registered office is The Old Laundry, Lady Mary Square, Rostherne Lane, Rostherne, Knutsford, Cheshire, WA16 6SA.

The principal activity is property investment and development.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

  • the amount of revenue can be measured reliably;
  • it is probable that the company will receive the consideration due under the contract;
  • the stage of completion of the contract at the end of the reporting period can be measured reliably; and
  • the costs incurred and the costs to complete the contract can be measured reliably.

Turnover consists of rents receivable from investment properties, excluding VAT where relevant.
2.3. Investment Properties
All investment properties are carried at fair value, with changes in fair value being recognised in the Income Statement. The directors of the company have valued the property themselves based on such factors as current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. In this case the fair value is considered to be an open market value. The determined fair value of the investment property is most sensitive to the estimated yield. No depreciation is provided for investment properties.

Changes in fair value are recognised in the income statement unless a deficit below original cost, or its reversal, is expected to be permanent, in which case it is recognised in the Statement of Comprehensive income for the year.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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2.4. Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were sold at the balance sheet date.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the Income Statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair value of liabilities acquired and the amount that will be assessed for tax.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in the Income Statement, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Income Statement in the year that the company becomes aware of the obligation, and are measured at the best estimate at the year end date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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2.7. Debtors, Creditors, Cash and Cash equivalents
Debtors:

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors:

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents:

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than twenty four hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
2.8. Borrowing costs
Borrowing costs are recognised in the Income Statement in the year in which they are incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
4. Tangible Assets
Investment Properties
£
Cost
As at 1 January 2025 5,668,931
As at 31 December 2025 5,668,931
Net Book Value
As at 31 December 2025 5,668,931
As at 1 January 2025 5,668,931
Page 5
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Cost or valuation as at 31 December 2025 represented by:
Investment Properties
£
At valuation 5,668,931
5,668,931
The 2025 valuations were by the directors, on an open market value, existing use basis.
If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
Historic cost at 31 December 2025: £2,243,064.
Historic cost at 31 December 2024: £2,243,064.
5. Debtors
2025 2024
£ £
Due within one year
Trade debtors 63,293 55,901
Prepayments and accrued income 41 984
Other debtors 2,596 1,188
Amounts owed by group undertakings 91,613 83,815
Amounts owed by related undertakings 690,986 576,174
848,529 718,062
6. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 403 3,046
Bank loans and overdrafts 33,300 33,300
Corporation tax 48,545 34,164
Other creditor balances 26,470 26,937
Accruals and deferred income 130,687 134,928
Amounts owed to group undertakings 114,920 -
354,325 232,375
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7. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 482,850 516,150
8. Deferred Taxation
The provision for deferred taxation is made up of the required provision in respect of property revaluation surpluses
2025 2024
£ £
Revaluation of investment properties 856,467 856,467
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 1 1
10. Related Party Transactions
Under UK GAAP the company is exempt from the requirement to disclose transactions with wholly owned members of the same group.
Property management fees of £7,200 (2024: £5,800) were paid to Crest Property Management Limited, a company controlled by the directors. 
Working capital loans were also advanced between the company and related parties from time to time.
At the year end debtors (note 5) includes £690,886 (2024: £576,074) owed by Crest Property Management Limited, a related company.
These working capital financing loan balances are interest free and have no formal or fixed repayment terms.
11. Ultimate Controlling Party
The company's parent company and controlling party is Forward Construction and Developments Limited by virtue of it's ownership of 100% of the issued share capital in the company.
12. Secured creditors
Included within creditors falling due within one year, and creditors falling due after more than one year, are bank loans and overdrafts of £516,150 (2024: £549,450) which are secured. Security is by way of a fixed charge over one of the investment properties of the company.
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