M B Tiling Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07863097

Unaudited Financial Statements for the Year Ended 31 March 2021

for

M B Tiling Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr. M E Strangward

REGISTERED OFFICE:

Solent House

107a Alma Road

Portswood

Southampton

Hampshire

SO14 6UY

REGISTERED NUMBER:

07863097

ACCOUNTANTS:

Thomas Croft Limited

Accountants And Taxation Consultants

Solent House

107a Alma Road

Portswood

Southampton

Hampshire

SO14 6UY

FIXED ASSETS

Tangible assets

4

2,540

1,390

CURRENT ASSETS

Stocks

5

6,321

10,550

Debtors

6

27,084

12,255

Cash at bank

38,591

-

71,996

22,805

CREDITORS

Amounts falling due within one year

7

16,820

14,349

NET CURRENT ASSETS

55,176

8,456

TOTAL ASSETS LESS CURRENT LIABILITIES

57,716

9,846

CREDITORS

Amounts falling due after more than one year

8

50,000

6,220

NET ASSETS

7,716

3,626

CAPITAL AND RESERVES

Called up share capital

9

2

1

Retained earnings

10

7,714

3,625

SHAREHOLDERS' FUNDS

7,716

3,626

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 October 2021 and were signed by:

Mr. M E Strangward - Director

1.	STATUTORY INFORMATION

M B Tiling Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2020

1,513

2,046

3,559

Additions

1,623

-

1,623

At 31 March 2021

3,136

2,046

5,182

DEPRECIATION

At 1 April 2020

1,144

1,025

2,169

Charge for year

218

255

473

At 31 March 2021

1,362

1,280

2,642

NET BOOK VALUE

At 31 March 2021

1,774

766

2,540

At 31 March 2020

369

1,021

1,390

5.

STOCKS

31.3.21

31.3.20

£

£

Stocks

2,500

3,000

Work-in-progress

3,821

7,550

6,321

10,550

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

14,195

11,490

Other debtors

1,150

-

Directors' current accounts

10,910

-

Prepayments

829

765

27,084

12,255

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

-

7,989

Trade creditors

1,137

2,812

Corporation tax

19,716

15,056

Social security and other taxes

(27,157

)

(21,766

)

VAT

9,406

6,087

Other creditors

12,451

2,919

Directors' current accounts

-

60

Accrued expenses

1,267

1,192

16,820

14,349

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans - 1-2 years

-

6,220

Bank loans - 2-5 years

50,000

-

50,000

6,220

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

1

Ordinary

£1

2

1

10.

RESERVES

Retained

earnings

£

At 1 April 2020

3,625

Profit for the year

33,519

Dividends

(29,430

)

At 31 March 2021

7,714

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

31.3.21

31.3.20

£

£

Mr. M E Strangward

Balance outstanding at start of year

(60

)

9,370

Amounts advanced

49,704

16,571

Amounts repaid

(38,734

)

(26,001

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

10,910

(60

)

12.	RELATED PARTY DISCLOSURES

The company was under the control of Mr M Strangward throughout the current period. Mr M Strangward is the managing director and majority shareholder.

No transactions with related parties were undertaken such as are required to be disclosed under Section 1a "Small Entities" for Financial Reporting Standard 102.

13.

COVID-19

In common with many other companies, the outbreak of COVID-19 in the UK and the measures being taken to control its spread have had a detrimental impact on our business. Due to safety and Government lockdown restrictions and guidance the company offices were closed during the lockdown, and business meetings and travel were restricted during the year. Some staff were furloughed during the lockdown due to a reduction in work received and inability to work from home.

The directors believe the company to have sufficient funds available to cover debt obligations and that the financial statements are to be prepared on a going concern basis. The directors consider that no further adjustments or impairments are to be made in respect to the assets or debts due to or from the company as at the balance sheet date.

The future duration and global impact of the COVID-19 pandemic remains unclear at this time. It is not possible to reliably estimate the duration and severity of the future consequences, as well as their impact on the financial position and results of the company for future periods