Home Tiles ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07493026 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

HOME TILES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M E Croxford

REGISTERED OFFICE:

Hewgate House Rabans Lane

Rabans Lane Industrial Area

Aylesbury

HP19 8RT

REGISTERED NUMBER:

07493026 (England and Wales)

ACCOUNTANTS:

Watson Associates (Professional Services) Ltd

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

FIXED ASSETS

Tangible assets

4

638,696

418,257

CURRENT ASSETS

Stocks

520,337

424,049

Debtors

5

1,318,382

909,703

Cash at bank and in hand

23,647

361,665

1,862,366

1,695,417

CREDITORS

Amounts falling due within one year

6

(1,781,384

)

(1,218,750

)

NET CURRENT ASSETS

80,982

476,667

TOTAL ASSETS LESS CURRENT LIABILITIES

719,678

894,924

CREDITORS

Amounts falling due after more than one year

7

(643,179

)

(488,463

)

NET ASSETS

76,499

406,461

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

76,399

406,361

SHAREHOLDERS' FUNDS

76,499

406,461

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 December 2022 and were signed by:

M E Croxford - Director

1.	STATUTORY INFORMATION

Home Tiles ltd is a private company, limited by shares , registered in England and Wales. 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 the cost less estimated residual value of each asset over its estimated useful life.

Long leasehold

-

10% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure. The group has not directly benefited from any other forms of government assistance.

Stocks

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

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred 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 or deferred 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 58 (2021 - 45 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 April 2021

309,854

28,262

442,211

Additions

79,161

12,859

13,754

Disposals

-

-

-

At 31 March 2022

389,015

41,121

455,965

DEPRECIATION

At 1 April 2021

166,650

14,416

280,748

Charge for year

33,381

5,316

25,415

Eliminated on disposal

-

-

-

At 31 March 2022

200,031

19,732

306,163

NET BOOK VALUE

At 31 March 2022

188,984

21,389

149,802

At 31 March 2021

143,204

13,846

161,463

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2021

71,696

71,658

923,681

Additions

250,220

22,586

378,580

Disposals

(61,200

)

-

(61,200

)

At 31 March 2022

260,716

94,244

1,241,061

DEPRECIATION

At 1 April 2021

1,493

42,117

505,424

Charge for year

40,481

7,772

112,365

Eliminated on disposal

(15,424

)

-

(15,424

)

At 31 March 2022

26,550

49,889

602,365

NET BOOK VALUE

At 31 March 2022

234,166

44,355

638,696

At 31 March 2021

70,203

29,541

418,257

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

2,361

34,021

Amounts owed by group undertakings

913,016

700,000

Other debtors

403,005

175,682

1,318,382

909,703

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

321,376

78,135

Hire purchase contracts

46,882

3,178

Trade creditors

1,021,900

613,737

Amounts owed to group undertakings

53,488

-

Taxation and social security

314,439

375,852

Other creditors

23,299

147,848

1,781,384

1,218,750

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

480,628

470,254

Hire purchase contracts

162,551

18,209

643,179

488,463

8.	DEFERRED TAX

£

Credit to Income Statement during year

(32,206

)

Balance at 31 March 2022

(32,206

)

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1

100

100

10.	RELATED PARTY DISCLOSURES

During the year Home Tiles Ltd has been charged £nil (2021: £115,000) management charges from Citytalk Group Ltd a company which is under common control.