REGISTERED NUMBER: 02209151 (England and Wales)

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2012

FOR

MILES OF TILES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr G J Foster

Mr J Foster

Mr R M Walton

Miss L Wallington

SECRETARY:

Mrs B B Foster

REGISTERED OFFICE:

Alveston Place

Oxford Street

Leamington Spa

Warwickshire

CV32 4SL

REGISTERED NUMBER:

02209151 (England and Wales)

ACCOUNTANTS:

TGFP

Chartered Accountants

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

FIXED ASSETS

Intangible assets

2

500

750

Tangible assets

3

282,211

332,011

282,711

332,761

CURRENT ASSETS

Stocks

428,312

474,010

Debtors

297,068

286,222

Cash at bank and in hand

29,680

46,394

755,060

806,626

CREDITORS

Amounts falling due within one year

4

561,854

682,477

NET CURRENT ASSETS

193,206

124,149

TOTAL ASSETS LESS CURRENT LIABILITIES

475,917

456,910

CREDITORS

Amounts falling due after more than one year

4

447,334

421,015

NET ASSETS

28,583

35,895

CAPITAL AND RESERVES

Called up share capital

5

35,500

35,500

Revaluation reserve

22,203

22,203

Profit and loss account

(29,120

)

(21,808

)

SHAREHOLDERS' FUNDS

28,583

35,895

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2012.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2012 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 30 May 2013 and were signed on its behalf by:

Mr G J Foster - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller

Entities (effective April 2008).

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1994, is being amortised evenly over its estimated useful life of twenty years.

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.

Short leasehold

-

15% on reducing balance

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% 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.

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 the profit and loss account in the period to which they

relate.

Going concern

The financial statements have been prepared on the going concern concept. This assumes that the

company will continue to receive the support required from its bankers and creditors.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2011

and 31 August 2012

5,000

AMORTISATION

At 1 September 2011

4,250

Amortisation for year

250

At 31 August 2012

4,500

NET BOOK VALUE

At 31 August 2012

500

At 31 August 2011

750

3.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 September 2011

756,249

Additions

1,747

Disposals

(5,015

)

At 31 August 2012

752,981

DEPRECIATION

At 1 September 2011

424,238

Charge for year

49,958

Eliminated on disposal

(3,426

)

At 31 August 2012

470,770

NET BOOK VALUE

At 31 August 2012

282,211

At 31 August 2011

332,011

4.

CREDITORS

Creditors include an amount of £ 638,805 (2011 - £ 736,684 ) for which security has been given.

They also include the following debts falling due in more than five years:

2012

2011

£

£

Repayable by instalments

333,191

413,852

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2012

2011

value:

£

£

35,500

Ordinary

£1

35,500

35,500