Home Tiles ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07493026 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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

641,849

638,696

CURRENT ASSETS

Stocks

309,719

520,337

Debtors

5

1,294,148

1,318,382

Cash at bank and in hand

3,602

23,647

1,607,469

1,862,366

CREDITORS

Amounts falling due within one year

6

(2,826,666

)

(1,781,384

)

NET CURRENT (LIABILITIES)/ASSETS

(1,219,197

)

80,982

TOTAL ASSETS LESS CURRENT LIABILITIES

(577,348

)

719,678

CREDITORS

Amounts falling due after more than one year

7

(522,839

)

(643,179

)

NET (LIABILITIES)/ASSETS

(1,100,187

)

76,499

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(1,100,287

)

76,399

SHAREHOLDERS' FUNDS

(1,100,187

)

76,499

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 6 November 2023 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.

Going concern

The company meets its day-to-day working capital requirements through its bank facilities. The current economic conditions continue to create uncertainty over (a) the level of demand for the company’s products; and (b) the availability of bank finance for the foreseeable future. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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

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 53 (2022 - 58 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 April 2022

389,015

41,121

455,965

Additions

88,123

-

52,368

Disposals

-

(4,758

)

-

At 31 March 2023

477,138

36,363

508,333

DEPRECIATION

At 1 April 2022

200,031

19,732

306,163

Charge for year

42,297

4,024

26,806

Eliminated on disposal

-

(1,586

)

-

At 31 March 2023

242,328

22,170

332,969

NET BOOK VALUE

At 31 March 2023

234,810

14,193

175,364

At 31 March 2022

188,984

21,389

149,802

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2022

260,716

94,244

1,241,061

Additions

-

7,572

148,063

Disposals

-

-

(4,758

)

At 31 March 2023

260,716

101,816

1,384,366

DEPRECIATION

At 1 April 2022

26,550

49,889

602,365

Charge for year

58,541

10,070

141,738

Eliminated on disposal

-

-

(1,586

)

At 31 March 2023

85,091

59,959

742,517

NET BOOK VALUE

At 31 March 2023

175,625

41,857

641,849

At 31 March 2022

234,166

44,355

638,696

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

42,231

2,361

Amounts owed by group undertakings

900,716

913,016

Other debtors

351,201

403,005

1,294,148

1,318,382

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

209,527

321,376

Hire purchase contracts

50,585

46,882

Trade creditors

1,271,177

1,021,900

Amounts owed to group undertakings

309,349

53,488

Taxation and social security

332,704

314,439

Other creditors

653,324

23,299

2,826,666

1,781,384

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

413,025

480,628

Hire purchase contracts

109,814

162,551

522,839

643,179

8.	DEFERRED TAX

£

Balance at 1 April 2022

(32,206

)

Provided during year

32,206

Balance at 31 March 2023

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Home Tiles Group Limited.

The ultimate controlling party is M E Croxford.