TILEMASTER_LIMITED - Accounts

TILEMASTER LIMITED - Company Information

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Company Registration No. 04287393 (England and Wales)

TILEMASTER LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

TILEMASTER LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

TILEMASTER LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

230,709

146,551

Current assets

Debtors

5,000

Cash at bank and in hand

70,424

141,180

75,424

141,180

Creditors: amounts falling due within one year

(80,520)

(102,537)

Net current (liabilities)/assets

(5,096)

38,643

Total assets less current liabilities

225,613

185,194

Provisions for liabilities

(4,100)

(3,730)

221,513

181,464

Capital and reserves

Called up share capital

120

Profit and loss account

221,393

181,344

Shareholders' funds

221,513

181,464

For the financial year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has 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.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 22 May 2015

Mr I W Geddes

Director

Company Registration No. 04287393

TILEMASTER LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets include investment properties on an existing use open market value basis. Other tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

15% reducing balance method

Computer equipment

3 years straight line method

Rental property assets

3 years straight line method

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.5

Revenue recognition

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

1.6

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

TILEMASTER LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 3 -

Fixed assets

Tangible assets

Cost

At 1 January 2014

288,167

Additions

22,057

Disposals

(989)

At 31 December 2014

309,235

Depreciation

At 1 January 2014

52,631

On disposals

(330)

Charge for the year

26,225

At 31 December 2014

78,526

Net book value

At 31 December 2014

230,709

At 31 December 2013

146,551

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary A shares of £1 each

100

15 Ordinary B Shares of £1 each

2 Ordinary C Shares of £1 each

3 Ordinary D Shares of £1 each

120

All the shares in issue rank pari passu with each other in the assets of the company but rank separately in terms of the distribution of profits.