TOPPS TILES PLC
Annual Report and Financial Statements
2007 Cautionary statement
This Annual Report has been prepared for the shareholders of Topps Tiles
Plc, as a body, and no other persons. Its purpose is to assist shareholders
of the Company to assess the strategies adopted by the Group and the
potential for those strategies to succeed and for no other purpose. The
Company, its directors, employees, agents or advisers do not accept or
assume responsibility to any other person to whom this document is
shown or into whose hands it may come and any such responsibility or 
liability is expressly disclaimed.
This Annual Report contains certain forward-looking statements that are
subject to risk factors associated with, amongst other things, the 
economic and business circumstances occurring from time to time in the 
countries, sectors and markets in which the Group operates. It is believed
that the expectations reflected in these statements are reasonable but
they may be affected by a wide range of variables which could cause 
actual results to differ materially from those currently anticipated.
No assurances can be given that the forward-looking statements in this
Annual Report will be realised. The forward-looking statements reflect the
knowledge and information available at the date of preparation of this
Annual Report and the Company undertakes no obligation to update these
forward-looking statements.
Nothing in this Annual Report should be construed as a profit forecast.
TOPPS TILES
CONTENTS
Stuart Williams
Group President and Co-Founder
01 Highlights
02 Chairman’s statement 
05 Chief executive’s statement  
08 Business review
15 Corporate and social responsibility 
18 Directors
19 Non-executive directors  
20 Directors and advisors
22 Directors’ report
25 Corporate governance statements  
27 Remuneration report
30 Independent auditors’ report - consolidated financial 
statements
32 Consolidated group income statement
32 Consolidated statement of recognised income and expense
33 Consolidated balance sheet
34 Consolidated cash flow statement
35 Notes to the consolidated financial statements 
55 Independent auditors’ report - company financial 
statements
56 Company balance sheet
57 Notes to the company financial statements
61 Five year record
62 Notice of annual general meeting
65 Explanatory notes to the notice of annual general meeting
67 Shareholder information
68 The team
72 Store locations
THIS YEAR MARKED THE TENTH ANNIVERSARY OF THE FLOTATION 
OF THE COMPANY.
OUR FINANCIAL PERFORMANCE OVER THIS PERIOD, EPS GROWTH OF NEARLY
800% AND OVERALL SHAREHOLDER RETURN IN EXCESS OF £200M, IS ONE IN
WHICH WE TAKE GREAT PRIDE IN HAVING DELIVERED.
THE COMPANY HAS, OVER MANY YEARS, SUCCESSFULLY MET THE CHALLENGES
OF CHANGING MARKET CONDITIONS & COMPETITION.
I AM CONFIDENT THAT IT WILL DO SO IN THE FUTURE AS IT CONTINUES WITH ITS
EXPANSION IN A GROWING MARKET. TOPPS TILES PLC
Annual Report & Financial Statements 2007
01
HIGHLIGHTS 52 week period results to 29 September 2007 (2006: 52 weeks)
+ Group like-for-like revenue increased by 4.7%
+ Group gross margin increased to 62.8% (2006: 62.6%)
+ Operating profit increased to £44.3m (2006: £38.9m)
+ Profit before tax £37 .8m (2006: £39.1m)
+ Adjusted Basic Earnings per share of 14.94 pence (2006: 
13.19 pence)*
+ Basic Earnings per share of 15.09 pence (2006: 12.80 pence)
+ Dividend policy maintained at 1.41 times cover
+ A final net dividend of 6.95 pence per share to be paid on 
31 January 2008
+ Net debt position of £95.2m (2006: £99.5m)
+ A net 30 new stores opened in the UK in this financial period
+ Now trading from 301 stores in the UK (2006: 271 stores)
+ 20 stores now trading in Holland (2006: 15 stores)
*Adjusted for non recurring items:
2006: Property disposal gains of £0.3 million and share buy back costs of £1.1 million
2007: Property disposal gains of £0.3 million
15.4%
Group revenue increased by 15.4% to
£207 .9 million (2006: £180.2 million)
14 . 1%
Group operating profit increased by 14.1%
to £44.3 million (2006: £38.9 million) 1998
Topps Tiles floated on Stock
Exchange, achieves PLC status
Total number of stores
54
1997
TOPPS TILES PLC
Annual Report & Financial Statements 2007
02
CHAIRMAN’S STATEMENT
MILESTONES
THIS YEAR MARKED THE 10TH
ANNIVERSARY OF OUR LISTING ON THE
LONDON STOCK EXCHANGE. I AM 
DELIGHTED TO REPORT THAT ONCE AGAIN
WE HAVE DELIVERED ANOTHER STRONG
SET OF RESULTS PROVING THE 
SUCCESS OF OUR STRATEGY AND THE 
STRENGTH OF OUR BRAND.
The past decade has been an exciting time in the 
Company’s history. We have transformed the business
from a modest 54 store outfit with 301 staff to a
European operation with over 321 stores and 1,722 
employees in the UK and Holland.
Total Shareholder return since listing has been excellent,
£100 invested in 1997 would have grown to £2,822, 
outperforming the FTSE250 by over 800%. In the past 10
years we have returned over £200 million to shareholders
by way of dividends and share buybacks.
Financial Results
Total Group revenue increased 15.4% to £207.9 million
(2006: £180.2 million) with like-for-like revenue for the
period up 4.7% on last year, which we have achieved
despite the continuing challenging retail market.
Operating profit for the period was £44.3 million (2006:
£38.9 million) giving a profit before tax of £37.8 million
>> > > > > >
Total number of stores
50
(2006: £39.1 million), impacted by a higher interest charge
as a result of the refinancing for the share buy back.
Basic earnings per share increased to 15.09 pence (2006:
12.80 pence).
Dividend
In line with our progressive dividend policy, the Board is
recommending a final dividend of 6.95 pence per share.
This, once approved by shareholders at the Annual
General Meeting, is payable on 31 January 2008 to all
shareholders on the register as at 4 January 2008. This
brings the total dividend to 10.70 pence per share an
increase of 2.9% on 2006.
Board Changes
In March this year we announced the appointment of
Robert Parker as Finance Director, succeeding Andrew
Liggett who left the Company in April. On behalf of the
entire Board, I extend a warm welcome to Rob.
1995 1996 1999 2000
Merger of Topps Tiles and 
Tile Kingdom
Acquired 20 
Tile City stores
Topps becomes a dedicated
tile specialist
Total number of stores
100 TOPPS TILES PLC
Annual Report & Financial Statements 2007
03
Grove Park 
Distribution 
Centre opened
Total number of stores
250
Total number of stores
300
Total number of stores
150
We also announced in September that Nick Ounstead, who
has been Chief Executive Officer for the last five years,
would be taking on a new executive Board role of
Business Development Director with responsibility for
buying, Holland and Group business development. I would
like to thank Nick for his leadership and contribution to
Topps throughout his tenure as Chief Executive.
Matt Williams succeeded Nick as Chief Executive Officer
from 1st November 2007. Matt joined Topps in 1998 in 
the property department. He was promoted to Chief
Operating Officer in 2004 and joined the Board in 2006.
Matt is already demonstrating his ability and drive and I
am confident that with this first class executive team we
have the best management in place to take the business
forward.
People 
Exceptional customer service is the core of our business
and critical to our continued success. It is our people and
not our products that achieve this.
I would like to extend the Board’s thanks and gratitude to
everyone in the Company for their constant efforts in
helping us to realise value for our shareholders.
Outlook
As the business continues to grow in size, revenue and
market share we maintain our investment in the future of
the business and our people. 
The business is in excellent shape and in very capable
hands and I am confident that we will continue to achieve 
sustainable growth and deliver value for our shareholders
in 2008 and beyond.
Barry Bester
Chairman
>> > > >> > 2 00 1 2002 2003 2004 2005 2006 2007
Remaining 50% of Dutch
joint venture acquired
£200m 
turnover
Winner of PLC Company 
of the Year award 2003 & 2004
£100m turnover
First Dutch store opened in
Sliedrecht, near Rotterdam
Dutch joint venture 
formed
Total number of stores
200
£150m turnover TOPPS TILES PLC
Annual Report & Financial Statements 2007
04
OUR 
CORE BRANDS
THE GROUP TRADES
UNDER THREE CORE
BRAND NAMES:
TOPPS TILES
Operating from 246 stores nationwide,
Topps Tiles still maintain their No. 1 
position as the UK’s largest supplier of
Ceramic Wall & Floor tiles – Natural Stone
– Laminate & Real Wood for Domestic and
commercial use.
Since 1963 it’s been at the forefront of the Company’s policy to
offer the very best customer service that is honest, helpful and 
knowledgeable but NEVER pushy, this is backed up by offering
value for money with a host of unique consumer benefits like
the Topps free ‘How to’ DVD, a 45 day return & buy back service,
a lifetime guarantee on all BAL adhesives & grouts, and many
more.
With the Company’s continuous drive and focus on customer
service, we are confident that the business will maintain its 
competitive position.
TOPPS 
HOLLAND
Trading since 2002 
Topps Floorstore with its 20 stores across Holland
is the leading specialist of wood flooring in Holland. 
We continue to develop the business and with 
an increasing focus on the ceramic tile offer we
believe the brand will go from strength to strength.
We believe that there is an opportunity for in
excess of 60 stores.
TILE CLEARING
HOUSE
Tile Clearing house has become a
brand of its own operating from 55
stores in the UK, which to date
makes it the second largest tile
Group in the UK behind Topps Tiles. 
This brand is aimed at a slightly different consumer 
sector which in the main are jobbing builders, small 
contractors and bulk purchases, with the addition of end
of line and discontinued products, but offering greater
stock levels of these products. The Tile Clearing house
brand is in prominent positions in towns where Topps
Tiles are sited. TOPPS TILES PLC
Annual Report & Financial Statements 2007
05
CHIEF EXECUTIVE’S STATEMENT
WE HAVE AGAIN THIS YEAR 
DEMONSTRATED THE STRENGTH OF OUR
STRATEGY AND OUR ORGANIC GROWTH.
OUR MARKET LEADING POSITION,
EXCELLENT CUSTOMER SERVICE AND
COMMITTED STAFF HAVE ALL 
CONTRIBUTED TO ANOTHER SOLID YEAR
DESPITE A TOUGH HOME IMPROVEMENT
MARKET.
Tile Clearing House (“TCH”)
Tile Clearing House, our “cash and carry” offering has had
a strong trading period. We have opened a net 9 new TCH
outlets and the format continues to prove popular with
both trade customers and jobbing builders. We now have
a total of 55 stores in the UK. New locations include
Dartford, Southend, Plymouth and Lincoln. 
Holland
Against the backdrop of a stable market, we have seen
good growth in sales and profits in our Dutch business.
We opened a further five stores taking the total to 20.
Our marketing activity has been at a local level to date.
However, as we experienced with the UK market, as we
begin to reach a size that brings scalable benefits we
anticipate increasing our advertising and marketing to a
national audience. We continue to improve the mix of
sales with 25% now coming from tiles and the remainder
from wood flooring, accessories and adhesives. Plans for
the current year include the opening of a minimum of a 
further five new stores.
UK Store Development and Expansion
We are pleased to have again achieved our store opening
target of 30 net new stores in the period, giving us an
overall total of 301 trading outlets throughout the UK. We
have modified the target going forward to a minimum of
20 net new stores reflecting a wider focus on improving
and renewing the estate.  
Topps Tiles
We have opened 25 stores in new locations, rebranded 2
from the TCH format, refitted 10 outlets and closed or
relocated a further 6 giving us a total of 246 Topps
stores. New locations include Crewe, Sheffield, Gloucester,
Aylesbury, Scarborough, Brixton and Byfleet.
We continue to develop our store portfolio and have now
rolled out our new format across a total of 65 stores. The
new enhanced display formats are proving popular with
both customers and staff. We introduced a number of new
ranges with a particular focus on natural products due to
their increasing popularity. 
Our aim is simple – to deliver sustainable
growth and returns to shareholders and 
central to that aim are our customers. We
strive to enhance our customers’ buying
experience by constantly improving stores
and ranges and offering the best in customer
service. TOPPS TILES PLC
Annual Report & Financial Statements 2007
06
Marketing, advertising and sponsorship
Over the last year we have maintained our national and
regional marketing and advertising campaigns with
Carlton Weather and our sponsorship of the UK Style
channel.
This year we also signed a sponsorship deal with Leicester
City Football Club to coincide with the kick-off of the new
football season in August. Although a commercial deal we
very much see this as an extension to our community
youth football initiative. Topps Tiles is Britain’s biggest
supporter of community youth football and we currently
sponsor around 300 local teams nationwide. 
Staff development and customer service
Recruiting and retaining ambitious people at Topps is a
core part of our strategy. We place significant emphasis
on the training and development of our employees. We
have continued to develop our e-learning training system
in store with a number of new courses. 
CHIEF EXECUTIVE’S STATEMENT continued
Group revenue was £207.9m, an increase of
15.4% on last year with like-for-like revenue
for the period up 4.7%. Group operating profit
was £44.3 million, an increase of 14.1% 
compared with last year.
We differentiate our business from the competition in a
number of ways. All of our stores carry a wide range and
supply of stock, we offer a loan-a-tile service, a free “How
to” DVD, a tile cutting service and a buy-back service
allowing customers to “sell back” undamaged tiles within
45 days of purchase. These services coupled with friendly
and knowledgeable staff offering technical advice led to
97.6% of customers surveyed expressing levels of 
satisfaction as ‘good to excellent’ (2006: 99.1%).
Corporate responsibility
Topps believes in conducting its business in a manner
which achieves sustainable growth whilst incorporating
and demonstrating social responsibility. Our policy is 
published on our website at www.toppstiles.co.uk and
more detail on our achievements can be found later in
this report.
The Board takes regular account of social, environmental
and ethical matters in the business of the Group and
believes in being responsible in the way that it conducts
its operations.  TOPPS TILES PLC
Annual Report & Financial Statements 2007
07
a requirement for a broader product offering and also a
trend towards refurbishing traditional rooms more 
regularly.
Alongside these consumer trends household numbers
continue to grow faster than the UK population, which is
anticipated to rise by 12% over the next 25 years (source:
ONS). This is in contrast to the increasing number of
households, which is expected to grow by almost 23% in
the next 20 years, from 20.9m in 2003 to 25.7m in 2026,
3 million of these are expected to be built by 2020.
(source: Government forecasts).
We therefore believe Topps is well placed to benefit from
these consumer and housing trends driving the growth in
the tile market. 
Current Trading and Outlook              
In the first 7 weeks of the new financial period Group
overall revenue increased by 8.4% and like for like sales
by 1.1%.
In the UK revenue increased 8.1% and like for like sales by
1.0%. In Holland overall sales increased 18.1% with like for
like sales up 2.5%.
We have had a challenging but positive start to the new
financial period and there remains an underlying growth
trend in the retail tile market. Whilst we believe the
prospects for the future growth of Topps Tiles remain
broadly positive we must not underestimate the potential
impact that this year’s turmoil in financial markets will
ultimately have on consumers.  
Matthew Williams
Chief Executive Officer
Topps is pleased to be a constituent member of the
FTSE4Good UK Index.
The Market
We are the leading tile retailer in the UK with an estimated
market share of in excess of 22% and we have continued
to grow market share over the last financial year.
The Home Improvement retail sector continues to see
overall expansion and the UK tile market is forecast to
grow by volume by over 15% between 2007 and 2011
(source: MBD).
There is significant potential for growth in our 
marketplace with the UK still having one of the lowest
usages per head of ceramic tiles in Europe, at a level
around one third of that of other Northern European
countries (source: MBD). Consumers are becoming more
demanding and buying trends are showing the desire to
tile rooms beyond the traditional kitchen and bathroom,
4.7%
Like-for-like sales growth.
62.8%
Overall Group gross margin
(2006: 62.6%). TOPPS TILES PLC
Annual Report & Financial Statements 2007
08
Nature, Objectives and Strategies of the Business
Topps Tiles is a specialist tile & wood flooring retailer with
operations in the UK and Holland.
In the UK, we are the country’s largest retailer of our kind
with 301 stores and a 22% market share. We operate two
retail brands, Topps Tiles and Tile Clearing House. Topps is
the UK’s leading branded tile retailer with 246 stores
offering wall and floor tiles, natural stone, laminate, solid
wood flooring and a comprehensive range of associated
products such as underfloor heating, adhesives and
grouts. Tile Clearing House is the biggest clearance tile
retailer in the UK with 55 stores nationwide focussing on
a mini warehouse type format and a “when it’s gone it’s
gone” style customer offer.
We have a growing European operation in Holland with 20
stores trading with a similar style customer offer to the
Topps UK stores.
The Topps’ strategy, which has been in place for a number
of years, has served the business extremely well - to be a
specialist tile retailer operating from prominent, low
rental locations offering customers a wide range of 
quality products with fantastic service at attractive prices.
From this comes the four cornerstones of our competitive
advantage – customer service, store locations, store 
layout and stock availability. This has enabled us to 
deliver 10 years of successful financial results, build an
economically attractive and resilient business and become
the market leading brand in the UK.
BUSINESS REVIEW
IN THE UK, WE ARE THE COUNTRY’S LARGEST 
RETAILER OF OUR KIND WITH 301 STORES AND A 22% 
MARKET SHARE.
301
Stores trading across the UK.
22%+
Group share of the UK tile market. Key Operational objectives for the UK and Holland:
+ Continue our expansion of stores in the UK towards our
stated objective of over 400 stores across both brands.
+ Consolidate our position as the national brand for tiles 
and wood flooring.
+ Improve the economic returns in our Dutch operation 
towards the levels we generate in the UK – principally 
by improving sales density and product mix to improve 
gross margins and continue our expansion to a 
minimum of 60 stores.
+ Continue to develop our in store customer offer to 
ensure that we are always ahead of our competitors.
+ To continuously review our store estate ensuring the 
appropriate number of new openings, refits and 
closures are commensurate with availability and 
economic environment.
Financial objectives:
+ Financial reporting is a cornerstone of any successful 
business and it is imperative that we deliver the right 
information to the right people at the right time. We 
include management, employees, investors and other 
stakeholders in this process and strive to be as
transparent and honest in our reporting as possible.
+ We plan to grow dividends for shareholders broadly in 
line with earnings, subject to the investment needs of 
the business and an acceptable level of dividend cover. 
+ We will seek to maintain an appropriate capital 
structure, financing our operations through a 
combination of retained profits and bank borrowings.
+ Treasury management is now a key part of our financial
objectives and we will continue to manage our day to 
day cash reserves as effectively as possible and 
minimise the overall Group interest charge.
+ Reviewing all of our suppliers and ensuring that we are 
receiving good value for money is an important aspect 
of any financial agenda. We will continue with this 
process and will commence a three year rolling review 
of all non stock suppliers where benchmarking and 
tendering processes will be actively employed.
Key Performance Indicators (KPIs)
The Directors monitor a number of financial metrics and
KPIs for the Company and by individual store, including:
 Like for like & total sales growth (page 10)
 Sales value per transaction (page 11)
 Gross Margin (page 10)
The Directors receive regular information on these and
other metrics and KPIs for the Group as a whole.
TOPPS TILES PLC
Annual Report & Financial Statements 2007
09
The Topps strategy which has been in place
for a number of years, has served the 
business extremely well - to be a specialist
tile retailer operating from prominent, low
rental, locations offering customers a wide
range of quality products with fantastic 
service at attractive prices. TOPPS TILES PLC
Annual Report & Financial Statements 2007
10
BUSINESS REVIEW continued
2003
0
50
100
200
250
2004 2005 2006 2007
150
118.9
157.6
173.3
180.2
207.9
Source : see page 61
2003
0
10
20
40
50
2004 2005 2006 2007
30
18.57
32.55
36.82
38.87
44.34
2003 2004 2005 2006 2007
0
10
30
20
50
40
70
60
57 .5
60.5
61.3
62.6 62.8
2003 0
5
15
2004 2005 2006 2007
10
 5.8
11.3
13.3
12.8
15.1
Source : see page 61
2003
Source : see page 61
0
500
1,000
2,000
1,500
2004 2005 2006 2007
1,176
1,327
1,513
1,582
1,722
Source : see page 61
2003
0
1.5
2
8
10
2004 2005 2006 2007
1.0
0.5
2.5
2.0
0
6
4
12
2.5
1.67
1.41 1.41
1.41
8.00
3.48
9.50
10.40 10.70
2003
0
10
20
35
30
2004 2005 2006 2007
15
5
-5
25
24.2
15.2
32.5
21.5
10.0
3.4
3.9
-1.8
4.7
15.4
GROUP
REVENUE 
(£m)
GROSS 
MARGIN 
(%)
AVERAGE
NUMBER OF
EMPLOYEES
(THE TEAM)
DURING THE
FINANCIAL
PERIODS
OVERALL
REVENUE
AND LIKE-
FOR-LIKE
REVENUE
GROWTH
(%)
OPERATING
PROFIT 
(£m)
2003 0
10
20
30
40
2004 2005 2006 2007
15
5
35
25
18.9
33.8
39.2
39.1
37 .8
Source : see page 61 
PROFIT
BEFORE TAX
(£m)
BASIC 
EARNINGS
PER SHARE
(pence)
DIVIDEND
LEVEL
(pence)
DIVIDEND
COVER
(times)
FINANCIAL PERFORMANCE 
AT A GLANCE
2005, 2006 AND 2007 FIGURES ARE STATED 
IN ACCORDANCE WITH IFRS.
2003 AND 2004 ARE STATED IN ACCORDANCE WITH UK GAAP. TOPPS TILES PLC
Annual Report & Financial Statements 2007
11
Gross margin
Overall gross margin was 62.8% compared with 62.6%
last year. At the interim stage of this period gross margin
was 62.6%. In the second half of the period we have 
generated a gross margin of 63.0%. 
Operating expenses
Total operating costs have increased from £73.9 million to
£86.2 million, an increase of 16.7%.
Costs as a percentage of sales were 41.4% compared to
41.0% last year.
Operating Profit
Operating profit for the period was £44.3 million 
compared to £38.9m in the same period last year, an
increase of 14.1%. This represented a 21.3% return on
sales (2006: 21.6%).
Other gains and losses
Other gains & losses include the impact of property 
disposals. Property disposals accounted for £0.3m (2006:
£0.3m) driven by a sale of a long leasehold on our
Aberdeen store. 
Financing
The net interest charge for the year was £6.8m (2006:
£0.1m). This charge has increased as a result of the 
£116m loan that was obtained in 2006 to finance the
share buyback programme. The charge for the year also
includes a fair value adjustment of £0.5m relating to the
interst rate hedging we have in place. The interest rate
derivatives have been re-valued per the requirements of
IAS39 “Financial Instruments; Recognition and
Measurement”.
Key Performance Indicators (KPIs) continued
In addition, the Directors receive information on non
financial metrics including:
 Customer satisfaction (page 6)
 Utilisation of own fleet (page 17)
Risks and Uncertainties
Risks to the business include its relationship with key 
suppliers, the potential threat of competitors, the risk that
key information technology or EPOS systems could fail;
the loss of key personnel, the risk of a prolonged 
economic recession and the development of substitute
products. 
The Directors routinely monitor all these risks and 
uncertainties and appropriate actions are taken to 
mitigate the risks and/or their potential outcomes. During
the coming year a series of detailed reviews will be 
performed across the business which will ensure we have
up to date and robust contingency plans in place for all
areas.
Financial Review
PROFIT AND LOSS ACCOUNT
Revenue
Revenue for the period ended 29 September 2007
increased by 15.4% to £207.9 million (2006: £180.2 
million). Like for like stores increased sales by 4.7%. On a
comparable basis (adding Holland into the prior year)
overall revenue increased by 12.1%.
Average transaction per customer has increased to £64
compared to £62 in the same period last year.
10. 7p
Full year dividend 
(2006: 10.4p).
1 3.3%
Adjusted Earnings per share increase.*
*Adjusted for non recurring items:  2006: Property disposal gains of £0.3 million and
share buy back costs of £1.1 million 2007: Property disposal gains of £0.3 million TOPPS TILES PLC
Annual Report & Financial Statements 2007
12
Whilst interest rates have increased through the year
which has increased the interest charge in the P&L, in
January we put in place interest rate derivatives, this has
provided us with helpful economic protection during the
year, however, the requirements of IAS39 have led to an
additional charge this year resulting from a high degree
of volatility in the financial markets over the final quarter
of the year.  
Earnings per Share
Basic and diluted earnings per share grew by 17.9% to
15.09p and 15.02p respectively.
Dividend and dividend policy
The Board is recommending a final dividend of 6.95 pence
per share, which will give a total dividend for the period of
10.70 pence compared to 10.40 pence last year, an
increase of 2.9%.
We have a maintained a progressive dividend policy.
Stock
Stock at the period end represents 146 days turnover
compared with 146 days for the same period last year.  
Capital Structure and Treasury
Cash reserves at the period end were £15.8 million (2006:
£16.5 million) with borrowings at £111.0 million (2006: £116
million).  
This gives the Group a net debt position of £95.2 million
compared to £99.5 million as at 1 October 2006.
In August 2006 the Company borrowed £116m to fund a 3
for 4 share buyback programme. Through the financial
year we have been able to maintain an appropriate level
of cash reserves in the business. 
BUSINESS REVIEW continued
£49.8m
Net cash generated by operations.
(2006: £37 .9m).
Profit before tax
Reported profit before tax decreased by 3.2% to £37.8
million (2006: £39.1 million). This reduction is driven by
the additional interest charge described above. The net
result of the share buyback has generated a significant
increase in the EPS return (see below).
Group profit before tax margin was 18.2% down from
21.7% last year.
Interest and tax
The effective rate of Corporation Tax was 32.0% 
compared with 28.8% last year. The underlying tax rate,
excluding adjustments in respect of previous periods is
30.8%.
Net interest cover was 7.7 times based on earnings before
interest, tax and depreciation, excluding the impact of
IAS39 in finance charges.
Balance Sheet
Capital Expenditure
Capital expenditure in the period amounted to £9.7 
million. This includes the cost of acquiring 2 freehold sites
for £1.7 million and development of a store site for £0.3
million, short leasehold additions totalled £0.1 million.
We have fitted out 50 stores and undertaken preparatory
work on a further 4 stores and refits at a cost of £6.8 
million.
We continue to update and expand our IT systems within
the business and this coupled with some motor vehicle
renewals accounted for £0.7 million.
At the period end the Group owned 12 freehold sites
including 2 warehouse and distribution facilities with a
total net book value of £17.7 million. The highly cash generative nature of our business means
that the Group has always been able to fund its new store
expansion programme from its own resources and to 
purchase freehold sites as suitable opportunities arise
and we expect this to continue.
Cashflow
Net cash generated by operating activities was £49.8 
million, £11.9million higher than last year reflecting the
higher trading profit and improved working capital 
management.
Annual General Meeting
The Annual General Meeting for the period to 29
September 2007 will be held on 8th January 2008 at
10.30am at Topps Tiles Plc, Thorpe Way, Grove Park,
Enderby, Leicestershire LE19 1SU.
Rob Parker Matthew Williams
Finance Director Chief Executive Officer
TOPPS TILES PLC
Annual Report & Financial Statements 2007
13
£95.2m
Net debt
(2006: £99.5m).
£37 .8m
Profit before tax
(2006: £39.1m). TOPPS TILES PLC
Annual Report & Financial Statements 2007
14
Our commitment to making a positive contribution to the communities
where we do business extends from our youth football sponsorship up to
our sponsorship of Leicester City FC. TOPPS TILES PLC
Annual Report & Financial Statements 2007
15
CORPORATE AND SOCIAL RESPONSIBILITY (CSR)
THE TEAM AT TOPPS TILES IS VERY PROUD OF THE
WORK THAT WE HAVE BEEN INVOLVED IN ON CORPORATE
SOCIAL RESPONSIBILITY. THIS IS NOT A NEW AREA FOR THE
BUSINESS AS WE HAVE ENDEAVOURED TO WORK 
RESPONSIBLY WITH ALL OF OUR STAKEHOLDERS FOR A
NUMBER OF YEARS.
Our responsibilities cover many areas, and in 2004 we
established a working party chaired by a main Board
Director to review our policies and look for opportunities
for improvement. The areas we have given most focus to
are:
 Community Relations
 Environment
 Workplace & Employees
 Supply Chain
The Group is currently a constituent of the FTSE4 Good
Index of socially responsible UK quoted companies. 
The FTSE4 Good Index is designed to measure the 
performance of companies that meet globally recognised
corporate responsibility standards and to facilitate 
investment in those companies where CSR issues are an
influencing factor in the investors decision making
process. We aim to comply with the criteria set by the
operators of this Index and are actively engaged in 
further developments of CSR policies to ensure ongoing
compliance.
Community Relations
Community Relations is an area the business has 
supported over a long period of time.
Topps is one of the biggest supporters of youth football in
the UK, providing new kits and equipment to junior teams
local to our stores. Whenever we open a new store we
make a point of selecting a local team to support. This is 
a simple and effective way of reaching out to the local 
community wherever we decide to trade. This makes us
one of the biggest supporters of youth football in the UK
and we currently support over 300 teams. We are very
proud of this association.
In addition, this year, we have extended this policy by
becoming the shirt sponsors of Leicester City Football
Club. Whilst this is a commercial deal, it is a valuable
piece of community relations and re-affirms our 
commitment to our head office and distribution centre,
based on the outskirts of Leicester.
300
the number of football teams that we
sponsor in the UK. TOPPS TILES PLC
Annual Report & Financial Statements 2007
16
waste & transport. We regularly review our progress in
these areas and introduce more environmentally 
responsible practices where possible.
Property – energy is a major driver of cost for the 
business and also forms a significant part of our 
environmental impact. Energy efficient lighting helps to
reduce the impact. We also plan to implement automated
meter reading in a portion of our stores in the coming
year. This data will enable us to become even more 
efficient in our stores by helping us to identify where 
savings could be made.
Waste – waste management is an important area for our
business and we recycle as much as possible. Stores
return paper, plastic & cardboard to the central warehouse
for recycling.
CORPORATE SOCIAL RESPONSIBILITY CONTINUED
Community Relations continued
In addition, we are also a long term supporter of the 
charity Asthma UK and have been raising money for
seven years. Asthma UK is dedicated to improving the
health and wellbeing of 5.2 million people in the UK
whose lives are affected by this condition. Asthma UK was
the natural choice of charity for Topps to adopt, as our
products help to reduce the levels of house dust mites
which are one of the triggers of asthma attacks.
2007 has been another successful year of charity
fundraising at Topps. During the year we have raised over
£100,000, £60,000 coming from our annual charity 
auction which we host with our key suppliers. This now
brings the total raised to date to over £600,000.
Environment
There are three primary areas where our business 
potentially impacts the environment. These are property, 
Passionate Leicester City supporter
Christopher McMullen (10) saw his
dream come true when Topps
arranged for him to meet his heroes.
Chris, who suffers from chronic 
asthma, is a striker for Braunstone
Acorns U11s, sponsored by Topps. His
visit to Leicester’s training ground
was a special "thank you" for raising
nearly £2,000 for Asthma UK. He is
pictured with DJ Campbell (left) and
Ian Hume.
£100,000
Raised during the year for Asthma UK. Our offices recycle all used paper and we continue to
move our reporting away from being paper based and
issue increasing numbers of reports in electronic format.
Transport – the group uses a combination of owned and
third party transport for delivering product to stores. We
operate a modern and efficient fleet of vehicles. All new
lorries comply with the Euro 4 emissions regulations and
come ready equipped with driver efficiency monitoring
systems. This technology enables us to plan the most 
efficient routes and also monitor our drivers’ 
performance. We utilise out own fleet for 83% of our
products distributed (2006: 70%). 
Workplace & Employees
We have a duty to our employees to provide them with a
safe and comfortable working environment. We operate a
Health & Safety Committee which meets on a regular
basis and is chaired by a Board Director and we maintain
regular dialogues with staff and our in house Health &
Safety Team. This team carries out regular assessments
of the workplace and employee sentiment to ensure that
we provide an optimal working environment.   
Communication with our employees is vital and to ensure
that we communicate as effectively as possible we 
produce an in-house magazine six times a year which
updates all employees on what is happening across the
business. Our employee suggestion scheme which is 
overseen by our Business Development Director, Nick
Ounstead, is also an important part of communication
with our employees. This helps to improve the business
across a number of areas.
We have an active policy of internal promotion, where
possible, and encourage our staff to apply for internal
vacancies and promotions. To support this we conduct
regular dialogues with employees on job and career 
development.
We are committed to being an equal opportunities
employer and have policies in place which are clearly
communicated to all of our staff.
Supply Chain
We source our goods for resale from around the world
including tiles, natural stone, wooden flooring and 
adhesives.
Labour standards, factory conditions and human rights
are issues we take seriously. To address any possible 
concerns our buyers conduct regular supplier visits and
factory tours and also include a clause in all contracts
with suppliers which stipulate our requirements.
We work closely with all our suppliers to source products
and distribution routes which will have a positive impact
on environmental performance and sustainability. We
have also developed a policy on timber products and have
adopted the principles and criteria of the Forest
Stewardship Council as our benchmark.
Our full CSR policy and targets can be found on our 
website at www.toppstiles.co.uk in the investor section
under corporate responsibility.
TOPPS TILES PLC
Annual Report & Financial Statements 2007
17
"Asthma UK is delighted to be supported by Topps Tiles employees and customers. This year our fundraising target reached £600,000
which was a great achievement and will go a long way to helping the 5.2 million people with asthma in the UK today. The money Topps
Tiles has raised has supported a number of projects over the years including information packs for schools, providing asthma training
resources at various Primary Care Trusts and setting up children’s asthma clinics. We look forward to working with Topps Tiles for
many more years and launching more innovative and exciting fundraising ideas to help us reach £1million!"  
Kate Pollard, Corporate Team Manager, Asthma UK. ROBERT PARKER Finance Director (aged 35)
Company Secretary
Social and Environmental Responsibility Chairman
Rob Joined Topps Tiles in 2007 as Finance Director. Rob’s previous role before 
joining the Group was Director of Finance & IT for Savers Health & Beauty Ltd. Prior
to that Rob was with the Boots Group Plc for 10 years, including 5 years with the
international side of the business, ultimately as Director of Finance for Boots Retail
International. He is responsible for the accounting, financial control, treasury,
administration and Group secretarial matters.
TOPPS TILES PLC
Annual Report & Financial Statements 2007
18
DIRECTORS
EXECUTIVE DIRECTORS
NON-EXECUTIVE CHAIRMAN
BARRY BESTER Non-Executive Chairman (aged 50)
Member of Nomination Committee
Barry was a founder shareholder and Director of Topps Tiles in 1984. His principal 
responsibilities are those of Group Strategy along with overseeing the development
of Holland. 
NICHOLAS OUNSTEAD Business Development Director (aged 47)
Health and Safety Committee Chairman
Nick joined Topps Tiles in April 1997. Prior to this he was Marketing Director at
Bellegrove Ceramics Plc which was a major supplier to DIY chains and independent
retailers. In November 2007 he moved to the role of Business Development Director
responsible for sourcing, logistics and Holland. Nick is also the Chairman of the
Health and Safety Committee and is responsible for the employee suggestion
scheme. 
MATTHEW WILLIAMS Chief Executive Officer (aged 33)
Matt joined the Company in 1998 after completing his Chartered Surveyors
exams and took up a role in the property department. In 2004 he was 
promoted to Chief Operating Officer and on 1 April 2006 joined the Plc Board. In
November 2007 he was promoted to Chief Executive Officer. TOPPS TILES PLC
Annual Report & Financial Statements 2007
19
NON-EXECUTIVE DIRECTORS
ALAN MCINTOSH CA Senior Non-Executive Director (aged 39)
Chairman of Audit Committee
Member of Nomination Committee
Chairman of Remuneration Committee
Alan qualified as a Chartered Accountant with Deloitte. He was one of the founders
and the former Group Finance Director of Punch Group Ltd. He joined the Board of
Topps Tiles in 1997.
Rt. Hon MICHAEL JACK Privy Councillor MP
Non-Executive Director (aged 61)
Member of Audit Committee
Member of Nomination Committee
Member of Remuneration Committee
Michael’s business career has seen him in management capacities with Proctor &
Gamble and Marks & Spencer. In 1987 he became MP for Fylde and by 1990 had
begun a ministerial career that saw him serve in the DSS, Home Office, MAFF and
finally the Treasury as Financial Secretary. He joined the Board of Topps Tiles in
1999.
VICTOR WATSON CBE Non-Executive Director (aged 79)
Member of Audit Committee
Chairman of Nomination Committee
Member of Remuneration Committee
Victor was formerly Chairman of Waddington Plc. He joined the Board of Topps Tiles
in 1997. TOPPS TILES PLC
Annual Report & Financial Statements 2007
20
DIRECTORS AND ADVISORS
PRESIDENT
S.K.M. WILLIAMS FCA
DIRECTORS
B.F.J. BESTER
Non-Executive Chairman
M. WILLIAMS
Chief Executive Officer
N.D. OUNSTEAD
Business Development Director
R. PARKER ACMA
Finance Director
W.A. MCINTOSH CA
Senior Non-Executive Director
V.H. WATSON CBE
Non-Executive Director
The RT. Hon. J.M. JACK, Privy Counsellor, MP
Non-Executive Director
SECRETARY
R. Parker ACMA
REGISTERED NUMBER
3213782
REGISTERED OFFICE
Thorpe Way
Grove Park
Enderby
Leicestershire
LE19 1SU
AUDITORS
Deloitte & Touche LLP 
2 Hardman Street
Manchester M60 2AT
BANKERS
HSBC Bank Plc
56 Queen Street
Cardiff CF10 2PX
REGISTRARS
Capita IRG Plc
Bourne House
34 Beckenham Road
Beckenham
Kent BR3 4TU
SOLICITORS
TLT Solicitors
1 Redcliff Street
Bristol BS99 7JZ
Sinclair Abson Smith Lawyers
19 Market Place
Stockport SK1 1HA
Beachcroft LLP
St. Ann’s House
St. Ann Street
Manchester M2 7LP
STOCKBROKERS
KBC Peel Hunt Limited
111 Old Broad Street
London EC2N 1PH 21
TOPPS TILES PLC
Annual Report & Financial Statements 2007
FINANCIAL STATEMENTS
For the 52 week period ended 29 September 2007  
22 Directors’ report
25 Corporate governance statements  
27 Remuneration report
30 Independent auditors’ report - consolidated financial 
statements
32 Consolidated group income statement
32 Consolidated statement of recognised income and expense
33 Consolidated balance sheet
34 Consolidated cash flow statement
35 Notes to the consolidated financial statements 
55 Independent auditors’ report - company financial 
statements
56 Company balance sheet  
57 Notes to the company financial statements
61 Five year record
62 Notice of annual general meeting
65 Explanatory notes to the notice of annual general meeting
67 Shareholder information
68 The team 
72 Store locations 22
TOPPS TILES PLC
Annual Report & Financial Statements 2007
DIRECTORS’ REPORT
For the 52 week period ended 29 September 2007  
The Directors present their report on the affairs of the Group, together with the financial statements and auditors’ report,
for the 52 week period ended 29 September 2007.
Princial activity and business review
The principal activity of the Group comprises the retail and wholesale distribution of ceramic tiles, wood flooring and
related products.
Enhanced Business Review
The Company is required to set out in this report a fair review of the business of the Group during the financial period
ended 29 September 2007 and of the position of the Group at the end of that financial period. The Company is also
required to set out a description of the principal risks and uncertainties facing the Group.
The information that fulfils the requirements of the enhanced business review can be found within the business review on
pages 8 to 13 and the Corporate and Social Responsibility statement on pages 15 to 17, which are incorporated in this
report by reference.
The Directors monitor a number of financial and non financial KPI’s for the Group and by store and these are detailed on
pages 9 and 11.
Results and dividends
The audited financial statements for the 52 week period ended 29 September 2007 are set out on pages 32 to 54. The
Group’s profit for the period, after taxation, was £25,740,000 (2006: £27,804,000).
An interim dividend of 3.75 pence per share, £6,396,000, was paid on 29 June 2007.                                
The Directors recommend a final dividend of 6.95 pence per share, £11,860,000, making a total of 10.70 pence per share,
£18,256,000 (2006 – total dividend 10.40p per share, £19,667,000). Subject to approval by the shareholders at the Annual
General Meeting, to be held on 8 January 2008, the final dividend will be paid on 31 January 2008, to shareholders on
the register at the close of business on 4 January 2008.
Directors
The Directors of the Company are as follows:
B.F.J. Bester Non-Executive Chairman 
M.T.M. Williams Chief Executive Officer
N.D. Ounstead Business Development Director
R. Parker Finance Director (Appointed 10th April)
W.A. McIntosh Senior Non-Executive Director
V.H. Watson Non-Executive Director
J.M. Jack Non-Executive Director 
The Directors’ interests in the shares of the Company are set out on page 29.
Share capital
Details of the Company’s authorised and issued share capital are shown in note 21 to the financial statements.
Supplier payment policy
The Group’s policy is to negotiate terms of payment with suppliers when agreeing the terms of each transaction, ensuring
that suppliers are made aware of the terms of payment and that both parties abide by those terms.
The effect of the Group’s negotiated payment policy is that trade payables at the period end represented 50 days 
purchases (2006 - 41 days). 23
TOPPS TILES PLC
Annual Report & Financial Statements 2007
Charitable and political contributions
During the period the Group made charitable donations of £10,000 to Asthma UK (2006: £10,000). The Group made no
political contributions.
Substantial shareholdings
In addition to the Directors’ shareholdings noted on page 29, on 31 October 2007 the Company had been notified, in
accordance with Sections 198 to 208 of the Companies Act 1985, of the following interests in 3% or more of its issued
share capital.
Number % held
Williams S K M Esq 17,143,950 10.0%
AXA Framlington Investment Management 11,808,193 6.9%
New Star Asset Management 10,967,524 6.4%
Scottish Widows Investment Partnership 8,501,248 5.0%
Liontrust Asset Management 7,738,004 4.5%
Baille Gifford & Co 7,401,586 4.3%
Threadneedle Asset Management 6,71 5,251 3.9%
M&G Investment Management 6,322,660 3.7%
Legal & General Investment Management 5,845,955 3.4%
Disabled employees
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the 
applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their
employment with the Group continues and that appropriate training is arranged. It is the policy of the Group that the
training, career development and promotion of disabled persons should, as far as possible, be identical with that of other
employees.
Employee consultation
The Group places considerable value on the involvement of its employees and has continued to keep them informed on
matters affecting them as employees and on the various factors affecting the performance of the Group. This is achieved
through formal and informal meetings and the Company magazine. Employee representatives are consulted regularly on a
wide range of matters affecting their current and future interests.
Financial risk management, objectives and policies
The Group is exposed to certain financial risks, namely interest rate risk, currency risk and credit risk. Information 
regarding such financial risk is detailed in notes 16, 17 and 19. The Group’s risk management policies and procedures are
also discussed in the Business Review.
Share option schemes
The Directors recognise the importance of motivating employees and believe that one of the most effective incentives is
increased employee participation in the Company through share ownership. This has been achieved through the 
introduction of a number of employee sharesave, share bonus, approved and unapproved share option schemes, since the
flotation in 1997.
The total of options held by employees, excluding Directors, is 1,306,491. The Directors will continue to incentivise 
employees through additional employee share option schemes in the forthcoming financial period. 24
TOPPS TILES PLC
Annual Report & Financial Statements 2007
DIRECTORS’ REPORT CONTINUED
For the 52 week period ended 29 September 2007  
Information given to auditors
Each of the Directors at the date of approval of this report confirms that:
 So far as the Director is aware, there is no relevant audit information of which the Company’s auditors are unaware; and
 The Directors have taken all the steps that they ought to have taken as a Director to make themselves aware of any 
relevant audit information and to establish that the Company’s auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s234ZA of the Companies Act.
Auditors
A resolution to re-appoint Deloitte & Touche LLP as the Company’s auditor will be proposed at the forthcoming Annual
General Meeting.
Statement of Directors’ responsibilities 
The Directors are responsible for preparing the Annual Report, Directors’ Remuneration Report and the financial 
statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. The Directors are required by
the IAS Regulation to prepare the Group financial statements under IFRSs as adopted by the European Union. The Group
financial statements are also required by law to be properly prepared in accordance with the Companies Act 1985 and
Article 4 of the IAS Regulation.  
International Accounting Standard 1 requires that IFRS financial statements present fairly for each financial year the 
Company’s financial position, financial performance and cash flows. This requires the faithful representation of the effects
of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, 
liabilities, income and expenses set out in the International Accounting Standards Board’s ‘Framework for the preparation
and presentation of financial statements’. In virtually all circumstances, a fair presentation will be achieved by compliance
with all applicable IFRSs. However, Directors are also required to:
 properly select and apply accounting policies;
 present information, including accounting policies, in a manner that provides relevant, reliable, comparable and 
understandable information; and 
 provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users 
to understand the impact of particular transactions, other events and conditions on the entity’s financial position and 
financial performance.
The Directors have elected to prepare the parent Company financial statements in accordance with United Kingdom
Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The parent Company
financial statements are required by law to give a true and fair view of the state of affairs of the Company. In preparing
these financial statements, the Directors are required to:
 select suitable accounting policies and then apply them consistently;
 make judgments and estimates that are reasonable and prudent; and
 state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed 
and explained in the financial statements.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time
the financial position of the Company and enable them to ensure that the parent Company financial statements comply
with the Companies Act 1985. They are also responsible for safeguarding the assets of the Company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on
the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial 
statements may differ from legislation in other jurisdictions.
On behalf of the Board
R Parker
Director and Company Secretary 25
TOPPS TILES PLC
Annual Report & Financial Statements 2007
CORPORATE GOVERNANCE STATEMENTS
In June 1998 the Hampel Committee and the London Stock Exchange published the Combined Code on corporate 
governance. This combines the Cadbury Code on corporate governance, the Greenbury Code on Directors’ remuneration
and new requirements arising from the findings of the Hampel Committee.
Statement of compliance with the Code of Best Practice
The Company has complied throughout the period with the Provisions of the Code of Best Practice set out in section 1 of
the Combined Code except for provision A6.1, as the Board does not currently undertake formal appraisal of it’s own 
performance and that of it’s committees, but is currently in the process of implementing such a procedure. The Company
complies with all other provisions of the code.
Code Provision C.3.1 requires the members of the audit committee to be named in the report and financial statements.
Mr. W.A. McIntosh (Chairman), Mr. V.H. Watson and Mr. J.M. Jack have served on the committee throughout the period.
The Board of Directors comprises seven members, of whom three are independent Non-Executive Directors and three are
Executive Directors, led by the Company’s Non-Executive Chairman, Mr B. J. F. Bester. The Senior Independent Non-
Executive Director is Mr W.A. McIntosh, who also chairs the Audit Committee. Brief biographical details of all Directors are
given on pages 18 and 19. The Board meets at least twelve times a year. Certain defined issues are reserved for the Board 
including approval of financial statements and circulars, Annual budgets, strategy, Directors’ appointments, service 
agreements and remuneration, internal control and risk management, corporate governance, key external and internal
appointments and pensions and employee incentives.
In advance of Board meetings Directors are supplied with up-to-date information about the trading performance of each
operating location, the Group’s overall financial position and its achievement against prior year, budgets and forecasts. 
Where required, a Director may seek independent professional advice at the expense of the Company, all Directors have
access to the Company Secretary and they may also address specific issues to the Senior Independent Non-Executive
Director. 
In accordance with the articles of association, all Directors are subject to re-election every third year. Directors are 
elected at the first AGM after appointment, therefore, Rob Parker will be subject to election at the forthcoming AGM. All
Non-Executive Directors have written letters of appointment. These letters of appointment stipulate three-year renewable
terms of office. In line with the Code all Non-Executive Directors who have served for nine years will be subject to annual
re-election. As such, Victor Watson and Alan McIntosh will be subject to re-election at the forthcoming AGM. Although
their length of service exceeds nine years the Board regards them to be independent and considers their broad based
commercial experience and extensive business specific knowledge to be extremely beneficial. However the Board is 
continually reviewing this situation.
The Board considers that Messrs W.A. McIntosh, V. H. Watson and The Rt Hon J. M. Jack are all independent for the 
purposes of the 2003 Code. The terms and conditions for the appointment of Non-Executive Directors are available for
inspection on request.
The Board also operates three committees. These are the Nomination Committee, the Remuneration Committee and the
Audit Committee. All of these committees meet regularly and have formal written terms of reference which are available
for inspection on request.
Attendance at Board/Committee meetings
The following table shows the number of Board and Committee meetings held during the 52 week period ended 29
September 2007 and the attendance record of the individual Directors.
Board Audit Remuneration Nomination
Of Directors Committee Committee Committee
Number of meetings 12 2 5 7
B.F.J. Bester 12 2 5 7
M. Williams 12 2 N/A N/A
N.D. Ounstead 12 2 N/A N/A 
A. Liggett (Retired 27th April 2007) 9 1 N/A N/A
R. Parker(Appointed 10th April 2007) 3 1 N/A N/A 
W.A. McIntosh 8 2 5 7
V.H. Watson 10 2 5 7
J.M. Jack 11 2 5 7 26
TOPPS TILES PLC
Annual Report & Financial Statements 2007
CORPORATE GOVERNANCE STATEMENTS continued
Statement about applying the Principles of Good Governance
The Company has applied the Principles of Good Governance set out in section 1 of the Combined Code by complying with
the Code of Best Practice as reported above. Further explanation of how the Principles have been applied in connection
with Directors’ remuneration is set out in the Remuneration Report.
Audit Committee
The audit committee consists entirely of independent Non-Executive Directors. The current chairman is Alan McIntosh
who is regarded as having recent and relevant financial experience, the other members are Victor Watson and Michael
Jack.  
The audit committee considers the nature and scope of the audit process (both internal and external) and its 
effectiveness. The committee reviews and approves the internal audit programme, meets with the external auditors and
considers the annual and interim financial statements before submission to the Board. The committee reviews the
arrangements by which staff may, in confidence, raise concerns about possible improprieties in matters of financial
reporting or other matters. The committee also reviews the Group’s system of internal control and reports its findings
twice yearly to the Board. The committee meets with the external auditors at least twice a year.
As stated above, part of the role of the audit committee is to review the independence of the Company’s auditors. The
Company’s external auditors, Deloitte & Touche LLP have provided non-audit services to the Company in the form of tax
advice. The audit committee is aware that providing audit and non-audit advice could give rise to a potential conflict of
interest. The audit committee has concluded that the auditors, Deloitte & Touche LLP, are independent.
Nomination Committee
The nominations committee is chaired by Victor Watson. The other members are currently Alan McIntosh, Michael Jack
and Barry Bester. The formal terms of reference for this committee require it to make recommendations to the Board for
appointments of Directors and other senior executive staff. 
Appointments to the Board are made on merit, against objective criteria, taking into account the skills and experience
required. Where appropriate, external search consultants are enlisted.
Dialogue with institutional shareholders
The Directors seek to build on a mutual understanding of objectives between the Company and its institutional 
shareholders by making annual presentations and communicating regularly throughout the year. The Company also posts
financial information on its website www.toppstiles.co.uk.
Maintenance of a sound system of internal control
The Board has applied Principle C.2 of the Combined Code by establishing a continuous process for identifying, evaluating
and managing the significant risks the Group faces. The Board regularly reviews the process, which has been put in place
from the start of the period to the date of the approval of this report and which is in accordance with Internal Control:
Guidance for Directors on the Combined Code published in September 1999. The Board is responsible for the Group’s 
system of internal control and for reviewing its effectiveness. Such a system is designed to manage rather than eliminate
the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against
material misstatement or loss.
In compliance with Provision C.2.1 of the Combined Code, the Board continuously reviews the effectiveness of the Group’s
system of internal control. The Board’s monitoring covers all controls, including financial, operational and compliance 
controls and risk management. It is based principally on reviewing reports from management to consider whether 
significant risks are identified, evaluated, managed and controlled and whether any significant weaknesses are promptly
remedied and indicate a need for more extensive monitoring. The Board has also performed a specific assessment for the
purposes of this annual report. This assessment considers all significant aspects of internal control arising during the
period covered by the report including the work of internal audit. The audit committee assists the Board in discharging its
review responsibilities. 27
TOPPS TILES PLC
Annual Report & Financial Statements 2007
REMUNERATION REPORT
Introduction
This report has been prepared in accordance with the Directors’ Remuneration Report Regulations 2002 which introduced
new statutory requirements for the disclosure of Directors’ remuneration in respect of periods ending on or after 31
December 2002. The report also meets the relevant requirements of the Listing Rules of the Financial Services Authority
and describes how the Board has applied the Principles of Good Governance relating to Directors’ remuneration. As
required by the Regulations, a resolution to approve the report will be proposed at the Annual General Meeting of the
Company at which the financial statements will be approved.
The Regulations require the auditors to report to the Company’s members on the “auditable part” of the Directors’ 
remuneration report and to state whether in their opinion that part of the report has been properly prepared in 
accordance with the Companies Act 1985 (as amended by the Regulations). The report has therefore been divided into
separate sections for audited and unaudited information.
Unaudited information
Remuneration committee
The Company has established a Remuneration Committee, which is constituted in accordance with the recommendations
of the Combined Code. The members of the committee are Mr McIntosh, Mr Watson and The RT. Hon. Mr Jack who are all
independent Non-Executive Directors, with the committee chaired by Mr McIntosh.
None of the Committee has any personal financial interest (other than as shareholders), conflicts of interests arising from
cross-directorships or day-to-day involvement in running the business. The Committee makes recommendations to the
Board. No Director plays a part in any discussion about his own remuneration.
Remuneration policy
Executive remuneration packages are prudently designed to attract, motivate and retain directors of the high calibre
needed to maintain the Group’s position as a market leader and to reward them for enhancing value to shareholders. The
performance measurement of the executive Directors and key members of senior management and the determination of
their annual remuneration package are undertaken by the Committee. The remuneration of the Non-Executive Directors is
determined by the Board within limits set out in the Articles of Association.
There are three main elements of the remuneration package for executive Directors:
 basic annual salary (including Directors’ fees) and benefits;
 annual bonus payments;
 pension arrangements.
Basic salary
An executive Director’s basic salary is determined by the Committee prior to the beginning of each year and when an 
individual changes position or responsibility. In deciding appropriate levels, the Committee considers the Group as a whole
and relies on objective research which gives up-to-date information on a comparator group of companies. Basic salaries
were reviewed in September 2007 with increases taking effect from 1 November 2007. Executive Director’s contracts of
service which include details of remuneration will be available for inspection at the Annual General Meeting.
In addition to basic salary, the executive Directors receive certain benefits-in-kind, principally a car and private medical
insurance.
Annual bonus payments
A discretionary annual cash bonus scheme represents the short term incentive element of the overall remuneration 
package for Mr Bester, Mr Williams, Mr. Parker and Mr. Ounstead. The remuneration committee establishes the objectives
that must be met in the financial period if a cash bonus is to be paid. The maximum bonus achievable in the period was
100% of basic salary based on Group performance against budgeted operating profit. For the period ending 29 September
2007 there will be a total of £776,000 (excluding NI) paid at the end of November 2007. The annual bonus scheme for the 
period to September 2008 is also 100% of basic salary based upon the achievement of budgeted Group operating profit.
Pension arrangements
Mr. Bester, Mr. Ounstead and Mr. Liggett received contributions into their own personal pension schemes as disclosed in
the table on page 29. 28
TOPPS TILES PLC
Annual Report & Financial Statements 2007
REMUNERATION REPORT continued
Directors’ contracts
Executive Directors
It is the Company’s policy that Executive Directors enter into a contract with a 12 month term providing for a maximum of
six months notice.
Mr Williams, Mr. Parker and Mr Ounstead’s contracts are in the process of being renewed, there is no material change
expected to their notice periods.
Non-Executive Directors
All Non-Executive Directors have specific terms of engagement and their remuneration is determined by the Board within
the limits set by the Articles of Association and based on independent surveys of fees paid to Non-Executive Directors of
similar companies. The basic fee paid to each Non-executive Director in the period was £25,000. It is the Company’s 
policy that Non-Executive Directors should have contracts with an indefinite term providing for a maximum of six months
notice. Non-Executive Directors cannot participate in any of the Company’s share option schemes and are not eligible to
join the Company’s pension scheme.
The details of the Non-Executive Directors’ contracts are summarised in the table below:
Date of contract or letter Unexpired Notice
Name of Director of appointment term period
B. Bester 1 October 2007 N/A 6 months
W.A. McIntosh 27 May 1997 N/A 6 months
V.H. Watson 27 May 1997 N/A 6 months
J.M. Jack 26 January 1999 N/A 6 months
Performance graph
The following graph shows the Company’s performance, measured by total shareholder return, (“TSR”) compared with the
performance of the FTSE Index also measured by TSR. The index chosen for the comparison demonstrates the Group’s
TSR in comparison to the average for FTSE mid 250 companies.
0
Graph showing TSR performance of Topps Tiles plc measured against FTSE Mid 250 Index 
(Excluding Investment Trusts) for the period 30 September 2002 to 30 September 2007
100
200
300
TSR (rebased to 100)
Topps Tiles
FTSE Mid 250
Exc
Investment 
Trusts
Date Source: Datastream
400
500
600
700
30 9 03
30 9 02
30 9 04 30 9 05 30 9 06 30 9 07 29
TOPPS TILES PLC
Annual Report & Financial Statements 2007
Audited information
Aggregate Directors’ remuneration
The total amounts for Directors’ remuneration were as follows:
2007 2006
£’000 £’000
Emoluments 1,876 3,178
Money purchase pension contributions 26 30
1,902 3,208
Directors’ emoluments 
Money
purchase
Basic Vehicle Benefits pension
Fees salary allowance in kind contributions Bonus 2007 2006
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
B.F.J. Bester – 150 17 1 6 150 324 148
M.T.M. Williams – 250 3 16 – 250 519 399
N.D. Ounstead – 300 24 5 14 300 643 1,300
R. Parker 
(Appointed 10th April 2007) – 76 7 2 – 76 161 –
A.Liggett 
(Retired 27th April 2007) – 156 – 18 6 – 180 1,301
Non-Executive Directors
W.A. McIntosh 25 – – – – – 25 20
V.H. Watson 8 17 – – – – 25 20
J.M. Jack – 25 – – – – 25 20
33 97 4 51 42 26 776 1,902 3,208
Directors’ share options
There were no options outstanding, granted to or exercised by Directors during the period and therefore no gains were
made by the Directors.
The market price of the ordinary shares at 29 September 2007 was 196.75 pence and the range during the year was
309.75 pence to 188.25 pence.
Directors interests
The Directors had the following interest in the shares of the Company (all interests relate solely to Ordinary Shares).
2007 2006
ordinary shares ordinary shares 
of 3.33p each of 3.33p each
B.F.J. Bester 13,906,200 13,906,200
N.D. Ounstead 370,125 370,125
R. Parker 10,000 –
M. Williams 380,205 350,205
W.A. McIntosh 1,188,750 1,188,750
V.H. Watson 132,000 132,000
J.M. Jack 15,250 11,250
Approval
This report was approved by the Board of Directors on 26 November 2007 and signed on its behalf by:
Alan McIntosh
Chairman of Remuneration Committee 30
TOPPS TILES PLC
Annual Report & Financial Statements 2007
INDEPENDENT AUDITORS' REPORT - 
CONSOLIDATED FINANCIAL STATEMENTS
To the members of Topps Tiles Plc
We have audited the Group financial statements of Topps Tiles plc for the 52 week period ended 29 September 2007
which comprise the consolidated income statement, the consolidated statement of recognised income and expense, the 
consolidated balance sheet, the consolidated cash flow statement, and the related notes 1 to 29. These Group financial
statements have been prepared under the accounting policies set out therein. We have also audited the information in the
Directors’ Remuneration Report that is described as having been audited.
We have reported separately on the parent Company financial statements of Topps Tiles plc for the 52 week period ended
29 September 2007. 
This report is made solely to the Company’s members, as a body, in accordance with section 235 of the Companies Act
1985. Our audit work has been undertaken so that we might state to the Company’s members those matters we are
required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit
work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the Annual Report, the Directors’ Remuneration Report and the Group 
financial statements in accordance with applicable law and International Financial Reporting Standards (IFRSs) as adopted
by the European Union are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the Group financial statements in accordance with relevant legal and regulatory 
requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the Group financial statements give a true and fair view, whether the Group
financial statements have been properly prepared in accordance with the Companies Act 1985 and Article 4 of the IAS
Regulation and whether the part of the Directors’ remuneration report described as having been audited has been 
properly prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the 
information given in the Directors’ Report is consistent with the Group financial statements. The information given in the
Directors’ Report includes that specific information presented in the Business Review that is cross referred from the
Enhanced Business Review section of the Directors’ Report.
In addition we report to you if, in our opinion, we have not received all the information and explanations we require for
our audit, or if information specified by law regarding Director’s remuneration and other transactions is not disclosed.
We review whether the Corporate Governance Statement reflects the Company’s compliance with the nine provisions of
the 2003 Combined Code specified for our review by the Listing Rules of the Financial Services Authority, and we report
if it does not. We are not required to consider whether the board’s statements on internal control cover all risks and 
controls, or form an opinion on the effectiveness of the Group’s corporate governance procedures or its risk and control
procedures.
We read the other information contained in the Annual Report as described in the contents section and consider whether
it is consistent with the audited Group financial statements. The other information comprises only the Directors’ Report,
the Chairman’s Statement, the Chief Executive’s statement, the unaudited part of the Directors’ Remuneration Report, the
Business Review and the Corporate Governance Statement. We consider the implications for our report if we become
aware of any apparent misstatements or material inconsistencies with the Group financial statements. Our responsibilities
do not extend to any further information outside the Annual Report.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing
Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the
Group financial statements and the part of the Directors’ Remuneration Report to be audited. It also includes an 
assessment of the significant estimates and judgments made by the Directors in the preparation of the Group financial
statements, and of whether the accounting policies are appropriate to the Group’s circumstances, consistently applied and
adequately disclosed. 31
TOPPS TILES PLC
Annual Report & Financial Statements 2007
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary
in order to provide us with sufficient evidence to give reasonable assurance that the Group financial statements and the
part of the Directors’ Remuneration Report to be audited are free from material misstatement, whether caused by fraud
or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of infor-
mation in the Group financial statements and the part of the Directors’ Remuneration Report to be audited.
Opinion
In our opinion:
 the Group financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union, of
the state of the Group’s affairs as at 29 September 2007 and of its profit for the 52 week period then ended;
 the Group financial statements have been properly prepared in accordance with the Companies Act 1985 and Article 4 
of the IAS Regulation; 
 the part of the Directors’ remuneration report described as having been audited has been properly prepared in 
accordance with the Companies Act 1985; and
 the information given in the Directors’ Report is consistent with the Group financial statements.
Separate opinion in relation to IFRS
As explained in Note 2 to the Group financial statements, the Group in addition to complying with its legal obligation to
comply with IFRSs as adopted by the European Union, has also complied with the IFRSs as issued by the International
Accounting Standards Board.
In our opinion the Group financial statements give a true and fair view, in accordance with IFRSs, of the state of the
Group’s affairs as at 29 September 2007 and of its profit for the 52 week period then ended.
Deloitte & Touche LLP 
Chartered Accountants and Registered Auditors 
Manchester, United Kingdom
26 November 2007 32
TOPPS TILES PLC
Annual Report & Financial Statements 2007
CONSOLIDATED GROUP INCOME STATEMENT 
For the 52 week period ended 29 September 2007
2007 2006
Notes £’000 £’000
Group Revenue 3 207,898 180,180
Cost of sales (77,344) (67,470)
Gross profit 130,554 112,710
Operating expenses
Employee profit sharing (7,943) (5,907)
Distribution costs (61,504) (50,901)
Other operating expenses (16,765) (15,981)
share buy back costs – (1,110)
Share of results of joint venture 15 – 58
Group and share of joint venture profit from operations 
before share buy back costs 44,342 39,979
Share buy back costs – (1,110)
Group and share of joint venture profit from operations 4 44,342 38,869
Other gains 7 270 258
Investment revenue 8 1,012 1,276
Finance costs 8 (7,791) (1,339)
Profit before taxation 37 ,833 39,064
Taxation 9 (12,093) (11,260)
Profit for the period attributable to equity holders of the Company 25,740 27,804
Earnings per ordinary share 11
-basic 15.09p 12.80p
-diluted 15.02p 12.7 4p
All of the above results relate to continuing operations.
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
For the 52 week period ended 29 September 2007
2007 2006
£’000 £’000
Exchange rate loss on retranslation of overseas operation – (2)
Tax effect of share options exercised 195 –
Deferred tax on sharesave scheme taken directly to equity (157) 304
Profit for the period attributable to equity holders of the Company 25,740 27,804
Recognised income and expense for the period 25,778 28,106 33
TOPPS TILES PLC
Annual Report & Financial Statements 2007
CONSOLIDATED BALANCE SHEET
As at 29 September 2007
2007 2006
Notes £’000 £’000
Non-current assets
Goodwill 12 1,430 551
Property plant & equipment 13 41,851 36,857
Joint venture undertaking 15 – 281
43,281 37,689
Current assets
Inventories 31,067 27 ,031
Trade and other receivables within one year 16 7,002 5,528
Cash and cash equivalents 16 15,781 16,533
53,850 49,092
Total assets 97 ,131 86,781
Current liabilities
Trade and other payables 17 (31,497) (25,837)
Bank Loans 18 (4,907) (4,900)
Current tax liabilities (8,752) (7,507)
(45,156) (38,244)
Net current assets 8,694 10,848
Non current liabilities
Bank loans 18 (105,737) (110,600)  
Deferred tax liabilities 20 (1,062) (1,233)
Total liabilities (151,955) (150,077)
Net liabilities (54,824) (63,296)
Equity
Share capital 21 5,686 5,773
Share premium 22 681 531
Merger reserve 23 240 (399)
Share based payment reserve 24 222 166
Capital redemption reserve 25 20,359 20,254
Retained earnings 26 (82,012) (89,621)
Total deficit (54,824) (63,296)
The accompanying notes are an integral part of these financial statements.
The financial statements on pages 32 to 54 were approved by the Board of Directors on 26 November 2007 and signed
on its behalf by:
M Williams
R Parker
Directors 34
TOPPS TILES PLC
Annual Report & Financial Statements 2007
CONSOLIDATED CASH FLOW STATEMENT
For the 52 week period ended 29 September 2007
2007 2006
£’000 £’000
Group and share of joint venture profit from operations 44,342 38,869
Adjustments for:
Depreciation 4,424 3,718
Share of results of joint venture – (58)
Share option charge 56 66
Loss on sales of fixed assets 772 258
Increase in receivables (1,144) (1,342)
Increase in inventories (2,624) (1,693)
Increase/(decrease) in payables 4,000 (1,949)
Cash generated by operations 49,826 37,869
Interest paid (7,805) (683)
Taxation paid (10,980) (7,655)
Net cash from operating activities 31,041 29,531
Cashflows from investing activities
Acquisition of Joint Venture (1,286) –
Interest received 1,012 1,276
Purchase of property, plant and equipment (9,674) (8,668)
Proceeds of sale of of property, plant and equipment 1,166 573
Net cash used in investment activities (8,782) (6,819)
Cashflows from financing activities
Proceeds from issue of share capital 158 222
Repayment of loans (5,000) (6,000)
New loans – 115,500
Share buy back – (122,216)
Dividends paid (18,169) (21,514)
Net cash used in financing activities (23,011) (34,008)
Net decrease in cash equivalents (752) (11,296)
Cash and cash equivalents at beginning of period 16,533 27 ,829
Cash and cash equivalents at end of period 15,781 16,533 35
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the 52 week period ended 29 September 2007
1 General Information
Topps Tiles Plc is a Company incorporated in the United Kingdom under the Companies Act 1985. The address of the 
registered office is given on page 20. The nature of the Group’s operations and its principal activities are set out in 
the business review on pages 8 to 13.
These financial statements are presented in pounds sterling because that is the currency of the primary economic 
environment in which the Group operates. Foreign operations are included in accordance with the policies set out in 
note 2j.
At the date of authorisation of these financial statements, the following Standards and Interpretations which have not
been applied in these financial statements were in issue but not yet effective:
Standards and interpretations in issue but not yet effective
IFRS 7 Financial instruments: Disclosures; and the related amendment to IAS 1 on capital disclosures
IFRS 8 Operating Segments
IAS 1   Amendment ‘Capital Disclosures’
IAS 23   Amendment ‘Borrowing Costs’
IFRIC 4 Determining whether an Arrangement contains a Lease
IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
IFRIC 8 Scope of IFRS 2
IFRIC 9 Reassessment of Embedded Derivatives
IFRIC 10 Interim Financial Reporting and Impairment
IFRIC 11 Group and Treasury Share Transactions
IFRIC 12 Service Concession Arrangements
The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no 
material impact on the financial statements of the Group except for additional disclosures on capital and financial 
instruments when the relevant standards come into effect for periods commencing on or after 1 January 2007.
2 Accounting policies
a) Basis of accounting
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). 
The financial statements have also been prepared in accordance with IFRS’s adopted by the European Union and 
therefore the Group financial statements comply with Article 4 of the EU IAS regulation. The financial statements 
have been prepared on the historical cost basis, except for the revaluation of financial instruments. The principal 
accounting policies adopted are set out below.
b) Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by 
the Company (its subsidiaries) made up to the Saturday nearest to the 30 September each year. Control is achieved 
where the Company has the power to govern the financial and operating policies of an investee so as to obtain 
benefits from its activities.
The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control 
passed. 36
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
2 Accounting policies continued
c) Financial period
The accounting period ends on the Saturday which falls closest to 30 September, resulting in financial periods of 
either 52 or 53 weeks.
Throughout the financial statements, Directors’ report and financial review, references to 2007 mean at 29 
September 2007 or the 52 weeks then ended; references to 2006 mean at 30 September 2006 or the 52 weeks then 
ended.
d) Business Combinations
The acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured at
the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity 
instruments issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the 
business combination. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions 
for recognition under IFRS 3 are recognised at their fair value at the acquisition date.
Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of
the business combination over the Group’s interest in the net fair value of the identifiable assets, liabilities and 
contingent liabilities recognised.
e) Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the fair 
value of the identifiable assets and liabilities of a subsidiary at the date of acquisition. Goodwill is initially recognised 
as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill which is 
recognised as an asset is reviewed for impairment at least annually. Any impairment is recognised immediately in the 
income statement and is not subsequently reversed.
For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected to 
benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested 
for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the 
recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is 
allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the 
unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for good
will is not reversed in a subsequent period.
Goodwill arising on acquisitions before the date of transition to IFRSs has been retained at the previous UK GAAP 
amounts subject to being tested for impairment at that date. Goodwill of £15,080,000 written off to reserves under 
UK GAAP prior to 1998 has not been reinstated and is not included in determining any subsequent profit or loss on 
disposal.
f) Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable 
for goods and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes.
Sales of goods are recognised when title has passed. Sales returns are provided for based on past experience.
Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate 
applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the 
financial asset to that asset’s net carrying amount. Dividend income from investments is recognised when the 
shareholders’ rights to receive payment have been established. 37
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
2 Accounting policies continued
g) Property, plant & equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss.
Depreciation is charged so as to write off the cost of assets, less estimated residual value, over their estimated useful 
lives, on the following bases:
Freehold buildings - 2% per annum on cost on a straight-line basis
Short leasehold land and buildings - over the period of the lease, up to 25 years
Fixtures and fittings - over 10 years or at 25% per annum on reducing balance basis as 
appropriate
Motor vehicles - 25% per annum on reducing balance
Freehold land is not depreciated.
Residual value is calculated on prices prevailing at the date of acquisition.
h) Inventories
Inventories are stated at the lower of cost and net realisable value and relates solely to finished goods for resale.  
Cost comprises purchase price of materials and an attributable proportion of distribution overheads based on normal 
levels of activity and is valued at standard cost. Net realisable value is based on estimated selling price, less further 
costs expected to be incurred to completion and costs to be incurred – marketing, selling and distribution. Provision 
is made for those items of inventory where the net realisable value is estimated to be lower than cost.
i) Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in 
the income statement because it excludes items of income or expense that are taxable or deductible in other years 
and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated 
using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets 
and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, 
and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all 
taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable 
profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are 
not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial 
recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither 
the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, and 
interests in jointly controlled entities, except where the Group is able to control the reversal of the temporary 
difference and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the 
asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged
or credited directly to equity, in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets 
against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the 
Group intends to settle its current tax assets and liabilities on a net basis. 38
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
2 Accounting policies continued
j) Foreign currency
Transactions in currencies other than the entity’s functional currency (foreign currencies) are recorded at the rates of
exchange prevailing on the dates of transactions At each period end, monetary assets and liabilities that are 
denominated in foreign currencies are retranslated at the rates prevailing on that date. Non-monetary items carried 
at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the 
fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are
not retranslated.
Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are 
included in the income statement for the period. Exchange differences arising on the retranslation of non-monetary 
items carried at fair value are included in profit or loss for the period except for differences arising on the 
retranslation of non-monetary items in respect of which gains and losses are recognised directly in equity. For such 
non-monetary items, any exchange component of that gain or loss is also recognised directly in equity.
For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group’s foreign 
operation are translated at exchange rates prevailing at period end dates. Income and expense items are translated at
the average exchange rates for the period, unless exchange rates fluctuate significantly during the period, in which 
case the exchange rates at the dates of transactions are used. Exchange differences arising are classified as equity 
and transferred to the Group’s translation reserve. Such differences are recognised as income or expense in the 
period in which the operation is disposed of.
k) Leases
Rentals under operating leases are charged on a straight line basis over the lease term, even if the payments are not 
made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread 
on a straight-line basis over the lease term.
l) Investments
Fixed asset investments are shown at cost less provision for impairment.
m)Retirement Benefit costs
For defined contribution schemes, the amount charged to the income statement in respect of pension costs is the 
contributions payable in the year. Differences between contributions payable in the year and contributions actually 
paid are shown as either accruals or prepayments in the balance sheet.
n) Finance costs
Finance costs of debt are recognised in the income statement over the term of the debt at a constant rate on the 
carrying amount. Finance costs which are directly attributable to the construction of tangible fixed assets are 
capitalised as part of the cost of those assets. The commencement of capitalisation begins when both finance costs 
and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are 
in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for 
use are complete.
o) Derivative financial instruments
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and 
interest rates.
The Group uses foreign exchange forward contracts and interest rate swap contracts to manage these exposures.  
The Group does not hold or issue derivative financial instruments for speculative purposes.
The use of financial derivatives is governed by the Group’s policies approved by the Board of Directors, on the use of 
financial derivatives. 39
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
2 Accounting policies continued
o) Derivative financial instruments continued
Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when
their risks and characteristics are not closely related to those of host contracts and the host contracts are not carried
at fair value, with gains or losses reported in the income statement.
Changes in the fair value of derivative financial instruments are recognised in the income statement as they arise. 
p) Bank Borrowings
Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance 
charges are accounted for on an accrual basis in the Income Statement using the effective interest rate method and 
are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they
arise.
q) Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that 
the Group will be required to settle that obligation. Provisions are measured at the Directors’ best estimate of the 
expenditure required to settle the obligation at the balance sheet date, and are discounted to present value where the
effect is material.
r) Share-based payments
The Group has applied the requirements of IFRS 2 Share-based Payments. In accordance with the transitional 
provisions, IFRS 2 will be applied to all grants of equity instruments after 7 November 2002 that were unvested as of 
1 October 2005.
The Group issues equity settled share based payments to certain employees. Equity settled share based payments are
measured at fair value at the date of grant. The fair value determined at the grant date of the share based payment is
expensed on a straight line basis over the vesting period, based on the Group’s estimate of shares that will eventually 
vest. Fair value is measured by use of the Black Scholes model. 
The Group provides employees with the ability to purchase the Group’s ordinary shares at 80% of the current market
value through the operation of it’s share save scheme. The Group records an expense, based on its estimate of the 
20% discount related to shares expected to vest on a straight line basis over the vesting period.
s) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid 
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes
in value.
t) Trade Payables
Trade payables are initially measured at fair value and are subsequently measured at amortised cost, using the 
effective interest rate method.
u) Financial Liabilities and Equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements 
entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after 
deducting all of it’s liabilities. 40
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
3 Revenue
An analysis of revenue is as follows:
2007 2006
£’000 £’000
Non-trade customers 182,830 159,482
Trade customers 25,068 20,698
207,898 180,180
Investment income 1,012 1,276
Total revenue 208,910 181,456
4 Business Segments
The Group is currently organised into three retail operating divisions, Topps Tiles (Topps) and Tile Clearing House 
(TCH) and Topps Floorstore (Holland). These divisions are the basis on which the Group reports it’s primary segment 
information.
Segmental revenue and profit before taxation by business activity were as follows:
Segmental information for the 
52 weeks to 29 September 2007
Topps TCH Holland Consolidated
£’000 £’000 £’000 £’000
Revenue 175,380 25,068 7,450 207,898
Operating profit before central costs 40,448 5,273 314 46,035
Head office/distribution costs (1,693)
Operating profit 44,342
Other gains 270
Finance costs less finance income (6,779)
Profit before taxation 37 ,833
Other information
Head office/ 
distribution
Topps TCH Holland centre Consolidated
£’000 £’000 £’000 £’000 £’000
Capital additions 4,733 1,087 881 2,973 9,674
Depreciation 2,683 451 271 1,019 4,424
Balance Sheet
Segment assets 72,626 10,063 5,044 87,733
Unallocated corporate assets 9,398 9,398
Consolidated total assets 72,626 10,063 5,044 9,398 97,131
Segment liabilities (17,272) (1,578) (3,712) (22,562)
Unallocated corporate liabilities (129,393) (129,393)
Consolidated total liabilities (17,272) (1,578) (3,712) (129,393) (151,955) 41
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
4 Business Segments continued
Segmental information for the 
52 weeks to 30 September 2006
Topps TCH Consolidated
£’000 £’000 £’000
Revenue 159,482 20,698 180,180
Operating profit before central costs 35,887 4,685 40,572
Head office/distribution centre costs (1,703)
Operating profit 38,869
Other gains 258
Finance costs less finance income (63)
Profit before taxation 39,064
Other information
Head office/ 
Distribution
Topps TCH centre Consolidated
£’000 £’000 £’000 £’000
Capital additions 2,240 860 5,976 9,076
Depreciation 2,204 432 1,082 3,718
Balance sheet
Segment assets 52,708 7,906 60,614
Unallocated corporate assets 26,167 26,167
Consolidated total assets 52,708 7,906 26,167 86,781
Segment liabilities (29,247) (4,387) (33,634)
Unallocated corporate liabilities (116,443) (116,443)
Consolidated total liabilities (29,247) (4,387) (116,443) (150,077) 42
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
5 Profit before taxation
Profit before taxation for the period has been arrived at after charging/(crediting):
2007 2006
£’000 £’000
Depreciation of property, plant and equipment 4,424 3,718
Staff costs (see note 6) 40,156 33,733
Cost of inventories recognised as expense 75,331 65,640
Net foreign exchange gains (270) (113)
Analysis of auditors’ remuneration is provided below:
2007 2006
£’000 % £’000 %
Audit services:
Statutory audit of the Company’s annual accounts 15 6% 10 4%
Audit of Company’s Subsidiaries pursuant to legislation 110 43% 85 31%
Audit-related regulatory reporting –– 10 4%
Total audit fees 125 49% 105 38%
Further assurance services –– 50 18%
Tax services:
compliance services 57 22% 65 23%
advisory services 73 29% 58 21%
Total non audit fees 130 51% 173 62%
255 100% 278 100%
A description of the work of the audit committee is set out on page 26 and includes an explanation of how auditor 
objectivity and independence is safeguarded when non-audit services are provided by the auditors.
Further assurance services in 2006 included work performed in respect of the share buy back. 43
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
6Staff costs
The average monthly number of employees (including Executive Directors) was:
2007 2006
Number Number
employed employed
Selling 1,487 1,412   
Administration 235 170 
1,722 1,582 
2007 2006
£’000 £’000
The aggregate remuneration comprised:
Wages and salaries (including LTIP) 36,524 30,193   
Social security costs 3,397 3,281
Other pension costs (note 27b) 235 259
40,156 33,733 
Details of Director’s emoluments are disclosed on page 29.
Employee profit sharing of £7.9m (2006: £5.9m) is included in the above and comprises sales commission and 
bonuses.
7 Other gains and losses
Other gains and losses in 2007 relate to the sale of a long leasehold property and in 2006 relate to the sale and 
leaseback of certain freehold properties.
8 Investment revenue and finance costs
2007 2006
£’000 £’000
Bank interest receivable and similar income 1,012 1,276
Finance costs
Interest on bank loans and overdrafts (7,325) (1,377)
Fair value loss on interest rate swaps (480) –
Interest costs capitalised 14 38
Net finance costs (7,791) (1,339)
Finance costs have been capitalised based on a capitalisation rate of 5.1%, which is the weighted average of rates 
applicable to the Group’s general borrowings outstanding during the period.
9. T ax
2007 2006
£’000 £’000
Current tax - charge for the period 11,975 11,179
Current tax – adjustment in respect of previous periods 446 343
Deferred tax - (credit)/charge for year (note 20) (334) 1,082
Deferred tax - adjustment in respect of previous periods (note 20) 6 (1,344)
12,093 11,260
Corporation tax in the UK is calculated at 30% (2006: 30%) of the estimated assessable profit for the year.
Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. 44
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
9. T ax continued
The charge for the year can be reconciled to the profit per the income statement as follows:
2007 2006
£’000 £’000
Profit before tax: 37 ,833 39,064
Tax at the UK corporation tax rate of 30% (2006: 30%) 11,350 11,719
Tax effect of expenses that are not deductible in determining taxable profit 90 281
Tax effect of change in tax rate (119) –
Tax effect of profit in excess of chargeable gains on sale of freehold property (6) (25)
Tax effect of different tax rates on overseas earnings – 13
Tax effect of adjustment in respect of prior periods 452 (1,001)
Tax effect of tangible fixed assets which do not qualify for capital allowances 326 273
Tax expense for the period 12,093 11,260
10 Dividends
Amounts recognised as distributions to equity holders in the period:
2007 2006
£’000 £’000
Final dividend paid for the 52 week period ended 30 September 2006 of 6.90p 
(2005 – 6.00p) per ordinary share 11,767 13,596
Interim dividend paid for the 26 weeks ended 31 March 2007 of 3.75p 
(2006: 3.50p) 6,396 7,933
Over/(under) provision in respect of the prior period final dividend 6 (15)
18,169 21,514
Proposed final dividend for the 52 week period ended 29 September 2007 
of 6.95p (2006: 6.90p) per share 11,860 11,734 
11 Earnings per share
The calculation of earnings per share is based on the earnings for the financial period attributable to equity 
shareholders and the weighted average number of ordinary shares as follows:
2007 2006
Number of Number of
shares Shares
Weighted average number of shares for basic earnings per share 170,536,121 217,252,872 
Weighted average number of shares under option 823,079 954,715 
For diluted earnings per share 171,359,200 218,207,587 
The reduction in the weighted average number of shares relates to the 3 for 4 reverse share split completed during 
August 2006. 45
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
1 2. Goodwill
£’000
Cost at 2 October 2005 551
Movement in the year –
Cost at 1 October 2006 551
Acquisition of joint venture 879
Cost and carrying value at 29 September 2007 1,430
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be 
impaired.
The recoverable amounts are determined from value in use calculations. The key assumptions for the value in use 
calculations are those regarding the discount rates, growth rates and expected changes to selling prices and direct 
costs during the period. Management estimates discount rates based on the groups weighted average cost of capital. 
The growth rates are based on industry growth forecasts. Changes in selling prices and direct costs are based on past
practices and expectations of future changes in the market.
The Group prepares cash flow forecasts derived from the most recent financial budgets approved by management for
the next five years and extrapolates cash flows for the following five years based on an estimated growth rate of 
2 per cent. This rate does not exceed the average long-term growth rate for the relevant markets.
a) Acquisition of Subsidiary 
On 1 October 2006 the Group acquired the remaining 50% shareholding in Topps Tiles Holdings BV for total 
consideration of £1.17 million made up of cash of £522,000 and 250,000 Topps Tiles Plc shares with a value of 
£647,500 based on the market value on 1st October 2006.
Book and 50%
fair value acquired
£’000 £’000
Net assets acquired
Property, plant & equipment 1,356 678
Inventories 1,412 706
Trade and other receivables 188 94
Cash and cash equivalents 42
Trade and other payables (1,480) (740)
Current Tax liabilities (130) (65)
Bank loans (768) (384)
582 291
Goodwill 879
Total Consideration 1,170
Satisfied by:
Cash 522
Shares 648
1,170
Net cash outflow arising on acquisition
Cash consideration 522
Net overdraft acquired 764
1,286
Topps Tiles Holdings BV contributed £7.5million revenue and £0.3million to the Group’s profit before tax between the 
date of acquisition (on the first day of the financial period) and the Balance Sheet date. The Directors have concluded 
that no intangible assets arose on this acquisition. 46
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
13 Property, plant and equipment
Land and buildings
Short Fixtures and Motor
Freehold leasehold fittings vehicles total
£’000 £’000 £’000 £’000 £’000
Cost
At 2 October 2005 12,410 1,381 30,498 249 44,538
Additions 4,333 1,016 3,705 22 9,076
Disposals (261) – (1,321) (160) (1,7 42)
At 30 September 2006 16,482 2,397 32,882 111 51,872
Additions 2,040 115 7,288 221 9,664
Acquisition of joint venture – – 1,879 156 2,035
Disposals – (7 46) (2,390) (146) (3,282)
At 29 September 2007 18,522 1,766 39,659 342 60,289
Accumulated depreciation and impairment
At 2 October 2005 424 781 11,174 87 12,466
Charge for the year 213 121 3,355 29 3,718
Eliminated on disposals (49) – (1,047) (73) (1,169)
At 30 September 2006 588 902 13,482 43 15,015
Acquisition of joint venture – – 649 30 679
Charge for the year 268 130 3,954 72 4,424
Eliminated on disposals – (28) (1,591) (61) (1,680)
At 29 September 2007 856 1,004 16,494 84 18,438
Carrying amount
At 29 September 2007 17,666 762 23,165 258 41,851
At 1 October 2006 15,894 1,495 19,400 68 36,857
Freehold land and buildings include £nil (2006 - £437,310) of assets under construction and £4,104,000 of land 
(2006 - £4,104,000) on which no depreciation has been charged in the current period.
Cumulative finance costs capitalised included in the cost of tangible fixed assets amount to £422,000 (2006 - 
£408,000) for the Group.
1 4 Subsidiaries
A list of the significant subsidiaries, including the name, country of incorporation and proportion of ownership 
interest is given in note 3 to the Company’s separate financial statements.
15 Joint venture undertaking
Aggregated amounts relating to Joint Venture.
2007 2006
£’000 £’000
Total assets – 2,952    
Total liabilities – (2,390)
Net Assets – 562
Profit – 112 47
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
15 Joint venture undertaking continued
Amounts recognised in the income statement and in the balance sheet are as follows:
2007 2006
£’000 £’000
Operating profit – 124
Less: interest – (35)    
Less: tax – (31)
Share of results of joint venture – 58
Exchange rate difference taken to reserves – (2)
Movement in Joint Venture interest – 56
Interest in joint venture – 281
16 Other financial assets
2007 2006
Trade and other receivables £’000 £’000
Amounts falling due within one year:
Trade debtors 357 417
Loan to joint venture – 107
Other debtors and prepayments 6,645 5,004
7,002 5,528
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
Credit risk
The Group’s principal financial assets are bank balances and cash and trade receivables.
The Group has no significant concentration of credit risk.
Bank and cash balances
Bank and cash balances comprise cash held by the Group and short term bank deposits (with associated right of set 
off). The carrying amount of these assets approximates their fair value.  A breakdown of significant bank and cash 
balances by currency is as follows:
2007 2006
£’000 £’000
Sterling 18,386 14,186
US Dollar (462) (73)
Euro (2,143) 2,420
Total bank balances and cash 15,781 16,533 48
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
1 7 Other financial liabilities
Trade and other payables
2007 2006
£’000 £’000
Amounts falling due within one year
Trade payables 19,702 13,814
Other payables 4,743 5,261
Accruals and deferred income 7,052 6,762
31,497 25,837
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs.  
The average credit period taken for trade purchases is 50 days (2006: 41 days).
The Directors consider that the carrying amount of trade payables approximates to their fair value.
18 Bank loans
2007 2006
£’000 £’000
Bank loans (all sterling) 110,644 115,500
The borrowings are repayable as follows:
On demand or within one year 5,000 5,000
In the second year 5,000 5,000
In the third to fifth year 101,000 106,000
111,000 116,000
Less: Total unamortised issue costs (356) (500)
110,644 115,500
Less: amount due for settlement within 12 months (shown under current liabilities) (5,000) (5,000)
Issue costs to be amortised within 12 months 93 100
Amount due for settlement after 12 months 105,737 110,600
Total weighted average interest rates paid were as follows:
2007 2006
% %
Loans 6.1286 5.4879
The Group borrowings are arranged at floating rates, thus exposing the Group to cash flow interest rate risk.
The Group has one principal bank loan of £116 million taken out on 1 August 2006. Repayments commenced on 28 
July 2007 and will continue until 28 July 2011. The loan is secured by upstream guarantees provided by certain 
subsidiaries. The LIBOR margin shall be adjusted between 0.5% and 0.7% dependent on the Group’s level of 
compliance with a net debt to EBITDA covenant.
At 29 September 2007, the Group had available £5 million (2006 - £6.5 million) of undrawn committed banking 
facilities. 49
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
19 Derivative financial instruments
Currency derivatives
The Group utilises currency derivatives to hedge significant future transactions and cash flows. The Group uses 
foreign currency forward contracts in the management of its exchange rate exposures. The contracts are 
denominated in US dollars and Euros.
At the balance sheet date, the total notional amount of outstanding forward foreign exchange contracts that the 
Group has committed to are as below:
2007 2006
£’000 £’000
Forward foreign exchange contracts 7,800 6,050
These arrangements are designed to address significant exchange exposures for the first half of 2008 and are 
renewed on a revolving basis as required.
At 29 September 2007 the fair value liability of the Group’s currency derivatives is £251,000 (2006 - £47,000). These 
amounts are based on market value of equivalent instruments at the balance sheet date.
Amounts of £204,000 have been charged to operating profit in the year (2006: £29,000).
Interest Rate Derivatives 
The Group uses interest rate derivatives to manage its exposure to interest rate movements on its bank borrowings. 
The Group’s interest rate derivatives comprise;
- 5 year interest rate cap with a notional value of £20m with interest capped at 6%.
- 5 year interest rate swap with a notional value of £20m paying interest at a fixed rate of 5.63%
- 10 year cancellable collar with a notional value of £60m with a cap of 5.6% and a floor of 4.49%, the interest rate 
within this range is LIBOR less 0.4%. Where LIBOR falls below the floor the interest rate resets to a fixed level of 
5.55%. 
The fair value liability of the derivatives entered into at 29th September 2007 is estimated at £480,000. These 
amounts are based on market values of equivalent instruments at the balance sheet date. 
Amounts of £480,000 have been charged to finance costs in the year. 50
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
20 Deferred tax
The following are the major deferred tax liabilities/(assets) recognised by the Group and movements thereon during 
the current and prior reporting period.
Accelerated Share Exchange Interest
tax based rate rate
depreciation payments differences hedging Rent free Total
£’000 £’000 £’000 £’000 £’000 £’000
At 2 October 2005 2,345 (372) (8) – (166) 1,799
Credit to income/(charge) (257) (20) (9) – 24 (262)
Credit to equity – (304) – – – (304)
At 30 September 2006 2,088 (696) (17) – (142) 1,233
Credit to income/(charge) (143) (18) (53) (135) 21 (328)
Charge to equity – 157 – – – 157
At 29 September 2007 1,945 (557) (70) (135) (121) 1,062
2 1 Called-up share capital
2007 2006
£’000 £’000
Authorised 240,000,000(2006: 240,00,000)ordinary shares of 3.33p each (2006: 3.33p) 8,000 8,000
Authorised 37,000,000 (2006: 37,000,000) redeemable B shares of £0.54 each 19,980 19,980
Authorised 124,890,948 (2006: 124,890,948) irredeemable C shares of £0.001 each 125 125
Authorised nil (2006: 105,109,052) deferred shares of £0.001 each – 105
28,105 28,210
Issued and fully-paid 170,579,936 (2006: 170,057,840) ordinary shares of 3.33p 
each (2006: 3.33p) 5,686 5,668
Issued and fully paid nil (2006: 353,343) irredeemable C shares of £0.001 each – –
Issued and fully paid nil (2006: 105,109,052) deferred shares of £0.001 each – 105
Total 5,686 5,773
During the period the Group allotted 272,096 (2006: 489,370) ordinary shares with a nominal value of £8,000 
(2006: £13,000) under share option schemes for an aggregate cash consideration of £158,000 (2006: £222,000).
Additionally 250,000 Ordinary Shares with a nominal value of £9,000 and a market value of £647,500 were issued 
as consideration for the acquisition of Topps Tiles Holdings BV.  
Shareholders representing 353,343 irredeemable C shares were subject to compulsory buy back in March 2007 for 
£0.54 per share and total consideration of £190,805.
During the period the Group cancelled 353,343 irredeemable C shares of £0.001 each and 105,109,052 deferred 
shares of £0.001 each, with a corresponding transfer of £105,000 to the Capital Redemption Reserve.
22 Share premium
2007 2006
£’000 £’000
Balance at start of period 531 5,575
Premium on issue of new shares 150 209
Reverse share split of 3 for 4 – (5,253)
Balance at end of period 681 531
During the period 272,096 Ordinary Shares were issued for an aggregate cash consideration of £158,000 leading to 
an increase in share premium of £150,000.  51
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
23 Merger reserve
2007 2006
£’000 £’000
Balance at start and end of period (399) (399)
Premium on issue of new shares 639 _
Balance at end of period 240 (399)
250,000 Ordinary Shares with a market value of £647,500 were issued as consideration for the acquisition of Topps 
tiles Holdings BV leading to an increase in the merger reserve of £639,000.
24 Share based payment reserve
2007 2006
£’000 £’000
At start of period 166 100
Share option charge 56 66
At end of period 222 166
25 Capital redemption reserve
2007 2006
£’000 £’000
At start of period 20,254 190
Buy back of 37,000,000 B shares at 0.54p – 19,980
Buy back of 84,213,625 C shares at 0.001p – 84
Cancellation of shares 105 –
At end of period 20,359 20,254
26 Retained earnings
£’000
At 2 October 2005 41,109
Dividends paid (21,514)
Share buy back (137,322)
Exchange rate loss (2)
Deferred tax on sharesave scheme taken directly to equity 304
Net profit for period 27,804
At 30 September 2006 (89,621)
Dividends paid (18,169)
Deferred tax on sharesave scheme taken directly to equity (157)
Tax effect of share options exercised 195
Net profit for the period 25,7 40
At 29 September 2007 (82,012) 52
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
27 Financial commitments
a) Capital commitments
At the end of the period there were no capital commitments contracted (2006 - £nil).
b) Pension arrangements
The Group operates separate defined contribution pension schemes for employees and Directors. The assets of the 
schemes are held separately from those of the Group in independently administered funds. The pension cost charge 
represents contributions payable by the Group to the funds and amounted to £235,000 (2006 - £259,000).
c) Lease commitments
The Group has entered into non-cancellable operating leases in respect of motor vehicles, equipment and land and 
buildings.
Minimum lease payments under operating leases recognised in income for the period were £18,134,000 (2006: 
£14,998,000). 
At the balance sheet date, the Group had outstanding commitments for future minimum lease payments under non-
cancellable operating leases which fall due as follows:
2007 2006
Land and Land and
buildings Other buildings Other
£’000 £’000 £’000 £’000
Operating leases which expire:
- within 1 year 16,642 858 14,605 725
- within 2 to 5 years 56,421 1,435 50,120 1,226
- after 5 years 64,131 168 64,7 49 194
137,194 2,461 129,47 4 2,145
Operating lease payments primarily represent rentals payable by the Group for certain of its office and store 
properties. Leases are negotiated for an average term of 15 years and rentals are fixed for an average of 5 years. 
28 Share based payments
The group operates 2 share option schemes in relation to group employees.  
Equity Settled share option scheme
Options are exercisable at the middle market closing price for the working day prior to the date of grant and are 
exercisable 3 years from the date of grant if stated performance criteria have been met.
Details of the share options outstanding during the period are as follows:
Option Exercisable No. of options
price (p) period outstanding
2007 2006
Date of Grant
26th January 2001 0.545p 3 Years 345,345 370,990 
12th February 2002 0.54p 3 Years 47,445 51,145 
392,790 422,135  53
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
28 Share based payments continued
Movements in share options are summarised as follows:
2007 2006
Weighted Weighted
Number of average Number of average
share exercise share exercise
options price options price
Outstanding at beginning of period 422,135 0.54 541,665 0.54
Exercised during the period (28,345) 0.54 (119,530) 0.54
Expired during the period (1,000) 0.54 ––
Outstanding at end of period 392,790 0.54 422,135 0.54
Exercisable end of period 392,790 0.54 422,135 0.54 
The weighted average share price at the date of exercise for options exercised in the period was 2.51 pence  
The options outstanding at 29 September 2007 had a weighted averaged exercise price of 54 pence, and a weighted 
average remaining contractual life of 4 years.
Other Share Based Payment Plans
The employee share purchase plans are open to almost all employees and provide for a purchase price equal to the 
daily average market price on the date of grant, less 20%. The shares can be purchased during a two-week period 
each year. The shares so purchased are generally placed in the employee share savings plan for a 3 or 5 year period.
Movements in share based payment plan options are summarised as follows:
2007 2006
Weighted Weighted
Number of average Number of average
share exercise share exercise
options price options price
Outstanding at beginning of period 1,009,538 96p 1,200,865 7 4p
Issued during the period 198,211 217p 193,324 158p
Expired during the period (72,768) 96p (152,431) 7 4p
Exercised during the period (221,280) 60p (232,220) 41p
Outstanding at end of period 913,701 129p 1,009,538 96p
Exercisable at end of period 913,701 129p 1,009,538 96p
The Group recognised total expenses of £56,000 (2006: £66,000) relating to share based payments.
The inputs to the Black-Scholes Model are as follows:
2007 2006
Weighted average share price - pence 144.8 124.8
Weighted average exercise price - pence 115.8 99.8
Expected volatility - % 27 .8 32.3
Expected life - years 3 or 5 3 or 5
Risk - free rate of interest - % 4.3 4.3
Dividend yield - pence 4.4 4.5
Expected volatility was determined by calculating the historical volatility of the Group’s share price over the previous 
3 years. The expected risk used in the model has been adjusted, based on management’s best estimate, for the 
effects of non-transferability, exercise restrictions and behavioural forces. 54
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
For the 52 week period ended 29 September 2007
29 Related parties
S.K.M. Williams has the non-statutory role of President, advising on property matters and is a related party by virtue 
of his 9.2% shareholding (15,719,000 ordinary shares) in the Group’s issued share capital. 
At 29 September 2007 S.K.M. Williams was the landlord of two properties leased to Multi Tile Limited, a trading 
subsidiary of Topps Tiles Plc, for £66,000 (2006 - £66,000).
No amounts were outstanding at 29 September 2007 (2006 - £nil).
The lease agreements on both properties are operated on commercial arms length terms. His salary for the year in 
his role as President was £96,000 (2006: £96,000).
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on 
consolidation and are not disclosed in this note. 55
TOPPS TILES PLC
Annual Report & Financial Statements 2007
INDEPENDENT AUDITORS’ REPORT -
COMPANY FINANCIAL STATEMENTS
We have audited the parent Company financial statements of Topps Tiles plc for the year ended 29 September 2007
which comprise the Balance Sheet and the related notes 1 to 7. These parent Company financial statements have been
prepared under the accounting policies set out therein.
We have reported separately on the Group financial statements of Topps Tiles plc for the year ended 29 September 2007
and on the information in the Directors’ remuneration report that is described as having been audited. 
This report is made solely to the Company’s members, as a body, in accordance with section 235 of the Companies Act
1985.  Our audit work has been undertaken so that we might state to the Company’s members those matters we are
required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit
work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the Annual Report, the Directors’ Remuneration Report and the parent 
Company financial statements in accordance with applicable law and United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the parent Company financial statements and the part of the Directors’ Remuneration Report
to be audited in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK
and Ireland).
We report to you our opinion as to whether the parent Company financial statements give a true and fair view and
whether the parent Company financial statements have been properly prepared in accordance with the Companies Act
1985. We also report to you whether in our opinion the Directors’ Report is consistent with the parent Company financial
statements. The information given in the Directors’ Report includes that specific information presented in the Business
Review that is cross referred from the Enhanced Business Review section of the Directors’ Report.
In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not
received all the information and explanations we require for our audit, or if information specified by law regarding 
Directors’ remuneration and other transactions is not disclosed.
We read the other information contained in the Annual Report as described in the contents section and consider whether
it is consistent with the audited parent Company financial statements. The other information comprises only the
Directors’ Report, the Chairman’s Statement, the Chief Executive’s Statement and the Business Review. We consider the
implications for our report if we become aware of any apparent misstatements or material inconsistencies with the parent
Company financial statements. Our responsibilities do not extend to any further information outside the Annual Report.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing
Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the
parent Company financial statements. It also includes an assessment of the significant estimates and judgments made by
the Directors in the preparation of the parent Company financial statements, and of whether the accounting policies are
appropriate to the Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary
in order to provide us with sufficient evidence to give reasonable assurance that the parent Company financial statements
are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we
also evaluated the overall adequacy of the presentation of information in the parent Company financial statements.
Opinion
In our opinion:
 the parent Company financial statements give a true and fair view, in accordance with United Kingdom Generally 
Accepted Accounting Practice, of the state of the Company’s affairs as at 29 September 2007;
 the parent Company financial statements have been properly prepared in accordance with the Companies Act 1985; and
 the information given in the Directors’ Report is consistent with the parent Company financial statements.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors 
Manchester, United Kingdom
26 November 2007 56
TOPPS TILES PLC
Annual Report & Financial Statements 2007
COMPANY BALANCE SHEET
As at 29 September 2007
2007 2006
Notes £’000 £’000
Fixed assets
Investments 3 4,397 3,227
4,397 3,227
Current assets
Debtors within one year – 13 
Debtors after one year 4 221,740 221,200 
Cash at bank and in hand 25,101 28,094 
246,841 249,307 
Creditors: Amounts falling due within one year 5 (1,023) (4,540)
Net current assets 245,818 244,767  
Net assets 250,215 247 ,994 
Capital and reserves
Called-up share capital 6 5,686 5,773 
Share premium 7 681 531 
Share based payment reserve 7 222 166
Merger reserve 7 639 –
Capital redemption reserve 7 20,359 20,254 
Other reserves 7 6,200 6,200 
Profit and loss account 7 216,428 215,070 
Equity shareholders’ funds 250,215 247 ,994 
The financial statements were approved by the Board of Directors on 26 November 2007 and signed on its behalf by:
M Williams R Parker
Director Director 57
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE COMPANY FINANCIAL STATEMENTS
For the 52 week period ending 29 September 2007
1 Basis of accounting
The separate financial statements of the Company are presented as required by the Companies Act 1985. They have 
been prepared under the historical cost convention and in accordance with United Kingdom Accounting Standards 
and law.
The principal accounting policies are summarised below. They have all been applied consistently throughout the year 
and the preceding year.
The Company issues equity settled share based payments to certain employees. Equity settled share based payments 
are measured at fair value at the date of grant. The fair value determined at the grant date of the share based 
payment is expensed on a straight line basis over the vesting period, based on the Company’s estimate of shares that 
will eventually vest.
Fixed asset investments are shown at cost less provision for impairment.
The Company has taken advantage of the exemption in FRS 8 from disclosing transactions with other members of the
Group.
2 Profit for the year
As permitted by section 230 of the Companies Act 1985 the Company has elected not to present its own profit and 
loss account for the year. Topps Tiles Plc reported a profit after tax for the financial year ended 29 September 2007 
of £1,358,000 (2006: £306,402,000).
The auditor’s remuneration for services to the Company was £150,000 (2006: £10,000).
The Company had no other employees other than the Directors (2006: same), their remuneration is detailed on page 
28.
3 Fixed Asset Investments
Joint
venture Shares Total
£’000 £’000 £’000
At 30 September 2006 482 2,745 3,227
Additions –1,170 1,170
Acquisition of Joint Venture (482) 482 –
At 29 September 2007 – 4,397 4,397
On 1st October 2006 the Group acquired the remaining 50% of the Share Capital of Topps Tiles Holdings BV as 
explained in note 12a. 58
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE COMPANY FINANCIAL STATEMENTS continued
For the 52 week period ending 29 September 2007
3 Fixed Asset Investments continued
The Company has investments in the following subsidiaries and joint ventures which principally affected the profits or
net assets of the Group. To avoid a statement of excessive length, details of investments which are not significant 
have been omitted.
Subsidiary % of issued
undertaking shares held Principal activity
Topalpha Limited* 100% Property management and investment
Multi Tile Limited 100% Retail and wholesale of ceramic tiles, wood flooring and 
related products
Topps Tiles Holdings 100% Intermediate holding company.
Topps Tiles (UK) Limited 100% Retail and wholesale of ceramic tiles, wood flooring and 
related products
Topps Tiles Distribution Ltd 100% Wholesale and distribution of ceramic tiles, wood flooring 
and related products.
Topps Tiles Holdings BV* 100% Retail and wholesale of ceramic tiles, wood flooring and 
related products
*held directly by Topps Tiles Plc
The investments are represented by ordinary shares.
All undertakings are incorporated in Great Britain and are registered and operate in England and Wales except for 
Topps Tiles (Holland) BV which is registered and incorporated in the Netherlands.
4Debtors
2007 2006
£’000 £’000
Amounts falling due within one year:
Prepayments and accrued income – 13
Amounts falling due after one year
Amounts owed by subsidiary undertaking 221,740 221,200 59
TOPPS TILES PLC
Annual Report & Financial Statements 2007
5 Creditors: Amounts falling due within one year
2007 2006
£’000 £’000
Trade and other creditors 17 137
Amounts owed to Group companies 673 3,772
Accruals and deferred income 333 631
1,023 4,540
6 Called-up share capital
2007 2006
£’000 £’000
Authorised 240,000,000 (2006: 240,00,000) ordinary shares of 3.33p each 
(2006: 3.33p) 8,000 8,000
Authorised 37,000,000 (2006: 37,000,000) redeemable B shares of £0.54 each 19,980 19,980
Authorised 124,890,948 (2006: 124,890,948) irredeemable C shares of £0.001 each 125 125
Authorised nil (2006: 105,109,052) deferred shares of £0.001 each – 105
28,105 28,210
Issued and fully-paid 170,579,936 (2006: 170,056,840) ordinary shares 
of 3.33p each (2006: 3.33p) 5,686 5,668
Issued and fully paid nil (2006: 353,343) irredeemable C shares of £0.001 each – –
Issued and fully paid nil (2006: 105,109,052) deferred shares of £0.001 each – 105
Total 5,686 5,773
During the period the Group allotted 272,096 (2006: 489,370) ordinary shares with a nominal value of £8,000 (2006:
£13,000) under share option schemes for an aggregate cash consideration of £158,000 (2006: £222,000).
Additionally 250,000 Ordinary Shares with a nominal value of £9,000 and a market value of £647,500 were issued as
consideration for the acquisition of Topps Tiles Holdings BV.  
Shareholders representing 353,343 irredeemable C shares were subject to compulsory buy back in March 2007 for 
£0.54 per share and total consideration of £190,805.
During the period the Group cancelled 353,343 irredeemable C shares of £0.001 each and 105,109,052 deferred 
shares of £0.001 each, with a corresponding transfer of £105,000 to the Capital Redemption Reserve. 60
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTES TO THE COMPANY FINANCIAL STATEMENTS continued
For the 52 week period ending 29 September 2007
7Reserves
Share
Capital based Profit
Share redemption Other Merger payment and loss
premium reserve reserves reserve reserve account
£’000 £’000 £’000 £’000 £’000 £’000
At 1 October 2006 531 20,254 6,200 – 166 215,070
Premium on issue of new shares 150 – – 639 – –
Cancellation of Shares – 105 – – – –
Share based payment reserve 
movement – – – – 56 –
Retained profit for the period – – – – – 1,358
At 29 September 2007 681 20,359 6,200 639 222 216,428
At 29 September 2007, the Directors consider the other reserve of £6,200,000 to remain non distributable.
The Directors consider £203,106,000 of the profit and loss account reserves not to be distributable at 29 September 
2007 due to them arising on an unrealised gain on the disposal of subsidiary companies. 61
TOPPS TILES PLC
Annual Report & Financial Statements 2007
FIVE YEAR RECORD
Under UK GAAP Under IFRS
Proforma
52 weeks 52 weeks 52 weeks 52 weeks 52 week
ended ended ended ended period ended
27 September 2 October 1 October 30 September 29 September
2003 2004 2005 2006 2007
Unaudited
£’000 £’000 £’000 £’000 £’000
Group Revenue 118,897 157,612 173,326 180,180 207,898
Operating profit 18,569 32,548 36,822 38,869 44,342
Profit before taxation 18,888 33,794 39,191 39,064 37 ,833
Shareholders’ funds/(deficit) 30,822 47,062 52,230 (63,296) (54,824)
Basic earnings per share
1
5.82p 11.30p 13.33p 12.80p 15.09p
Dividend per share
1
3.48p 8.00p 9.50p 10.40p 10.70p
Dividend cover 1.67 1.41 1.41 1.41 1.41
Average number of employees 1,176 1,327 1,513 1,582 1,722
Share price (period end)
1
85.4p 178.9p 172.0p 259.0p 196.8p
1
adjusted for share sub-division of 5:1 in May 2004. 62
TOPPS TILES PLC
Annual Report & Financial Statements 2007
NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Annual General Meeting of Topps Tiles Plc (the “Company”) will be held at Topps Tiles
Plc, Thorpe Way, Grove Park, Enderby, Leicestershire, LE19 1SU on Tuesday 8 January 2008 at 10.30 a.m. for the following
purposes:
Ordinary business
1 To receive and adopt the Company’s Annual Report and Financial Statements for the financial period ended 29 
September 2007 together with the last Directors’ Report, the last Directors’ Remuneration Report and the Auditors’ 
Report on those accounts and the auditable part of the Directors’ Remuneration Report.
2 To declare a final dividend of 6.95 pence per Ordinary Share on the Ordinary Shares for the period.
3 To re-elect Robert Parker (who has been appointed since the last AGM) as a Director of the Company.
4 To re-elect Alan McIntosh as a Director of the Company.
5 To re-elect Victor Watson as a Director of the Company.
6 To re-elect Barry Bester as a Director of the Company.
7 To re-appoint Deloitte & Touche LLP as Auditors to hold office from the conclusion of the meeting to the conclusion 
of the next meeting at which the Annual Report and Financial Statements are laid before the Company at a 
remuneration to be determined by the Directors.
8 To approve the Directors’ Remuneration Report for the financial period ended 29 September 2007 as set out in the 
Annual Report and Financial Statements for that period.
Special business
To consider and, if thought fit, to pass the resolutions set out below which, in the case of Resolution 9 will be proposed as
an Ordinary Resolution and, in the case of Resolutions 10, 11 and 12 will be proposed as Special Resolutions.
9 THAT the Directors of the Company be and they are generally and unconditionally authorised for the purposes of and
pursuant to Section 80(1) of the Companies Act 1985 (the “Act”) to exercise all the powers of the Company to allot 
relevant securities (as defined in Section 80 (2) of the Act) up to an aggregate nominal amount of £1,708,181 (in
substitution for/to any existing authorities under the Act) to such persons at such times and upon such terms and 
conditions as they may determine (subject always to the articles of association of the Company) provided that this 
authority shall (unless previously revoked, varied or extended by the Company in general meeting) expire at the 
conclusion of the next Annual General Meeting or 15 months from the date of the passing of this resolution, if earlier 
save that the Company may, before such expiry, make an offer, agreement or arrangement which would or might 
require relevant securities to be allotted after the expiry of such period and the Directors may then allot relevant 
securities pursuant to any such offer, agreement or arrangement as if the authority or power conferred hereby had 
not expired.
10 THAT subject to and conditional on the passing of Resolution 9 set out above, the Directors of the Company be and 
they are authorised and empowered, pursuant to Section 95 of the Act, to allot equity securities (as defined in 
Section 94 of the Act) for cash pursuant to the general authority and power conferred by Resolution 9 above (as 
varied from time to time by the Company in general meeting) as if Section 89(1) of the Act did not apply to any such 
allotment provided that this authority and power shall unless renewed, varied or revoked, expire at the conclusion of 
the next Annual General Meeting of the Company or 15 months from the date of the passing of this resolution, if 
earlier and provided further that this authority and power shall be limited to:
(a)the allotment of equity securities pursuant to a rights issue or similar offer to Ordinary Shareholders where the 
equity securities respectively attributable to the interests of all Ordinary Shareholders are proportionate or as 
nearly as practical (and taking into account any prohibitions against or difficulties concerning the making of an 
offer of allotment to shareholders whose registered address or place of residence is overseas and subject to such 
exclusions as the Directors of the Company may deem necessary or expedient to deal with fractional entitlement 
or record dates) to the respective numbers of Ordinary Shares held by them; and
(b)the allotment (otherwise than pursuant to paragraph (a) above) of equity securities up to an aggregate nominal 
amount of the greater of £256,227 or 5% of the issued share capital of the Company. 63
TOPPS TILES PLC
Annual Report & Financial Statements 2007
11 THAT the Company be and is generally and unconditionally authorised for the purposes of Section 166 of the Act to 
make market Purchases (within the meaning of Section 163(3) of the Act) of Ordinary Shares of 3.33p each in the 
capital of the Company (“Ordinary Shares”) provided that:
(a) the maximum aggregate number of Ordinary Shares hereby authorised to be purchased is 25,416,410 
(representing 14.9% of the Company’s issued Ordinary Share capital);
(b) the minimum price, exclusive of any expenses, which may be paid for an Ordinary Share is 3.33p;
(c) the maximum price, exclusive of any expenses, which may be paid for an Ordinary Share is an amount equal to 
105% of the average of the middle market quotations for an Ordinary Share derived from the London Stock 
Exchange Daily Official List for the five business days immediately preceding the date on which such Ordinary 
Share is Contracted to be purchased;
(d) unless previously renewed, varied or revoked, the authority conferred shall expire at the close of the next Annual
General Meeting of the Company or twelve months from the date of this resolution, if earlier; and
(e) the Company may make a contract for the purchase of Ordinary Shares under this authority before the expiry of 
this authority which would or might require to be executed wholly or partly after the expiry of such authority, 
and may make purchases of Ordinary Shares in pursuance of such a contract as if such authority had not 
expired.
12 THAT the draft Articles of Association signed by the Chairman for identification be adopted as the Articles of 
Association of the Company in substitution for and to the exclusion of all the existing Articles of Association.
NOTES
1 This notice has been sent to all Ordinary Shareholders who are entitled to attend or be represented at the meeting.  
As at the close of business on the date of this notice, the Company’s issued share capital comprised 170,818,106 
ordinary shares of 3.33 pence each. Each ordinary share carries the right to one vote at a general meeting of the 
Company.
2 2. Members are entitled to appoint a proxy to exercise all or any of their rights to attend and to speak and vote on 
their behalf at the meeting. Members may appoint more than one proxy in relation to the Annual General Meeting 
provided that each proxy is appointed to exercise the rights attached to a different share or shares held by that 
shareholder.
3 A proxy need not be a shareholder of the Company but must attend the meeting  to represent you. A Form of Proxy is
enclosed and instructions for use are shown on the form. You can only appoint a proxy using the procedures set out 
in these notes and the notes to the proxy form. The fact that shareholders may have completed forms of proxy will 
not prevent them from attending and voting in person should they afterwards decide to do so. Details of how to 
appoint the Chairman of the meeting or another person as your proxy using the proxy form are set out in the notes 
to the proxy form. If you wish your proxy to speak on your behalf at the meeting you will need to appoint your own 
choice of proxy (not the Chairman) and give your instructions directly to them. 
4 To be valid, a Form of Proxy and any power or authority under which it is signed, must be lodged with the Company’s 
Registrars, Capita Registrars, Proxy Department, PO Box 25, Beckenham, Kent BR3 4BR, no later than 48 hours 
before the time appointed for the holding of the Annual General Meeting.
5 You may appoint more than one proxy provided each proxy is appointed to exercise rights attached to different 
shares. You may not appoint more than one proxy to exercise rights attached to any one share. 
6 A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for or 
against the resolution. If no voting indication is given, your proxy will vote or abstain from voting at his or her 
discretion. Your proxy will vote (or abstain from voting) as he or she thinks fit in relation to any other matter which is 
put before the meeting. The notes to the proxy form explain how to direct your proxy how to vote on each resolution 
or withhold their vote. 64
TOPPS TILES PLC
Annual Report & Financial Statements 2007
7 In the case of joint holders, where more than one of the joint holders purports to appoint a proxy, only the 
appointment submitted by the most senior holder will be accepted. Seniority is determined by the order in which the 
names of the joint holders appear in the Company's register of members in respect of the joint holding (the first-
named being the most senior).
8 CREST members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment service 
may do so for the Annual General Meeting and any adjournment(s) thereof by utilising the procedures described in 
the CREST Manual. CREST Personal Members or other CREST sponsored members, and those CREST members who 
have appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s), who 
will be able to take the appropriate action on their behalf.  In order for a proxy appointment made by means of CREST
to be valid, the appropriate CREST message (a “CREST” Proxy Instruction”) must be properly authenticated in 
accordance with Euroclear’s specifications and must contain the information required for such instructions, as 
described in the CREST Manual. The message must be transmitted so as to be received by the issuer’s agent (ID : 
RA10) by the latest time(s) for receipt of proxy appointments specified in the notice of meeting. For this purpose, the 
time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST 
Applications Host) from which the issuer’s agent is able to retrieve the message by enquiry to CREST in the manner 
prescribed by CREST. After this time, any change of instructions to proxies appointed through CREST should be 
communicated to the appointee through other means.
CREST members and, where applicable, their CREST sponsors or voting service providers should note that Euroclear 
does not make available special procedures in CREST for any particular messages. Normal system timings and 
limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the 
CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored member or 
has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) 
such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any 
particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting service 
providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the 
CREST system and timings.
The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of 
the Uncertificated Securities Regulations 2001.
9 The following documents are available for inspection by members at the registered office of the Company (except 
Bank Holidays) during the normal business hours and at the place of the meeting not less than 15 minutes prior to 
and during the meeting:
(a) the register of Directors’ interests required to be kept under Section 809 of the Companies Act 2006;
(b) copies of the Directors’ service contracts; and
(c) the proposed articles of association of the Company.
R. Parker Registered Office: Registered No:
Company Secretary Thorpe Way 3213782
26 November 2006 Grove Park
Enderby
Leicestershire
LE19 1SU
NOTICE OF ANNUAL GENERAL MEETING continued 65
TOPPS TILES PLC
Annual Report & Financial Statements 2007
EXPLANATORY NOTES TO THE 
NOTICE OF ANNUAL GENERAL MEETING
THE ANNUAL GENERAL MEETING of the Company will be held at the Company’s premises at Thorpe Way, Grove Park,
Enderby, Leicestershire LE19 1SU on 8 January 2008 at 10.30a.m.
Three of the resolutions are to be taken at this year’s Annual General Meeting as special business. By way of explanation
of these and certain other resolutions:
Ordinary Business
Resolution 2
Final dividend
A final dividend of 6.95 pence per Ordinary Share is recommended by the Directors for payment to shareholders on the
register of members of the Company at the close of business on 4 January 2008. Subject to approval by the Ordinary
Shareholders at the Annual General Meeting, the dividend will be paid on 31 January 2008. An interim dividend of 3.75
pence per Ordinary Share was paid on 30 June 2007. This gives a total dividend level of 10.70 pence per Ordinary Share
for the 52 week period to 29 September 2007.
Resolutions 3, 4, 5 and 6
Re-election of Directors
B. Bester, A. McIntosh and V.H. Watson are the Directors retiring by rotation this year and they offer themselves for re-
election and R. Parker offers himself for re-election as a new appointment to the Board. All members of the Board of
Directors submit themselves for re-election at least every three years with the exception of VH Watson and A. McIntosh,
who because of their length of service are retiring and offering themselves for re-election annually. Brief biographical
details about the Directors standing for re-election appear on pages 18 and 19 of the Annual Report and Financial
Statements. 
Special Business
Resolutions 9 and 10
Appointment of authority to issue shares and the disapplication of statutory rights of pre-emption
Resolution 9
The right of the Directors to allot further shares in the capital of the Company requires in most cases the prior 
authorisation of the shareholders in general meeting under Section 80 of the Companies Act 1985 (“the Act”), Resolution
9 will be put to members as special business to authorise the Directors to allot Ordinary Shares with a nominal value of
£1,708,180 out of the Company’s unissued share capital representing approximately 33.3% of the Company’s current
issued share capital (excluding shares held in treasury). The Company currently holds Nil Ordinary Shares in treasury.
The Directors have no current intention of exercising the authority to allot further shares. The authority shall expire
immediately following the Annual General Meeting next following the resolution or, if earlier, 15 months following the 
resolution being passed.
Resolution 10 
This proposed resolution seeks to obtain power under Section 95 of the Act to enable the Directors to allot, for cash,
shares with an aggregate nominal value of £256,227 equal to approximately 5% of the Company’s current issued share
capital without being required first to offer such securities to existing shareholders. The Company will thereby be given
greater flexibility when considering future opportunities but the interests of existing shareholders will be protected as,
except in the case of a rights issue or the allotment of shares under the Company’s share option schemes, the Directors
have no present intention to allot any part of the unissued share capital of the Company or, without the prior approval of
the Company in general meeting, to make any issue which would effectively alter the control of the Company or the
nature of its business. This authority will expire immediately following the Annual General Meeting next following the 
resolution or, if earlier, 15 months following the resolution being passed.
Resolution 11
Authority to purchase Ordinary Shares
At the Annual General Meeting, Ordinary Shareholders are being invited under Resolution 11 to grant authority to the
Company to make market purchases of its Ordinary Shares. It is proposed such authority shall expire on the conclusion of
the Annual General Meeting to be held in 2009 or twelve months from the date of this resolution, if earlier.
This authority will be limited to the purchase of not more than 14.9% of the Ordinary Shares currently in issue. This 
represents the maximum amount of Ordinary Share capital in issue which is permitted before tender or partial offer to all
shareholders is require to be made to perform any share buy-back. The maximum price payable under this authority will
be 105% of the average of the middle market quotations of an Ordinary Share for the five business days before the 
relevant purchase and the minimum price will be 3p per Ordinary Share.
In considering whether or not to purchase Ordinary Shares under the market purchase authority, the Directors will take
into account cash resources, the effect on gearing and other investment opportunities before exercising the authority. In
addition, the Company will only exercise the authority to make such a purchase in the market when the Directors consider
it is in the best interests of the shareholders generally to do so and it should result in an increase in Earnings per
Ordinary Share. 
As at 27 November 2007, there were options to subscribe for 1,306,491 equity shares outstanding under various schemes
representing approximately 0.77% of the current issued share capital of the Company. If the authority sought by
Resolution 9 was exercised in full, the number of outstanding options would represent approximately 0.79% of the issued
share capital following the repurchase of shares. 66
TOPPS TILES PLC
Annual Report & Financial Statements 2007
EXPLANATORY NOTES TO THE NOTICE OF ANNUAL GENERAL MEETING continued
Resolution 12
Amendments to articles of association
It is proposed that the Company adopts an amended set of articles of association, which take account of initial changes
brought about as at the date of this meeting as a result of the partial implementation of the Companies Act 2006 (the
"2006 Act"). The proposed articles of association are available on the Company's website
(http://www.toppstiles.co.uk/3/frame-0financial.html) and at the Company's registered office and will be available at the
AGM venue on the day of the AGM. It is expected that subsequent amendments will be required at subsequent AGMs to
deal with the further changes which will be brought about at a later date by the implementation of the remainder of the
2006 Act, which is expected to take place over the next 2 years. The new set of articles of association contains certain
differences from the current articles of association of the Company. The paragraphs below explain the key changes:
Article 63 - Notice of general meetings
The provisions in the Articles dealing with the convening of general meetings and the length of notice required to 
convene general meetings are being brought into line with the provisions of the 2006 Act. An extraordinary general 
meeting to consider a special resolution can now be convened on 14 days notice. Previously, 21 days notice was required.
This will give the Company a greater degree of flexibility in relation to taking decisions.
Article 86 - Proxies 
Under the 2006 Act proxies are entitled to vote on a show of hands whereas under the current Articles proxies are only
entitled to vote on a poll. Multiple proxies may be appointed provided that each proxy is appointed to exercise the rights
attached to a different share held by the shareholder.   
Article 84 – Corporate representatives
The 2006 Act also allows for the appointment of multiple corporate representatives, rather than a single representative
which was provided for under the Companies Act 1985. However, these multiple representatives must exercise their power
in the same way failing which they are treated as not having exercised the power at all.
Article 159 – Publication of audit concerns
The 2006 Act provides a new right for members of a quoted company to raise questions about the work of the auditors.
Shareholders are now permitted to require the company to publish on a website a statement setting out any matter 
relating to the audit of the company's accounts or the circumstances connected with the auditor ceasing to hold office
that they propose to bring up at the next meeting where the report and accounts are being laid before shareholders. The
company is required to publish the statement if it receives requests from shareholders who hold either 5% of the voting
rights or are at least 100 in number and hold shares on which there has been paid up an average sum per shareholder of
at least £100.
Articles 174 to 175 - Electronic and web communications
Provisions of the 2006 Act which came into force in January 2007 enable companies to communicate with members by
electronic and/or website communications. The proposed amendments to the Articles allow communications to members
in electronic form and, in addition, they also permit the Company to take advantage of the provisions relating to website
communications. Before the Company can communicate with a member by means of website communication, the relevant
member must be asked individually by the Company to agree that the Company may send or supply documents or 
information to him by means of a website, and the Company must either have received a positive response or have
received no response within the period of 28 days beginning with the date on which the request was sent. The Company
will notify the member (either in writing, or by other permitted means) when a relevant document or information is placed
on the website and a member can always request a hard copy version of the document or information.
Article 189 - Directors’ indemnities
The 2006 Act has in some areas widened the scope of the powers of a company to indemnify Directors and to fund
expenditure incurred in connection with certain actions against Directors. In particular, a company that is a trustee of an
occupational pension scheme can now indemnify a Director against liability incurred in connection with the company’s
activities as trustee of the scheme. In addition, the existing exemption allowing a company to provide money for the 
purpose of funding a Director’s defence in court proceedings now expressly covers regulatory proceedings and applies to
associated companies. The Article itself does not grant any indemnity to the Directors. It merely sets out a framework
within which the Company may operate to indemnify its Directors.
Article 190 – Authorisation of loans to Directors
The Companies Act 1985 contained restrictions on loans and related dealings between a company and its directors (and
their connected persons) subject to the specified exceptions. Under the 2006 Act the general prohibitions on loans to
directors have been abolished and replaced with a requirement of shareholder approval for all companies. Provisions have
also been introduced to ensure that public companies, and any private company associated with a public company, may
only make quasi-loans to directors, loans or quasi-loans to connected persons or enter into credit transactions with 
Directors or connected persons, if shareholder approval is obtained.    
The Directors believe that the adoption of all the resolutions set out in the Notice of Meeting is in the best interests of
the Company and its shareholders as a whole. Accordingly, the Directors unanimously recommend that you vote in
favour of the resolutions, as each Director intends to do, in respect of his own beneficial holdings.  67
TOPPS TILES PLC
Annual Report & Financial Statements 2007
SHAREHOLDER INFORMATION
FINANCIAL CALENDAR
Annual General Meeting and first Interim Management Statement
+
8 January 2008
Final dividend payable
+
31 January 2008
2007 /08 interim results announcement
+
May 2008
2007 /08 interim dividend payable
+
June 2008
2nd Interim Management Statement 
+
July/August 2008
2007 /08 full year results announcement
+
November 2008
GUIDENCE RELATING TO BENEFICIAL OWNERS OF SHARES WITH ‘INFORMATION RIGHTS’:
Please note that beneficial owners of shares who have been nominated by the registered holder of those shares to receive
information rights under section 146 of the Companies Act 2006 are required to direct all communications to the registered
holder of their shares rather than to the Company’s registrar, Capita Registrars, or to the Company directly. Arnold Harrison
Arran Oldham
Arreon Turner
Ashleigh Mackinnon
Ashley Jordan
Ashley Wale
Astone Davids
Augustine Cairney
B
Bally Summan
Barbara Edge
Barnaby Chambers
Barrie Palmer
Barry Bester
Barry Blackmore
Barry Edwards
Barry Hodges
Barry Shane
Barry Stevens
Barry Taylor
Barry Webber
Barry Younger
Bas Snellenburg
Ben Armitage
Ben Brik Jammel Ait
Ben Brink
Ben Brooker
Ben Davis
Ben Hoey
Ben Holloway
Ben Lee
Ben Murphy
Ben Myers
Ben Williams
Ben Wood
Ben Woollins
Benjamin Clarke
Benjamin Ganson
Benjamin Marland
Benjamin Rich
Benoni Akuetteh
Bernadette Crawford-King
Bernard Cope
Bertil Boyles
Bharat Patel
Bilal Mukhtar
Bill Wylie
Billy Decaille
Blodwyn Hopkins
Bob Barlow
Bob Snellenburg
Bobby Hatch
Brad Potts
Bradley Maple
Bradley Wheeler
Brandon Abels
Brant Wells
Brett Carey
Brett Case
Brett Cooper
Brett Goulden
Brett Harris
Brian Cariello
Brian Crews
Brian Crowe
Brian Dicks
Brian Fisher
Brian Flatters
Brian King
Brian Kirwin
Bruce Fielding
Bruce Smith
Bruno Alves
Bryan Hartley
Bryan O’Neill
68
TOPPS TILES PLC
Annual Report & Financial Statements 2007
THE TEAM
Amy Cartey
Andre Van Schalkwyk
Andrew Baillie
Andrew Barker
Andrew Barrett
Andrew Bowden
Andrew Burns
Andrew Carlo
Andrew Chapman
Andrew Clay
Andrew Collins
Andrew Cox
Andrew Curr
Andrew Curtis
Andrew Davis
Andrew Davis
Andrew Duffey
Andrew Green
Andrew Hainge
Andrew Hanson
Andrew Harrison
Andrew Hastings
Andrew Heads
Andrew Hill
Andrew Jeffery
Andrew Jones
Andrew Jones
Andrew Keattch
Andrew Leigh
Andrew Mcguire
Andrew Middleton
Andrew Moore
Andrew Page
Andrew Parnell
Andrew Phillips
Andrew Salkeld
Andrew Scorgie
Andrew Warne
Andrew Warwick
Andrew Waterfield
Andrew Wathan
Andrew Weir
Andrew Wheat
Andrew Whiteley
Andrew Williams
Andrew Wood
Andrew Woolley
Andrew Young
Angela Tremelling
Anna Timney
Anne-Marie Carpenter
Annette Harris
Annmarie Malone
Ansar Ahmed
Anthony Bland
Anthony Bradford
Anthony Butts
Anthony Chapman
Anthony Christopher
Anthony Cox
Anthony Davies
Anthony Day
Anthony Gibby
Anthony Gilbert
Anthony Gregory
Anthony Holt
Anthony Humphrey
Anthony Linsell
Anthony Marshall
Anthony Molyneux
Anthony Oleru
Anthony Ralph
Anthony Townsend
Anthony Winton
Antony Alveranga
Antony Beazer
Antony Belham
Antony Parker
Antony Plant
Anub Varghese
Anwar Marshall
Danny Hill
Danny Kok
Danny Schallenbergh
Darone Dubois-Gayere
Darran Wood
Darren Banks
Darren Beatty
Darren Bebbington
Darren Connor
Darren Crick
Darren Doughty
Darren Fletcher
Darren Giles
Darren Goode
Darren Harper
Darren Mitchell
Darren Morgan
Darren Pickering
Darren Rawlings
Darren Square
Darren Swaffield
Darron Kerr
Dave Jobling
Dave Marsh
Dave Taylor
David Atherton
David Atkins
David Augustus
David Bailey
David Blades
David Burnikell
David Campbell
David Carpenter
David Cocozza
David Critchlow
David Dorney
David Dyason
David Evans
David Fisher
David Fitzpatrick
David Gibson
David Grenfell
David Hamilton
David Harper
David Hatton
David Hayers
David Henderson
David Hill
David Hirst
David Hook
David Hulse
David Kershaw
David Kettlewell
David Lane
David Macartney
David Mallyon
David Martin
David Matthews
David Mayers
David Murray
David Nadin
David Ogbechi
David Oliver
David Parr
David Prime
David Quarshie
David Savage
David Smith
David Steel
David Stott
David Sutcliffe
David Thomasson
David Townsley
David Turner
David Whitelaw
David Williams
David Wilson
Dawn Beeston
Dawn Gale
Dean Bull
C
Cade Somerville
Calbert Hall
Campbell Marr
Carl Bradbury
Carl Cook
Carl Cumberbatch
Carl Dyke
Carl Edlundh-Rose
Carl Higgins
Carl Johnson
Carl Johnson
Carl Paternoster
Carl Roberts
Carl Whatley
Carol Lakin
Carol Livingstone
Carolina Buendia
Caroline Beckett
Caroline Bennett
Caroline Crofts
Caroline Head
Caroline May
Cassandra Huitson
Catherine Mcculloch
Catherine Platt
Catherine Waldron
Chan Gokani
Charles Grindlay
Charles Nicol
Charles Tetley
Charlotte Heaton
Charlotte Highley
Charlotte Payn
Cherine Wilson
Chessdeep Singh
Chike Ramsey-Moore
Chioma Onyeakazi
Choudre Grobler
Chris Bland
Chris Cartey
Chris Curtis
Chris Davies
Chris Gough
Chris Herring
Chris Heyes
Chris Howe
Chris Kantelberg
Chris Lambert
Chris Lyle
Chris Markham
Chris Semple
Chris Thompson
Christer Leth
Christian Stokes
Christina Langridge
Christine Earl
Christine Hendry
Christine Rea
Christine Whiteman
Christoper Mcwatt
Christopher Bowles
Christopher Bray
Christopher Burgess
Christopher Collins
Christopher Collins
Christopher Cooper
Christopher Critchley
Christopher Fleming
Christopher Harbutt
Christopher Haslam
Christopher Holland
Christopher Holt
Christopher Hughes
Christopher Hunter
Christopher Iley
Christopher Lamb
Christopher Lewis
Christopher May
A
Aaran Spence
Aaron Callaghan
Aaron Ferguson-Barker
Aaron Hibbert
Abul Khashad
Adam Boshir
Adam Campion
Adam Devlin
Adam Eustace
Adam Gale
Adam Haseldine
Adam Hughes
Adam Ireland
Adam Kilty
Adam Lawrence
Adam Lovatt
Adam Nuttall
Adam Robson
Adam Southall
Adam Stopford
Adam Towner
Adam Ward
Adam Whittaker
Adam Wolniewicz
Adiel Davis
Adil Rajah
Adrian Clarke
Adrian Earley
Adrian Garratt
Adrian Mccourt
Adrian Rimmington
Adwoa Dufie
Ahmad Malik
Aidan Ward
Aileen Crossley
Akommil Ali
Akushu Mulenga
Alan Abbott
Alan Benson
Alan Cordery
Alan Harding
Alan Logan
Alan Mcdonald
Alan McIntosh
Alan Monk
Alan Parker
Alan Rolf
Alan Saunders
Alan Smalley
Alan Sproston
Alan Watton
Alan Wrighting
Alasdair Higgins
Alastair Lawson
Aldwin Ridderstap
Alec Dakin
Alex Bott
Alex Padgham
Alex Paterson
Alexander Mcaleese
Alexander Onions
Alexandria Murphy
Ali Rizvi
Ali Sadique
Alice Ashton
Alicia Mcgill
Alison Hunt
Alison Saunders
Alistair Payne
Alistair Rennie
Allan Chigariro
Allan Duffy
Allan Garland
Allan Harper
Allan Tucker
Alvin Chinyanga
Amanda Green
Amanda Hullett
Amin Ladhu
Christopher Moorhouse
Christopher Roberts
Christopher Senior
Christopher Smyth
Christopher Sturdy
Christopher Turley
Christopher Tyler
Claire Chaffe
Claire Hand
Claire Rayton
Clare Barden
Clare Hogg
Clyde West
Colin Cooke
Colin Griffiths
Colin Hoban
Colin Joy
Colin Markham
Colin Rymer
Colin Taylor
Conrad Harrup
Corrina Bowers
Corrine Clark
Craig Conway
Craig Cooper
Craig Dickson
Craig Dolling
Craig Gardener
Craig Hawkes
Craig Hill
Craig Murphy
Craig Nammontri
Craig Ollard
Craig Reed
Craig Rogers
Craig Tetlow
Craig White
Crescent Baron
Cyriel Struijk
D
Daan Rubens
Dale Fish
Dale Hoy
Dale Mccormack
Dale Stone
Damon Short
Dan Hall
Dan Harris
Dan Matthews
Dan Radford
Daniel Britt
Daniel Fallows
Daniel Findlay
Daniel France
Daniel Gibbs
Daniel Gray
Daniel Gray
Daniel Greenley
Daniel Hall
Daniel Jones
Daniel Lawton
Daniel Lewis
Daniel Little
Daniel Mclean
Daniel Musguin
Daniel Nicholson
Daniel O.Reilly
Daniel Scott Francis
Daniel Spencer
Daniel Stamford
Daniel Stiven
Daniel Wren
Daniël Moree
Danielle Mckinnon-Mcguire
Danielle ten Hoven
Danielle Whittaker
Danni Fry
Danny Costen 69
TOPPS TILES PLC
Annual Report & Financial Statements 2007
Fiona Mckeracher
Fitz Martin
Folkert Hildama
Fran Graysmark
Frances Aylward
Francesca Wright
Francis Tully
Frank Hibbert
Frans Levoleger
Fred Cope
G
CG Style
Gareth Carnegie
Gareth Jones
Gareth Marsden
Gareth Roberts
Gareth Veck
Gareth Ward
Garrett Woods
Garry Hardy
Garry Padgett
Gary Ashdown
Gary Asher
Gary Austin
Gary Blair
Gary Bloomfield
Gary Clarkson
Gary Curtis
Gary Gardner
Gary Gear
Gary Homes
Gary Knight
Gary Marshall
Gary Paris-Munn
Gary Prentice
Gary Thorn
Gary Walmsley
Gary Wilcox
Gavin Bennett
Gavin Collins
Gavin Meek
Gavin Thomas
Gavin Towers
Gediminas Merkys
Geerish Ramsaha
Gemma Stephens
Geoffrey Wilson
George Lathan
George Laurent
George Mallyon
George Skinner
George Tuplin
George Wilson
Georgina Burgess
Gerald Mclean
Geraldine Plumtree
Gerard Mallon
Gianfranco Zanolini
Gillian Grace
Gillian Gray
Glen Holloway
Glen Maddix
Glendale Canoville
Glenn Asher
Glenn Claridge
Glyn Nunn
Glyn Rogers
Gökhan Tarim
Gordon Davies
Gordon Irvine
Graham Bain
Graham Bosdet
Graham Brophy
Graham Davies
Graham Jones
Graham Jones
Graham Lawrence
Graham Livingstone
Graham Tremlett
James Butler
James Callaghan
James Cameron
James Collins
James Copestick
James Eastham
James Edge
James Fell
James Gentleman
James Heard
James Hollingshead
James Howard
James Hudson
James Judkins
James Kelly
James Koroma
James Marriott
James Mcguigan
James Metcalf
James Morgan
James Paterson
James Patston
James Pearson
James Pilfold
James Reilly
James Robertson
James Rolfe
James Stark
James Stevens
James Taylor
James Thorning
Jamie Axten
Jamie Evans
Jamie Farmer
Jamie Keeling
Jamie Parkes
Jamie Prowse
Jamie Sia
Jamie Tissington-Knight
Jamie Wenborn
Jamie Whitehouse
Jan Reddi
Jan Sloterwijk
Jane Heaton
Jane Horsford
Janet Burgess
Janet Lockyer
Janet Riley
Janice Millett
Jaroslaw Wanat
Jason Clarke
Jason Ealden
Jason Field
Jason Harris
Jason Leviton
Jason Meadows
Jason Pratt
Jason Rose
Jason Turnbull
Jason Tyler
Jaspal Bansal
Jasvinder Bagh
Jaun Lombard
Jayandrie Chetty
Jayantilal Kerai
Jayaprakash Paragjee
Jaymal Arjan
Jayne Sewell
Jean Smith
Jeannette Hastie
Jed Sanderson
Jeff Long
Jeffrey Armstrong
Jemma Roberts
Jennifer Donlan
Jennifer Myers
Jennifer Royce
Jenny Seabrook
Jeremy Byrne
Jeremy Edwards
Jeremy Harris
Jeremy Nicholls
Jermaine Cyprien
Jeroen Ligtelijn
Jeroen van Loveren
Jessica Inman
Jessica Mackenzie
Jessica Thiari
Jill Cox
Jim Carpenter
Jim Tuvey
Jimmy Vander Plank
Joan Hicks
Joanna Barnes-Warden
Joanna Martin
Joanne Elton
Joanne Lee
Joanne Mepham
Jodie Baigrie
Jodie Busby
Joe Cox
Joe Purkis
Joe Smith
John Bourke
John Chinn
John Davidson
John Davies
John Ellis
John Fawkes
John Forden
John Foster
John Gardner
John Goatly
John Graham
John Grover
John Harris
John Hickey
John Johnston
John Jones
John Keouski
John Lamb
John Mangan
John Mason
John Mckie
John Moat
John Nelson
John Noon
John Page
John Shaw
John Smith
John Smith
John Stephenson
John Summers
John Sutton
John Tait
John Thompson
John Thompson
John Vaughan
John Wade
John Whelan
John Williams
John Wright
Jon Potts
Jon White
Jonathan Bainbridge- Coombs
Jonathan Bean
Jonathan Beckerman
Jonathan Benn
Jonathan Fitzgerald
Jonathan Hargreaves
Jonathan Morgan
Jonathan Page
Jonathan Smith
Jonathan Thornhill
Jonathan Whitehead
Jonathan Williams
Jonathan Withers
Jonathan Woodroff
Jonathon Cockerill
Jonathon Hall
Jonathon Perkins
Jonathon Sheerin
Jon-Paul Hughes
Dean Clarke
Dean Holder
Dean Hyde
Dean Johnson
Dean Macmillan
Dean Marshall
Dean Mcdonnell
Dean Miller
Dean Sladen
Dean Titchen
Dean Woolley
Deborah Hunt
Deborah White
Delia Muwalo
Denise Byford
Denise Pierce
Dennis Bödeker
Dennis Cragen
Dennis Jepson
Dennis Solen
Denzil Johns
Derek Lambourn
Derek Sim
Derek Smith
Derrick Hart
Devindren Govender
Diane Shatford - Butcher
Dilawar Ali
Dipak Pindoria
Dishon Meade
Dominic Reilly
Donna Beccan
Donna Boulton
Donna Shirley
Donna Whall
Doreen Hyatt
Douglas Hartness
Duncan Winspur
Dwayne Howard
E
Eamonn Clancy
Edmund Smith
Edward Derbyshire
Edward Gardiner
Edward Moore
Edward Murphy
Edward Noblett
Elizabeth Greenwood
Elizabeth Kelly
Elizabeth Selfridge
Elliott Cullum
Elliott Cullum
Elyson Bache
Emdadur Rahman
Emily Lenton
Emma Brookes
Emma Kenney
Emma Lane
Emma Whatson
Emmanuel Ewing
Emran Mannan
Enid Lamb
Eric Stork
Eric Watson
Erik Rubens
Ernest Johnson
Esther ten Hoven
F
Fabian Koopen
Farid Haddad
Farida Dawood
Felipe Da Rocha West
Ferdy Klinckenberg
Fern Marshall
Finbarr Mcquaid
Fiona Cadd
Fiona Finnigan
Graham Vance
Gregory Barwick
Gregory Carolina
Gurdeep Panesar
Gursharn Ladhar
Guy Barrow
Guy Ferguson
H
Haim Cohen
Hannah Shepherd
Hans Ebbelink
Hans Ebbelink
Harpreet Hansra
Harry Biggs
Harry Mills
Harshani Mahalekamge
Hayley Bover
Hayley Calder
Hazel Millington
Heather Hanney
Helen Bosworth
Helen Goldfarb
Helen Gosling
Helen Richardson
Hemal Vidanagamage
Herbert Henry
Herman Kreikamp
Hillary Bell
Holly Bradbury
Holly Unwin
Howard Farmer
Hubert Pierzynski
Hugh Selley
I
Ian Bloomfield
Ian Dodds
Ian Fairfield
Ian Hobson
Ian Hughes
Ian Jones
Ian Marshall
Ian Marshall
Ian Mcalinden
Ian Mcinteer
Ian Mcloughlin
Ian Muir
Ian Noon
Ian Paterson
Ian Pennington
Ian Segrave
Ian Stevens
Ian Sykes
Ian Tebbutt
Ian Winterburn
Ijaz Ahmad
Imran Ashraf
Inderjeet Jutlay
Irene Dickinson
Isaac Anaman
Ishmael Amos
Ivo Zwanenburg
Iwan Jones
Izabela Krzyszkowska
J
Jacob Bos
Jacqueline Byrne
Jacqueline Raiya
Jailuene Peake
Jaime Smith
Jajwinder Harar
Jake Print
James Balfour
James Beresford
James Biesty
James Bott
Jorris Maätita
Jos Kantelberg
Jos Verlaat
Josephine Hilldrup
Josh Dempster
Josh Wyatt
Joshua Gallocker
Joshua Groener
Joshua Lumley
Joyce Davies
Juginder Gill
Julian Digbo
Julie Ayrton
Julie Blake
Julie Brachtvogel
Julie Clough
Julie Cox
Julie Fewings
Julie Horsford
Julie Jordan
Juliet Wilford
Justin Bradley
Justin Pugh
Justine Baraud
K
Kamlesh Shah
Kara Robinson
Karen Brook
Karen Forber
Karen Sutcliffe
Karim Tiller
Karina-Jade Tubb
Karl Bezemer
Karl Jackson
Karl Jones
Karl Madge
Karl Stephens
Kasturi Muruvan
Katarzyna Boardman
Katarzyna Wszola
Katherine Rudkin
Kathryn Robinson
Katrina Crawford
Kawaljit Gulati
Kawsor Ahmed
Kees van Wijk
Keira Bassett
Keith Ambrose
Keith Carr
Keith Hughes
Keith Pugh
Keith Rudkin
Keith Storrier
Keith Wyse
Kelly Bell
Kelly Ellison
Kelly Savile
Kelly Stephens
Kelly Whyte
Kelly-Anne O Connor
Ken Saunders
Kenneth Frankland
Kenneth Mattinson
Kenneth Mckay
Kenneth Owen
Kenneth Pettengale
Kenneth Turner
Kenny Mcracken
Kerina Joseph
Keron Lee
Kerri Atkinson
Kerri Talbot
Kerry Hume
Kerry Millington
Kerry Saunders
Kevan Richardson
Kevin Atkin
Kevin Baker 70
TOPPS TILES PLC
Annual Report & Financial Statements 2007
THE TEAM continued
Mark Fisk
Mark Frisby
Mark Gasson
Mark Geary
Mark Greenwood
Mark Hilton
Mark Hirst
Mark Hunter
Mark Johnson
Mark Johnston
Mark Jones
Mark Lever
Mark Maciver
Mark Palmer
Mark Rigley
Mark Sheldon
Mark Stone
Mark Strong
Mark Tennant
Mark Thompson
Mark Vaughan
Mark Waldock
Mark Waller
Mark Wright
Marlon Barnes
Marlon Bright
Martin Baker
Martin Brophy
Martin deBruijn
Martin Derricott
Martin Gore
Martin Horton
Martin Iezzi
Martin Morris
Martin Mudde
Martin Peters
Martin Russell
Martin Siggers
Martin Sinnott
Martin Sloan
Martin Smyth
Martin Watt
Martin Winterburn
Martin Wys
Martyn Gilbert
Mary Smith
Mathew Jackaman
Matthew Bond
Matthew Chase
Matthew Clamp
Matthew Dunn
Matthew Dunne
Matthew Fisher
Matthew Foster
Matthew Foulger
Matthew Hawley
Matthew Hill
Matthew Jones
Matthew King
Matthew King
Matthew King
Matthew Meigh
Matthew Moore
Matthew Perrott
Matthew Pickering
Matthew Prentice
Matthew Rayner
Matthew Robinson
Matthew Sigley
Matthew Williams
Matthew Woodhouse
Matthew Wright
Mehmet Asdoyuran
Melanie Gray
Melanie Hall
Melissa Isaac
Melton Thompson
Melvin Conjamalay
Melvin Stubbs
Melvyn Chamberlain
Merlin Hassoldt
Kevin Bowtle
Kevin Fox
Kevin Gallagher
Kevin Getliff
Kevin Haigh
Kevin Hailes
Kevin Hartley
Kevin Jeans
Kevin Jones
Kevin May
Kevin Peacock
Kevin Reading
Kevin Rowe
Kevin Thorne
Kevin Tully
Kieran Barnes-Warden
Kieron Clarke
Kieron Ile
Kim Liddle
Kimberley Lynch
Kimberly Cooper
Kirk Johnson
Kirsti Altass
Kirsty Bover
Kirst Deeprose
Kirsty Green
Kishore Naker
Klaas Dijkstra
Kris Bailey
Kris Maple
L
Lance Cale
Laura Edwards
Laura Gunter
Laura Hammond
Laura Johnson
Laura Kershaw
Laura Price
Lauren Dennis
Laurence Loxam
Laurie Jones
Lea Schweika
Lea Schweika
Leah Norris
Leanne Foweather
Leanne Langran
Leanne Murphy
Lee Arrowsmith
Lee Baxter
Lee Dover
Lee Durrant
Lee Fisher
Lee Ford
Lee Futcher ‘ Smith
Lee Galloway
Lee Goodwin
Lee Harris
Lee Hodgson
Lee Jacovou
Lee James
Lee Maxey
Lee Morris
Lee Read
Lee Riches
Lee Shillibeer
Lee West
Lee Wilkinson
Leena Joory
Leigh Collins
Leigh Holden
Leigh Hyam
Leigh Russell
Leigh Taylor
Leigh Williams
Leighton Williams
Leon Kerr
Leon O’Neill
Leonard Denton
Michael Bishop
Michael Blackman
Michael Blinkhorne
Michael Bolden
Michael Boughton
Michael Bowden
Michael Cosgrove
Michael Coward
Michael Crowley
Michael Darroch
Michael Earls
Michael Fannon
Michael Finn
Michael Foley
Michael Haggett
Michael Hall
Michael Harvey
Michael Hopper
Michael Jack
Michael Jenks
Michael Kilmurray
Michael Litster
Michael Lovelock
Michael Pearson
Michael Simcoe
Michael Townsend
Michael Wentworth
Michele Poxon
Michelle Hill
Michelle Kay
Michelle Kempson
Michelle Lawson
Michelle Mannion
Michelle Pennington
Michelle Ward
Michelle Wright
Mike Butler
Mike King
Mike Potter
Mike Skinner
Milly van der Linden
Mohamed Patel
Mohammad T ayy ab-Ul-Habib
Mohammed Amin
Mohammed Azhar
Mohammed Jamil
Mohammed Parvaz
Monique Boerma
Mubashir Uddin
Mumtaz Khamisa
N
Narinder Chatha
Natasha Davey
Nathan Austin
Nathan Coulthard
Navesh Naidoo
Neil Bartholomeusz
Neil Brownley
Neil Crozier
Neil Hendy
Neil Homan
Neil Hyne
Neil Ketnor
Neil Moss
Neil Southgate
Neil Topping
Neil Williams
Neil Williams
Ngadhnjim Spahiu
Nichola Fowler
Nicholas Clifford
Nicholas Culhane
Nicholas Donkin
Nicholas Griffiths
Nicholas Jones
Nicholas Lawrence
Nicholas Lewis
Nicholas Ounstead
Nicholas Payne
Nicholas Snook
Nicholas Thornton
Nicholas Walch
Nicholas Withers
Nick Burrows
Nick Gussow
Nick Hielckert
Nick Lodge
Nick Smethurst
Nick Wardman
Nicky Dalley
Nicola Acres
Nicola Dearden
Nicolas Wassell
Nigel Brooks
Nigel Fleming
Nigel Houston
Nigel Slaughter
Nikki Green
Nikola Sutton
Niroshan Araliyakankanamge
Numan Usman
O
Oliver Jones
Oliver Ringwood
Osemar Masaya
P
Pamela Cuffin
Pasquale Santaniello
Patricia Campbell
Patrick Burke
Patrick Devlin
Patrick Mcgee
Patrique Janssen
Paul Artes
Paul Bainbridge
Paul Beckett
Paul Burkett
Paul Burrow
Paul Carr
Paul Carter
Paul Cartledge
Paul Cassidy
Paul Chalmers
Paul Chapman
Paul Clark
Paul Cleaver
Paul Cull
Paul Dalby
Paul Davey
Paul Davies
Paul Davis- Chaffey
Paul Day
Paul Galvin
Paul Hendrey
Paul Hill
Paul Horne
Paul Hutchinson
Paul Huxtable
Paul Irving
Paul Jones
Paul Kelly
Paul Kemp
Paul Lathrope
Paul Laverty
Paul Locke
Paul Mackin
Paul Miller
Paul Mills
Paul Noyes
Paul Pirie
Paul Rockett
Paul Ruddle
Paul Sayers
Paul Shek
Paul Silvester
Paul Sluiter
Paul Smith
Paul Smith
Paul Smith
Paul Smitheringale
Paul Spratley
Paul Starkey
Paul Swift
Paul Tomlin
Paul van der Zee
Paula Budsworth
Pauline Grenfell
Pawel Warych
Peter Amanfi
Peter Anderson
Peter Charters
Peter Cort
Peter Davey
Peter Davidson
Peter Downing
Peter Gallagher
Peter Hogg
Peter Hughes
Peter Lea
Peter Lynn
Peter Mack
Peter Mcgowan
Peter Robertson
Peter Simmonds
Peter Smith
Peter Tassenaar
Peter Walmsley
Peter Watts
Peter Woods
Phil Kelly
Phil Shelton
Philip Cranston
Philip Dunn
Philip English
Philip Gallop
Philip Lonsdale
Philip Mccarney
Philip Rix
Phillip Goodeve
Phillip Hawkeswood
Phillip Hillier
Phillip Hunt
Phillip Murphy
Phillip Walters
Phillipa Hewitt
Pim van Zuidam
Piotr Bienkowski
Pooven Muruvan
Prakash Mistry
Pravesh Ramsaha
Premyslaw Swisloki
Pritesh Bhatt
Q
Quadeer Ahmed
R
Rachel Beaven
Rachel Chitty
Rachel Dykes
Rachid Bouras
Raj Surani
Raja Sohall
Rajan Mehta
Rajbinder Dhanoya
Rajiv Vadgama
Ravendra Bishun
Ray Jeakins
Raymond Baptiste
Rebecca Derricott
Rebecca Ellis
Leonard Finch
Leonard Wilson
Léonie van der Valk
Leroy Smith
Lesley Kerr
Leslie John
Leslie Maher
Lester Marshall
Levi Simpson
Lewis Axford
Lewis Edwards
Lewis Haighton
Liam Allan
Liam Fields
Liam Hunt
Liam Knight
Liam Tanner
Lianne Harrison-Allcock
Liezl Lombard
Linda Reader
Lindsay Melton
Lisa Algar
Lisa Easton
Lisa Holmes
Lisa Norwood
Lisa Sheppard
Lisa Smith
Lisa Walker
Llew Gordon
Loretta Daley
Lorna Ballantyne
Louie Jago
Louis Raadman
Louise Stevens
Lucy Henshall
Luisa Sawyer
Luke Abbs
Luke Azzopardi
Luke Fair
Luke Francis
Luke Halford
Luke Jacobs
Luke Stephens
Luuc Zuur
Lyndon Beale
Lyndsey Wheeler
Lynette Grimes
Lynn Pearson
M
Mabs Alam
Majid Shafiq
Maku Modzaku
Malcolm Ferguson - Thomas
Mandlenkosi Msimanga
Mandy Aidney
Mandy Panners
Marc Andrisani
Marc Breeze
Marc Middleton
Marc Stevens
Marcel Gray
Marcin Sakowicz
Marco Knip
Marcus Birch
Marcus Wares
Margaret Lawrie
Margaret Potter
Mario van der Valk
Mark Aveling
Mark Bianchi
Mark Bober
Mark Bradbury
Mark Bridges
Mark Brown
Mark Brownsey-Joyce
Mark Collyer
Mark Cowley
Mark Dennis
Mark Discombe 71
TOPPS TILES PLC
Annual Report & Financial Statements 2007
Sean Weatherby
Shane Baker
Shane Malone
Shane Mason
Shannon Woods
Sharlene Hamilton
Sharmake Abdullahi
Sharon Beckett
Sharon Henderson
Shaun Curtis
Shaun Douglas
Shaun Hutchins
Shaun Mayes
Shaun Scott
Shaun White
Shawanna Hafiz
Shawn Smith
Sheila Robertson
Sheldon Briscoe
Shilpa Champaneri
Shirley Moore
Shohale Ali
Sian Griffiths
Silvonne Mclean
Simon Brookfield
Simon Brookfield
Simon Casey
Simon Chappell
Simon Collishaw
Simon Docherty
Simon Eldridge
Simon Frew
Simon Green
Simon Ingamells
Simon Jones
Simon Langridge
Simon Lasham
Simon Morgan
Simon Neal
Simon Partridge
Simon Pitt
Simon Ricketts
Simon Roberts
Simon Taylor
Simon Tuckley
Simon Witham
Sinclair Macleod
Siobhan Waters
Sjoerd Cobussen
Sophie Walker
Stacey Shirley
Stacey Terry
Stefan Pryce
Stepahanie Ailwood
Stephan Lombard
Stephanie Nevett
Stephen Adams
Stephen Ainsworth
Stephen Bloomfield
Stephen Brooks
Stephen Collins
Stephen Crane
Stephen Creasey
Stephen Day
Stephen Fulford
Stephen Getty
Stephen Green
Stephen Hunter
Stephen Lewis
Stephen Machin
Stephen Marshall
Stephen Mclaughlan
Stephen Pike
Stephen Porter
Stephen Seymour
Stephen Siddell
Stephen Spurgeon
Stephen Timmis
Stephen Unsworth
Stephen West
Stephen Williams
Rebecca Halliday
Rebecca Heather
Rebecca Oblein
Recep Tarim
Reg Anderton
Remco Beunis
René de Wit
René Ossendrijver
Rhys Hedges
Rhys Kelland
Ria Croft
Ricardo Malcolm
Rich Hoyle
Richard Amoah
Richard Banton
Richard Bickers
Richard Brookfield
Richard Carter
Richard Chiverton
Richard Clark
Richard Davies
Richard Deavall
Richard Edwards
Richard Forrester
Richard Harris
Richard Homan
Richard Hopkin
Richard Hutcheson
Richard Lee
Richard Lewington
Richard Norman
Richard Oates
Richard Oldale
Richard Slack
Richard Small
Richard Thompson
Richard Young
Rickey Singleton
Ricky Holloway
Riki Spadone
Rob Mcguinness
Rob Owen
Robbie Hawthorn
Robert Adams
Robert Adkins
Robert Avery
Robert Bellamy
Robert Bosman
Robert Brewin
Robert Bristow
Robert Cairns
Robert Chawner
Robert Clarke
Robert Clarke
Robert Cole
Robert Curd
Robert Edgar
Robert England
Robert Exley
Robert Gilbert
Robert Hodgson
Robert Hollis
Robert Howker
Robert Jay
Robert Johnson
Robert King
Robert Lynch
Robert Marcellin
Robert Morse
Robert Moss
Robert Myers
Robert Parker
Robert Reynolds
Robert Sawford
Robert Scheggetman
Robert Stewart
Robert Taylor
Robert Trigg
Roberto Russo
Roberto Xavier
Robin Beil
Robin Campbell
Robin Parry
Rodney Meyer
Rodney Sanders
Roger Bailey
Roger Buckley
Roger Gridley
Ronald Evers
Ronald van Veenen
Ronnie Francis
Ronnie Webster
Rose Barnard
Rosina Taylor
Roslyn Naylor
Ross Ashbrook
Ross Godfrey
Ross Mcnair
Ross Usher
Roxanne Evans
Roxanne Martin - Gault
Roy Haddon
Roy Peasland
Roy Redgate
Russell Adgey
Russell Barclay
Russell Shafer
Russell Thornton
Ryan Curd
Ryan Haddon
Ryan Hine
Ryan Josephs
Ryan Randall
S
Sagren Naidoo
Sahid Kamara
Sajid Ahmad
Sajid Aibani
Sally Hallsworth
Salman Bawani
Salvatore Andreozzi
Sam Nortey
Sam Shepherd
Samantha Barrett
Samantha Eames
Samantha Pickering
Samantha Sayer
Sameer Jamdar
Samson Okolosi
Samuel Carey
Samuel Major
Sander Faber
Sander Smit
Sandra Ramsay
Sanjeepan Balasubramaiam
Sara Bremner
Sarah Adshead
Sarah Churcher
Sarah Dobson
Sarah Drake
Sarah Earthey
Sarah Ellis
Sarah Kite
Sarah Mcgee
Sarah Shirley
Sarah Whitehead
Scott Ahmad
Scott Ambrose
Scott Davis
Scott Frankland
Scott Laughland
Scott Mccluskey
Scott Meadows
Scott Nicol
Scott Taylor
Scott Williams
Sean Cahill
Sean Mcvey
Sean Sands
Sean Scard
Steve Boardman
Steve Dyson
Steve Freeman
Steve Gaylor
Steve Pratt
Steve Shackleton
Steve Smith
Steve Smith
Steve Wood
Steve Wormald
Steven Atkinson
Steven Badger
Steven Buxton
Steven Clark
Steven Edge
Steven Godwin
Steven Goldsmith
Steven Hepton
Steven Jenkins
Steven Macarthur
Steven Morries
Steven Pressley
Steven Saunders
Steven Walker
Steven Whitehead
Steven Whittle
Steven Wyness
Stuart Anderton
Stuart Baigent
Stuart Booker
Stuart Cooper
Stuart Corlett
Stuart Davey
Stuart Day
Stuart Graham
Stuart Hill
Stuart Hitch
Stuart Munton
Stuart Pemberton
Stuart Rees
Stuart Roscoe
Stuart Ross
Stuart Taylor
Stuart Whitby
Stuart Williams
Sue Bill
Sumade De Silva
Suresh Mistry
Surmukh Jandu
Susan Attwell
Susan Groombridge
Susan Henshall
Susan Hepple
Susan Hulme
Susan Hunt
T
Tanya Sharpe
Terance Langford
Terence Dooley
Terri Yates
Terry Bridger
Terry Olivo
Terry Timmins
Terry Webb
Terry White
Theekshana De Silva
Theo Buijs
Theresa Scrase
Thomas Agate
Thomas Cunningham
Thomas Fry
Thomas Newman
Thomas Otley
Thomas Pressley
Thomas Ryan
Thomas Steel
Thomas Wade
Thomas Woollard
Will Bailey
Willemijn Wallet
William Barreda
William Brownsell
William Gunshon
William Lewinton
William Mcphee
William Ryves
Willy Silupya
Wim Strik
Wim vanStaden
Y
Yohan Ferdinando
Yusuf Ali
Yusuf Mursal
Yvonne Archer
Yvonne Burgess
Z
Zahid Sharif Butt
Zoe Derry
Zoe Maeer
Zoe Mills
Zubair Ishaq
Tim Tatlock
Timothy Beale
Timothy Boardman
Timothy Lowe
Timothy Olsen
Timothy Tuff
Tina Munkley
Tjeerd Labordus
Toby Bateson
Toby Collins
Todd Routledge
Tolga Dolen
Tom Evans
Tom Lewis
Tom Mcdowell
Tom Scott
Tom Siddell
Tom Wood
Tony Alliband
Tony Dedman
Tony Keeling
Tony Martin
Tony Nunn
Tony Simoes
Tony Watson
Tracey Gallagher
Tracy Powell
Tracy Ryan
Tracy Stevens
Tracy Wickenden
Trevor Barden
Trevor Thomas
Tyler Atheis
Tyrone Cooper
Tyrone Madden
U
Umar Ullah
Upali Herath
Urmila Bhudia
V
Vickie Callan
Vicky Dickinson
Victor Watson
Victoria Harding
Victoria Shaughnassy
Viktoriya Maneva
Vilius Meilus
Vinod Joshi
Vinsen Velvindron
Vipesh Kerai
Visvanathapillai Mahendrakumar
Vivienne Johns
W
Walkey Hilarie
Warnakulasuriya Fernando
Warren Bester
Warren Daly
Warren Russell
Warren Smith
Warren Wise
Wayne Campbell
Wayne Coleman
Wayne Farini
Wayne Gillan
Wayne Jannotti
Wayne Lockhart
Wayne Quaintance
Wayne Randall
Wayne Wheeler
Wendy Altimas
Wendy Bruce
Wesley Harrop
Wesley West 72
TOPPS TILES PLC
Annual Report & Financial Statements 2007
STORE LOCATIONS
This report has been printed on paper which is totally chlorine free (TCF), suitable
for recycling and is derived from renewable timber produced on a fully sustainable
basis. Materials are sourced from paper mills that are ISO 14001 certified. The inks
used are vegetable based. 
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TOPPS TILES TILE CLEARING HOUSE
HOLLAND STORES
128 Southend
129 Stamford Hill
130 Sudbury
131 Swindon
132 Tonbridge
133 Tunbridge Wells
134 Twickenham
135 Uckfield
136 Uxbridge
137 Vauxhall
138 Waltham Cross
139 Wandsworth
140 Watford
141 Welwyn Garden City  142 Wembley
143 West Wickham
North West
144 Aintree
145 Birkenhead 
146 Blackburn
147 Blackpool
148 Bolton
149 Cheadle
150 Chester 
151 Chorley
152 Cleveleys
153 Congleton
154 Crewe
155 Failsworth
156 Flint
157 Holyhead  158 Leek  159 Liverpool
160 Macclesfield
161 Morecambe
162 Nantwich 
163 Northwich 
164 Oldham
165 Ormskirk
166 Preston
167 Rhyl
168 Sale
169 Salford
170 Snipe (Audenshaw)
171 St Helens
172 Stockport 2 
173 Warrington
174 Widnes
175 Wigan
176 Wrexham
North
177 Barnsley  
178 Barrow-in-Furness
179 Birstall 
180 Carlisle
181 Chesterfield
182 Darlington  183 Dewsbury
184 Doncaster
185 Durham
186 Grimsby
187 Harrogate
188 Huddersfield
189 Leeds
190 Hull
31 Swindon
32 Wembley
North West
33 Bolton
34 Cheadle
35 Crewe  36 Crosby
37 Maghull
38 Oldham
39 Preston
40 Stockport
41 Warrington
42 Wigan
North
43 Bradford
44 Doncaster
45 Hull
46 Lincoln  Scotland
47 Aberdeen
48 Edinburgh 
49 Govan  50 Rutherglen  South West
51 Bournemouth
52 Exeter
53 Plymouth  54 Salisbury 
55 Swansea  TOTAL 321
STORES
 New store 2006/07
Central Region
1 Cheltenham
2 Fenton
3 Great Barr
4 Kettering 
5 Kidderminster  6 Leicester
7 Lowestoft
8 Merry Hill  9 Northampton 
10 Norwich
11 Nottingham
12 Nuneaton
13 Peterborough
14 Shrewsbury 
15 Stoke-on-Trent
16 Wolverhampton
London and 
Thames South
17 Barking
18 Basildon  19 Beckenham
20 Charlton
21 Croydon
22 Dartford  23 Eastbourne 
24 Harlow
25 Hayes
26 Merton  27 New Southgate
28 Orpington
29 Southampton 
30 Southend  1 Almere
2 Amersfoort
3 Amsterdam
4 Amsterdam 2
5 Beuningen
6 Den Bosch  7 Deventer  8 Duivern
9 Eindhoven  10 Enschede 
11 Groningen
12 Heerhugowaard  13 Klaprozenweg
14 Rotterdam
15 Sliedrecht
16 Tiel  17 Utrecht
18 Veenendaal
19 Waalwjk
20 Zwolle
Central Region
1 Abingdon 
2 Aston
3 Aylesbury  4 Banbury
5 Bedford 2  6 Binley
7 Boston
8 Burton
9 Bury St Edmunds
10 Cambridge
11 Cannock
12 Clacton-on-Sea  
13 Colchester
14 Coventry
15 Cromer  16 Derby
17 Derby 2
18 Erdington
19 Grantham 
20 Great Yarmouth
21 Grove Park
22 Hereford
23 Huntingdon
24 Ipswich
25 Kettering  26 Kidderminster
27 Kings Heath
28 Kings Lynn
29 Leicester
30 Long Eaton  31 Lincoln
32 Luton
33 Mansfield
34 Martlesham
35 Milton Keynes
36 Newcastle-U-Lyme
37 Newark
38 Northampton
39 Norwich
40 Nottingham
41 Oldbury
42 Oxford 
43 Peterborough
44 Redditch 
45 Sheldon
46 Shrewsbury
47 Solihull
48 Spalding  49 Stafford
50 Stamford 
51 Stoke on Trent
52 St Neots  53 Stratford-upon-Avon
54 Tamworth
55 Telford
56 Thetford  57 Wellingborough
58 West Bromwich
59 Wisbech  60 Wolverhampton
61 Worcester
62 Worksop 
191 Meadowhall  192 Penrith  193 Pontefract  194 Rotherham  195 Scarborough  196 Sheffield
197 Stockton
198 Sunderland
199 Tyneside
200 Wakefield
201 York
Scotland
202 Aberdeen
203 Dundee
204 Edinburgh
205 Falkirk
206 Glasgow
207 Greenock
208 Hillington
209 Inverness
210 Linwood
211 Perth
212 Shawfield
213 Sighthill
214 Wishaw
South West
215 Barnstaple
216 Barry  217 Basingstoke
218 Bodmin  219 Bournemouth
220 Bridgend
221 Bridgewater
222 Bristol
223 Cardiff
224 Cardiff 2  225 Cheltenham
226 Christchurch
227 Clevedon 
228 Cribbs Causeway
229 Cross Hands
230 Exeter
231 Exmouth  232 Frome  
233 Gloucester
234 Hengrove
235 Launceston
236 Merthyr Tydfil
237 Neath  238 Plymouth
239 Poole
240 Salisbury
241 Swansea
242 Taunton
243 Torquay
244 Weston-Super-Mare
245 Winchester
246 Yeovil
London and
Thames South
63 Ashford 
64 Basildon
65 Battersea
66 Beckton
67 Bexhill
68 Bognor Regis 
69 Braintree
70 Brentwood
71 Brighton
72 Brixton  73 Broadstairs
74 Byfleet  75 Camberley   
76 Canterbury
77 Catford
78 Charlton
79 Cheam
80 Chelmsford
81 Chelmsford 2 
82 Chichester
83 Chesham  84 Chingford
85 Colindale
86 Crayford
87 Croydon
88 Dagenham
89 Eastbourne
90 Edmonton
91 Eltham
92 Enfield 
93 Erith  
94 Farnborough
95 Farnham
96 Feltham
97 Folkestone
98 Fulham
99 Gatwick
100 Grays  
101 Gunnersbury
102 Guildford
103 Harlow
104 Highgate 
105 Horsham  
106 Ilford
107 Isle of Wight
108 Lewes
109 Letchworth  110 Maidstone
111 Mitcham
112 New Southgate
113 Newbury
114 Newhaven
115 Old Kent Road
116 Orpington
117 Penge
118 Portsmouth
119 Raynes Park
120 Rayleigh
121 Reading
122 Richmond
123 Romford
124 Sittingbourne
125 Slough
126 Southall
127 Southampton 72
65
115     137
138
140 
116
143
96
74
98
101
126
134 
136
66
84
92
85    104
77   
71
31
27
24
21
20
19 22    
25
28
26
17
111
139
111
106
129
130
122 119
142
123
78
93
91
87
79        
88
90
112
117
2
54
4
3
1
4
5
6
7
10
30
18
9
8
11
12
13
23
29
31
14
38
34
40
41
35
42
43
44
46
45
182
47
50
49 48
51
52
53
54
55
15
191 196
36
39
37
33
16
1
3
2
113
121
107
118
108
135
107
144
152
160 158 154
162
163 174
173 168
171 169
164 170
172
177
195
178
179
181
184
193
185
186
187
189
190
194
197
198
199
200
201
202
203
213
204
215
216
221
242 246
243
244
230
231
235
218
238
226 219
240
241
236
223
237
232
227 
245
234
222
228
239  
223 224
220
224
225
233
217
205
206 208
214 212
209
210
211
207
229  
188 175
183
180
192
166
167
157
176
165
145
146
147
148 151
155
149
150
156
159
153
161
132 110
133
105
103
141
83
102 94
97
86
99
97
95
5
6
82
7
31
8
9
10
15
11
12
13
14
16 17
18
19
21
22
47 
49
50
48
51
63
64   
120
131
124
109
125
127
128 100
67
89
69
70
71
68
73
75
76
80
81
44 53
54
59 55
25
60
61
62
23  
24
56
26 27
28
29
32
33
34
35
30
40
41
42
43
45
46
36
37
38 57
39
20
2 6 11
5
16
9
18
17
3 4
8
14
20
10
7
19
15 1
13
12
16
HOLLAND - STORE NUMBERS
Stores at beginning of period 15
New stores opened 5 
Sub-Total 20
Closures –
Total 20
TILE CLEARING HOUSE - 
STORE NUMBERS
Stores at beginning of period 46
New stores opened 12 
Sub-Total 58
Closures (3)
Total 55
TOPPS TILES - STORE NUMBERS
Stores at beginning of period 225
New stores opened 27
Sub-Total 252
Closures (6)
Total 246
HOLLAND STORES
LONDON STORES Topps Tiles Plc
Thorpe Way
Grove Park
Enderby
Leicestershire
LE19 1SU
T 0116 282 8000
F 0116 282 8115
www.toppstiles.co.uk