Grestec Tiles Limited Small abridged accounts

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS

All of the members of Grestec Tiles Limited have consented to the preparation of the abridged balance sheet for the year ending 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04275217

GRESTEC TILES LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED

31 July 2017

GRESTEC TILES LIMITED

ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2017

Contents	Page

Balance sheet	1

Notes to the abridged financial statements	3

GRESTEC TILES LIMITED

BALANCE SHEET

31 July 2017

	2017		2016
Note	£	£	£

FIXED ASSETS

Tangible assets	5		773,460	800,782

CURRENT ASSETS

Stocks	268,439	166,191
Debtors	291,581	327,037
Cash at bank and in hand	172,427	304,556
	---------	---------
	732,447	797,784

PREPAYMENTS AND ACCRUED INCOME	58,713		23,231

CREDITORS: amounts falling due within one year	788,136		590,574
	---------		---------
NET CURRENT ASSETS		3,024	230,441
		---------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		776,484	1,031,223

CREDITORS: amounts falling due after more than one year	6		425,168	464,003

PROVISIONS

Taxation including deferred tax	37,548	40,742
	---------	------------
NET ASSETS	313,768	526,478
	---------	------------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	313,668	526,378
	---------	---------
SHAREHOLDERS FUNDS	313,768	526,478
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged profit and loss account has not been delivered.

For the year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

GRESTEC TILES LIMITED

BALANCE SHEET (continued)

31 July 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 31 October 2017 , and are signed on behalf of the board by:

A Eastman

Director

Company registration number: 04275217

GRESTEC TILES LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2017

1. General information

The company is a private company limited by shares, incorporated and registered in England and Wales. The address of the registered office is Unit 4-6, Marley Farm Business Estate, Headcorn Road, Smarden, Ashford, Kent, TN27 8PJ

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value in accordance with FRS 102. The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value in accordance with FRS 102. The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense recognised in profit or loss represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	2% straight line
Leasehold Property	-	5% reducing balance
Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance

	Motor Vehicles	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial liabilities and equity instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2016: 15 ).

5. Tangible assets

	£
Cost
At 1 August 2016	1,054,570
Additions	40,228
	------------
At 31 July 2017	1,094,798
	------------
Depreciation
At 1 August 2016	253,788
Charge for the year	67,550
	------------
At 31 July 2017	321,338
	------------
Carrying amount
At 31 July 2017	773,460
	------------
At 31 July 2016	800,782
	------------

6. Creditors: amounts falling due after more than one year

Included within creditors: amounts falling due after more than one year is an amount of £296,626 (2016: £327,656) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The loans are repayable in instalments, with interest rates currently set at 2% over base rate and 5.45% respectively and they are due to expire on 28 February 2031 and 9 September 2025.

7. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	51,356	51,356
Later than 1 year and not later than 5 years	51,140	98,148
Later than 5 years	–	4,348
	---------	---------
	102,496	153,852
	---------	---------

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.

No transitional adjustments were required in equity or profit or loss for the year.