Home Tiles ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07493026 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2020 TO 31 MARCH 2021

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

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

FIXED ASSETS

Tangible assets

4

418,257

355,001

CURRENT ASSETS

Stocks

424,049

726,894

Debtors

5

909,703

69,787

Cash at bank and in hand

361,665

108,338

1,695,417

905,019

CREDITORS

Amounts falling due within one year

6

(1,218,750

)

(854,559

)

NET CURRENT ASSETS

476,667

50,460

TOTAL ASSETS LESS CURRENT LIABILITIES

894,924

405,461

CREDITORS

Amounts falling due after more than one year

7

(488,463

)

-

NET ASSETS

406,461

405,461

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

406,361

405,361

SHAREHOLDERS' FUNDS

406,461

405,461

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

The members have not required the company to obtain an audit of its financial statements for the period 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 November 2021 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 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 period 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 period 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 period was 45 (2019 - 44 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2020

278,507

28,262

424,158

Additions

31,347

-

18,053

At 31 March 2021

309,854

28,262

442,211

DEPRECIATION

At 1 January 2020

144,693

9,802

243,475

Charge for period

21,957

4,614

37,273

At 31 March 2021

166,650

14,416

280,748

NET BOOK VALUE

At 31 March 2021

143,204

13,846

161,463

At 31 December 2019

133,814

18,460

180,683

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2020

-

56,593

787,520

Additions

71,696

15,065

136,161

At 31 March 2021

71,696

71,658

923,681

DEPRECIATION

At 1 January 2020

-

34,549

432,519

Charge for period

1,493

7,568

72,905

At 31 March 2021

1,493

42,117

505,424

NET BOOK VALUE

At 31 March 2021

70,203

29,541

418,257

At 31 December 2019

-

22,044

355,001

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2019

£

£

Trade debtors

34,021

9,699

Amounts owed by group undertakings

700,000

-

Other debtors

104,880

39,656

Prepayments

70,802

20,432

909,703

69,787

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2019

£

£

Bank loans and overdrafts

78,135

-

Hire purchase contracts

3,178

-

Trade creditors

613,737

645,757

Tax

17,784

(40,343

)

Social security and other taxes

26,553

15,036

VAT

331,515

185,594

Other creditors

117,375

42,448

Accrued expenses

30,473

6,067

1,218,750

854,559

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2019

£

£

Bank loans - 1-2 years

103,272

-

Bank loans - 2-5 years

366,982

-

Hire purchase contracts

18,209

-

488,463

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2019

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1 January 2020

405,361

Profit for the period

20,200

Dividends

(19,200

)

At 31 March 2021

406,361

10.	RELATED PARTY DISCLOSURES

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