Tile Elements Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 05660120 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 August 2016

for

TILE ELEMENTS LIMITED

Page

Company Information

1

Chartered Certified Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

Shane Anthony Weed

Mark Dawson Whitfield

REGISTERED OFFICE:

Unit 3 Buttle House Farm

Hutton Roof

Carnforth

Lancaster

LA6 2PE

REGISTERED NUMBER:

05660120 (England and Wales)

ACCOUNTANTS:

RCM Associates Limited

Green Farm Barn

The Green

Rathmell

Settle

North Yorkshire

BD24 0JX

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages three to six) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Tile Elements Limited for the year ended 31 August 2016 which comprise the Profit

and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Tile Elements Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tile Elements Limited and state those matters that we have agreed to state to the Board of Directors of Tile Elements Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Tile Elements Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tile Elements Limited. You consider that Tile Elements Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Tile Elements Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

RCM Associates Limited

Green Farm Barn

The Green

Rathmell

Settle

North Yorkshire

BD24 0JX

10 February 2017

FIXED ASSETS

Tangible assets

2

12,932

15,997

CURRENT ASSETS

Stocks

116,364

97,921

Debtors

80,579

70,812

Cash at bank and in hand

17,142

23,100

214,085

191,833

CREDITORS

Amounts falling due within one year

159,868

148,789

NET CURRENT ASSETS

54,217

43,044

TOTAL ASSETS LESS CURRENT
LIABILITIES

67,149

59,041

CREDITORS

Amounts falling due after more than one
year

-

(1,518

)

PROVISIONS FOR LIABILITIES

(2,586

)

(3,199

)

NET ASSETS

64,563

54,324

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

64,463

54,224

SHAREHOLDERS' FUNDS

64,563

54,324

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 10 February 2017 and were signed on
its behalf by:

Shane Anthony Weed - Director

Mark Dawson Whitfield - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 15% 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

34,123

DEPRECIATION

At 1 September 2015

18,126

Charge for year

3,065

At 31 August 2016

21,191

NET BOOK VALUE

At 31 August 2016

12,932

At 31 August 2015

15,997

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100