great choice 

 great value 

 great service
annual repo rt and financial statements 201 1
great choice great value great service
topps tiles plc
thorpe way grove park enderby
leicestershire le19 1su
t 0116 282 8000 
f 0116 282 8115
wwwtoppstilescouk
annual repo rt and financial statements 201 1
plc ann ual repo rt an d fin an ci al statemen ts 201 1
14887ttar11coverindd   1 07122011   2147 plc annual report and financial statements 201 1
in troduc tion
con tents
“with very ch allen gin g tradin g condi tion s 
persistin g thro ugho ut the sec ond h alf 
o f o ur fin an ci al period o ur fo c us has 
been on str eng thening our marke t 
leading po sition we further upgraded 
an d expan ded o ur sto re estate con tin ued 
the evo lution o f the to pps tiles o ffer an d 
suppo rted this with new marke ting 
ini tiatives in sto re on television an d 
on lin e in addition we made so me 
signi fican t in fr astr uc ture inves tments 
ac ro ss the busin ess which will ben efit o ur 
future perfo rman c e” 
 matthew williams
 c h ief exec utive o ffic er
r eview o f the business
1 the year in brief
2 o ur strategy
3 c hairman’s statement
5 c hief executive’s statement
10 business review
22 c orporate social responsibility
go vernance
26 directors
27 directors and advisors
28 directors’ report
31 c orporate governance statement
33 remuneration report
financial statements
37 independent auditors’ report   
 – consolidated financial statements
38 c onsolidated statement of  
 financial performance
39 c onsolidated statement of 
 financial position
40 c onsolidated statement of changes  
 in equity
41 c onsolidated cash flow statement
42  n otes to the consolidated 
financial statements
70 independent auditor’s report –   
 c ompany financial statements
71 c ompany balance sheet
72 n otes to the c ompany financial statements
o ther in fo rma tion
75 five year record
76 n otice of annual general meeting
79 explanatory notes to the n otice of  
 annual general meeting
81 the team
88 store locations
plc annual report and financial statements 201 1
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 16
stores operated 
by the group in 
wales
63
stores operated  
by the group in 
london
 1 18
stores operated 
by the group in the 
south
57
stores operated 
by the group in the 
midlands
5 1
stores operated 
by the group in the 
n orth
south
scotland
midlands
l ondon
n orth
wales
 15
stores operated  
by the group in 
scotland
topps tiles – store numbers
stores at the beginning  
of the period 275
n ew stores opened 17
subtotal 292
c losures including brand swaps –3
total 289
tile clearing house – store numbers
stores at the beginning  
of the period 37
n ew stores opened –
subtotal 37
c losures including brand swaps –6
total 31
designed and produced  
by r adley yeldar wwwrycom
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the year in brief
1
 201 1 adjusted operating profit is adjusted for exceptional items being the impairment of plant property and equipment of £11 million 
2010 £08 million an inventory charge of £13 million 2010 £nil and an increase in property related provisions of £19 million 
2010 £04 million
2
 201 1 adjusted profit before tax is adjusted for the effect of exceptional items above plus
– write off of remaining 2006 loan fees of £02 million 2010 £nil 
– property disposal gain of £nil 2010 £01 million 
– £16 million noncash charge relating to the interest rate derivatives that the group has in place per ias 39 2010 £28 million
3
 adjusted for the post tax effect of exceptional items highlighted above
please note this report has been prepared for the 52 weeks ended 1 october 201 1 and the comparative period was prepared for 
the 53 weeks ended 2 october 2010 with the exception of the group likeforlike revenue measure which is comparable the reported 
figures are presented on this basis and are not entirely comparable the impact of the additional week in 2010 was to increase revenue 
by £36 million and operating profit by £04 million likeforlike revenues are defined as sales from stores that have been trading for more 
than 52 weeks
£1755m
group revenue
53 weeks ended 2 october 2010 £1824m
596
gross margin
53 weeks ended 2 october 2010 587
–20
likeforlike revenue
53 weeks ended 2 october 2010 17
£140m
operating profit
53 weeks ended 2 october 2010 £199m
£7 9m
profit before tax
53 weeks ended 2 october 2010 £124m
304p
basic earnings per share
53 weeks ended 2 october 2010 537p 
£182m
adjusted operating profit
1
53 weeks ended 2 october 2010 £211m
£139m
adjusted profit before tax
2
53 weeks ended 2 october 2010 £163m
550p
adjusted earnings per share
3
53 weeks ended 2 october 2010 618p
06p
final dividend
53 weeks ended 2 october 2010 10p
11p
total dividend
53 weeks ended 2 october 2010 10p
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our s tr ategy
the topps’ strategy is focused on delivering outstanding 
value to our customers to ensure they always “return and 
recommend” this has enabled us to increase our competitive 
advantage by further increasing market share built upon 
the strong foundations of custo mer service produ ct 
offer and lo cational c o n venien ce 
ou tstanding value
when these three key elements of our business are combined we believe we offer outstanding  
value our existing customers satisfaction surveys are the best possible validation of this and their 
recommendations are an important source of future growth for the business over the past year 881 
of our customers have told us that they would recommend us to friends and family something we are 
incredibly proud of
produ ct offer
as a specialist we are able to offer  
a huge range of products with many 
of them in stock and available to  
take away many of our key lines  
are imported directly from factories 
all over the world which ensures  
that we can offer the very latest 
tastes and trends to our customers 
often on an exclusive basis
lo cational 
co n venien ce
we have over 300 locations 
nationwide in easily accessible 
highly visible locations all with 
customer parking thereby ensuring 
that the majority of the uk population 
have a store near them in addition 
our website allows customers to 
review our range in advance either 
purchasing directly online or visiting 
a store to discuss their project and 
benefit from our exceptional 
customer service
custo mer service 
customer service remains our 
number one priority and it is our 
policy to be honest helpful and 
knowledgeable but never pushy  
we invest extensively in training  
to ensure our staff have the best 
product knowledge in the industry 
we mystery shop the customer 
experience in all our stores every 
month and encourage all customers 
to complete a satisfaction survey
       l o catio n al co n ven ien ce 
    custo mer service              pr o duct o ffer 
ou tstanding 
value
14887ttar11p125indd   2 07122011   2149 3
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chair man’s statement
our business
our expectation for the year was that it would again be 
tough for retailers in our sector and that proved to be the 
case nevertheless we were encouraged by our first 
half performance which saw overall revenues grow by 
18 on a likeforlike basis however as we progressed 
through the second half the combined effects of a 
deteriorating economic outlook stagnation in the housing 
market and falls in domestic purchasing power further 
undermined consumer confidence inevitably this has 
had a negative impact on our business and likeforlike 
revenues were down 20 total revenue for the 
financial period was £1755 million with adjusted profit 
before tax
2
 of £139 million down from £163 million in 
the prior period notwithstanding this difficult trading 
backdrop our gross margin remained robust at 596 
2010 587
in our previous annual report we committed ourselves 
to prudent cost management further investment in key 
infrastructure and a targeted growth in our store estate 
good progress has been made against all of these 
objectives enabling the group to
 a grow the store estate to 320 by the period end 
up from 312
 a convert five tile clearing house sites to the more 
profitable topps format
 a complete our new warehouse enabling a longer term 
shift towards more direct sourcing thereby enhancing 
margins
 a commence the implementation of a new it system
 a build greater awareness of the topps brand through 
national tv campaigns
our pe opl e and their c on tri buti on
a keen focus on the demands of the customer is at the 
heart of any successful retail business feedback from 
our rigorous “mystery shop” monitoring has confirmed 
that topps is now in the top 10 of retailers in europe 
when it comes to levels of customer service this result 
validates our policy of continuous “on the job” staff 
training such a result could not have been achieved 
without the hard work and commitment of everyone who 
works at topps either in store or as part of our support 
functions our staff have also demonstrated their 
community spirit through their unerring support of the 
help for heroes campaign on behalf of the board 
i would like to thank them all for their remarkable 
contribution to the business and the wider community 
across the entire year
co r por ate g ov ernance
this year barry bester our chairman since 2003 and 
cofounder of the business brought his time with topps to 
a close after 26 years of dedicated commitment to the 
business he announced in may that he wished to pursue 
his other business interests stuart williams cofounder 
and company president has also announced his 
intention to conclude his formal involvement with the 
group together stuart and barry formed a partnership 
which helped to take topps from a private business with 
just a few stores to today’s publicly quoted enterprise 
with 321 outlets nationally we owe both of them a 
deep debt of gratitude for all they have done to help 
develop topps into britain’s number one tile retailer 
the board recognises the need to recruit additional 
independent nonexecutive directors to bring the board 
into line with corporate governance best practice 
this process is well advanced and we expect to be 
in a position to make an announcement early in 2012 
michael jack – c hairman
“topps has maintained its position as 
britain’s number one tile retailer by 
giving its customers inspiration for 
their home improvement projects 
outstanding value for money and 
exceptional levels of service”
2
 as explained on page 1
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plc annual report and financial statements 201 1
chairman’s statement
continued
the satin finish of chic gives a handmade 
appearance a perfect choice for adding 
character into room design
our new sage metro brings this classic brick 
shaped ceramic up to date with an ontrend 
colour palette
divi den d
last year we announced the resumption of dividend 
payments although trading has been tough in this 
financial period prudent financial management has 
enabled the board to recommend to shareholders a final 
dividend of 06p per share this will cost £11 million 
subject to approval at the annual general meeting the 
dividend will be payable on 31 january 2012 to all 
shareholders on the register as at 30 december 201 1 
this brings the total dividend for the year to 11p per 
share 2010 10p per share an increase of 10
our future
looking ahead we recognise that economic conditions 
will remain difficult in 2012 with consumer budgets 
again under pressure however we will remain focused 
on maintaining our market leading position safeguarding 
our margins and looking at further ways in which cost 
can be taken out of the business
at store level our product presentation will be enhanced 
to enable us to continue the theme of inspiring customers’ 
home improvement plans we will also invest in staff 
training and development to ensure a continuity of well 
qualified staff trained to deliver topps’ outstanding 
customer service our online presence will be developed 
so that customers can more easily choose the tile that is 
just right for them we will also continue to look for 
opportunities to open a limited number of new stores 
in those parts of the country where we are under
represented all of these initiatives will be supported by 
sustained marketing spend with improved targeting 
to ensure that our message of great prices unparalleled 
product ranges and superb service is communicated 
to both our retail and trade customers alike
michael jack
chairman
28 november 201 1
 
£139m
adjusted profit before tax
2
 
53 weeks ended 2 o ctober 2010 £163m
11p
t otal dividend 
53 weeks ended 2 o ctober 2010 10p
metro chic
2
 as explained on page 1
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our focus during the period has been on strengthening 
our market leading position by continuing to deliver 
outstanding service and excellent value high quality 
products to our customers we further upgraded and 
expanded our store estate continued the evolution of 
the topps tiles offer and supported this with new 
marketing initiatives instore on television and online 
in addition we made some significant infrastructure 
investments across the business which will benefit 
our future performance
prudent management of all costs remained a key focus 
in addition we also reviewed a number of our retail 
processes to both further improve our proposition to 
customers and enhance financial performance
the economic environment has continued to be 
challenging and in particular we saw a slowing in 
customer numbers during the second half of our financial 
period that said the business remains financially well 
positioned and the strong operational progress made 
during the year will enable us to continue to progress 
our growth plans
t he market 
topps has seen its position as the uk’s leading tile 
retailer strengthen further during the period with our 
share of the noncontract tile market growing to 26 
2010 25 source mbd our unwavering focus 
on offering our customers outstanding service and 
value enabled the group to once again outperform 
the market
tile consumption in the uk continues to be low in 
comparison to the rest of europe roughly one third of the 
demand experienced in northern europe source mbd 
however longterm growth based on projections of an 
increase in housing stock and consumer usage of tiles 
remains attractive against this background we believe 
there is potential for up to 400 topps tiles stores in 
the uk
st or e devel opment and expansi on
with a continuing backdrop of challenging trading 
conditions our focus has been on optimising returns from 
the existing store estate by adding new stores selectively 
and targeting tactical resites of individual stores where 
this is supported by the local market opportunity
over recent years our store expansion strategy was 
realigned to reflect the deterioration in the economic 
environment in the 200910 financial period we 
returned to growth in store numbers and this activity 
accelerated in the period under review in the last 
12 months we opened 15 new stores and closed 
seven stores of which three were relocations resulting 
in a net increase of eight stores and completing the 
financial period with 320 stores new store openings 
have performed well and we are very satisfied with the 
return on investment in the year ahead we have plans 
in place to increase the size of the business by 
approximately five new stores
we have continued with our programme of converting 
tile clearing house stores into the more profitable 
topps tiles format and have completed five in the 
financial period trading results from these conversions 
have been pleasing and a further 15 are planned for the 
year ahead this will leave 16 tile clearing house stores 
which will function as clearance units for the topps stores
our improved and expanded website was relaunched 
during the period the response has been very 
encouraging with record numbers of people visiting the 
site and staying online for longer periods than ever 
before our online presence is now an increasingly 
important factor in driving store footfall as a growing 
number of customers undertake the research phase of 
their project online before visiting our stores to help them 
with this process we have introduced more inspirational 
room set photography a greater variety of design ideas 
and a completely new marketleading interactive 
“visualiser” this enables customers to choose from our 
extensive range of wall and floor tiles and model them 
into a variety of different room settings 
chief executive’s statement
matthew williams – c hief executive officer
“looking ahead we expect economic 
conditions will remain difficult in 2012  
with consumer budgets again under 
pressure our response will be to take further 
cost out of the business grow margin and 
maximise sales opportunities while making 
operational improvements that will position 
the business for future growth as economic 
conditions improve”
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plc annual report and financial statements 201 1
chief executive’s statement
continued
we have also improved the site navigation and 
checkout procedures as well as updating the visual 
presentation to mirror the latest instore experience 
while we expect the primary role of the website to 
remain as a customer research tool it is also playing 
a growing role as a direct sales channel with online 
revenues now representing around 15 of sales 
2010 1 we expect this to continue to grow and 
play an ever increasing role in our customer offer
in fr astructure
during the period we completed the construction of 
our second warehousing facility at our leicestershire 
headquarters at a cost of c£3 million this warehouse 
is now fully operational and will form a key part of our 
logistics strategy over the coming years giving us the 
operational capacity for up to 400 stores in particular 
the additional capacity will allow us to source more 
products direct from the manufacturer decreasing the 
proportion sourced via third party distributors and 
delivering a gross margin benefit
during the next financial period we will be implementing 
a new enterprisewide information technology system 
of which the majority of the implementation will occur 
in the second half this new system which will add 
much greater functionality across a range of disciplines 
will be a key enabler for a number of new processes 
and customer initiatives the total cost of the system 
implementation will be approximately £1 million the 
majority of which has been spent in this financial period
c ust omer service
as the uk’s leading tile specialist the provision 
of exceptional levels of customer service is a key 
differentiator of the topps tiles brand
over the course of the last year we have changed the 
way we measure customer satisfaction and adopted the 
net promoter scoring system the score is calculated 
based on customers’ feedback to the question of how 
likely they are to recommend topps tiles to friends or 
colleagues the scores are based on a numerical scale 
from 0–10 which allows customers to be split into 
promoters 9–10 passives 7–8 and detractors 0–6 
the final score is based on the percentage of promoters 
less the percentage of detractors thereby creating 
a possible range of –100 to 100 over the 
financial period we have scored 881 against this 
measure and consider this a very clear endorsement 
of our customer service ethic the measure used 
for 2010 is not directly comparable
marketing advertising 
and  spon sor shi p
the evolution of the topps tiles brand continued during 
the period in line with our greater emphasis on inspiring 
customers and reaching beyond our traditional customer 
base our product brochures and instore merchandising 
have been repositioned to reflect customers’ increased 
focus on style as the principal driver in their purchase 
decision this approach also provides consistency 
with our improved consumer website greater emphasis 
has also been given to the breadth of our ranges 
with a greater focus on being able to attract high end 
customers as well as retaining those attracted by our 
traditional value message
£1755m
group revenue 
53 weeks ended 2 october 2010 £1824m
£182m
adjusted operations profit
1
53 weeks ended 2 october 2010 £211m
1

l atest inkjet technologies enhance our range 
of stoneeffect tiles
r epresenting the latest in our large  
format tiles this stylish range uses inkjet 
technologies to create a distinctive marble 
effect
marfil bardiglio
1
 as explained on page 1
14887ttar11p125indd   6 07122011   2149 plc annual report and financial statements 201 1
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7
o ur charming range of crackle glaze tiles 
introduces vintage style to our brand 
perfect for kitchens and bathrooms
o ur new and exclusive matrix brand  
offers a multitude of colours and  
tones in classic proportions
st aff devel opment
our people are fundamental to fulfilling our key objective 
of delivering excellent customer service and this remains 
as important as ever we continue to invest in their 
professional development through a sophisticated instore 
elearning system which is developed and administered 
inhouse providing new courses and regular updates 
during the year we rolledout new programmes to equip 
all store staff with the product and technical knowledge 
to support our “customer inspiration” agenda as well as 
specialist sales skills training the initial results from this 
programme have been encouraging with a greater 
consistency of standards already evident across the 
store estate
all our staff are incentivised with competitive benefit 
packages and performance based rewards and we 
encourage internal promotion we anticipate that staffing 
levels will increase in line with the progressive expansion 
of the store base
c u rrent t r ading and outl ook
in the first seven weeks of the new financial period 
group revenues which are on a likeforlike basis 
decreased by 69
looking ahead we expect economic conditions will 
remain difficult in 2012 with domestic budgets again 
under pressure our response will be to take further cost 
out of the business grow margin and maximise sales 
opportunities while making operational improvements 
that will position the business for future growth as 
economic conditions improve
matthew williams
chief executive officer
28 november 201 1
–20
likeforlike revenue 
53 weeks ended 2 october 2010 17
881
net promoter score 
53 weeks ended 2 october 2010 na
c hic c raquele matrix botanic
marketing advertising 
and  spon sor shi p c on tinued
over the course of the last financial period we increased 
our level of marketing expenditure by approximately 
£1 million in order to drive footfall and increase our 
market share television advertising and sponsorship has 
proved to be the most effective way to build consumer 
awareness of the topps brand in the early part of the 
period we ran a national weather sponsorship 
campaign with itv and subsequent tv campaigns 
across a variety of national terrestrial and digital 
channels have also been successful in driving store 
footfall to complement this we will continue to 
communicate the inspirational range through home 
interest magazines and pr we are planning to sustain 
a similar level of marketing expenditure in the year 
ahead a tradefocused campaign will run in parallel 
with the consumer campaign in line with our strategy 
of securing a greater proportion of trade project spend 
comm u nity
topp’s commitment to its local communities through 
sponsorship and charitable activity remains strong we 
aim to make positive contributions to those communities 
served by our stores working closely with them to 
promote our primary aim of being a “good neighbour”
we currently sponsor over 300 youth football teams 
nationwide providing the teams with support new kits 
and equipment
our work for the charity help for heroes which we 
have been supporting since 2008 has gone from 
strength to strength and we have already helped to raise 
over £160000 for this very worthy cause we also 
work with the british association of modern mosaic 
“bamm” sponsoring two national competitions and 
supporting the promotion of mosaic art in schools and 
community groups countrywide
14887ttar11p125indd   7 07122011   2149 plc annual report and financial statements 201 1
8
meeting our customers’ desires 
to be inspired our new style 
guides help customers identify 
looks and designs to suit their 
living space
ch oice
great
topps tiles features an unri valled range of products with the latest 
designs sourced from around the world we cater for every budget 
in any style for any room and in any material from the period 
beauty of natural stone and real wood to the versatility of mosaics 
and the contemporary feel of glass at topps tiles we really do have 
tiles for e veryone
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henley warm
the new henley range using inject technologies 
to replicate traditional encaustic design is one 
of our most exciting new additions
vibia
ch oice
monaco mosaic
complementing our fantastic 
range of mosaics this unique 
glass and marble mix is available 
in pearl and graphite
14887ttar11p125indd   9 07122011   2150 10
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business re view
cautionary statement
this business review chairman’s statement and chief 
executive’s statement have been prepared solely to 
provide additional information to shareholders to assess 
the group’s strategies and the potential for those 
strategies to succeed these reports should not be relied 
on by any other party or for any other purpose
the business review chairman’s statement and chief 
executive’s statement contains certain forwardlooking 
statements these statements are made by the directors 
in good faith based on the information available to 
them up to the time of their approval of this report 
and such statements should be treated with caution 
due to the inherent uncertainties including both 
economic and business risk factors underlying 
any such forwardlooking information
the directors in preparing this business review have 
complied with section 417 of the companies act 2006 
this business review has been prepared for the group 
as a whole and therefore gives greater emphasis to 
those matters which are significant to topps tiles plc and 
to its subsidiary undertakings when viewed as a whole
n ature o bj ectives and 
st rategies  of the business
topps tiles is a specialist tile and wood flooring retailer 
with 320 outlets across the uk and is the country’s 
largest retailer of its kind with a 26 market share the 
group operates two retail brands topps tiles “topps”
and tile clearing house “tch” topps is the uk’s 
leading branded tile retailer with 289 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 tch is a discount retail format comprising a 
further 31 stores with a mini warehouse design and 
a “when it’s gone it’s gone” style customer offer
the group strategy is focused on delivering outstanding 
value and service to our customers the key elements to 
the success of this strategy are the friendly professionalism 
and expertise of our staff store locations product choice 
and availability
key operational objectives
 a deliver outstanding value for money and service to 
ensure customers always “return and recommend”
 a maintain and extend our market leading position
 a manage the store estate prudently opening new 
stores where opportunities arise that complement 
the existing estate and review of the existing store 
portfolio to ensure we are keeping track with consumer 
shopping patterns and our cost base is as efficient 
as possible
 a continued evolution of the instore customer offer 
to maintain our competitive advantage
 a further development of the ecommerce offering 
to maintain leading edge customer service
matthew williams – c hief executive officer r ob parker – finance director
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“our primary objectives continue to be focused on optimising returns 
from the existing estate careful management of our cost base and 
improving our financial flexibility our most recent trading period 
demonstrated the fragility of uk consumer confidence and provides 
further reenforcement that our current strategy and objectives are 
appropriate for the business at the present time”
key financial objectives
 a primary focus on increasing revenues and cash 
generation maintaining tight cost control and 
optimising gross margins
 a maximising earnings per share and shareholder 
returns including biannual review of our 
dividend policy
 a ongoing supplier tendering and benchmarking 
of nonstock suppliers
 a managing the group’s exposure to fluctuations 
in foreign exchange rates
 a maintaining a capital structure which enables 
an appropriate balance of financial flexibility 
and capital efficiency
progress against these objectives is discussed throughout 
this report and where appropriate measures are 
utilised these are included in the key performance 
indicators section
operati on al review
our primary objectives continue to be focused on 
optimising returns from the existing estate careful 
management of our cost base and improving our 
financial flexibility our most recent trading period 
demonstrated the fragility of uk consumer confidence 
and provides further reinforcement that our current 
strategy and objectives are appropriate for the business 
at the present time
over the financial period we have maintained our 
focus on cost control and have only seen increases 
in costs resulting from inflationary factors oneoff items 
or where we have decided that additional investment 
was appropriate such as increased marketing 
expenditure further detail of expenditure is 
provided within the financial review
key per for mance in dicat or s “kpis”
the directors monitor a number of financial and 
nonfinancial metrics and kpis for the group and 
by individual store including
financial kpis
52 weeks to 1 october 201 1
–20
likeforlike sales growth yearonyear 
53 weeks to 2 october 2010 17
–38
total sales growth yearonyear 
53 weeks to 2 october 2010 20
596
gross margin 
53 weeks to 2 october 2010 587
£139m
adjusted pbt
2
53 weeks to 2 october 2010 £163m
£509m
net debt
53 weeks to 2 october 2010 £491m
 123
stock days
53 weeks to 2 october 2010 121
2
 adjusted pbt as defined on page 1
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business re view
continued
n onfinancial kpis
note – net promoter score is a new measure we have adopted 
in favour of customer satisfaction ratings the score is calculated 
based on customers’ feedback to the question of how likely they are 
to recommend topps tiles to friends or colleagues the scores are 
based on a numerical scale from 0–10 which allows customers to 
be split into promoters 9–10 passives 7–8 and detractors 0–6 
the final score is based on the percentage of promoters less the 
percentage of detractors
the directors receive regular information on these 
and other metrics for the group as a whole 
this information is reviewed and updated as the 
directors feel appropriate
r isks and u n certainties
the board conducts a continuing review of key risks 
and uncertainties the board’s primary focus when 
reviewing these risks and uncertainties over the last 
12 months has included
 a the continuing challenges of the uk economy 
and the subsequent business impact
 a balancing our longer term investment needs 
against the uncertain economic outlook
 a ensuring that the group’s capital structure remains 
appropriate and that future funding requirements 
are accessible
uk economy
the most recent trading period demonstrated the fragility 
of uk consumer confidence which in turn has had a 
direct impact on our sales performance over the first 
half of our financial period we demonstrated an 
encouraging trend of steady growth in likeforlike sales 
during the second half and in particular the final quarter 
we saw a significant reduction in revenues when 
compared to the prior period over the financial period 
as a whole we have seen a sales decline of 20 on 
a likeforlike basis during the current trading period 
reflecting the first seven weeks of our new financial 
period we have seen likeforlike sales decline by 69 
providing clear evidence of the current economic climate 
and the weakness in consumer confidence the board 
believes the business is well positioned to deal with these 
challenges continuing to generate healthy profits and 
remaining cash generative furthermore we believe the 
business is well positioned to take advantage of the 
likely retraction in the competitive base across our 
core markets
26
market share 
53 weeks to 2 october 2010 25
881
net promoter score 
53 weeks to 2 october 2010 na
na
customer satisfaction 
53 weeks to 2 october 2010 97 6
320
number of stores
53 weeks to 2 october 2010 312
o ur new buxton range offers customers 
a multitude of floor design possibilities 
and satisfies the growing trend for 
statement floors
buxton v ictorian mosaic
o ur new victorian inspired mosaic collection 
offers affordable period style
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balancing our longer term investment needs 
against the uncertain economic outlook
during the financial period the board monitored both 
the group performance and the macro economy closely 
and considered that a return to investing in key areas of 
growth for the business was appropriate this strategy 
has resulted in an overall increase in the number of stores 
and the completion of a new warehousing facility which 
is key to our future plans the board intends to continue 
with the cautious expansionary approach we outlined to 
shareholders over the last two years and intends to target 
approximately five new store openings over the next 
12 months we will also continue to invest in older parts 
of the store estate through a programme of minor store 
improvements and plan to convert a further 15 tch 
stores to the topps brand a strategy which has 
demonstrated positive results over the last 12 months
appropriate capital structure
during the period the group successfully refinanced 
its loan facilities and now has in place a £750 million 
committed revolving credit facility expiring in may 2015 
as at the financial period end £600 million of this 
facility was drawn with a further £150 million of 
undrawn financing available the loan facility 
contains financial covenants which are tested on a 
biannual basis 
o ther key risks
in addition to the above the board considers other 
key risks including its relationship with key suppliers 
the potential threat of new competitors the risk of 
failure of key information technology systems possible 
impacts on costs of sourcing due to the weakness of 
sterling in comparison to the euro and us dollar 
currencies loss of key personnel and the development of 
substitute products the board’s response to these risks is 
articulated throughout this report and includes
 a continuing improvement in our existing retail 
operations including regular review of our product 
offer and customer service to ensure that we are 
maximising the opportunity to deliver sales
 a careful management of costs across all areas of the 
business with increases in expenditure only in areas 
that the board decides are appropriate in order to 
either drive shortterm gains or generate longer term 
strategic benefits
 a tight management of cash and continued reduction 
in net debt to improve financial flexibility
 a continuing review of the group’s global sourcing 
strategy to enable us to deliver greater value for 
money whilst maintaining returns and minimise the 
risk of over reliance on any individual supplier
the directors will continue to monitor all of the key 
risks and uncertainties and the board will take 
appropriate actions to mitigate these risks and 
their potential outcomes
go ing c on cern
based on a detailed review of the above risks and 
uncertainties and management’s current expectations 
the board believes that the group will continue to meet 
all of its financial commitments as they fall due and will 
be able to continue as a going concern 
the current economic climate and most recent trading 
period creates a degree of uncertainty in the outlook 
and our forecasts are sensitive to relatively small changes 
in sales and margin assumptions this uncertainty 
combined with the financial covenants included in our 
loan facilities has led the board to conduct a detailed 
review of a number of different trading scenarios and 
possible mitigating actions should they be required 
mitigating actions would include further cost reductions 
working capital management reduced investment 
freehold property disposal and possible review of 
dividend policy
based on this analysis the board has concluded that 
in the event that the level of likeforlike sales highlighted 
in the current trading section of the ceo’s report were 
to continue for the whole of the financial period ending 
29 september 2012 some form of mitigating action 
would be required but once taken into account the 
group would fully meet all of its future financial 
commitments the board therefore considers it 
appropriate to prepare the financial statements 
on the going concern basis
easy fit polished porcelain
o ur polished porcelain range gives an air 
of luxury to even the smallest spaces
easy fit solid wood flooring is incredibly 
easy to lay and gives the effect of 
a real wood floor without the hassle 
of nails and glue
14887ttar11p125indd   13 07122011   2150 14
plc annual report and financial statements 201 1
valu e
great
c ava anthracite
at topps tiles we not only offer the biggest choice of tiles and wood 
flooring we are committed to offering our customers the best tiles 
at the best pr ices plus our customers can shop with confidence 
with our lo west pri ce guaran tee so whether our customers are 
tiling the smallest of rooms or the whole house we have q uality 
products to suit every budget
unbeatable topps value
we offer a range of quality  
low cost wall and floor tiles for  
customers on a tight budget
14887ttar11p125indd   14 07122011   2151 15
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valu e
c olorado textured ceramic 
wall tile
5
lowest price guarantee
o ur price promise reassures our customers  
that we offer the best prices in the market 
if the same product is found cheaper 
anywhere else we will beat it by 5
bumpy w hite
overs and buy back
any unused full packs can be 
returned up to 60 days from the 
date of purchase for a refund
14887ttar11p125indd   15 07122011   2151 1 6
plc annual report and financial statements 201 1
business review
continued
financial review profit and loss account
please note this report has been prepared for the 
52 weeks ended 1 october 201 1 and the comparative 
period was prepared for the 53 weeks ended 
2 october 2010 with the exception of the group 
likeforlike revenue measure which is comparable 
the reported figures are presented on this basis and are 
not entirely comparable the impact of the additional 
week in the prior period was to increase revenue by 
£36 million and operating profit by £04 million
r evenue
revenue for the period ended 1 october 201 1 
decreased by 38 to £1755 million 2010 £1824 
million likeforlike store sales decreased by 20 in the 
period which consisted of a 18 increase in the first 
half of the financial period and a 58 decrease in the 
second half
gross margin
overall gross margin was 596 compared with 587 
in the previous financial period at the interim stage of 
this period gross margin was 597 and we have 
recorded a gross margin of 595 in the second half 
of the period the second half includes an exceptional 
charge against inventory of £13 million relating to a 
change in our instore practices which means we no 
longer consider display inventory to be suitable for sale 
adjusting for this the underlying margin in the second 
half period would be 610 and 603 for the period 
as a whole demonstrating an encouraging level of 
improvement the environment we operate in continues 
to be a highly competitive one and we are able to 
utilise our scale to ensure that we can offer customers 
outstanding value and also generate increasing levels of 
returns continued improvement in the efficiency of our 
supply chain and further vertical integration have been 
the key drivers of the improvements over the financial 
period we will continue to invest margin in a controlled 
way to drive transaction volume where we consider it 
appropriate to do so
back by popular demand our natural stone 
range now includes a handmade terracotta
a versatile collection of colours textures  
and finishes from glass and ceramic  
to polished and tumbled natural  
stone mosaics
26
market share 
53 weeks ended 2 o ctober 2010 25
l emon marble handmade spanish terracotta
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operating expenses
total operating costs have increased from £87 3 million 
to £906 million an increase of 38 costs as a 
percentage of sales were 516 compared to 47 8 
in the previous period when adjusted for exceptional 
items detailed below operating costs were £87 7 million 
2010 £861 million equivalent to 500 of sales 
2010 47 2 of sales
the movement in adjusted operating costs is explained 
by the following key items
 a this financial period was one week shorter than the 
previous financial period which is equivalent to a 
saving of approximately £17 million
 a inflation at an average of approximately 2 has 
increased our cost base by around £18 million 
 a the average number of uk stores trading during the 
financial period was 313 2010 310 which would 
imply a 10 increase in store costs generating 
approximately £07 million of additional costs
 a we have made additional investments in marketing 
increasing spend by approximately £10 million
 a business performance has been below the level of 
internal targets which has meant a reduced level 
of rewards for staff employee profit share costs 
have decreased by £03 million
 a the remaining elements of the cost base are broadly 
flat when compared to the prior year
during the period we have incurred several charges 
which we have categorised as exceptional due 
to their nature these charges relate to impairments 
of plant property and equipment of £11 million 
2010 £08 million an inventory charge of £13 million 
2010 £nil and an increase in property related 
provisions of £19 million 2010 £04 million
operating profit
operating profit for the period was £140 million 
2010 £199 million
operating profit as a percentage of sales was 80 
2010 109
when adjusted for the exceptional items detailed 
on page 1 operating profit was £182 million 
2010 £211 million
other gains and losses
there were no other gains and losses during the 
period 2010 £01 million gain relating to disposal 
of freehold property
financing
the net cash interest charge for the year was 
£44 million 2010 £48 million excluding the impact 
of revaluations of derivative instruments whilst the interest 
charge has fallen compared to the prior period we have 
only seen limited benefit from the very low interest rates 
that prevail in the market this is due to a series of interest 
rate derivatives we have in place which negate the 
majority of any impact from interest rate movements
the interest rate derivatives give rise to a “marked 
to market” revaluation as required by ias 39 
“financial instruments recognition and measurement”  
this revaluation has generated a fair value non cash 
charge of £ 16 million 2010 £28 million due to the 
nature of the underlying financial instruments ias39 does 
not allow hedge accounting to be applied to these losses 
and hence this charge is being applied direct to the 
income statement rather than offset against balance 
sheet reserves
following the financial period end the board has 
decided to close out 50 of the interest rate derivatives 
this will have the effect of reducing the group’s annual 
interest charge moving forwards by approximately 
£125 million at current libor rates but will increase 
net debt by £62 million from april 2012
net interest cover was 43 times 2010 51 times 
based on earnings before interest tax depreciation 
and the impairment of plant property and equipment 
excluding the impact of ias 39 in finance charges
inspired by hotel chic mira hatch mosaic is 
the latest addition to our marble stone range
mira h atch mosaic g alaxy black g ranite
14887ttar11p125indd   17 07122011   2152 18
plc annual report and financial statements 201 1
business r eview
continued
balance sheet
c apital expenditure
capital expenditure in the period amounted to 
£108 million 2010 £49 million an increase of 
123 reflecting the increased level of investment 
in infrastructure that we highlighted in our previous 
annual report capital expenditure includes the cost 
of 12 new openings five conversions three relocations 
and 12 refits at a cost of £53 million in addition 
to this we purchased the freehold on one existing 
store at a cost of £16 million other capital expenditure 
includes the building of a new warehousing facility 
at a cost of £31 million and £08 million on a new 
it system which will go live in 2012
at the period end the group held eight freehold or long 
leasehold sites including three warehouse and distribution 
facilities with a total net book value of £17 8 million 
2010 six freehold or long leasehold valued at 
£134 million
596
gross margin 
53 weeks ended 2 october 2010 587
320
number of stores 
53 weeks ended 2 october 2010 312
profit before tax
reported profit before tax is £7 9 million 
2010 £124 million
group profit before tax margin was 45 2010 68
when adjusted for the exceptional and noncash items 
detailed on page 1 the profit before tax is £139 million 
2010 £163 million
tax
the effective rate of corporation tax for the period was 
27 7 2010 315 continuing operations 
the effective rate of corporation tax has been increased 
from the basic rate by nondeductible expenditure and 
depreciation on assets not qualifying for capital 
allowances this has been offset by a prior year credit 
reflecting the release of certain provisions held against 
known tax risks as they have been reduced or settled 
earnings per share
basic earnings per share were 304p 2010 537p 
– continued and discontinued operations
diluted earnings per share were 297p 2010 526p 
– continued and discontinued operations
dividend and dividend policy
last year we announced the resumption of dividend 
payments although trading has been tough in this 
financial period prudent financial management has 
enabled the board to recommend to shareholders a final 
dividend of 06p per share this will cost £11 million 
subject to approval at the annual general meeting the 
dividend will be payable on 31 january 2012 to all 
shareholders on the register as at 30 december 201 1
o ur new and exclusive matrix brand offers  
a multitude of colours and tones in classic 
proportions
o ur charming range of crackle glaze tiles 
introduces vintage style to our brand 
perfect for kitchens and bathrooms
matrix r ed c hic c raquele
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inventory
inventory at the period end was £238 million 2010 
£249 million representing 123 days turnover 2010 
121 days turnover we have continued our focus on 
improving working capital efficiencies and have also 
recognised a oneoff charge against display inventories 
as a result we have realised a reduction in stockholding 
over the period
c apital structure and treasury
cash and cash equivalents at the period end were 
£91 million 2010 £419 million with repayable 
borrowings at £600 million 2010 £910 million
this gives the group a net debt position of £509 million 
compared to £491 million as at 2 october 2010
c ash flow
cash generated by operations was £207 million 
compared to £198 million last period
matthew williams
chief executive officer
rob parker 
finance director
28 november 201 1
microline’s simple classic shape offers 
endless design possibilities from kitchen 
shabby chic to bathroom simplicity
bringing this classic brickshaped ceramic 
up to date with a vibrant colour palette 
and metallic finish
microline metro g lass
£509m
net debt 
53 weeks ended 2 october 2010 £491m
123
stock days 
53 weeks ended 2 october 2010 121
14887ttar11p125indd   19 07122011   2152 plc annual report and financial statements 201 1
20
at topps tiles we are proud of our reputation for providing excellen t 
custo mer ser vice this ethos has been present from the start and 
runs throughout the core of our business nothing is too much 
trouble for our kn o wledgeable well tr ained s taff we help our 
customers every step of the way from inspirational ideas for their 
homes to selecting the right products to produce an excellen t 
quali ty finish – we even organise the fitting
with over
 300
 stores nationwide visit a store near you today
servi ce
great
browse and buy online
o ur online store is open 24 hours  
a day – 7 days a week enabling 
customers to browse order samples 
visualise tiles on a room set 
visualiser and purchase securely
14887ttar11p125indd   20 07122011   2152 review of the business
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plc annual report and financial statements 201 1
2 1
our free “how to”  
guides offer expert advice
o ur free “how to” guide is available 
as a dvd or can be downloaded 
online it offers expert preparation 
and fixing guides to help those 
customers who want to “have a 
go” themselves and complete their 
tiling or wood flooring project 
like a professional
try at home  
sample service
o ur sample service allows 
customers to view different 
tiles in their homes so that 
they can check suitability 
prior to purchase
servi ce
14887ttar11p125indd   21 07122011   2152 22
plc annual report and financial statements 201 1
co r po ra te so cial res po nsibili ty
taking responsibility for our impact on society is 
important to us as a business and we have been 
developing our corporate social responsibility “csr”
agenda since 2004 over the past eight years we have 
evolved and enhanced our programme to ensure we are 
an active member within the communities we work that 
we work in an environmentally conscious manner and 
we ensure our employees feel supported developed 
and engaged
we are proud of our achievements in this area and 
focus our attention across three primary areas
 a community and charity
 a environment
 a our people
comm u nity and c harity
an important part of being a “good neighbour” for 
topps tiles is ensuring we are active in the communities 
local to our stores and places where we work  
we have a strong csr ethic at topps and this is 
reflected in the work we do within our community 
and charity programmes
in its eighth year our csr programme has grown and 
enhanced over the years providing the framework and 
impetus for stores to support local activities that are a 
“perfect fit” for the values and culture of our group 
topps in the community
mosaic art is fast becoming a growing craft across the 
uk and topps is proud to lead the way in promoting 
and supporting mosaic as both a public art and an 
educational craft skill for children and adults 
our mosaic programme is broken down into two 
key areas
 a supporting the educational needs of adults and 
children in our local community we provide topps 
tiles community vouchers for mosaic materials to 
community artists and neighbourhood craft groups 
and provide expertise and materials to schools 
educational workshops and further education 
centres our support assists these individuals and 
groups to develop their selfesteem selfability 
educational needs empowerment inclusion and 
communication skills and
 a sponsoring two major competitions designed to 
showcase the work of novice mosaic artists mega 
mosaic makers is a primary school competition 
organised by the british association for modern 
mosaic and our own landmark competition for adults 
learning mosaic in community workshops and further 
education centres the topps tiles award for 
achievements in mosaics
youth football
sponsorship of youth football is the cornerstone of our 
community relations programme and an exciting way for 
us as a business to get involved in the helping of children 
in our local communities get outdoors and get active
we are one of the biggest supporters of youth football 
in the uk and whenever we open a new store we 
encourage them to look for sponsorship opportunities 
our stores are encouraged to build close relationships 
with teams and not only support them emotionally but 
also with the equipment needed to ensure they can 
get active without worry – kit footballs and kitbags 
we have been so successful in our youth football 
sponsorship that the kit our stores donate to junior teams 
is now arguably the most famous strip in the grassroots 
game teams are also encouraged to support our charity 
partner help for heroes 
we currently support over 300 youth teams nationwide 
and are very proud of this association all the activity 
culminates in an annual tournament where teams across 
the country are invited to come together at the king 
power stadium leicester city fc
‘‘we are so honoured that topps tiles have continued to support 
h4h in 2011 their support since 2008 has been incredible they are 
always enthusiastic and never seem to tire of doing just about 
anything to raise money for our heroes the money really has 
made a huge difference and we are very grateful for everything 
they have done they are a pleasure to work with and we are 
looking forward to seeing what you have planned for next 
year’’ bryn parry h4h november 2011
14887ttar11p125indd   22 07122011   2152 23
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300
number of football teams we sponsor in the uk
help for heroes charity bike ride
award for achievements in mosaics 2011 
winner julie hand
we are one of the biggest supporters of 
youth football in the uk sponsoring over 
300 youth teams nationwide
charity
during 2008 we adopted “help for heroes” as our 
group charity and have taken their cause to our hearts in 
a big way founded in 2007  the charity funds specialist 
rehabilitation projects for members of the armed forces 
wounded in frontline conflicts including afghanistan 
undoubtedly one of britain’s most highprofile charities 
help for heroes enjoys phenomenal support from the 
british public as it does with the workforce at topps tiles 
the last year has seen a phenomenal fundraising drive 
by our employees with individuals arranging events in 
their local communities fun runs football tournaments etc 
as well as participating in companywide fundraisers 
such as our “be a christmas hero” day
all the hard work and commitment that our employees 
put into our partnership was recently recognised at the 
help for heroes awards ceremony where the group 
received an award for “outstanding support” with over 
£160000 already raised for help for heroes topps 
are looking forward to continuing the successful 
partnership in 2012
“we are so honoured that topps tiles have continued to 
support h4h in 201 1 their support since 2008 has 
been incredible they are always enthusiastic and never 
seem to tire of doing just about anything to raise money 
for our heroes the money really has made a huge 
difference and we are very grateful for everything they 
have done they are a pleasure to work with and we 
are looking forward to seeing what you have planned 
for next year” bryn parry h4h november 201 1
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plc annual report and financial statements 201 1
co r po ra te so cial res po nsibili ty
continued
en vir on ment
energy
energy is a major driver of cost for the business and also 
forms a significant part of our environmental impact 
energy efficient technology including low energy lighting 
helps to reduce our environmental impact and we 
continually review opportunities to adopt new technology 
on a cost efficient basis wherever possible
in 2010 in liaison with the carbon trust we commenced 
a pilot scheme for the replacement of old inefficient lighting 
installations with new efficient systems at 1 1 of our sites 
this scheme proved successful achieving our objectives 
of an improved environment for our customers and staff 
cost savings from lower electricity consumption and 
maintenance costs and a reduction in our carbon 
footprint as a result of this success we have now 
completed a further 21 locations and plan to continue 
the upgrade programme in the year ahead
waste
waste management remains an important area for our 
business and recent initiatives specifically at our main 
warehouses have reduced waste going to landfill by up 
to 40 all cardboard and plastic generated at the 
centre is now baled and sold on to recycling companies 
with all waste wood crushed in to small pieces and 
similarly sold on using our proactive approach to 
continuously minimise waste the plan is to further 
broaden and increase our commitment by reviewing 
areas such as polystyrene metal and canteen waste 
more closely
with the continuing need for us to actively manage our 
store waste in conjunction with our chosen refuse partner 
our stores now use dry mixed recycling which means 
that cardboard paper newspapers plastic films bottles 
steel and aluminium cans can all be put into one bin 
as well as controlling our costs we are also reducing our 
environmental impact by diverting store waste away from 
landfill and into established recycling channels
transport
topps has taken delivery of a further five “euro 5” low 
emission vehicles during 201 1 and have specified 
manufacturers’ telematic systems as standard on these 
vehicles this brings in line all of topps’ own fleet to 
euro 5 specification total co2 emissions on our own 
fleet for 201 1 was 2460 tonnes a reduction of 8 
yearonyear despite additional activity with new fleet 
efficiencies expected to reduce this number further during 
2012 we are continuing to review our trailer 
replacement programme with a focus on a lightweight 
fleet to reduce mileage and subsequent emmisions we 
already have one doubledeck trailer in daily use and we 
are considering options including more doubledeck 
urban trailers drawbar combinations and more 
aerodynamic designs we are also committed to 
collaborating with other retailers where possible to share 
empty fleet space maximising efficiencies
supply chain
we source our goods for resale from around the world 
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 ensure that all contracts for supply 
of goods include our requirements in relation to each of 
the above issues we have a policy on timber products 
and have adopted the principles and criteria of the 
forest stewardship council as our benchmark
our pe opl e
our employees are a central focus for us and we want 
them to feel engaged and proud of their company  
we want to ensure that not only do we give our 
customers an inspiring place to shop but we also 
give our employees an inspiring place to work
employee wellbeing
we provide an employee helpline service for all 
employees to have a channel for expressing concerns 
and seeking advice over the last year we have 
launched a new employee assistance programme 
a store manager health plan employee private health 
cover and extended our paternity policy to ensure 
our employees’ wellbeing is fully supported
help for heroes charity cake sale mega mosaic makers competition
14887ttar11p125indd   24 07122011   2153 25
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k
annual youth football tournament at 
l eicester city’s king power stadium
supporting the british 
association for modern 
mosaics by providing 
materials to schools  
for the mega mosaic 
makers competition
our inhouse health and safety team maintain regular 
dialogue with staff and carry out periodical inspections 
and assessments to ensure risks are minimised or 
removed in our stores warehouse and offices and 
to promote effective communication and employee 
involvement we also operate a health  safety 
committee which meets on a regular basis and 
is chaired by a main board director
communication and engagement
communication with our employees is vital and we 
have initiatives in place to ensure regular and effective 
dialogue with staff we have introduced a three year 
communication and engagement plan to support the 
business plan for the future
 a we have a number of existing communication 
channels including a newly designed internal 
magazine and a weekly stores bulletin we also have 
an intranet that is being redesigned and which we 
expect to play an increasingly important part in our 
communication plans as we move forward as part of 
our communication commitment we have conducted a 
series of management road shows taking over 400 
of our senior managers through our strategic plans for 
the next three years and ensuring all employees 
understand and are part of our vision
 a this year saw the launch and rollout of our employee 
representative forum “team talk” across the entire 
business and the first full employee engagement 
survey these initiatives will help to create a 
framework for employees to participate in a 
two way engagement process with those that 
will drive decision making within the group
 a we are developing our internal employee brand in a 
drive to attract and retain the talent needed to support 
our growth plans we actively encourage our staff to 
apply for internal vacancies and promotions
 a rewarding our employees for all their hard work 
is part of the topps ethos and every employee has 
the opportunity to enhance their basic pay through 
additional performance related incentives this year 
has also seen us review and enhance our complete 
reward programme to ensure we are competitive and 
recognise all our employees for their hard work  
and loyalty
employee development
as a group we actively encourage employee 
development we have a strong culture and history 
of growing and developing our people within the 
organisation and it is important to us that our employees 
fulfil their potential whilst they are working with us 
 a 201 1 has seen over 300 of our retail employees 
gain level two qualifications in retail skills and 
45 employees have begun studying for their 
level three qualification
 a this year has also seen the launch of the topps tiles 
young apprenticeships programme we have 12 
young men and women working with us across the 
uk and it is a programme we hope to develop and 
grow over the coming year
in april 201 1 the group retained its investors in people 
award for a further three years 
topps tiles is pleased to be a constituent member of the 
ftse4good uk index 
our full policy can be found on our website at  
wwwtoppstilescouk in the investor section under 
corporate responsibility
14887ttar11p125indd   25 07122011   2153 rt hon michael jack  
privy councillor 
nonexecutive chairman aged 65
member of audit committee
chairman of nomination committee
member of remuneration committee
in business michael’s management experience 
came from pg marks  spencer’s and a 
part of northern foods his career as an mp 
concluded in 2010 after 23 years during 
which he served as a minister in four 
departments including the treasury as 
financial secretary
additionally he chaired the efra select 
committee now he chairs the recently  
formed office of tax simplification  
he joined topps tiles board in 1999
alan white 
nonexecutive director aged 56
chairman of audit committee
member of nomination committee
chairman of the remuneration committee
alan is the chief executive of n brown 
group plc a role he was appointed to  
in 2002 he qualified as a chartered 
accountant with arthur andersen and  
has been group finance director for sharp 
electronics uk n brown group plc and 
littlewoods plc he joined the board of 
topps tiles in april 2008
matthew williams 
chief executive officer aged 37
matt joined the company in 1998 after 
completing his chartered surveyors exams and 
took up the role of property director in 2004 
he was promoted to chief operating officer 
and on 1 april 2006 joined the plc board 
in 2007 he was promoted to chief executive 
officer
nicholas ounstead 
marketing director aged 51
health  safety committee chairman
nicholas joined topps tiles in april 1997  
prior to this he was marketing director at 
bellegrove ceramics plc which is a major 
supplier to diy chains and independent 
retailers in september 2001 he was 
appointed chief operating officer  
and promoted to chief executive officer 
from 2002 to 2007  
nicholas is also chairman of the health 
and safety committee
robert parker 
finance director aged 39
company secretary
secretary of audit committee
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 
five 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
26
plc annual report and financial statements 201 1
direct ors
14887ttar11p2637indd   26 07122011   2154 directors
the rt hon jm jack privy counsellor 
nonexecutive chairman
mtm williams 
chief executive officer
r parker acma 
finance director
nd ounstead 
marketing director
a white fca 
nonexecutive director
secretary
r parker acma registered number
3213782
registered office
thorpe way
grove park
enderby
leicestershire
le19 1su
auditor
deloitte llp
manchester  
united kingdom
bankers
hsbc bank plc
56 queen street
cardiff
cf10 2px
registrars
capita irg plc
bourne house
34 beckenham road
beckenham
kent
br3 4tu
solicitors
beachcroft llp
st ann’s house
st ann street
manchester
sinclair abson smith lawyers
19 market place
stockport
sk1 1ha
brokers
peel hunt 
moor house
 120 london wall
london
ec2y 5et
27
plc annual report and financial statements 201 1
other information
financial statements
review of the business
governance
k
directo rs and advi so rs
14887ttar11p2637indd   27 08122011   1427 the directors present their annual report on the affairs of the group together with the financial statements and auditor’s report for the 52 week 
period ended 1 october 201 1 the corporate governance statement set out on pages 31 to 32 forms part of this report
principal activity
the principal activity of the group comprises the retail and wholesale distribution of ceramic tiles wood flooring and related products
business review
the company being the listed entity topps tiles plc is required by the companies act to set out in this report a fair review of the business of the 
group during the financial period ended 1 october 201 1 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 chairman’s statement on page 3 the 
ceo’s statement on page 5 the strategy summary on page 2 the business review on pages 10 to 19 and the corporate and social 
responsibility statement on pages 22 to 25 which are incorporated in this report by reference
the directors monitor a number of financial and nonfinancial key performance indicators kpis for the group and by store and these are detailed 
on pages 1 1 and 12
results and dividends
the audited financial statements for the 52 week period ended 1 october 201 1 are set out on pages 38 to 75 the group’s profit for the period 
from continuing operations after taxation was £5714000 2010 £8472000
during the interim period a dividend of 05p per share was declared and paid 2010 no interim dividend was paid
following careful consideration and for the reasons given in the chairman’s statement of this report the board is recommending the payment of a 
final dividend of 06 pence per share totalling £1130195 2010 1 pence per share totalling £1882023 
directors
the directors of the company who served throughout the year and thereafter except as noted were as follows
bfj bester nonexecutive chairman resigned on 17 may 201 1
mtm williams chief executive officer
r parker finance director
nd ounstead marketing director
jm jack senior independent nonexecutive director and appointed as nonexecutive chairman on 17 may 201 1
a white nonexecutive director 
in line with the updated code on corporate governance all directors will be subject to annual reelection from the next annual general meeting
the company provides insurance against directors and officers liabilities to a maximum value of £7 500000
the directors’ interests in the shares of the company are set out on page 36
details of directors’ share options are provided in the directors’ remuneration report on page 35
share capital
details of the company’s authorised and issued share capital together with details of the movements in the company’s issued share capital during 
the period are shown in note 23 to the financial statements
the company has one class of ordinary shares in issue which carry no right to fixed income each share carries the right to one vote at general 
meetings of the company
there are no specific restrictions on the size of a holding nor on the transfer of shares which are both governed by the general provisions of the 
articles of association and prevailing legislation the directors are not aware of any agreements between holders of the company’s shares that 
may result in restrictions on the transfer of securities or on voting rights
no person has any special rights of control over the company’s share capital and all issued shares are fully paid with the exception of the 
122000 shares issued to the topps employee benefit trust
change of control – significant agreements
the group is party to significant agreements including commercial contracts financial and property agreements and employees’ share plans 
which contain certain termination and other rights for the counterparties upon a change of control of the company should the counterparties 
choose to exercise their rights under the agreements on a change of control such arrangements would need to be renegotiated none of these are 
considered to be significant in terms of the likely impact on the business of the group as a whole there are no agreements between any group 
company and any of its employees or any director of the company which provides for compensation to be paid to the employee or director for 
termination of employment or for loss of office as a consequence of a takeover of the company other than provisions that would apply on any 
termination of employment
28
plc annual report and financial statements 201 1
direct ors’ report
14887ttar11p2637indd   28 07122011   2154 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 38 days purchases 2010 41 days 
trade creditor days is calculated by dividing the trade and other payables creditor by the aggregate of cost of sales and relevant nonstock 
expenditure multiplied by 365
charitable and political contributions
during the period the group made no charitable donations 2010 £10000 to help for heroes the group made no political contributions 
2010 £nil the group will continue its support for help for heroes and participation in future fundraising efforts
substantial shareholdings
in addition to the directors’ shareholdings noted on page 36 on 22 november 201 1 the company had been notified in accordance with 
chapter 5 of the disclosure and transparency rules or under section 793 of the companies act 2006 of the following interests in 3 or more of 
its issued share capital
number  held
barry bester 22929954 122
aberforth 20822889 1 11
stuart williams 20593950 109
axa investment managers 17 155253 91
aviva 9097 903 48
ernstrom 8986376 48
allianz 8950000 48
river  mercantile 8344994 44
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 risks is 
detailed in notes 17  18 19 20 and 21 the group’s risk management policies and procedures are also discussed in the business review on 
pages 10 to 19
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 number of options held by employees including directors is 6229563 2010 55717 46
as described in note 32 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 which during the period ended 
1 october 201 1 fell between 7 january 201 1 and 24 january 201 1 when the average price was 79p
details of directors’ share options are provided in the directors’ remuneration report on page 35
information given to the auditor
each of the directors at the date of approval of this annual report confirms that
 a so far as the director is aware there is no relevant audit information of which the company’s auditor is unaware and
 a the director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and 
to establish that the company’s auditor is aware of that information
this confirmation is given and should be interpreted in accordance with the provisions of section 418 of the companies act 2006
auditor
a resolution to reappoint deloitte llp as the company’s auditor will be proposed at the forthcoming annual general meeting
29
plc annual report and financial statements 201 1
other information
financial statements
review of the business
governance
k
14887ttar11p2637indd   29 07122011   2154 directors’ responsibilities statement
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 under that law the directors are required to prepare the 
group financial statements in accordance with international financial reporting standards ifrss as adopted by the european union and article 4 
of the ias regulation and 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 under company law the directors must not approve 
the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the 
company for that period 
in preparing the parent company financial statements the directors are required to
 a select suitable accounting policies and then apply them consistently
 a make judgements and accounting estimates that are reasonable and prudent
 a state whether applicable uk accounting standards have been followed subject to any material departures disclosed and explained in the 
financial statements and
 a prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business
in preparing the group financial statements international accounting standard 1 requires that directors
 a properly select and apply accounting policies
 a present information including accounting policies in a manner that provides relevant reliable comparable and understandable information 
 a 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 and
 a make an assessment of the company’s ability to continue as a going concern
the directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and 
disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements 
comply with the companies act 2006 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
responsibility statement 
we confirm that to the best of our knowledge
 a the financial statements prepared in accordance with the relevant financial reporting framework give a true and fair view of the assets 
liabilities financial position and profit or loss of the company and the undertakings included in the consolidation taken as a whole and
 a the management report which is incorporated into the directors’ report includes a fair review of the development and performance of the 
business and the position of the company and the undertakings included in the consolidation taken as a whole together with a description 
of the principal risks and uncertainties that they face
by order of the board
r parker
director and company secretary
28 november 201 1
30
plc annual report and financial statements 201 1
direct ors’ report
c ont inued
14887ttar11p2637indd   30 07122011   2154 rt hon michael jack chairman of the board
dear shareholder 
the company is committed to the principles of corporate governance contained in the 2010 uk corporate governance code issued by the 
financial reporting council “the code” for which the board is accountable to shareholders 
statement of compliance with the code 
the company has complied throughout the period with the provisions of the code except for provision b61 as the board does not currently 
undertake formal appraisal of its own performance and that of its committees on the basis that it considers an informal rolling programme of 
review appropriate 
the company complies with all other provisions of the code
in addition the company recognises the need to increase the number of independent nonexecutive directors on the board and a process to 
identify and appoint two suitable candidates is well advanced the company hopes to be in a position to make a further announcement on these 
appointments early in 2012
the board of directors comprises five members of which two are considered independent including the company’s nonexecutive chairman 
rt hon michael jack the senior independent nonexecutive director is alan white who also chairs the audit committee and remuneration 
committee brief biographical details of all directors are given on page 26 the board meets at least ten times a year certain defined issues are 
reserved for the board including approval of financial statements and circulars annual budgets strategy directors’ appointments 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 uptodate information about trading performance the group’s overall financial position 
and its achievement against prior period 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 nonexecutive director
in line with the updated uk corporate governance code all directors will be subject to annual reelection from the next annual general meeting 
directors are elected at the first agm after appointment all nonexecutive directors have written letters of appointment the board acknowledges 
the code’s position with respect to the potential loss of independence for any nonexecutive director who has served for nine years or more 
although the rt hon michael jack has exceeded this term the board regards him to be independent and considers his broad based commercial 
experience and extensive business specific knowledge to be extremely beneficial
the board considers that the rt hon michael jack and alan white are independent for the purposes of the code the terms and conditions 
for the appointment of nonexecutive directors are available for inspection on request
the board will review the independence of nonexecutive directors on an ongoing basis
the board 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 boardcommittee meetings
the following table shows the number of board and committee meetings held during the 52 week period ended 1 october 201 1 
and the attendance record of the individual directors
board
of directors
audit
c ommittee
remuneration
c ommittee
nomination
c ommittee
number of meetings 13 2 3 2
bfj bester resigned 17 may 201 1 8 1 1 1
mtm williams 13 2 na na
nd ounstead 13 2 na na
r parker 13 2 na na
jm jack 13 2 3 2
a white 13 2 3 2
3 1
plc annual report and financial statements 201 1
other information
financial statements
review of the business
governance
k
corporate governance statement
14887ttar11p2637indd   31 07122011   2154 statement about applying the principles of the code
the company has applied the principles of the uk corporate governance code as reported above further explanation of how the principles 
of the code have been applied in connection with directors’ remuneration is set out in the remuneration report
audit committee
the audit committee consists of the nonexecutive directors the chairman is alan white the other member is the rt hon michael jack 
the qualifications of the audit committee members are detailed on page 26
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 auditor 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 a year to the board the committee meets with the external auditor and the rest of the board attend at the invitation of 
the audit committee chairman
part of the role of the audit committee is to review the independence of the company’s auditor the company’s external auditor deloitte llp 
“deloitte” have provided nonaudit services to the company in the form of tax advice the audit committee is satisfied that deloitte llp has 
adequate policies and safeguards in place to ensure that auditor objectivity and independence is maintained the audit committee is aware 
that providing audit and non audit advice could lead to a potential conflict of interest the level of fees paid to deloitte llp for non audit services 
has been considered by the audit committee and is not perceived to be in conflict with auditor independence in order to ensure the continued 
independence and objectivity of the external auditor there is an established policy regarding the provision of non audit services the audit 
committee has concluded that the auditor deloitte is independent
deloitte has been auditor for the group since september 2003 the current audit partner’s first period as signing partner is the current period 
ended 1 october 201 1 the audit committee considers the work of deloitte and their independence in deciding whether an audit tender is 
required and at this point in time is satisfied by the work of deloitte and their independence and so has proposed their reappointment
nomination committee
the nomination committee is chaired by the rt hon michael jack the other member is alan white 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 wwwtoppstilescouk
maintenance of a sound system of internal control
the board has applied principle c2 of the 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 the revised guidance on internal control published in october 2005 the turnbull guidance 
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 c21 of the 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
during the course of its review of the system of internal control the board has not identified nor been advised of any failings or weaknesses 
which it has determined to be significant therefore a confirmation in respect of necessary actions has not been considered necessary
rt hon michael jack
chairman of the board
28 november 201 1
32
plc annual report and financial statements 201 1
corporate governance statement
c ont inued
14887ttar11p2637indd   32 07122011   2154 introduction
this report has been prepared in accordance with schedule 8 of the accounting regulations under the companies act 2006 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 
relating to the directors’ remuneration in the code as required by the act 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 act requires the auditor to report to the company’s members on certain parts of the directors’ remuneration report and to state whether in 
their opinion those parts of the report have been properly prepared in accordance with the accounting regulations the report has therefore been 
divided into separate sections for the audited and unaudited information
un audite d inform at ion
remuneration committee
the company has a remuneration committee “the committee” which is constituted in accordance with the recommendations of the code 
the members of the committee are the rt hon michael jack and alan white the committee is chaired by alan white and has met three times 
during the financial period to discuss the remuneration of the senior management team and the nonexecutive directors none of the committee 
has any personal financial interest other than as shareholders conflicts of interest arising from crossdirectorships or daytoday involvement in 
running the business the committee makes recommendations to the board on the individual remuneration packages of each executive director 
no director plays a part in any discussion about his own remuneration the terms of reference for the committee are available on written request 
from the company secretary
during the financial period the main areas reviewed by the committee have been executive annual pay award nonexecutive fees chairman 
remuneration board subcommittee fees and executive salary benchmarking
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 nonexecutive directors is determined by the board within limits set out in the articles of association
there are four main elements of the remuneration package for executive directors
 a basic annual salary and benefits
 a annual cash based bonus payments
 a deferred sharebased longterm incentives and
 a pension arrangements
basic salary
an executive director’s basic salary is reviewed and determined by the committee prior to the beginning of each financial period and when 
an individual changes position or responsibility in deciding appropriate levels the committee considers the group as a whole including levels 
of increases appropriate to other employees in the group and relies on objective research which gives uptodate information on a comparator 
group of companies in line with the general pay award for all staff basic salaries were reviewed in june 201 1 and were increased by 25 
effective from that date in consideration of general inflation executive directors’ contracts of service which include details of remuneration will be 
available for inspection at the annual general meeting executive directors’ pay and the employment conditions of the group are taken into 
account when determining the directors’ remuneration for the financial period in addition to basic salary the executive directors receive certain 
benefitsinkind principally a car and private medical insurance
annual bonus payments
a discretionary annual cash bonus scheme represents the shortterm incentive element of the overall remuneration package for mr williams 
mr parker and mr ounstead the 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 125 of basic salary based on group outperformance against budgeted ebitda 
for the period ending 1 october 201 1 the performance criteria were not met and no bonus payment was due
deferred bonus longterm incentive plan
at the agm in january 2010 a new deferred bonus longterm incentive plan was approved by shareholders under this longterm incentive 
plan 25 of the annual bonus net of tax is deferred in the form of shares for a twoyear period with a matching share award on a gross basis 
that vests at the end of two years subject to the achievement of performance conditions relating to continuing employment within the business and 
ebitda earnings growth measured over the twoyear period for the period ended 1 october 201 1 the performance criteria were not met and 
no bonus payment was due the bonus structure will remain the same for the coming financial period
pension arrangements
mr bester mr ounstead and mr parker received contributions into their own personal pension schemes as disclosed in the table on page 35
33
plc annual report and financial statements 201 1
other information
financial statements
review of the business
governance
k
remuneration report
14887ttar11p2637indd   33 07122011   2154 dire ct or s’ co ntr act s
executive directors
it is the company’s policy that executive directors are offered permanent contracts of employment with a range of six to twelve months’ notice 
period under an event of contract termination any severance payment would be subject to negotiation but would be with regard to length of 
service and the prevailing notice period
nonexecutive directors
nonexecutive 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 nonexecutive directors of similar companies the basic fee paid to each 
nonexecutive director in the period was £34000 2010 £34000 in addition to the basic fee there is an additional allowance paid 
to the senior independent nonexecutive director of £3026 2010 £2836 with respect to the subcommittees of the board there is a fee paid 
for the additional role of subcommittee chairman of £3000 2010 £nil and £2000 for being a member of each subcommittee 2010 £nil 
it is the company’s policy that nonexecutive directors should have contracts with an indefinite term providing for a maximum of six months’ notice 
independent nonexecutive directors cannot participate in any of the company’s share option schemes and are not eligible to join the company’s 
pension scheme
the role of chairman is also nonexecutive with an indefinite term contract and a maximum six months’ notice during the period we announced 
a change in chairman the outgoing chairman barry bester retired from the board on 17 may 201 1 and his contract entitled him to six months’ 
notice from that date the total remuneration received by mr bester for the period was £131000 2010 £1 15000 including a contribution to 
the company pension scheme of £6000 2010 £6000 mr bester also participated in the 2009 save as you earn scheme effective from 
17 may 201 1 the rt hon michael jack was promoted to the role of chairman and has received total remuneration for the period of £66000 
2010 £37 000
the details of the nonexecutive directors’ contracts are summarised in the table below
name of director date of contract or letter of appointment u nexpired term notice period
jm jack 26 january 1999 na 6 months
a white 1 april 2008 na 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 250 index also measured by tsr the index chosen for the comparison demonstrates the group’s tsr in comparison to the average 
for ftse 250 companies
the ftse 250 index is considered a relevant comparator for the business
total shareholder return charting 
oct06 oct07 oct08 oct09 oct10
topps tiles plc ftse 250
–60
–40
–100
0
20
–20
60
80
100
40
–80
oct11
34
plc annual report and financial statements 201 1
remuneration report
c ont inued
14887ttar11p2637indd   34 07122011   2154 audite d inform at ion
aggregate directors’ remuneration
the total amounts for directors’ remuneration were as follows
2011
£’000
2010
£’000
emoluments 1013 1219
money purchase pension contributions 23 26
sharebased payments – 92
amounts receivable under longterm incentive schemes 66 79
1102 1416
directors’ emoluments
name of director
fees
£’000
basic
salary
£’000
vehicle 
allowance
£’000
benefits in 
kind
£’000
money 
purchase 
pension 
contributions
£’000
bonus
£’000
2011 
£’000
2010
£’000
  
mt m williams – 359 24 1 – – 384 515
nd ounstead – 205 21 1 8 8

243 285
r parker – 205 21 1 9 – 236 338
nonexecutive directors
bfj bester 
resigned 17 may 201 1 – 123 – 2 6 – 131 1 15
jm jack – 66 – – – – 66 37
a white 17 25 – – – – 42 34
17 983 66 5 23 8  1102 1324
n ounstead received a bonus relating to an outstanding award from the previous financial period
2010 comparatives have been restated to exclude share payments to aid comparison with 201 1 remuneration
directors’ share options
share options held by the directors relate to the 2009 and 201 1 save as you earn schemes which were eligible to all employees no options 
have been exercised in the period
name of director scheme 2 oct 2010 acquired 1 oct 2011 exercise price
date from 
which 
exercisable expiry date
nd ounstead save as you earn april 2009 26836 – 26836 £0165 1 apr ‘12 1 oct ‘12
r parker save as you earn april 2009 44727 – 44727 £0165 1 apr ‘14 1 oct ‘14
save as you earn april 201 1 – 5625 5625 £064 1 apr ’14 1 oct ’14
mt m williams save as you earn april 2009 26836 – 26836 £0165 1 apr ‘12 1 oct ‘12
save as you earn april 201 1 – 5625 5625 £064 1 apr ‘14 1 oct ‘14
share options held by the directors that departed during the year are as follows
name of director scheme 2 oct 2010 acquired 1 oct 2011 exercise price
date from 
which 
exercisable expiry date
bfj bester save as you earn april 2009 26836 – 26836 £0165 1 apr ‘12 1 oct ‘12
the market price of the ordinary shares at 30 september 201 1 was 340p and the range during the period was 260p to 850p
35
plc annual report and financial statements 201 1
other information
financial statements
review of the business
governance
k
14887ttar11p2637indd   35 07122011   2154 directors’ interests
the directors had the following interest in the shares of the company at the period end all interests relate solely to ordinary shares
2011
no of 
ordinary 
shares of 
333p each
2010
no of  
ordinary  
shares of  
333p each
mt m williams 567000 600000
nd ounstead 447750 477 750
r parker 72500 72500
jm jack 74250 44250
a white 41499 41499
approval
this report was approved by the board of directors on 28 november 201 1 and signed on its behalf by
alan white
chairman of remuneration committee
36
plc annual report and financial statements 201 1
remuneration report
c ont inued
14887ttar11p2637indd   36 07122011   2154 we have audited the group financial statements of topps tiles plc for the 52 week period ended 1 october 201 1 which comprise the 
consolidated statement of financial performance the consolidated statement of comprehensive income the consolidated statement of financial 
position the consolidated statement of changes in equity the consolidated cash flow statement and the related notes 1 to 34 the financial 
reporting framework that has been applied in their preparation is applicable law and international financial reporting standards ifrss as 
adopted by the european union
this report is made solely to the company’s members as a body in accordance with chapter 3 of part 16 of the companies act 2006 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 auditor
as explained more fully in the directors’ responsibilities statement the directors are responsible for the preparation of the group financial statements 
and for being satisfied that they give a true and fair view our responsibility is to audit and express an opinion on the group financial statements in 
accordance with applicable law and international standards on auditing uk and ireland those standards require us to comply with the auditing 
practices board’s ethical standards for auditors
scope of the audit of the financial statements
an audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the 
financial statements are free from material misstatement whether caused by fraud or error this includes an assessment of whether the accounting 
policies are appropriate to the group’s circumstances and have been consistently applied and adequately disclosed the reasonableness of 
significant accounting estimates made by the directors and the overall presentation of the financial statements in addition we read all the financial 
and nonfinancial information in the annual report to identify material inconsistencies with the audited financial statements if we become aware of 
any apparent material misstatements or inconsistencies we consider the implications for our report
opinion on financial statements
in our opinion the group financial statements
 a give a true and fair view of the state of the group’s affairs as at 1 october 201 1 and of its profit for the 52 week period then ended
 a have been properly prepared in accordance with ifrss as adopted by the european union and
 a have been prepared in accordance with the requirements of the companies act 2006 and article 4 of the ias regulation
separate opinion in relation to ifrss as issued by the iasb
as explained in note 2 to the group financial statements the group in addition to complying with its legal obligation to apply ifrss as adopted 
by the european union has also applied ifrss as issued by the international accounting standards board iasb
in our opinion the group financial statements comply with ifrss as issued by the iasb
opinion on other matter prescribed by the companies act 2006
in our opinion the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent 
with the group financial statements
matters on which we are required to report by exception
we have nothing to report in respect of the following
under the companies act 2006 we are required to report to you if in our opinion
 a certain disclosures of directors’ remuneration specified by law are not made or
 a we have not received all the information and explanations we require for our audit
under the listing rules we are required to review
 a the directors’ statement contained within the business review in relation to going concern 
 a the part of the corporate governance statement relating to the company’s compliance with the nine provisions of the uk corporate 
governance code specified for our review and
 a certain elements of the report to shareholders by the board on directors’ remuneration
other matter
we have reported separately on the parent company financial statements of topps tiles plc for the period ended 1 october 201 1 and on the 
information in the directors’ remuneration report that is described as having been audited
timothy edge senior statutory auditor
for and on behalf of deloitte llp 
chartered accountants and statutory auditor  
manchester united kingdom
28 november 201 1
37
plc annual report and financial statements 201 1
other information
k
financial statements
governance
review of the business
k
independent auditor’s report to the members of 
topps tiles plc
14887ttar11p2637indd   37 08122011   1429 38
plc annual report and financial statements 201 1
consolidated statement of finan cial performan ce
for the 52 weeks ended 1 october 201 1
notes
52 weeks  
ended  
1 o ctober  
2011 
£’000
53 weeks  
ended  
2 october  
2010 
£’000
group revenue – continuing operations 34 175525 182406
cost of sales 70904 75254
gross profit 104621 107 152
employee profit sharing 6638 6902
distribution costs 65883 64492
other operating expenses 6393 5452
administrative costs 6624 7 044
sales and marketing costs 5103 3385
 group operating profit before exceptional items 18174 21093
 impairment of plant property and equipment 5 1051 815
 write off of display inventories 5 1281 –
 property related provisions 5 1862 401
group operating profit 4 13980 19877
other gains 48 – 100
investment revenue 49 356 453
finance costs 49 4798 5275
fair value loss on interest rate derivatives 49 1630 2780
profit before taxation 46 7908 12375
taxation 410 2194 3903
profit for the period from continuing operations 5714 8472
discontinued operations
profit for the period from discontinued operations 1 1 – 1502
profit for the period attributable to equity holders of the company 30 5714 9974
 
earnings per ordinary share 13
from continuing operations
– basic 304p 456p
– diluted 297p 446p
from continuing and discontinued operations
– basic 304p 537p
– diluted 297p 526p
consolidated statement of comprehensive in come
for the 52 weeks ended 1 october 201 1 
 
52 weeks 
ended  
1 o ctober 
2011  
£’000
53 weeks  
ended  
2 october  
2010  
£’000
profit for the period 5714 9974
total comprehensive income for the period attributable to equity holders of the parent company 5714 9974
 
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notes
52 weeks  
ended  
1 o ctober  
2011 
£’000
53 weeks  
ended  
2 october  
2010 
£’000
n oncurrent assets
goodwill 14 245 245
property plant and equipment 15 37221 31639
37466 31884
current assets
inventories 23800 24874
trade and other receivables 17 7261 7 594
deferred tax asset 22 595 –
cash and cash equivalents 18 9088 41879
40744 74347
total assets 78210 106231
current liabilities
trade and other payables 19 24105 25588
derivative financial instruments 21 12186 10557
bank loans 20 – 7 250
current tax liabilities 5537 6181
provisions 22 1075 –
42903 49576
n et current liabilitiesassets 2159 24771
n oncurrent liabilities
bank loans 20 59289 83466
deferred tax liabilities 22 – 422
provisions 22 1480 1297
total liabilities 103672 134761
n et liabilities 25462 28530
equity
share capital 23 6279 6273
share premium 24 1022 1001
own shares 25 4 –
merger reserve 26 399 399
sharebased payment reserve 27 543 367
capital redemption reserve 28 20359 20359
retained earnings 30 53262 56131
total deficit attributable to equity holders of the parent 25462 28530
the accompanying notes are an integral part of these financial statements
the financial statements of topps tiles plc registered number 3213782 on pages 38 to 69 were approved by the board of directors and 
authorised for issue on 28 november 201 1 they were signed on its behalf by
mtm williams r parker
director director
consolidated statement of finan cial position
as at 1 october 201 1
14887ttar11p3888indd   39 07122011   2154 40
plc annual report and financial statements 201 1
consolidated statement of chan ges in equity
for the 52 weeks ended 1 october 201 1
equity attributable to equity holders of the parent
share 
capital 
£’000
share 
premium 
£’000
o wn 
shares 
£’000
merger 
reserve 
£’000
share
based 
payment 
reserve 
£’000
capital 
redemption 
reserve 
£’000
foreign 
exchange 
reserve 
£’000
r etained 
earnings  
£’000
total  
equity  
£’000
balance at 26 september 2009 5703 1001 – 240 240 20359 336 81161 53282
profit and total comprehensive 
income for the period – – – – – – – 9974 9974
shares issued in respect 
of placing and open offer 570 14296 – – – – – – 14866
transfer to retained earnings – 14296 – – – – – 14296 –
credit to equity for equitysettled 
sharebased payments – – – – 127 – – – 127
deferred tax on sharebased 
payment transactions – – – – – – – 121 121
release of reserve on disposal 
of subsidiary – – – 639 – – 336 639 336
balance at 2 october 2010 6273 1001 – 399 367 20359 – 56131 28530
profit and total comprehensive 
income for the period – – – – – – – 5714 5714
issue of share capital 6 21 – – – – – – 27
dividends – – – – – – – 2817 2817
own shares purchased 
in the period – – 4 – – – – – 4
credit to equity for equitysettled 
sharebased payments – – – – 176 – – – 176
deferred tax on sharebased 
payment transactions – – – – – – – 28 28
balance at 1 o ctober 2011 6279 1022 4 399 543 20359 – 53262 25462
14887ttar11p3888indd   40 07122011   2154 4 1
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consolidated cash flow statement
for the 52 weeks ended 1 october 201 1
52 weeks  
ended  
1 o ctober  
2011 
£’000
53 weeks  
ended  
2 october  
2010 
£’000
cash flow from operating activities
profit for the period 5714 9974
profit for the period from discontinued operations – 1502
taxation 2194 3903
fair value on interest rate derivatives 1630 2780
finance costs 4798 5275
investment revenue 356 453
other gains – 100
group operating profit 13980 19877
adjustments for
 depreciation of property plant and equipment 4128 4040
 impairment of property plant and equipment 1051 815
 property related provisions 1862 401
 write off of display inventories 1281 –
 share option charge 176 127
 decreaseincrease in trade and other receivables 337 3351
 increasedecrease in inventories 207 1853
 decrease in payables 1888 3991
cash generated by operations 20720 19771
interest paid 4795 5308
taxation paid 3883 41 12
net cash from operating activities 12042 10351
investing activities
interest received 616 107
purchase of property plant and equipment 10535 4292
proceeds on disposal of property plant and equipment 5 949
net cash used in investment activities 9914 3236
financing activities
dividends paid 2817 –
proceeds from issue of share capital 23 14874
new loans 60000 –
loan issue costs 1125 –
repayment of bank loans 91000 7 500
net cash used infrom financing activities 34919 7 374
net decreaseincrease in cash and cash equivalents 32791 14489
cash and cash equivalents at beginning of period 41879 27 270
effect of foreign exchange rate changes – 120
cash and cash equivalents at end of period 9088 41879
14887ttar11p3888indd   41 07122011   2154 42
plc annual report and financial statements 201 1
notes to the c o nsolidated finan cial statements 
for the 52 week period ended 1 october 201 1
1 general information
topps tiles plc is a company incorporated in the united kingdom under the companies act 2006 the address of the registered office is given 
on page 27  the nature of the group’s operations and its principal activity are set out in the directors’ report on page 28
these financial statements are presented in 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 21
adoption of new and revised standards 
in the current period the following new and revised standards and interpretations have been adopted and have affected or may affect in the 
future the amounts reported in the financial statements
ifrs 3 revised 2008 “business combinations” following an amendment to ifrs 3 all acquisition costs are charged to the statement of financial 
performance for all business combinations acquired after 1 july 2009
ifric 17 “distributions of noncash assets to users” the interpretation provides guidance on when an entity should recognise a noncash dividend 
payable how to measure the dividend payable and how to account for any difference between the carrying amount of the assets distributed and 
the carrying amount of the dividend payable when the payable is settled
the following amendments were made as part of improvements to ifrss 2009
amendments to ifrs 2 “sharebased payments” ifrs 2 has been amended following the issue of ifrs 3 2008 this has clarified the accounting 
for sharebased payment transactions between group entities
amendments to ias 17 “leases” ias 17 has been amended such that it may be possible to clarify a lease of land as a finance lease if it meets 
the criteria for that classification under ias 17 
amendments to ias 39 “financial instruments recognition and measurement” ias 39 has been amended to state that option contracts between 
an acquirer and a selling shareholder to buy or sell an acquiree that will result in a business combination at a future acquisition date are not 
excluded from the scope of this standard
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
ias 24 revised 2009 related party disclosures
ifrs 7 revised 2010 disclosures – transfers of financial assets
improvements to ifrss 2010
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 
2 ac countin g policies
a basis of accounting
the financial statements have been prepared in accordance with international financial reporting standards “ifrss” the financial statements have 
also been prepared in accordance with ifrss 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 derivative financial 
instruments historical cost is generally based on the fair value of the consideration given in exchange for the assets
b going concern
based on a detailed review of the risks and uncertainties discussed within the business review and management’s current expectations the board 
has a reasonable expectation that the group will continue to meet all of its financial commitments as they fall due and will be able to continue as 
a going concern 
the current economic climate and most recent trading period creates a degree of uncertainty in the outlook and our forecasts are sensitive to 
relatively small changes in sales and margin assumptions this uncertainty combined with the financial covenants included in our loan facilities 
has led the board to conduct a detailed review of a number of different trading scenarios and possible mitigating actions should they be 
required mitigating actions would include further cost reductions working capital management reduced investment freehold property disposal 
and possible review of dividend policy
based on this analysis the board have concluded that in the event that the level of likeforlike sales highlighted in the current trading section 
of the ceo’s report were to continue for the whole of the financial period ending 29 september 2012 some form of mitigating actions would 
be required but once taken into account the group would fully meet all of its future financial commitments the board therefore considers 
it appropriate to prepare the financial statements on the going concern basis
14887ttar11p3888indd   42 07122011   2154 43
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2 ac countin g policies continued 
the principal accounting policies adopted are set out below
c basis of consolidation
the consolidated financial statements incorporate the financial statements of the company and entities controlled by the company its subsidiaries 
control is achieved where the company has the power to govern the financial and operating policies of an investee entity so as to obtain 
benefits from its activities
the results of subsidiaries acquired or disposed of during the period are included in the consolidated statement of financial performance from 
the effective date of acquisition or up to the effective date of disposal as appropriate where necessary adjustments are made to the financial 
statements of subsidiaries to bring the accounting policies used into line with those used by the group all intragroup transactions balances 
income and expenses are eliminated on consolidation
d 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 business review references to 201 1 mean at 1 october 201 1 or the 52 weeks then 
ended references to 2010 mean at 2 october 2010 or the 53 weeks then ended 
e goodwill
goodwill arising in a business combination is recognised as an asset at the date that control is acquired the acquisition date goodwill is 
measured as the excess of the sum of the consideration transferred the amount of any noncontrolling interest in the acquiree and the fair value 
of the acquirer’s previously held equity interest if any in the entity over the net of the acquisitiondate amounts of the identifiable assets acquired 
and the liabilities assumed
if after reassessment the group’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration transferred 
the amount of any noncontrolling interest in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree if any 
the excess is recognised immediately in profit or loss as a bargain purchase gain
goodwill is not amortised but is reviewed for impairment at least annually for the purpose of impairment testing goodwill is allocated to each of 
the group’s cashgenerating units expected to benefit from the synergies of the combination cashgenerating 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 cashgenerating 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 prorata on the basis of the carrying amount of each asset in the unit 
an impairment loss recognised for goodwill is not reversed in a subsequent period
on disposal of a subsidiary the attributable amount of goodwill is included in the determination of the profit or loss on disposal
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 £15080000 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 r evenue 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 salesrelated taxes 
revenue from the sale of goods is recognised when all the following conditions are satisfied 
 a the group has transferred to the buyer the significant risks and rewards of ownership of the goods
 a the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the 
goods sold
 a the amount of revenue can be measured reliably
 a it is probable that the economic benefits associated with the transaction will flow to the entity and
 a the costs incurred or to be incurred in respect of the transaction can be measured reliably
revenue for the tesco clubcard scheme is recognised on a gross profit basis as services are provided on an agency basis
sales returns are provided for based on past experience and deducted from income
interest income is recognised when it is probable that the economic benefits will flow to the group and the amount of income can be measured 
reliably 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 
on initial recognition
dividend income from investments is recognised when the shareholders’ rights to receive payment have been established provided that 
it is probable that the economic benefit will flow to the group and the amount of income can be measured reliably
14887ttar11p3888indd   43 07122011   2154 44
plc annual report and financial statements 201 1
notes to the c o nsolidated finan cial statements
continued
2 ac countin g policies continued
g exceptional items
the group has identified certain items as exceptional where they relate to oneoff costs incurred in the period that they do not expect to be 
repeated on an annual basis or where directors consider the separate disclosure to be necessary to understand the group’s performance 
the principles applied in identifying exceptional costs are consistent between periods
h property plant and 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 straightline basis
short leasehold land and buildings  over the period of the lease up to 25 years on a straightline basis
fixtures and fittings    over 10 years or at 25 per annum on a reducing balance basis as appropriate
motor vehicles    25 per annum on a reducing balance basis
freehold land is not depreciated
residual value is calculated on prices prevailing at the date of acquisition
assets held in the course of construction for production supply or administrative purposes or for purposes not yet determined are carried at cost 
less any recognised impairment loss cost includes professional fees and for qualifying assets borrowing costs capitalised in accordance with the 
group’s accounting policy depreciation of these assets on the same basis as other property assets commences when the assets are ready for 
their intended use
the gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying 
amount of the asset and is recognised in the statement of financial performance
i impairment of tangible and intangible assets excluding goodwill
at each period end the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets 
have suffered an impairment loss if any such indication exists the recoverable amount of the asset is estimated in order to determine the extent 
of the impairment loss if any where the asset does not generate cash flows that are independent from other assets the group estimates the 
recoverable amount of the cashgenerating unit to which the asset belongs an intangible asset with an indefinite useful life is tested for impairment 
at least annually and whenever there is an indication that the asset may be impaired
recoverable amount is the higher of fair value less costs to sell and value in use in assessing value in use the estimated future cash flows are 
discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks 
specific to the asset for which the estimates of future cash flows have not been adjusted
if the recoverable amount of an asset or cashgenerating unit is estimated to be less than its carrying amount the carrying amount of the asset 
cashgenerating unit is reduced to its recoverable amount an impairment loss is recognised as an expense immediately unless the relevant asset 
is carried at a revalued amount in which case the impairment loss is treated as a revaluation decrease
where an impairment loss subsequently reverses the carrying amount of the asset cashgenerating unit is increased to the revised estimate of 
its recoverable amount but so that the increased carrying amount does not exceed the carrying amount that would have been determined had 
no impairment loss been recognised for the asset cashgenerating unit in prior years a reversal of an impairment loss is recognised as income 
immediately unless the relevant asset is carried at a revalued amount in which case the reversal of the impairment loss is treated as a 
revaluation increase
j inventories
inventories are stated at the lower of cost and net realisable value and relate 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 represents the estimated selling price less costs to be incurred in marketing selling and distribution provision is made for those items of 
inventory where the net realisable value is estimated to be lower than cost the net replacement value of inventories is not considered materially 
different from that stated in the consolidated statement of financial position
inventories written down and expensed in the year amounted to £2292000 2010 £2493000 additionally £1281000 has been written 
off in relation to display inventories
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2 ac countin g policies continued 
k 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 period taxable profit differs from net profit as reported in the statement of financial 
performance because it excludes items of income or expense that are taxable or deductible in other periods 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 based on tax 
laws and rates that have been enacted at the balance sheet date deferred tax is charged or credited in the statement of financial performance 
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
l foreign currency
the individual financial statements of each group company are presented in the currency of the primary economic environment in which 
it operates its functional currency for the purpose of the consolidated financial statements the results and financial position of each group 
company are expressed in sterling which is the functional currency of the company and the presentation currency for the consolidated 
financial statements
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 nonmonetary 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 nonmonetary 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 statement 
of financial performance for the period
exchange differences arising on the retranslation of nonmonetary items carried at fair value are included in statement of financial performance 
for the period
exchange differences are recognised in profit or loss in the period in which they arise except for
 a exchange differences on foreign currency borrowings relating to assets under construction for future productive use which are included 
in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings
 a exchange differences on transactions entered into to hedge certain foreign currency risks see below under financial instrumentshedge 
accounting and
 a exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely 
to occur therefore forming part of the net investment in the foreign operation which are recognised initially in other comprehensive income 
and reclassified from equity to profit or loss on disposal or partial disposal of the net investment
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 recognised in other comprehensive income and accumulated in equity in the group’s foreign exchange 
reserve such differences are recognised as income or expense in the period in which the operation is disposed of
on the disposal of a foreign operation ie a disposal of the group’s entire interest in a foreign operation or a disposal involving loss of control 
over a subsidiary that includes a foreign operation loss of joint control over a jointly controlled entity that includes a foreign operation or loss of 
significant influence over an associate that includes a foreign operation all of the accumulated exchange differences in respect of that operation 
attributable to the group are reclassified to profit or loss
14887ttar11p3888indd   45 07122011   2154 46
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notes to the c o nsolidated finan cial statements
continued
2 ac countin g policies continued 
m l eases
rentals payable under operating leases are charged to income on a straightline basis over the term of the relevant lease except where another 
more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed contingent rentals 
arising under operating leases are recognised as an expense in the period in which they are incurred
in the event that lease incentives are received to enter into operating leases such incentives are recognised as a liability the aggregate benefit 
of incentives is recognised as a reduction of rental expense on a straightline basis except where another systematic basis is more representative 
of the time pattern in which economic benefits from the leased asset are consumed
n investments
fixed asset investments are shown at cost less provision for impairment
o r etirement benefit costs
for defined contribution schemes the amount charged to the statement of financial performance in respect of pension costs is the contributions 
payable in the period differences between contributions payable in the period and contributions actually paid are shown as either accruals 
or prepayments in the balance sheet
p finance costs
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
all other finance costs of debt are recognised in the statement of financial performance over the term of the debt at a constant rate on the 
carrying amount
q financial instruments
financial assets and financial liabilities are recognised in the group’s balance sheet when the group becomes a party to the contractual 
provisions of the instrument
all financial assets are recognised and derecognised on a trade date where the purchase or sale of a financial asset is under a contract whose 
terms require delivery of the financial asset within the timeframe established by the market concerned and are initially measured at fair value plus 
transaction costs except for those financial assets classified as at fair value through profit or loss which are initially measured at fair value 
financial assets are classified into the following specified categories financial assets “at fair value through profit or loss” fvtpl “heldtomaturity” 
investments “availableforsale” afs financial assets and “loans and receivables” the classification depends on the nature and purpose of the 
financial assets and is determined at the time of initial recognition
f inancial assets at f vt pl
financial assets are classified as at fvtpl where the financial asset is either held for trading or it is designated as at fvtpl the group has 
no designated fvtpl financial assets
a financial asset is classified as held for trading if
 a it has been acquired principally for the purpose of selling in the near future or
 a it is a part of an identified portfolio of financial instruments that the group manages together and has a recent actual pattern of shortterm 
profittaking or
 a it is a derivative that is not designated and effective as a hedging instrument
financial assets at fvtpl are stated at fair value with any resultant gain or loss recognised in profit or loss fair value is determined in the manner 
described in note 2v
loans and receivables
trade receivables loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified 
as loans and receivables loans and receivables are measured at amortised cost using the effective interest method less any impairment interest 
income is recognised by applying the effective interest rate except for shortterm receivables when the recognition of interest would be immaterial
effective interest method
the effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant 
period the effective interest rate is the rate that exactly discounts estimated future cash receipts including all fees on points paid or received that 
form an integral part of the effective interest rate transaction costs and other premiums or discounts through the expected life of the debt instrument 
or where appropriate a shorter period to the net carrying amount on initial recognition
income is recognised on an effective interest basis for debt instruments other than those financial assets and liabilities classified as at fvtpl
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2 ac countin g policies continued 
q financial instruments continued
impairment of financial assets
financial assets other than those at fvtpl are assessed for indicators of impairment at each balance sheet date financial assets are impaired 
where there is objective evidence that as a result of one or more events that occurred after the initial recognition of the financial asset the 
estimated future cash flows of the investment have been impacted
for certain categories of financial asset such as trade receivables assets that are assessed not to be impaired individually are subsequently 
assessed for impairment on a collective basis objective evidence of impairment for a portfolio of receivables could include the group’s past 
experience of collecting payments an increase in the number of delayed payments in the portfolio past the average credit period of 39 days 
as well as observable changes in national or local economic conditions that correlate with default on receivables
for financial assets carried at amortised cost the amount of the impairment is the differences between the asset’s carrying amount and the present 
value of estimated future cash flows discounted at the financial asset’s original effective interest rate
the carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables 
where the carrying amount is reduced through the use of an allowance account when a trade receivable is considered uncollectible it is written 
off against the allowance account subsequent recoveries of amounts previously written off are credited against the allowance account changes 
in the carrying amount of the allowance account are recognised in profit or loss
if in a subsequent period the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after 
the impairment was recognised the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount 
of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not 
been recognised
c ash and cash equivalents 
cash and cash equivalents comprise cash on hand and demand deposits and other shortterm highly liquid investments that are readily 
convertible to a known amount of cash within three months and are subject to an insignificant risk of changes in value
derecognition of financial assets
the group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire or it transfers the financial 
asset and substantially all the risks and rewards of ownership of the asset to another entity if the group neither transfers nor retains substantially 
all the risks and rewards of ownership and continues to control the transferred asset the group recognises its retained interest in the asset and 
an associated liability for amounts it may have to pay if the group retains substantially all the risks and rewards of ownership of a transferred 
financial asset the group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received
f inancial 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 its liabilities equity instruments issued 
by the group are recorded at the proceeds received net of direct issue costs
financial liabilities are classified as at fvtpl where the financial liability is either held for trading or it is designated as at fvtpl the group does 
not have any designated fvtpl liabilities
a financial liability is classified as held for trading if
 a it has been incurred principally for the purpose of disposal in the near future or 
 a it is a part of an identified portfolio of financial instruments that the group manages together and has a recent actual pattern of shortterm profit 
taking or
 a it is a derivative that is not designated and effective as a hedging instrument
financial liabilities at fvtpl are stated at fair value with any resultant gain or loss recognised in profit or loss fair value is determined in the 
manner described in note 2v
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continued
2 ac countin g policies continued 
q financial instruments continued
o ther financial liabilities
other financial liabilities including borrowings are initially measured at fair value net of transaction costs other financial liabilities are 
subsequently measured at amortised cost using the effective interest method with interest expense recognised on an effective yield basis 
the effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the 
relevant period the effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the 
financial liability or where appropriate a shorter period to the net carrying amount on initial recognition
derecognition of financial liabilities
the group derecognises financial liabilities when and only when the group’s obligations are discharged cancelled or they expire
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
derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value 
at each period end date the resulting gain or loss is recognised in profit or loss immediately
a derivative is presented as a noncurrent asset or a noncurrent liability if the remaining maturity of the instrument is more than 12 months and it is 
not expected to be realised or settled within 12 months other derivatives are presented as current assets or current liabilities
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 the host contracts and the host contracts are not measured at fair value with changes in fair value recognised 
in profit or loss
an embedded derivative is presented as a noncurrent asset or a noncurrent liability if the remaining maturity of the hybrid instrument to which 
the embedded derivative relates is more than 12 months and is not expected to be realised or settled within 12 months other derivatives are 
presented as current assets or current liabilities
r sharebased payments
the group has applied the requirements of ifrs 2 sharebased payments in accordance with the transitional provisions ifrs 2 has been applied 
to all grants of equity instruments after 7 november 2002 that were unvested as of 1 october 2005
the group issues equity settled sharebased payments to certain employees equity settled sharebased payments are measured at fair value 
excluding the effect of non marketbased vesting conditions at the date of grant the fair value determined at the grant date of the sharebased 
payment is expensed on a straightline 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 its share save scheme the group records an expense based on its estimate of the 20 discount related to shares expected to vest on 
a straightline basis over the vesting period
s trade payables
trade payables are initially measured at fair value and are subsequently measured at amortised cost using the effective interest rate method
t o perating profit
operating profit is stated after charging restructuring costs but before property disposals investment income and finance costs
u provisions
provisions are recognised when the group has a present obligation legal or constructive as a result of a past event and it is probable that the 
group will be required to settle that obligation and a reliable estimate can be made of the amount of 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
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2 ac countin g policies continued 
v critical accounting judgements and key sources of estimation uncertainty
in the application of the group’s accounting policies which are described above the directors are required to make judgements estimates and 
assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources the estimates and associated 
assumptions are based on historical experience and other factors that are considered to be relevant actual results may differ from these estimates
the estimates and underlying assumptions are reviewed on an ongoing basis revisions to accounting estimates are recognised in the period in 
which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both 
current and future periods
the critical judgement apart from those involving estimations which are dealt with separately below that the directors have made in the process 
of applying the group’s accounting policies and that has the most significant effect on the amounts recognised in financial statements is the 
detailed criteria for the recognition of revenue from the sale of goods set out in ias 18 revenue and in particular whether the group has 
transferred to the buyer the significant risks and rewards of ownership of the goods the group only recognises revenue where this is the case
key sources of estimation uncertainty
the key assumptions concerning the future and other key sources of estimation uncertainty at the period end date that have a significant risk 
of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are discussed below
impairment of property plant and equipment
during the period the group has closed four stores in the uk including some before their lease end dates as the fixtures and fittings within these 
stores cannot be reused in other locations within the group the carrying value of these assets has been fully provided for in the period additional 
impairments have been made for stores which are identified for conversion during the next financial period and for lossmaking stores
o nerous lease provisions
during the period the group has continued to review the performance of its store portfolio which has resulted in no further stores being exited 
before their lease term has expired 2010 eight stores in respect of the leases in relation to stores exited before lease end dates in prior periods 
that are still vacant the group has provided for what it considers to be the unavoidable costs prior to lease termination or sublease the group 
has further reviewed any trading loss making stores and provided for those leases considered to be onerous these estimates are based upon 
available information and knowledge of the property market the ultimate costs to be incurred in this regard may vary from the estimates 
dilapidations provision
the group has estimated its likely dilapidation charges for its store portfolio and provided accordingly this estimate involves an assessment of 
average costs per store and the expected exit period for the current portfolio and is based on management’s best estimate taking into account 
knowledge of the property market and historical trends the ultimate costs to be incurred may vary from the estimates
f air value of derivatives and other financial instruments
as described above the directors use their judgement in selecting an appropriate valuation technique for financial instruments not quoted in an 
active market valuation techniques commonly used by market practitioners are applied such as discounted cash flows and assumptions regarding 
market volatility
tax
the directors are aware of the material impact that corporation tax has on the group accounts and therefore they ensure that the group continues 
to provide at a sufficient level for both current and deferred tax liabilities
3 r evenue
an analysis of group revenue is as follows
52 weeks  
ended  
1 o ctober  
2011  
£’000
53 weeks  
ended  
2 october 
2010  
£’000
topps tiles 162932 165068
tile clearing house 12593 17 338
revenue from the sale of goods 175525 182406
interest receivable 316 457
fair value gain on forward currency contracts 40 –
total revenue 175881 182863
interest receivable represents gains on loans and receivables there are no other gains recognised in respect of loans and receivables
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notes to the c o nsolidated finan cial statements
continued
4 business se gments
ifrs 8 requires operating segments to be identified on the basis of internal reports about components of the group that are regularly reviewed 
by the chief executive to allocate resources to the segments and to assess their performance these segments comprise a topps tiles retail 
operations in the uk b tch retail operations in the uk and c the topps floorstore operation in holland which was disposed of on 
22 december 2009
segment result represents the profitloss earned by each segment without allocation of the central administration costs including directors’ salaries 
other gains and losses investment income finance costs fair value loss on interest rate derivatives and income tax expense
r evenues from major products and services and information about major customers
the group’s principal activity being a “specialist tile and woodflooring retailer” is reported in the segments shown below and due to its wide 
product offering the disclosure of revenues from major products is not appropriate as the group’s revenue is derived from sales to the general 
public it has no reliance on any individual major customer
geographical segments
the group’s reporting format is by business segment although the group operated in two geographic segments the uk and holland during 
the previous period neither the revenue from sales to external customers nor the value of net assets within holland represented more than 10 
of group totals
the following is an analysis of the group’s revenue and results by reportable segment
52 weeks ended 1 o ctober 2011
topps 
£’000
tch  
£’000
consolidated 
£’000
revenue 162932 12593 175525
segment result 15218 30 15248
central administration costs 1268
operating profit 13980
investment revenues 356
finance costs 4798
fair value loss on interest rate derivatives 1630
profit before tax 7908
tax 2194
profit after tax 5714
o ther information
topps  
£’000
tch  
£’000
head office
distribution  
centre  
£’000
consolidated 
£’000
capital additions 6031 66 4727 10824
depreciation 2811 899 418 4128
impairment losses recognised 275 695 81 1051
balance sheet
segment assets 125086 5077 – 130163
u nallocated corporate assets – – 51953 51953
consolidated total assets 125086 5077 51953 78210
segment liabilities 19676 5357 – 25033
u nallocated corporate liabilities – – 78639 78639
consolidated total liabilities 19676 5357 78639 103672
unallocated corporate assets include the group’s overdraft which in the statement of financial position is presented net within cash and cash 
equivalents due to a legal right of offset between group entities
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4 business se gments continued
unallocated corporate liabilities comprise bank loans derivatives corporation and deferred tax liabilities and sundry head office creditors
53 weeks ended 2 october 2010
topps  
£’000
tch  
£’000
topps  
floorstore  
£’000
discontinued 
operations  
£’000
consolidated 
£’000
revenue 165068 17 338 1014 1014 182406 
segment result 20276 964 1022 1022 21240
central administration costs 1363
operating profit 19877 
other gains and losses 100 
investment revenues 453
finance costs 5275
fair value loss on interest rate derivatives 2780
profit before tax 12375 
tax 3903
8472 
profit for the period from discontinued operations 1502 
profit after tax and discontinued operations 9974 
o ther information
topps  
£’000
tch  
£’000
topps  
floorstore  
£’000
head office
distribution  
centre  
£’000
discontinued 
operations  
£’000
consolidated 
£’000
capital additions 2986 836 – 1031 – 4853
depreciation 2704 952 3 384 3 4040
impairment losses recognised 374 441 48 – 48 815
balance sheet
segment assets 1 13223 8268 – – – 121491
u nallocated corporate assets – – – 15260 – 15260
consolidated total assets 1 13223 8268 – 15260 – 106231
segment liabilities 20824 5707 – – – 26531
u nallocated corporate liabilities – – – 108230 – 108230
consolidated total liabilities 20824 5707 – 108230 – 134761
5 exceptional items
during 201 1 nine stores 2010 nine were closed or converted and the group conducted an impairment review of the fixed assets held by 
its lossmaking stores resulting in an impairment of property plant and equipment totalling £1051000 the group also reviewed its potential 
exposure to future lease commitments pertaining to closed stores and the provision held for future dilapidation costs resulting in a charge of 
£1862000 2010 £401000 additionally an assessment of the carrying value of display inventories has been performed leading to 
a write off of £1281000
52 weeks 
ended  
1 o ctober  
2011  
£’000
53 weeks  
ended  
2 october  
2010  
£’000
included in cost of sales
write off of display inventories 1281 –
included in administrative expenses
property related provisions 1862 401
impairment of property plant and equipment 1051 815
4194 1216
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notes to the c o nsolidated finan cial statements
continued
6 pr ofit before taxation
profit before taxation for the period has been arrived at after chargingcrediting
52 weeks 
ended  
1 o ctober  
2011  
£’000
53 weeks  
ended  
2 october  
2010  
£’000
depreciation of property plant and equipment 4128 4040
impairment of property plant and equipment 1051 815
disposal of property plant and equipment 58 –
property related provisions 1862 401
staff costs see note 7 42216 40152
operating lease rentals 20881 20861
write down of inventories recognised as an expense 2292 2493
write off of display inventories 1281 –
cost of inventories recognised as expense 67331 72761
net foreign exchange gainloss 84 17
analysis of auditor’s remuneration is provided below
52 weeks 
ended  
1 o ctober  
2011  
£’000
53 weeks  
ended  
2 october  
2010  
£’000
fees payable to the company’s auditor with respect to the company’s annual accounts 40 40
fees payable to the company’s auditor and their associates for other audit services to the group
 audit of the company’s subsidiaries pursuant to legislation 104 105
total audit fees 144 145
tax services
 compliance services 34 47
 advisory services 75 21
total nonaudit fees 109 68
253 213
a description of the work of the audit committee is set out on page 32 and includes an explanation of how auditor objectivity and independence 
is safeguarded when nonaudit services are provided by the auditor
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7 st aff costs
the average monthly number of persons and their full time equivalents employed by the group and company in the uk during the accounting 
period including executive directors was
52 weeks 
ended  
1 o ctober  
2011  
n umber 
employed
53 weeks  
ended  
2 october  
2010  
number 
employed
selling 1467 1441
administration 194 174
1661 1615
2011  
£’000
2010  
£’000
their aggregate remuneration comprised
wages and salaries including ltip see note 32 38410 36541
social security costs 3657 3430
other pension costs see note 31b 149 181
42216 40152
details of directors’ emoluments are disclosed on page 35 employee profit sharing of £66 million 2010 £69 million is included in the above 
and comprises sales commission and bonuses
8 o t her gains 
other gains in the previous period relate to the sale of one freehold property
9 in vestment re venue finance costs and fair value loss on interest rate deri vati ves
52 weeks 
ended  
1 o ctober  
2011  
£’000
53 weeks  
ended  
2 october  
2010  
£’000
investment revenue
bank interest receivable and similar income 316 457
fair value gainloss on forward currency contracts 40 4
356 453
finance costs
interest on bank loans and overdrafts 4798 5275
no finance costs are appropriate to be capitalised in the period or the prior period
interest on bank loans and overdrafts represents gains and losses on financial liabilities measured at amortised cost including interest charges 
levied together with interest paid on the interest rate derivatives of £2075000 2010 £2678000 there are no other gains or losses 
recognised in respect of financial liabilities measured at amortised cost net losses from the movement in fair value on held for trading assets and 
liabilities derivative instruments were £1590000 2010 £2784000 which include fair value losses on interest rate swaps of £1630000 
2010 £2780000 and fair value gains on forward currency contracts of £40000 2010 £4000 loss 
14887ttar11p3888indd   53 07122011   2154 54
plc annual report and financial statements 201 1
notes to the c o nsolidated finan cial statements
continued
10 t a xation
continuing operations
52 weeks 
ended  
1 o ctober  
2011  
£’000
53 weeks  
ended  
2 october  
2010  
£’000
current tax – charge for the year 3620 5276
current tax – adjustment in respect of previous periods 381 39
deferred tax – effect of reduction in u k corporation tax rate 168 31
deferred tax – credit for year note 22 1097 1246
deferred tax – adjustment in respect of previous periods note 22 116 57
2194 3903
corporation tax in the uk is calculated at 27 2010 28 of the estimated assessable profit for the period
taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions
the charge for the period can be reconciled to the profit per the statement of financial performance as follows
continuing operations
52 weeks 
ended  
1 o ctober  
2011  
£’000
53 weeks  
ended  
2 october  
2010  
£’000
profit before taxation 7908 12375
tax at the u k corporation tax rate of 27 2010 28 2135 3465
tax effect of expenses that are not deductible in determining taxable profit 262 173
tax effect of chargeable gain lower than profit on sale of freehold property – 28
tax effect of tangible fixed assets which do not qualify for capital allowances 294 389
tax effect of adjustment in respect of prior periods 497 96
tax expense for the period 2194 3903
discontinued operations
2011 
£’000
2010  
£’000
current tax – adjustment in respect of previous periods – 480
– 480
1 1 discontinued operations
on 18 december 2009 the group announced that it was withdrawing funding to the dutch operation which resulted in topps retail bv being 
placed into administration on 22 december 2009 the transaction was completed on 22 december 2009 on which date control of topps 
retail bv passed to the administrator and was therefore accounted as a disposal in the consolidated financial statements
the results of the discontinued operations which have been included in the consolidated statement of financial performance were as follows
52 weeks 
ended  
1 o ctober  
2011  
£’000
53 weeks  
ended  
2 october  
2010  
£’000
revenue – 1014 
expenses – 1329
loss before tax – 315
attributable tax expense – – 
– 315
profit on disposal of discontinued operations – 1337 
– 1022
attributable tax expense – 480 
net profit attributable to discontinued operations attributable to owners of the company – 1502
during the year topps retail bv received £nil 2010 received £204000 from the group’s net operating cash flows paid £nil 2010 £nil 
in respect of investing activities and paid £nil 2010 £nil in respect of financing activities
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1 1 discontinued operations continued
in the previous period a profit of £1337 000 arose on the disposal of topps retail bv being the proceeds of disposal £nil net of the carrying 
amount of the subsidiary’s assets and liabilities further detail is provided in the table below
the effect of discontinued operations on segment results is disclosed in note 4 
the net liabilities of topps retail bv at the date of disposal are detailed below
22 december 
2009  
£’000
property plant and equipment 44
inventories 596
trade receivables 26
current tax receivables 7
trade payables 773
sundry payables 293
bank overdraft 316
onerous lease provision 340
foreign exchange reserve 288
 1337
total consideration –
gain on disposal 1337 
12 dividends
2011  
£’000
2010  
£’000
interim dividend for the 26 week period ended 26 april 201 1 of £0005 2010 £nil per share 942 –
proposed final dividend for the 52 week period ended 1 october 201 1 
of £0006 2010 £001 per share 1129 1882
the proposed final dividend is subject to approval by shareholders at the annual general meeting and has not been included as a liability in 
these financial statements
13 earnin gs 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 
2011 
n umber of 
shares
2010 
number of 
shares
weighted average number of shares
for basic earnings per share 188271731 185643741
weighted average number of shares under option 3873411 4123000
for diluted earnings per share 192145142 189766741
14887ttar11p3888indd   55 07122011   2154 56
plc annual report and financial statements 201 1
notes to the c o nsolidated finan cial statements
continued
13 earnin gs per share continued
the calculation of the basic and diluted earnings per share used the denominators as shown above for both basic and diluted earnings per share 
the adjusted earnings figure is based on the following data
from continuing and discontinued operations
52 weeks 
ended  
1 o ctober  
2011 
£’000
53 weeks  
ended  
2 october 
2010 
£’000
profit after tax for the period 5714 9974
post tax effect of
impairment of property plant and equipment 1051 863
interest rate derivative charge 1190 2001
fair value gain on foreign currency forward contracts 29 –
property disposal gain – 100
loan issue cost write off 133 –
property related provisions 1360 977
display inventory write off 935 –
adjusted profit after tax for the period 10354 1 1761
from continuing operations
2011  
£’000
2010  
£’000
profit after tax for the period 5714 8472
post tax effect of
impairment of property plant and equipment 1051 815
interest rate derivative charge 1190 2001
fair value gain on foreign currency forward contracts 29 –
property disposal gain – 100
loan issue cost write off 133 –
property related provisions 1360 289
display inventory write off 935 –
adjusted profit after tax for the period 10354 1 1477
from discontinued operations
52 weeks  
ended  
1 o ctober  
2011
53 weeks  
ended  
2 october 
2010
basic – 081p
diluted – 079p
14 goodwill
£’000
cost and carrying amount at 26 september 2009 and 2 october 2010 and 1 october 201 1 245
the balance of goodwill remaining is the carrying value that arose on the acquisition of surface coatings ltd in 1998
the group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired goodwill acquired 
in a business combination is allocated at acquisition to the cashgenerating units that are expecting to benefit from that business combination 
before recognition of any impairment losses the carrying amount of goodwill has been allocated to the tch segment
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 group’s 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 discounted cash flows are calculated using a pretax 
rate of 7 0 2010 7 2
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14 goodwill continued
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 the growth rate applied does not exceed the average longterm growth rate for the relevant 
markets the group has conducted a sensitivity analysis on the impairment tests of tch’s carrying value there are no reasonable changes that 
would result in the carrying value of goodwill being reduced to its recoverable amount 
the accounting judgements and sources of estimation uncertainty involved in assessing any impairment loss are referred to in note 2 to the 
financial statements
as a result of the annual test of impairment of goodwill no impairment has been identified for the current period 
15 pr operty plant and equipment
l and and buildings
cost
freehold  
£’000
short  
leasehold  
£’000
fixtures  
and  
fittings  
£’000
motor  
vehicles  
£’000
total  
£’000
at 26 september 2009 14854 1842 43719 206 60621
additions 1002 – 3832 19 4853
disposals 850 – – 202 1052
at 2 october 2010 15006 1842 47 551 23 64422
additions 4699 – 6058 67 10824
disposals – – 3343 – 3343
at 1 o ctober 2011 19705 1842 50266 90 71903
accumulated depreciation and impairment
at 26 september 2009 1378 1270 25285 104 28037
charge for the period 213 1 13 3702 15 4043
provision for impairment – 66 749 – 815
eliminated on disposals – – – 1 12 1 12
at 2 october 2010 1591 1449 29736 7 32783
charge for the period 243 88 3780 17 4128
provision for impairment 81 – 970 – 1051
eliminated on disposals – – 3280 – 3280
at 1 o ctober 2011 1915 1537 31206 24 34682
carrying amount
at 1 o ctober 2011 17790 305 19060 66 37221
at 2 october 2010 13415 393 17 815 16 31639
freehold land and buildings include £4104000 of freehold land 2010 £4104000 on which no depreciation has been charged in the 
current period there is no material difference between the carrying and market values
cumulative finance costs capitalised in the cost of tangible fixed assets amount to £nil 2010 £nil
contractual commitments for the acquisition of property plant and equipment are detailed in note 31
during the period the group has closed nine stores in the uk as the fixtures and fittings within these stores cannot be reused in other locations 
within the group the carrying value of these assets has been fully provided for in the period with the associated impairment charge included 
within other operating expenses 
16 su bsidiaries
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
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notes to the c o nsolidated finan cial statements
continued
17 t r ade and other recei vabl es
2011 
£’000
2010 
£’000
amounts falling due within one year
amounts receivable for the sale of goods 661 523
allowance for doubtful debts 104 103
other debtors and prepayments
– rent and rates 5053 5503
– other 1651 1671
7261 7 594
the directors consider that the carrying amount of trade and other receivables at 1 october 201 1 and 2 october 2010 approximates to their fair 
value on the basis of discounted cash flow analysis
credit risk
the group’s principal financial assets are bank balances and cash and trade receivables
the group considers that it has no significant concentration of credit risk the majority of sales in the business are cash based sales in the stores
total trade receivables net of allowances held by the group at 1 october 201 1 amounted to £06 million 2010 £04 million these amounts 
mainly relate to insurance generated sales sundry trade accounts and tesco clubcard scheme generated sales in relation to these sales the 
average credit period taken is 41 days 2010 39 days and no interest is charged on the receivables trade receivables between 60 days and 
120 days are provided for based on estimated irrecoverable amounts from the sale of goods determined by reference to past default experience
before accepting any new customer the group uses an external credit scoring system to assess the potential customer’s credit quality and defines 
credit limits by customer limits and scoring attributed to customers are reviewed periodically of the trade receivables balance at the end of the 
year £105000 2010 £100000 is due from independent inspections and £105000 2010 £104000 is due from tesco plc the group’s 
two largest customers 
included in the group’s trade receivable balance are debtors with a carrying amount of £131000 2010 £1 10000 which are past due at 
the reporting date for which the group has not provided as there has not been a significant change in credit quality and the amounts are still 
considered recoverable the group does not hold any collateral over these balances the average age of these receivables is 168 days 
2010 124 days however this ageing is distorted by four accounts totalling £1 1000 2010 £19000 which are overdue by 299 days 
2010 202 days
ageing of past due but not impaired receivables
2011  
£’000
2010  
£’000
60 – 120 days 63 91
121 – 202 days 68 19
the allowance for doubtful debts was £104000 by the end of the period 2010 £103000 given the minimal receivable balance 
the directors believe that there is no further credit provision required in excess of the allowance for doubtful debts
the allowance for doubtful debts includes £104000 relating to individually impaired trade receivables 2010 £103000 which are due from 
companies that have been placed into liquidation 
the directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value
18 c ash and cash equi valents
cash and cash equivalents comprise cash held by the group and shortterm bank deposits with associated right of set off net of bank overdrafts 
with an original maturity of three months or less the carrying amount of these assets approximates their fair value a breakdown of significant 
bank and cash balances by currency is as follows
2011  
£’000
2010  
£’000
sterling 7607 41109
u s dollar 715 331
euro 766 439
total cash and cash equivalents 9088 41879
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19 o t her financial lia bilities
trade and other payables
2011  
£’000
2010  
£’000
amounts falling due within one year
trade payables 11316 12489
other payables 3419 3406
accruals and deferred income 9370 9693
24105 25588
trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs the average credit period taken 
for trade purchases is 38 days 2010 41 days no interest is charged on these payables 
the directors consider that the carrying amount of trade payables at 1 october 201 1 and 2 october 2010 approximates to their fair value 
on the basis of discounted cash flow analysis
20 ban k loans
2011  
£’000
2010  
£’000
bank loans all sterling 59024 90716
the borrowings are repayable as follows
on demand or within one year – 7 500
in the second year – 7 500
in the third to fifth year 60000 76000
60000 91000
less total unamortised issue costs 976 284
59024 90716
less amount due for settlement within 12 months shown under current liabilities – 7 500
issue costs to be amortised within 12 months 265 250
amount due for settlement after 12 months 59289 83466
the directors consider that the carrying amount of the bank loan at 1 october 201 1 and 2 october 2010 approximates to its fair value since the 
amounts relate to floating rate debt
the average weighted interest rates paid on the loan were as follows
2011  

2010  

loans 311 267
the group borrowings are arranged at floating rates thus exposing the group to cash flow interest rate risk
whilst the interest charge on the loan has fallen compared to the prior period the group has seen limited benefit due to the interest rate 
derivatives which negate the majority of any impact on the interest rate movement
during the period the group successfully refinanced its loan facilities and now has in place a £750 million committed revolving credit facility 
expiring in may 2015 as at the financial period end £600 million of this facility was drawn with a further £150 million of undrawn financing 
available the loan facility contains financial covenants which are tested on a biannual basis
at 1 october 201 1 the group had available £15 million 2010 £5 million of undrawn committed banking facilities
14887ttar11p3888indd   59 07122011   2154 60
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continued
21 f inancial instruments
capital risk management
the group manages its capital to ensure that entities in the group will be able to continue as a going concern while maximising the return to 
stakeholders through the optimisation of the debt and equity balance the group’s overall strategy remains unchanged from 2010 the capital 
structure of the group consists of debt which includes the borrowings disclosed in note 20 cash and cash equivalents disclosed in note 18 and 
equity attributable to equity holders of the parent comprising issued capital reserves and retained earnings as disclosed in notes 23 to 30
the group is not subject to any externally imposed capital requirements
significant accounting policies
details of the significant accounting policies and methods adopted including the criteria for recognition the basis of measurement and the basis 
on which income and expenses are recognised in respect of each class of financial asset financial liability and equity instrument are disclosed 
in note 2q to the financial statements
categories of financial instruments
carrying value and fair value
2011  
£’000
2010  
£’000
financial assets
loans and receivables including cash and cash equivalents 16349 49473
financial liabilities
held for trading 12186 10557
amortised cost 83394 1 16304
the group considers itself to be exposed to risks on financial instruments including market risk including currency risk credit risk liquidity risk and 
cash flow interest rate risk 
the group seeks to mitigate the effects of these risks by using derivative financial instruments to hedge these risk exposures economically the use 
of financial derivatives is governed by the group’s policies approved by the board of directors which provide written principles on foreign 
exchange risk interest rate risk credit risk the use of financial derivatives and nonderivative financial instruments and the investment of excess 
liquidity the group does not enter into or trade financial instruments including derivative financial instruments for speculative purposes 
market risks
the group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates the group enters 
into a variety of derivative financial instruments to manage its exposure to interest rate and foreign currency risk including 
 a forward foreign exchange contracts to hedge the exchange rate risk arising on the import of goods from south america and china and 
 a interest rate swaps and collars to mitigate the risk of movements in interest rates
foreign currency risk management
the group undertakes certain transactions denominated in foreign currencies hence exposures to exchange rate fluctuations arise exchange rate 
exposures are managed within approved policy parameters utilising forward foreign exchange contracts 
the carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows
assets l iabilities
2011 
£’000
2010 
£’000
2011 
£’000
2010 
£’000
euro 766 439 1027 1129
us dollar 715 331 128 329
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21 f inancial instruments continued
foreign currency sensitivity analysis 
the group is mainly exposed to the currency of china and brazil us dollar currency and from various european countries euro as a result of 
inventory purchases the following table details the group’s sensitivity to a 10 increase and decrease in sterling against the relevant foreign 
currencies 10 represents management’s assessment of the reasonably possible change in foreign exchange rates the sensitivity analysis 
includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10 change in foreign 
currency rates the sensitivity analysis includes external loans as well as loans to foreign operations within the group where the denomination of 
the loan is in a currency other than the currency of the lender or the borrower a positive number below indicates an increase in profit and other 
equity where sterling strengthens 10 against the relevant currency 
2011  
£’000
2010  
£’000
profit or loss movement on a 10 strengthening in sterling against the euro 24 63
profit or loss movement on a 10 strengthening in sterling against the u s dollar 53 –
profit or loss movement on a 10 weakening in sterling against the euro 29 77
profit or loss movement on a 10 weakening in sterling against the u s dollar 65 –
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 amounts of outstanding forward foreign exchange contracts that the group has committed to are 
as below
2011  
£’000
2010  
£’000
forward foreign exchange contracts 4778 4356
these arrangements are designed to address significant exchange exposures for the first half of 2012 and are renewed on a revolving basis 
as required
at 1 october 201 1 the fair value of the group’s currency derivatives is a £70000 asset within other debtors and prepayments note 17 
2010 an asset of £22000 these amounts are based on market value of equivalent instruments at the balance sheet date
gains of £40000 are included in investment revenues note 9 2010 losses of £4000
interest rate risk management
the group is exposed to interest rate risk as entities in the group borrow funds at floating interest rates the risk is managed by the group by 
maintaining an appropriate mix between fixed and floating rate borrowings by the use of interest rate swap contracts and collars the group’s 
exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management section of this note
interest rate sensitivity analysis
the sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and nonderivative instruments at 
the balance sheet date for floating rate liabilities the analysis is prepared assuming the amount of liability outstanding at the balance sheet date 
was outstanding for the whole year a 50 basis points increase or decrease is used when reporting interest rate risk internally to key management 
personnel and represents management’s assessment of the possible change in interest rates
if interest rates had been 50 basis points higherlower and all other variables were held constant the group’s profit would be impacted 
as follows
50 basis points increase  
in interest rates
50 basis points decrease  
in interest rates
2011 
£’000
2010 
£’000
2011 
£’000
2010 
£’000
profit or loss 1553 1443 1280 1385
the group’s sensitivity to interest rates mainly relates to the interest rate derivatives
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notes to the c o nsolidated finan cial statements
continued
21 f inancial instruments continued
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
 a 5 year interest rate cap with a notional value of £20 million 2010 £20 million with interest capped at 6
 a 5 year interest rate swap with a notional value of £20 million 2010 £20 million paying interest at a fixed rate of 563
 a 10 year cancellable collar with a notional value of £20 million 2010 £60 million with a cap of 56 and a floor of 449 the interest rate 
within this range is libor less 04 where libor falls below the floor the interest rate resets to a fixed level of 555 
the fair value liability of the swaps entered into at 1 october 201 1 is estimated at £12186000 2010 £10557 000 amounts of £1630000 
have been charged to the statement of financial performance in the period 2010 £2780000
on 27 october 201 1 the group settled the 5 year interest rate swap for a consideration of £476000 additionally on 1 november 201 1 the 
group entered into a legally binding agreement committing it to a partial trade termination amounting to 50 of the 10 year cancellable collar 
which will be settled on 2 april 201 1 for a consideration of £6240000 
credit risk management
credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the group management has 
considered the counterparty risk associated with the cash and derivative balances and do not consider there to be a material risk the group has 
a policy of only dealing with creditworthy counterparties the group’s exposure to its counterparties is reviewed periodically trade receivables 
are minimal consisting of a number of insurance companies and sundry trade accounts further information is provided in note 17  
the carrying amount of financial assets recorded in the financial statements which is net of impairment losses represents the group’s maximum 
exposure to credit risk without taking account of the value of any collateral obtained
l iquidity risk management
ultimate responsibility for liquidity risk management rests with the board of directors the group manages liquidity risk by maintaining adequate 
reserves banking facilities and reserve borrowing facilities by continuously monitoring forecast and actual cash flows and matching the maturity 
profiles of financial assets and liabilities included in note 20 is a description of additional undrawn facilities that the group has at its disposal 
to reduce liquidity risk further
l iquidity and interest risk tables
the following tables detail the group’s remaining contractual maturity for its nonderivative financial liabilities the tables have been drawn up 
based on the undiscounted cash flows and on the assumption that the variable interest rate remains constant at the latest fixing level of 342009 
2010 27 4665 of financial liabilities based on the earliest date on which the group can be required to pay the table includes both interest 
and principal cash flows
2011
l ess than  
1 month  
£’000
1–3 months  
£’000
3 months to  
1 year  
£’000
1–5 years  
£’000
  
total  
£’000
noninterest bearing 24105 – – – 24105
variable interest rate instruments – 555 1107 66595 68257
2010
less than  
1 month  
£’000
1–3 months  
£’000
3 months to  
1 year  
£’000
1–5 years  
£’000
total  
£’000
noninterest bearing 25588 – – – 25588
variable interest rate instruments 630 418 9290 84266 94604
the group is now financed through a £75 million £60 million utilised revolving credit facility in the previous period the total unused amount 
of financing facilities was £5 million at the balance sheet date the group expects to meet its other obligations from operating cash flows 
and proceeds of maturing financial assets
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21 f inancial instruments continued
the following table details the group’s liquidity analysis for its derivative financial instruments the table has been drawn up based on the 
undiscounted net cash inflowsoutflows on the derivative instruments that settle on a net basis and the undiscounted gross inflows and outflows 
on those derivatives that require gross settlement when the amount payable or receivable is not fixed the amount disclosed has been determined 
by reference to the projected interest and foreign currency rates as illustrated by the yield curves existing at the reporting date
2011
l ess than  
1 month  
£’000
1–3 months  
£’000
3 months to  
1 year  
£’000
1–5 years  
£’000
5 years  
£’000
total  
£’000
interest rate swaps payments 476 119 795 11704 688 13782
foreign exchange forward 
contracts payments – 2356 2422 – – 4778
foreign exchange forward 
contracts receipts – 2399 2449 – – 4848
2010
less than  
1 month  
£’000
1–3 months  
£’000
3 months to  
1 year  
£’000
1–5 years  
£’000
5 years  
£’000
total  
£’000
interest rate swaps payments – 603 1572 6606 2331 1 11 12
foreign exchange forward 
contracts payments – 1933 2423 – – 4356
foreign exchange forward 
contracts receipts – 1928 2450 – – 4378
fair value of financial instruments
the fair values of financial assets and financial liabilities are determined as follows
 a foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates 
matching maturities of the contracts
 a interest rate swaps are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves 
derived from quoted interest rates
 a interest rate collars are measured using applicable yield curves derived from quoted interest rates and market volatilities
the fair values are therefore categorised as level 2 based on the degree to which the fair value is observable level 2 fair value measurements 
are those derived from inputs other than unadjusted quoted prices in active markets level 1 categorisation that are observable for the asset or 
liability either directly ie as prices or indirectly ie derived from prices
22 pr o visions
2011  
£’000
2010  
£’000
onerous lease provision 1097 823
dilapidations provision 1458 474
2555 1297
current 1075 –
noncurrent 1480 1297
2555 1297
o nerous lease  
provision  
£’000
dilapidations  
provision  
£’000
total  
£’000
at 2 october 2010 823 474 1297
additional provision in the year 748 11 14 1862
u tilisation of provision 474 121 595
release of provision in the year – 9 9
at 1 o ctober 2011 1097 1458 2555
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continued
22 pr o visions continued
the onerous lease provision relates to estimated future unavoidable lease costs in respect of closed nontrading and loss making stores 
the provision is expected to be utilised over the following four financial periods the dilapidations provision represents management’s best 
estimate of the group’s liability under its property lease arrangements based on past experience and is expected to be utilised over the 
following seven financial periods
the following are the deferred tax liabilitiesassets recognised by the group and movements thereon during the current and prior 
reporting period
accelerated 
tax 
depreciation  
£’000
o ther  
shortterm  
timing  
differences  
£’000
sharebased 
payments  
£’000
exchange  
rate 
differences  
£’000
interest  
rate  
hedging  
£’000
r ent  
free  
£’000
total  
£’000
as at 26 september 2009 2421 – 213 9 263 77 1877
credit to income 86 53 1 1 1 1174 22 1303
impact of rate change 138 2 – – 106 1 31
credit to equity – – 121 – – – 121
as at 2 october 2010 2197 51 345 8 1331 56 422
creditcharge to income 204 7 9 10 909 19 1068
impact of rate change 146 2 – 1 166 2 23
charge to equity – – 28 – – – 28
as at 1 o ctober 2011 1847 42 308 17 2074 35 595
the government announced in march 201 1 that it intended to reduce the rate of corporation tax from 28 to 23 by 1 april 2014 and the 
finance act 201 1 which was substantively enacted in july 201 1 included provisions to reduce the rate of corporation tax to 25 with effect from 
1 april 2012 accordingly deferred tax balances have been revalued to the lower rate of 25 in these accounts which has resulted in a debit to 
the income statement of £23000
23 c alledup share capital
2011 
£’000
2010 
£’000
authorised 240000000 2010 240000000 ordinary shares of 333p each 2010 333p 8000 8000
authorised 37 000000 2010 37 000000 redeemable b shares of £054 each 19980 19980
authorised 124890948 2010 124890948 irredeemable c shares of £0001 each 125 125
28105 28105
issued and fullypaid 188365802 2010 188202323 ordinary shares of 333p each 
2010 333p 6279 6273
total 6279 6273
in the previous period the group issued 17 109302 shares as part of a placing and open offer on 27 november 2009 the issue increased the 
number of shares from 171093021 to 188202323 under the arrangements of the placing the company issued shares in exchange for shares 
in tail finance jersey limited no share premium was ultimately recorded in the company’s financial statements through the operation of the 
merger relief provisions of the companies act 2006 the subsequent redemption of these shares gave rise to distributable profits of £143 million 
which were transferred to retained earnings 
during the period the group issued 163479 2010 none ordinary shares with a nominal value of £5449 2010 £nil under share option 
schemes for an aggregate cash consideration of £26694 2010 £nil
during the period 122000 £4000 shares were purchased by topps tiles employee benefit trust on behalf of the directors and senior management team these have not been 
paid for at the balance sheet date
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24 share premium
2011 
£’000
2010 
£’000
at start of period 1001 1001
premium on issue of new shares 21 –
shares issued in respect of placing and open offer – 14296
transfer to retained earnings – 14296
at end of period 1022 1001
25 o w n shares
2011 
£’000
2010 
£’000
at start of period – –
issued in the period 4 –
at end of period 4 –
during the period a subsidiary of the group purchased 122000 with a nominal value of £4000 which have been classified as own shares
26 mer ger reser ve
2011 
£’000
2010 
£’000
at start of period 399 240
release of reserve on disposal of subsidiary – 639
at end of period 399 399
27 share based payment reser ve
2011 
£’000
2010 
£’000
at start of period 367 240
credit to equity for equitysettled sharebased payments 176 127
at end of period 543 367
28 c apital redemption reser ve
2011 
£’000
2010 
£’000
at start and end of period 20359 20359
the capital redemption reserve arose on the cancellation of treasury shares and as a result of a share reorganisation in 2006
29 f o rei gn exchan ge reser ve
2011 
£’000
2010 
£’000
at start of period – 336
release of reserve on disposal of subsidiary – 336
at end of period – –
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plc annual report and financial statements 201 1
notes to the c o nsolidated finan cial statements
continued
30 r etained earnin gs
£’000
at 27 september 2009 81161
release from merger reserve on disposal of subsidiary 639
transfer from the share premium account 14296
deferred tax on sharesave scheme taken directly to equity 121
net profit for the period 9974
at 2 october 2010 56131
dividends note 12 2817
deferred tax on sharesave scheme taken directly to equity 28
net profit for the period 5714
at 1 o ctober 2011 53262
the transfer from the share premium account in the previous period arose from the firm placing and open offer in november 2009 within these 
arrangements the company issued shares in exchange for ordinary shares and redeemable preference shares in tail finance jersey limited 
no share premium was ultimately recorded in the company financial statements through the operation of the merger relief provisions of the 
companies act 2006
the realised gain was taken after the deduction of transaction costs of £05 million principally as a result of commissions and professional charges
the subsequent redemption of these shares gave rise to distributable profits of £143 million which were transferred to retained earnings
31 f inancial commitments
a capital commitments
at the end of the period there were capital commitments contracted of £300000 2010 £nil
b pension arrangements
the group operates separate defined contribution pension schemes for employees 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 £149000 2010 £181000
c l ease commitments
the group has entered into noncancellable operating leases in respect of motor vehicles equipment and land and buildings
minimum lease payments under operating leases recognised as an expense for the period were £20881000 which includes property service 
charges of £699000 2010 £20861000 including property service charges of £649000 
at the balance sheet date the group had outstanding commitments for future minimum lease payments under noncancellable operating leases 
which fall due as follows
2011 2010
l and and  
buildings  
£’000
o ther  
£’000
land and  
buildings  
£’000
other  
£’000
– within 1 year 18401 1156 17 908 1014
– within 2–5 years 61188 1738 58796 1922
– after 5 years 66485 39 63027 80
146074 2933 139731 3016
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 five years 2010 same
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32 share based payments
the group operates three share option schemes in relation to group employees 
equitysettled 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 three years from the 
date of grant if the employee is still employed by the group at that date
details of the share options outstanding during the period are as follows
n o of options outstanding
date of grant
o ption  
price
exercisable 
period 2011 2010
26 january 2001 54p 7 years – 78020
12 february 2002 54p 7 years 40779 40779
40779 1 18799
movements in share options are summarised as follows
2011  
n umber  
of share  
options
2011 
 weighted 
average  
exercise  
price  
£
2010  
number  
of share  
options
2010 
 weighted 
average  
exercise  
price  
£
outstanding at beginning of period 118799 054 122299 054
exercised during the period 41520 054 – –
expired during the period 36500 054 3500 054
outstanding at end of period 40779 054 1 18799 054
exercisable at end of period 40779 054 1 18799 054
the options outstanding at 1 october 201 1 had a weighted averaged exercise price of 54p 2010 54p and a weighted average remaining 
contractual life of one year 2010 one year
o ther sharebased payment plans
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 twoweek period each financial period the shares so purchased are 
generally placed in the employee share savings plan for a three or five year period
movements in sharebased payment plan options are summarised as follows
2011  
n umber  
of share  
options
2011 
 weighted 
average  
exercise  
price 
2010  
number  
of share  
options
2010 
 weighted 
average  
exercise  
price 
outstanding at beginning of period 5452947 19p 5974783 19p
issued during the period 1259204 64p – –
expired during the period 482588 46p – –
exercised during the period – – 521836 19p
outstanding at end of period 6229563 25p 5452947 19p
exercisable at end of period 6229563 25p 5452947 19p
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notes to the c o nsolidated finan cial statements
continued
32 share based payments continued
the inputs to the blackscholes model for the above two schemes are as follows
2011 2010
weighted average share price – pence 315 226
weighted average exercise price – pence 252 181
expected volatility –  741 and 679 324
expected life – years 3 or 5 3 or 5
risk – free rate of interest –  07 08
dividend yield –  537 504
expected volatility was determined by calculating the historical volatility of the group’s share price over the previous three or five years 2010 
same the expected risk used in the model has been adjusted based on management’s best estimate for the effects of nontransferability 
exercise restrictions and behavioural forces
deferred bonus longterm incentive plan
at the agm in january 2010 a new deferred bonus longterm incentive plan ltip was approved by shareholders under this longterm incentive 
plan a proportion of the annual bonus is deferred in the form of shares for a two year period with a matching share award that vests at the end 
of two years subject to the achievement of performance conditions 25 of the annual bonus has been deferred into shares on a net basis 
for a two year period with a further match on a gross basis which vests two years later subject to the achievement of performance conditions 
relating to continued employment in the business and ebitda earnings growth measured over the two year period
for the period ended 2 october 2010 it was determined that a bonus be paid equivalent to 50 of basic salary for executive directors and 
the members of the senior management team 25 of the annual bonus was deferred under the deferred bonus longterm incentive plan 
the total number of shares due to be awarded was 121959 and the fair value of these deferred shares as at 1 october 201 1 was £73000 
2010 £79000
the total number of matching shares that are expected to be awarded subject to fulfilment of the performance conditions is 229378 and the 
fair value of these matching shares as at 1 october 201 1 was £131000 no options were granted or exercised during the period 2010 
351337 the options outstanding at 1 october 201 1 had a weighted average exercise price of £069 and a weighted average remaining 
contractual life of one year during the period matching shares concerning the 2010 bonus award were recognised as an expense this 
amounted to £66000 2010 £nil
the inputs to the blackscholes model are as follows
2011 2010
weighted average share price – pence 658 600
weighted average exercise price – pence – –
expected volatility –  453 816
expected life – years 2 2
risk – free rate of interest –  06 08
dividend yield –  – –
expected volatility was determined by calculating the historical volatility of the group’s share price over the 200910 and 20101 1 financial 
periods 2010 200809 and 200910 financial periods the expected risk used in the model has been adjusted based on management’s 
best estimate for the effects of nontransferability exercise restrictions and behavioural forces
in total the group recognised a total expense of £176000 2010 £127 000 expense relating to sharebased payments
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33 r elated party transactions
skm williams has the nonstatutory role of president advising on property matters and is a related party by virtue of his 106 shareholding 
19903950 ordinary shares in the group’s issued share capital 2010 106 shareholding of 19903950 ordinary shares
at 1 october 201 1 skm williams was the landlord of three properties leased to multi tile limited a trading subsidiary of topps tiles plc 
for £136000 2010 £134000 per annum
no amounts were outstanding with skm williams at 1 october 201 1 2010 £nil
the lease agreements on all properties are operated on commercial arm’s length terms his salary for the year in his role as president was 
£41000 2010 £41000
transactions between the company and its subsidiaries which are related parties have been eliminated on consolidation and are not disclosed 
in this note in accordance with exemption available under ias 24
the remuneration of the board of directors who are considered key management personnel of the group was £11million 2010 £13 million 
as well as sharebased payments of £nil 2010 £01 million further information about the remuneration of the individual directors is provided 
in the remuneration report on pages 33 to 36
34 events after the balance sheet date
on 27 october 201 1 the group settled the fiveyear interest rate swap for a consideration of £476000 additionally on 1 november 201 1 
the group entered into a legally binding agreement committing it to a partial trade termination amounting to 50 of the 10year cancellable collar 
which will be settled on 2 april 2012 for a consideration of £6240000 
this will have the effect of reducing the group’s annual interest charge moving forwards by approximately £125 million at current libor rates
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independent auditor ’s r eport to the members o f topps tiles plc
we have audited the parent company financial statements of topps tiles plc for the period ended 1 october 201 1 which comprise the 
company balance sheet and the related notes 1 to 7  the financial reporting framework that has been applied in their preparation is applicable 
law and united kingdom accounting standards united kingdom generally accepted accounting practice
this report is made solely to the company’s members as a body in accordance with chapter 3 of part 16 of the companies act 2006 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 auditor’s 
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
r espective responsibilities of directors and auditor
as explained more fully in the directors’ responsibilities statement the directors are responsible for the preparation of the parent company financial 
statements and for being satisfied that they give a true and fair view our responsibility is to audit and express an opinion on the parent company 
financial statements in accordance with applicable law and international standards on auditing uk and ireland those standards require us to 
comply with the auditing practices board’s ethical standards for auditors
scope of the audit of the financial statements
an audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance 
that the financial statements are free from material misstatement whether caused by fraud or error this includes an assessment of whether 
the accounting policies are appropriate to the parent company’s circumstances and have been consistently applied and adequately disclosed 
the reasonableness of significant accounting estimates made by the directors and the overall presentation of the financial statements in addition 
we read all the financial and nonfinancial information in the annual report to identify material inconsistencies with the audited financial statements 
if we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report
o pinion on financial statements
in our opinion the parent company financial statements
 a give a true and fair view of the state of the parent company’s affairs as at 1 october 201 1
 a have been properly prepared in accordance with united kingdom generally accepted accounting practice and
 a have been prepared in accordance with the requirements of the companies act 2006
o pinion on other matters prescribed by the companies act 2006
in our opinion
 a the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the companies act 2006 and
 a the information given in the directors’ report for the financial period for which the financial statements are prepared is consistent with the parent 
company financial statements
matters on which we are required to report by exception
we have nothing to report in respect of the following matters where the companies act 2006 requires us to report to you if in our opinion
 a adequate accounting records have not been kept by the parent company or returns adequate for our audit have not been received from 
branches not visited by us or
 a the parent company financial statements and the part of the directors’ remuneration report to be audited are not in agreement with the 
accounting records and returns or
 a certain disclosures of directors’ remuneration specified by law are not made or
 a we have not received all the information and explanations we require for our audit
o ther matter
we have reported separately on the group financial statements of topps tiles plc for the period ended 1 october 201 1
timothy edge senior statutory auditor
for and on behalf of deloitte llp 
chartered accountants and statutory auditor 
manchester united kingdom
28 november 201 1
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company balan ce sheet 
as at 1 october 201 1
notes
2011 
£’000
2010 
£’000
fixed assets
investments 3 2928 2801
current assets
debtors due within one year 4 38 630
debtors due after one year 4 221200 221200
cash at bank and in hand 24157 29139
245395 250969
creditors amounts falling due within one year 5 615 1390
n et current assets 244780 249579
n et assets 247708 252380
capital and reserves
calledup share capital 67 6279 6273
share premium 7 1022 1001
sharebased payment reserve 7 482 323
capital redemption reserve 7 20359 20359
other reserve 7 6200 6200
profit and loss account 7 213366 218224
equity shareholders’ funds 247708 252380
the financial statements of topps tiles plc companies house number 3213782 were approved by the board of directors on 28 november 
201 1 and signed on its behalf by
mtm williams  r parker
director    director
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notes to the company finan cial statements 
for the 52 week period ended 1 october 201 1
1 basis of accountin g
the separate financial statements of the company are presented as required by the companies act 2006 they have been prepared under the 
historical cost convention and in accordance with united kingdom accounting standards and law
based on a detailed review of the risks and uncertainties discussed within the business review and management’s current expectations the board 
has a reasonable expectation that the group will continue to meet all of its financial commitments as they fall due and will be able to continue 
as a going concern 
the current economic climate and most recent trading period creates a degree of uncertainty in the outlook and our forecasts are sensitive to 
relatively small changes in sales and margin assumptions this uncertainty combined with the financial covenants included in our loan facilities 
has led the board to conduct a detailed review of a number of different trading scenarios and possible mitigating actions should they be 
required mitigating actions would include further cost reductions working capital management reduced investment freehold property disposal 
and possible review of dividend policy
based on this analysis the board have concluded that in the event that the level of likeforlike sales highlighted in the current trading section 
of the ceo’s report were to continue for the whole of the financial period ending 29 september 2012 some form of mitigating actions would 
be required but once taken into account the group would fully meet all of its future financial commitments the board therefore considers 
it appropriate to prepare the financial statements on the going concern basis
the principal accounting policies are summarised below they have all been applied consistently throughout the period and the preceding period
the company issues equitysettled sharebased payments to certain employees equitysettled sharebased payments are measured at fair value 
at the date of grant the credit added to the cost of investment in those subsidiaries whose employees receive the benefit of the share options 
is £127 000 2010 £38000 in respect of the deferred longterm bonus incentive plan the sharebased payment charge within the company 
is £32000 in respect of the matching share award 2010 £79000 in respect of the deferred share award
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 and the exemption 
in frs 29 for making disclosures relating to financial instruments 
2 pr ofit for the year
as permitted by section 408 of the companies act 2006 the company has elected not to present its own profit and loss account for the 
period topps tiles plc reported a retained loss for the financial period ended 1 october 201 1 of £4858000 2010 £264000 profit
the auditor’s remuneration for services to the company was £40000 for audit related work 2010 £40000 for audit related work 
fees relating to nonaudit work totalled £nil 2010 £33000 see note 6 to the group financial statements for further details
the company had no other employees other than the directors 2010 same whose remuneration is detailed on page 35
3 f ixed asset in vestments
shares  
£’000
at 27 september 2010 2801
movement in share options granted to employees 127
at 1 o ctober 2011 2928
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3 f ixed asset in vestments continued
the company has investments in the following subsidiaries 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 undertaking  of issued 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 u k 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 holdings bv 
which is registered and incorporated in the netherlands a subsidiary of topps tiles holdings bv topps tiles retail bv was placed into 
administration during the prior period
4 debt ors
2011  
£’000
2010  
£’000
amounts falling due within one year
amounts owed by subsidiary undertakings 4 –
other debtors 28 12
prepayments and accrued income 6 618
38 630
amounts falling due after one year
amounts owed by subsidiary undertaking 221200 221200
in respect of the deferred bonus share award a deferred tax asset has not been recognised as it is probable that there will be insufficient suitable 
profits arising when the shares are awarded against which to relieve the deduction
5 c r editors a mounts fallin g due within one year
2011  
£’000
2010  
£’000
trade and other creditors 49 12
amounts owed to subsidiary undertakings 292 253
accruals and deferred income 274 1125
615 1390
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notes to the company finan cial statements
continued
6 c alledup share capital
2011 
£’000
2010 
£’000
authorised 240000000 2010 24000000 ordinary shares of 333p each 2010 333p 8000 8000
authorised 37 000000 2010 37 000000 redeemable b shares of £054 each 19980 19980
authorised 124890948 2010 124890948 irredeemable c shares of £0001 each 125 125
28105 28105
issued and fullypaid 188365802 2010 188202323 ordinary shares of 333p each 
2010 333p 6279 6273
 during the period 122000 £4000 shares were purchased by topps tiles employee benefit trust on behalf of the directors and senior management team these have not been 
paid for at the balance sheet date
during the period the group allotted 163479 2010 none ordinary shares with a nominal value of £5449 2010 £nil under share option 
schemes for an aggregate cash consideration of £26694 2010 £nil in the previous period the group issued 17 109302 shares as part of 
a placing and open offer which increased the number of shares from 171093021 to 188202323
7 r eser ves
company
share  
capital  
£’000
share  
premium  
£’000
sharebased  
payment  
reserve  
£’000
capital  
redemption  
reserve  
£’000
o ther  
reserves  
£’000
profit  
and loss  
account  
£’000
total  
£’000
at 2 october 2010 6273 1001 323 20359 6200 218224 252380
loss for the period – – – – – 4858 4858
issue of new shares 6 21 – – – – 27
credit to equity  
for equitysettled  
sharebased payments – – 159 – – – 159
at 1 o ctober 2011 6279 1022 482 20359 6200 213366 247708
at 1 october 201 1 the directors consider the other reserve of £6200000 to remain nondistributable 
the directors consider £203106000 of profit and loss account reserves not to be distributable at 1 october 201 1 this arose on an unrealised 
gain on the intragroup disposal of subsidiary companies
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five year re co rd
unaudited
52 weeks  
ended  
29 september 
2007 
£’000
52 weeks  
ended  
27 september  
2008 
£’000
52 weeks  
ended  
26 september 
2009 
£’000
53 weeks  
ended  
2 october  
2010 
£’000
52 weeks  
ended  
1 o ctober  
2011 
£’000
group revenue 207 898 208084 186061 183420 175525
group operating profit 44342 34620 16425 20899 13980
profit before taxation 37 833 27 723 4904 13397 7908
shareholders’ deficit 54824 551 13 53282 28530 25462
basic earnings per share 1509p 956p 100p 537p 304p
dividend per share 1070p 300p – – 150p
dividend cover 141 319 – – 192
average number of employees 1722 1743 1625 1615 1661
share price period end 1968p 5825p 9441p 600p 340p
all figures quoted are inclusive of continued and discontinued operations
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notice of annual general meetin g
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 10 january 2012 at 1000am for the following purposes
o r dinary business
1 to receive and adopt the company’s annual report and financial statements for the financial period ended 1 october 201 1 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 06p per ordinary share on the ordinary shares for the period
3 to reelect matthew williams as a director of the company
4 to reelect robert parker as a director of the company
5 to reelect nicholas ounstead as a director of the company
6 to reelect the rt hon michael jack as a director of the company
7  to reelect alan white as a director of the company
8 to reelect claire tiney who has been appointed since the last annual general meeting as a director of the company
9 to reappoint deloitte 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
10 to approve the directors’ remuneration report for the financial period ended 1 october 201 1 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 1 1 will be proposed as an ordinary resolution 
and in the case of resolutions 12 to 14 inclusive will be proposed as special resolutions
1 1 that the directors of the company be generally and unconditionally authorised for the purposes of and pursuant to section 551 of the 
companies act 2006 the “2006 act” to allot relevant securities as defined in the explanatory notes to this resolution up to an aggregate 
nominal amount of £2090651 provided that this authority shall unless renewed varied or revoked by the company expire 15 months from 
the passing of this resolution or if earlier on the date of the next annual general meeting of the company save that the company may 
before such expiry make offers or agreements which would or might require relevant securities to be allotted and the directors may allot 
relevant securities in pursuance of such offer or agreement notwithstanding that the authority conferred by this resolution has expired
12 that subject to the passing of resolution 1 1 above the directors of the company be given the general power to allot equity securities 
as defined by section 560 of the 2006 act for cash either pursuant to the authority conferred by resolution 1 1 or by way of a sale 
of treasury shares as if section 5611 of the 2006 act did not apply to any such allotment provided that this 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 £313629 or 5 of the issued share capital of the company
the power granted by this resolution will expire 15 months from the passing of this resolution or if earlier the conclusion of the company’s 
next annual general meeting unless renewed varied or revoked by the company prior to or on such date save that the company may 
before such expiry make offers or agreements which would or might require equity securities to be allotted after such expiry and the directors 
may allot equity securities in pursuance of any such offer or agreement notwithstanding that the power conferred by this resolution has expired
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13 that the company be generally and unconditionally authorised for the purposes of section 701 of the 2006 act to make market purchases 
within the meaning of section 6934 of the 2006 act of ordinary shares of 3
1
⁄3p each in the capital of the company “ordinary shares” 
provided that
a the maximum number of ordinary shares hereby authorised to be purchased is 28066504 representing 149 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
1
⁄3p
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 12 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
14 that a general meeting other than an annual general meeting may be called on not less than 14 clear days’ notice
n o tes
1 the right to vote at the meeting is determined by reference to the register of members only those members registered in the register of 
members of the company as at 1000am on 8 january 2012 being 48 hours before the time for holding the meeting or in the event 
that the meeting is adjourned in the register of members 48 hours before the time of any adjourned meeting shall be entitled to attend 
or vote at the meeting in respect of the number of shares registered in their name at that time changes to entries in the register of members 
after 1000am on 8 january 2012 or in the event that the meeting is adjourned after 48 hours before the time of any adjourned meeting 
shall be disregarded in determining the rights of any person to attend or vote at the meeting
2 a member is entitled to appoint one or more persons as proxies to exercise all or any of his rights to attend speak and vote at the meeting 
a proxy need not be a member of the company a form of proxy is enclosed and notes for completion can be found on the form and 
should be read carefully before it is completed to be valid the form of proxy must be completed signed and sent to the offices of the 
company’s registrars capita registrars pxs the registry 34 beckenham road beckenham kent br3 4tu together with the power of 
attorney or other authority if any under which it is signed or a notarially certified or office copy of the same so as to arrive no later than 
1000am on 8 january 2012 or in the event that the meeting is adjourned no later than 48 hours before the time of any adjourned meeting
3 a member may appoint more than one proxy in relation to the meeting provided that each proxy is appointed to exercise the rights attached 
to a different share or shares held by him to appoint more than one proxy you will need to complete a separate proxy form in relation 
to each appointment you may photocopy the enclosed proxy form indicating clearly on each proxy form the name of the proxy you wish 
to appoint and the number of shares in relation to which the proxy is appointed all forms must be signed and should be returned together 
in the same envelope you can only appoint a proxy using the procedures set out in these notes and the notes to the proxy form the right 
of a member under section 324 of the companies act 2006 “2006 act” to appoint a proxy does not apply to a person nominated 
to enjoy information rights under section 146 of the 2006 act
4 the appointment of a proxy will not preclude a member from attending and voting in person at the meeting if he or she so wishes
5 as at the close of business on the date of this notice the company’s issued share capital comprised 188365802 ordinary shares 
of 3
1
⁄3p each each ordinary share carries the right to one vote at a general meeting of the company
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 to vote on each resolution or withhold their vote
7  in the case of joint holders where more than one 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 through the crest electronic proxy appointment service may do so by using 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 providers should refer to their crest sponsor or voting service providers who will be able to take the 
appropriate action on their behalf
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continued
9 in order for a proxy appointment or instruction made using the crest service to be valid the appropriate crest message a “crest proxy 
instruction” must be properly authenticated in accordance with euroclear uk  ireland limited formerly crestco’s specifications and must 
contain the information required for such instructions as described in the crest manual the message regardless of whether it constitutes the 
appointment of a proxy or an amendment to the instruction given to a previously appointed proxy must in order to be valid be transmitted so 
as to be received by the issuers’ agent id ra10 by the latest time for receipt of proxy appointments specified in this notice 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 registrars are 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 uk  ireland limited 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 providers to procure that his crest sponsor or voting service providers takes 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
10 the company may treat as invalid a crest proxy instruction in the circumstances set out in regulation 355a of the uncertificated securities 
regulations 2001
1 1 where a copy of this notice is being received by a person who has been nominated to enjoy information rights under section 146 of the 
2006 act “nominee”
a the nominee may have a right under an agreement between the nominee and the member by whom he was appointed 
to be appointed or to have someone else appointed as a proxy for the meeting or
b if the nominee does not have any such right or does not wish to exercise such right the nominee may have a right under any such 
agreement to give instructions to the member as to the exercise of voting rights
12 capita registrars maintain the company’s share register they also provide a telephone helpline service on 0871 664 0300 calls cost 10p 
a minute plus network extras lines are open from 830am to 530pm monday to friday if you have any queries about voting or about your 
shareholding please contact capita registrars
13 members have the right to ask questions at the meeting in accordance with section 319a of the 2006 act
14 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 2006 act and
b copies of the directors’ service contracts
15 information regarding the agm including the information required by section 31 1a of the 2006 act is available from the company’s website 
– wwwtoppstilescouk
r  parker  r egistered o ffice  r egistered n o
company secretary  thorpe way  3213782
28 november 201 1 grove park
 enderby
 leicestershire le19 1su
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explanatory notes to the notice 
o f annual general  meetin g
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 10 january 2012 at 1000am
four 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
o r dinary business
r esolution 2
declaration of f inal dividend
a final dividend of 06p 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 30 december 201 1 subject to approval by the ordinary shareholders at the annual general meeting 
the dividend will be paid on 31 january 2012 an interim dividend of 05p was declared on 8 july 201 1 which means the total dividend level 
will be 11p per ordinary share for the 52 weeks prior to 1 october 201 1
r esolutions 3 to 8
r eelection of directors
the company’s articles of association require that all members of the board of directors submit themselves for reelection at least every three 
years with the exception of the rt hon jm jack who has served for at least nine years and therefore retires and offers himself for reelection 
annually although not required by the company’s articles each of the remaining directors will in the interests of good corporate governance 
retire voluntarily and offer himself for reelection brief biographical details about all the directors appear on page 26 of the annual report and 
financial statements with the exception of claire tiney whose details can be found on our website at wwwtoppstilescouk
special business
r esolution 11
appointment of authority to issue shares
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 551 of the companies act 2006 “the 2006 act” resolution 1 1 will be put to members as special business 
to authorise the directors to allot ordinary shares with a nominal value of £2090651 out of the company’s unissued share capital representing 
approximately 333 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 contained in resolution 1 1 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
relevant securities means
 a shares in the company other than shares allotted pursuant to an employee share scheme as defined by section 1 166 of the 2006 act 
a right to subscribe for shares in the company where the grant of the right itself constituted a relevant security or a right to convert securities 
into shares in the company where the grant of the right itself constituted a relevant security
 a any right to subscribe for or to convert any security into shares in the company other than rights to subscribe for or convert any security into 
shares allotted pursuant to an employee share scheme as defined by section 1 166 of the 2006 act references to the allotment of relevant 
securities in the resolution include the grant of such rights
r esolution 12
disapplication of statutory rights of preemption
this proposed resolution seeks to obtain power under section 571 of the 2006 act to enable the directors to allot for cash shares with an 
aggregate nominal value of £313629 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 exercise its authority under this resolution 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
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continued
r esolution 13
authority to purchase o rdinary shares
at the annual general meeting ordinary shareholders are being invited under resolution 13 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 2013 
or 12 months from the date of this resolution if earlier this authority will be limited to the purchase of not more than 149 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 required to be made to perform any share buyback 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 3
1
⁄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 30 november 201 1 there were 
options to subscribe for 6080346 equity shares outstanding under various schemes representing approximately 32 of the current issued 
share capital of the company if the authority sought by resolution 13 was exercised in full the number of outstanding options would represent 
approximately 38 of the issued share capital following the repurchase of shares
r esolution 14
n otice period for general meetings
this resolution is required to reflect the implementation in august 2009 of the shareholder rights directive the regulation implementing this 
directive increased the notice period for general meetings of the company to 21 days previously the company was able to call general 
meetings other than an agm on 14 clear days’ notice and would like to preserve this ability going forward in order to be able to do so 
shareholders must approve the calling of meetings on 14 days’ notice resolution 14 seeks such approval the approval will be effective 
until the company’s next annual general meeting when it is intended that a similar resolution will be proposed the company will also 
need to meet the requirements for electronic voting under the directive before it can call a general meeting on 14 days’ notice
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the team
a
aamir jamil
aaron foster
aaron smith
aaron turner
abul khashad
adam boshir
adam campion
adam clarke
adam close
adam cook
adam crowe
adam davidson
adam edwards
adam ford
adam gale
adam green
adam ireland
adam king
adam laidlaw
adam nuttall
adam palmer
adam riley
adam rodriguez
adam simkins
adam voyce
adam ward
adam whittaker
adam wolniewicz
adil rajah
adrian kimber
adrian rimmington
aileen crossley
ajay arya
ajay bhakri
akiyemi orekoya
aklakud duha
akommil ali
alan collins
alan flynn
alan hughes
alan jones
alan law
alan monk
alan parker
alan rutherford
alan saunders
alan sinclair
alan smalley
alan sproston
alan white
alan wrighting
alex howe
alex whitmore
alex wilson
alexander onions
alexander penn
alexandria murphy
alfred kamara
ali faheem
ali rizvi
ali siddique
alison hunt
alison walkinshaw
alistair payne
allan chigariro
allan coomber
allan harper
alvin chinyanga
alvin lapao
amanda green
amanda hullett
amandeep singh
amit bhargava
andrea moon
andrea reeves
andrew baillie
andrew belson
andrew blackborow
andrew bowden
andrew brookfield
andrew canham
andrew chapman
andrew clay
andrew clayton
andrew collins
andrew cox
andrew curr
andrew curtis
andrew davis
andrew dawson
andrew green
andrew groucutt
andrew hamilton
andrew hanson
andrew harrison
andrew hastings
andrew hill
andrew hodgson
andrew keattch
andrew middleton
andrew page
andrew phillips
andrew riley
andrew salkeld
andrew scorgie
andrew scott
andrew taylor
andrew warne
andrew waterfield
andrew wathan
andrew winterburn
andrew wood
andrew woodhouse
andrew woods
andrew young
andy playfoot
andy shaw
angela capp
angela morais
angela tremelling
angelique da silva
ann mathias
anna kucharska
anna timney
anna wedrzyk
annabelle price
annmarie malone
ansar ahmed
anthea routley
anthony aldred
anthony alveranga
anthony ashton
anthony bradford
anthony christopher
anthony cox
anthony daly
anthony davies
anthony docherty
anthony eatock
anthony gibby
anthony gilbert
anthony heskett
anthony james
anthony linsell
anthony marshall
anthony molyneux
anthony townsend
anthony wood
antonia rogers
antonio perkins
antony belham
anub varghese
anuraag parashar
anwar marshall
arnold harrison
aron hoff
ashish gouniyal
ashleigh mackinnon
ashley cutler
ashley kent
ashley siddons
asim ali
astone davids
ayden young
b
barbara connor
barclay pope
barrie palmer
barry bester
barry edwards
barry hodges
barry jones
barry taylor
barry theobald
barry veasey
barry webber
ben armitage
ben baker
ben bright
ben brooker
ben davis
ben holloway
ben sawyer
ben stockton
ben woollins
benjamin hardie
benjamin morais
benjamin rich
benjamin rowe
benjamin willis
bernadette peasland
bernard fallon
bertil boyles
beth boulton
beth pauls
bill wylie
billy decaille
billy hutchins
bjorn bjergfelt
bob barlow
bolaji adeyanju
bradley ball
brandon abels
brant wells
brendan flynn
brett goulden
brian burke
brian cariello
brian cox
brian crews
brian dicks
brian fisher
brian flatters
brian king
bridget rees
brigette hale
bruce fielding
bruce garrod
bruce jeffery
bruno alves
bruno bernasconi
c
cade somerville
calbert hall
campbell marr
carl cook
carl courtney
carl cumberbatch
carl dyke
carl edlundhrose
carl foster
carl fraser
carl hermitt
carl paternoster
carl roberts
carl whatley
carlos chowdhury
carlos morais
carol livingstone
caroline bailey
caroline bennett
caroline chewter
caroline may
catherine platt
chantelle morgan
charlene walpole
charles ross
charles taylor
charlotte armstrong
charlotte driscoll
charlotte glynn
chelsea gordon
cheryl vearncombe
chetna shah
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the team
continued
chirag patel
chloe zeller
choudre grobler
chris bland
chris butler
chris cartey
chris curtis
chris foster
chris heyes
chris howe
chris jensen
chris nicholls
chris sansby
chris walker
chris white
christer leth
christian banham
christina langridge
christine hendry
christine juggins
christine thistlethwaite
christopher beeson
christopher bloy
christopher bowles
christopher burgess
christopher collins
christopher cooper
christopher harbutt
christopher holland
christopher holt
christopher hudson
christopher lamb
christopher mcwhinnie
christopher moorhouse
christopher nottle
christopher santos
christopher searle
christopher stobbs
christopher turley
christopher walley
christopher warren
christopher williamson
chudry ghani
cindy cox
claire chaffe
claire rayton
clare barden
claudia weaver
clive marriott
colin gadd
colin griffiths
colin harvey
colin hoban
colin joy
colin markham
colin rymer
colin skinner
colin taylor
conrad harrup
cora morrison
corrina bowers
craig connor
craig conway
craig deveson
craig dickson
craig dolling
craig hill
craig lewis
craig murphy
craig nammontri
craig nicholson
craig ollard
craig reed
craig tetlow
curtis hatton
d
dale stone
damian sheppard
dan clancy
daniel bath
daniel brain
daniel branson
daniel burdett
daniel chant
daniel childs
daniel clayton
daniel collins
daniel cox
daniel crotty
daniel fallows
daniel findlay
daniel fulcher
daniel hall
daniel hill
daniel hull
daniel ingham
daniel jones
daniel keeble
daniel lee
daniel little
daniel loft
daniel mclean
daniel merrett
daniel musguin
daniel robinson
daniel saltmarsh
daniel sheppardbrown
daniel shimmen
daniel spencer
daniel thompson
daniel thornley
daniel van aswegen
daniel woodford
daniel wren
daniel zanettacci
danielle whittaker
dannielle fry
danny burgess
darone duboisgayere
darran wood
darren bebbington
darren bradley
darren connor
darren doughty
darren fletcher
darren harper
darren hyman
darren mitchell
darren morgan
darren rawlings
darren read
darren rutledge
darren square
darren wagg
darron kerr
daryl john sims
dave brooks
dave jobling
dave marsh
david atherton
david augustus
david binns
david blades
david bolingbroke
david brown
david burnikell
david butler
david carpenter
david critchlow
david dorney
david fisher
david godbold
david harper
david hatton
david hayers
david henderson
david hill
david hirst
david hope
david kershaw
david kettlewell
david knight
david lane
david linwood
david locke
david macartney
david martin
david matthews
david meers
david miller
david morris
david murray
david nichol
david oliver
david parr
david prime
david roper
david rowlands
david sassoon
david savage
david sheehy
david shewan
david smith
david steel
david stott
david sutcliffe
david thomasson
david townsley
david webb
david whitelaw
david wilson
david yallop
dawn allan
dawn gale curtis
dawn stares
dean bull
dean johnson
dean kelly
dean macmillan
dean marshall
dean miller
dean newell
dean stokes
dean titchen
dean woolley
debbie demes
decland speede
denis o brien
denise fishwick
dennis cragen
dennis jepson
dennis jovellanos
dennis lammas
denzil johns
derek amoo
derek lambourn
derek sim
derek smith
derek wooller
desmond agyei
devindren govender
dewi williams
diane shatford – butcher
dilawar ali
dilip parmar
dinesh amin
dipal parikh
dishon meade
divyesh javiya
domantas jankauskas
dominic coates
dominic hall
dominic reilly
donald magullian
donna boulton
douglas hartness
duane glover
duncan foy
duncan fraser
dylan roberts
e
eamonn clancy
edward derbyshire
edward murphy
elizabeth morrissey
elizabeth selfridge
emily lenton
emily williams
emma fortes
emma hatton
emma leavis
emma whatson
emmanuel liwao
emran mannan
ermiyas girma
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financial statements
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f
faisal ashraf
farid haddad
farooq younis
felipe da rocha west
finbarr mcquaid
fiona finnigan
fiona grant
fitz martin
frances aylward
francesca wright
francois van aswegen
frank hibbert
g
g style
gail purves
gareth carnegie
gareth davies
gareth hammond
gareth roberts
gareth ward
garry case
garry hardy
gary ashdown
gary asher
gary bloomfield
gary curtis
gary gear
gary marsden
gary marshall
gary parrismunn
gary purves
gary shapcott
gary thatcher
gary wilcox
gary woolmore
gavin bennett
gavin collins
gavin jepson
gavin magwood
gavin mitchell
gavin richardson
gediminas merkys
gemma mcbirnie
gemma stephens
george latham
george martinesz
george peck
george skinner
george tuplin
george wilson
georgina catling
geraint thorne
gerard mallon
gethin jordan
gianfranco zanolini
giles wheatley
gillian grace
glen holloway
glendale canoville
glenn claridge
glenn elgy
glyn jones
glyn rogers
gordon davies
goutam saha
graham beaney
graham brophy
graham cameron
graham davidson
graham ford
graham jones
graham vance
grant harris
grant woolway
gregory barwick
gulraise mirza
gurdeep panesar
gursharan bains
gursharn ladhar
guy ferguson
h
hamid deen
hammed hussain
harjit dhaliwal
haroon cockar
harpreet hansra
harriet manning
harry biggs
hassan rajah
hazel millington
helen gosling
helen march
henry oakley
henry rowe
hitesh nathu
hitesh patel
hugh selley
i
iain arnott
ian aikman
ian bird
ian bloomfield
ian gould
ian jones
ian marshall
ian mcalinden
ian mcloughlin
ian mcneish
ian noon
ian paterson
ian shepherd
ian sykes
ian tivendale
ian winterburn
ibrahim cisse
imran ashraf
imran isat
iqbal hussain
irene dickinson
isaac halstead
iwan jones
izabela krzyszkowska
j
jabbar shah
jack cairns
jack campany
jack cassidy
jack cleary
jack coker
jack maddison
jack o neill
jack thornley
jack whitehead
jacob gonzales
jacqueline byrne
jailuene peake
jair sharp
jajwinder harar
jake haudiquet
jake missen
jake shopland
jake woods
james bayley
james biesty
james bone
james butler
james cameron
james clifford
james curthoys
james eastham
james fox
james heard
james hollingshead
james judkins
james mcardle
james metcalf
james morgan
james murphy
james patston
james pearson
james pilfold
james rathbone
james robertson
james rolfe
james saunders
james stark
james stevens
james taylor
james thorning
james vander plank
jamie axten
jamie durnan
jamie evans
jamie sia
jamie thain
jamie wenborn
jan reddi
janet riley
janice millett
jared rapsey
jarreth hawkins
jason buckley
jason clare
jason coupland
jason darcy
jason ealden
jason field
jason harper
jason huges
jason knox
jason meadows
jason morley
jason nettleford
jason perry
jason pratt
jason rose
jason thomas
jayandrie chetty
jayaprakash paragjee
jayde bailey
jaymal arjan
jeannette hastie
jeffrey adubofour
jeffrey armstrong
jemma wyatt
jennifer donlan
jennifer wall
jenny inkson
jenny seabrook
jeremy harris
jessica mackenzie
jessica thiari
jill cox
jim tuvey
joan hicks
joanne cox
joanne elton
jodie baigrie
joe cox
joe gregorace
joe riddell
joe smith
john bourke
john chinn
john cook
john duffy
john ellis
john fawkes
john forden
john foster
john gardner
john harris
john hartley
john hesp
john hickey
john hughes
john keouski
john lewis
john marris
john mclaren
john moat
john nelson
john page
john paine
john pilling
john shaw
john smith
john taylor
john thompson
john williams
john wright
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the team
continued
johnpaul jones
jon pringle
jon thatcher
jonathan adjekum
jonathan bainbridge
coombs
jonathan benn
jonathan bryantwilliams
jonathan evans
jonathan francois
jonathan hargreaves
jonathan hicks
jonathan morgan
jonathan smith
jonathan wade
jonathan wallace
jonathan williams
jonathan woodroff
jonathon hall
jonathon ludlow
jonathon sheerin
jonpaul hughes
jonpaul russell
jordan farenden
josef kinski
joseph dolan
joseph lawton
josephine hilldrup
josh dempster
josh holmes
joshua groener
joshua rapley
jubair ahmed
juginder gill
julie brachtvogel
julie cox
julie fewings
julie jordan
juliet wilford
justin bradley
k
kalpik singh
kalpit patel
kamlesh shah
karen brook
karen sutcliffe
karl atkins
karl batterham
karl johansson
karl stephens
karl verry
kashan riley
kashif munir
kate cook
katherine davis
katherine rudkin
kathryn baird
kathryn robinson
katie brindley
katie slater
kawaljit gulati
kayleigh hanson
keilam gilbert
keir beeson
keith ambrose
keith earl
keith fitzpatrick
keith hughes
keith johnson
keith rudkin
keith storrier
kelly bell
kelly savile
kellyanne o connor
kenneth owen
kenneth pettengale
kenneth williams
kerri atkinson
kerry hume
kerry saunders
kevan richardson
kevin baker
kevin bowtle
kevin burchell
kevin fox
kevin hailes
kevin hartley
kevin hastings
kevin hodson
kevin jeans
kevin jones
kevin nicol
kevin rowe
kevin sherwood
kevin thorne
kevin tully
kieran barneswarden
kieron clarke
kim liddle
kirsten mortlock
kirsti altass
kirstie leonard
kris bailey
krishan ladwa
kristian catterall
kristina kane
kuldeep singh
kunal pandya
l
lance cale
laura brice
laura edwards
laura james
laura johnson
laura sweeney
laurence jones
lauretta clarke
leah norris
leanne palmer
lee arrowsmith
lee baxter
lee clarke
lee culley
lee davis
lee dering
lee dover
lee durrant
lee etheridge
lee fisher
lee galloway
lee gardner
lee gornall
lee henry
lee hutchinson
lee jacovou
lee james
lee johnstone
lee mayfield
lee mcconnell
lee phillips
lee read
lee shillibeer
lee stephenson
lee taylor
lee west
lee wilkinson
leena ramsaha
leigh hyam
leighton davies
leo odoherty
leon oneill
leon strange
leonard finch
lesley watson
lesley willcox
lesley wilson
leslie shemmeld
lester marshall
lewis axford
lewis edwards
lewis franklin
lewis green
lewis saunders
lewis smith
lewis walter
lewis wenman
liam allen
liam fields
liam fortin
liam godfrey
liam gulliver
liam hodgkins
liam hunt
liam mulhall
liam piper
lianne harrisonallcock
lilian pilling
linda scott
lindsey thorburn
lisa algar
lisa bannister
lisa hawkey
lisa holmes
lloyd jackson
lorna hislop
loucas louca
louis johnson
louise sprigg
louise wilson
luke gibbons
luke gynnette
luke kennedy
luke kerr
luke livermore
luke mcnally
luke potiphar
luke saunders
lynette grimes
lynn pearson
m
malcolm ferguson
malcolm temple
malik ahmad
malik khaliq
mandy aidney
mansoor ali
marc breeze
marc smith
marc stevens
marcel moore
marcin sakowicz
marcus scott
margaret lawrie
margaret potter
mark allman
mark atkinson
mark bianchi
mark bradbury
mark brown
mark burgess
mark coe
mark discombe
mark dutton
mark frisby
mark fuller
mark gasson
mark geary
mark hunter
mark johnson
mark johnston
mark lever
mark maciver
mark palmer
mark pancott
mark stephens
mark stone
mark sweet
mark tennant
mark thompson
mark vaughan
mark waldock
mark walters
mark winder
mark wright
marlon barnes
martin braddick
martin byers
martin derricott
martin evans
martin foster
martin leon
martin morris
martin osborne
martin siggers
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other information
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martin smyth
martin watt
martin williams
martin winterburn
martin wys
martyn spring
mary smith
mary syme
mathew clucas
mathew tapp
matt hammersley
matt hay
matthew antell
matthew attwood
matthew britton
matthew charleston
matthew clamp
matthew clayton
matthew coward
matthew dunne
matthew fisher
matthew foster
matthew foulger
matthew hawley
matthew hill
matthew hook
matthew king
matthew knight
matthew mcphee
matthew moore
matthew robinson
matthew sigley
matthew singleton
matthew stuckey
matthew welburn
matthew wesson
matthew whitlock
matthew williams
matthew woodhouse
matthew wright
megan beattie
mehmet asdoyuran
melanie gray
melanie toole
melissa wadman
melton thompson
melvyn chamberlain
metimiku yohannes
michael asumadu
michael blinkhorne
michael booth
michael boughton
michael bowden
michael braithwaite
michael buckley
michael cable
michael campbell
michael coldwell
michael cosgrove
michael darroch
michael earls
michael fannon
michael finn
michael foley
michael haggett
michael hall
michael harvey
michael hopper
michael huskisson
michael jack
michael jenks
michael lay
michael litster
michael lovelock
michael queen
michael simcoe
michael slater
michael stewart
michael van sittert
michael weeks
michele poxon
michelle furber
michelle hill
michelle kempson
mick wells
mike butler
mike ingham
mike king
mike potter
miles burden
mitchell williams
mitul patel
mohamed akhtar
mohamed patel
mohammad mukhtar
mohammed amin
mohammed jamil
mohammed jimale
mohammed nawaz
mohammed parvaz
monique lawrence
mr topps retired
mubashir uddin
muhammad anaib 
mehmood
muhammad kawsar
muhammad mirza
murdo martin
n
narinder chatha
narinder rai
nathan austin
nathan bentleyhicks
nathan coulthard
nathan edwards
nathan hands
nathan harry
nathan heape
nathan shaw
nathan sobers
nathan winterton
nathan wolowicz
navesh naidoo
neil ammon
neil brownley
neil donkin
neil hendy
neil homan
neil hughes
neil jones
neil ketnor
neil southgate
neil topping
neil wardlaw
neil williams
neill wiltshire
nicholas billyeald
nicholas gadd
nicholas kershaw
nicholas lawrence
nicholas ounstead
nicholas payne
nicholas walch
nicholas withers
nicholaus buchanan
nick gussow
nick lodge
nick wardman
nicky glenister
nicola mcwatt
nicole andrews
nigel fleming
nigel hickman
nigel parry
niki savva
nikki jury
nikola sutton
nilesh kerai
noah lawrie
norberto estrada
numan razaq
numan usman
o
oliver clancy
olivia pilsonwood
omid ibrahimi
osemar masaya
p
paige makepeace
pamela cuffin
patrick chambers
patrick green
paul aird
paul baxter
paul burkett
paul burrow
paul carter
paul cartledge
paul cavell
paul chapman
paul clark
paul collett
paul cowen
paul cull
paul dalby
paul davey
paul davies
paul fitzsimmons
paul fluester
paul galvin
paul goodhall
paul holmes
paul irving
paul kelly
paul lathrope
paul laverty
paul mccabe
paul mckenna
paul miller
paul mills
paul nicholls
paul noyes
paul ruddle
paul silvester
paul smith
paul smitheringale
paul starkey
paul symonds
paul tennant
paul tregaskis
paul vandendyck
paul whittington
paul wiltshaw
paula budsworth
pauline harrison
pawel warych
penny vanderplank
pete bauer
peter anderson
peter brooks
peter charters
peter davey
peter higgins
peter hogg
peter hughes
peter jones
peter lea
peter mcintyre
peter meredith
peter nicholson
peter simmonds
peter steel
peter turtle
peter walmsley
peter woods
peter young
petr stepan
phil kelly
philip cranston
philip devine
philip dunn
philip english
philip gallop
philip hawkes
philip hibbert
philip lewis
philip mccarney
philip trevis
phillip ell
phillip goodeve
phillip hunt
phillip walters
phillipa hewitt
14887ttar11p3888indd   85 07122011   2155 86
plc annual report and financial statements 201 1
the team
continued
prakash mistry
prakash patel
premyslaw swisloki
q
quadeer ahmed
r
rachel willcock
rachit vadgama
rahul rao
raj surani
rajan mehta
rajiv vadgama
rakeem zammruad
ranbia kasbia
ravendra bishun
ravikumar patel
ray jeakins
raymond johnson
raymond thompson
rea tarran
rebecca juliergoodwin
rebecca oblein
rebecca smith
reece morgan
reg anderton
rhea kelly
rhys hedges
rhys kelland
rhys sheridan
ricardo malcolm
richard banton
richard bickers
richard brookfield
richard carter
richard clark
richard cooke
richard davies
richard edwards
richard farrington
richard fellows
richard harris
richard homan
richard hopkin
richard oates
richard oldale
richard slack
richard small
richard sumner
rickey singleton
ricky bishop
rob owen
robel ghebrewold
robert adams
robert adkins
robert bellamy
robert bindon
robert brewin
robert cairns
robert chawner
robert clarke
robert collins
robert exley
robert fernandes
robert frickey
robert george
robert gilbert
robert howes
robert howker
robert jay
robert keohone
robert kindred
robert king
robert kreamer
robert kweli
robert lynch
robert moss
robert myers
robert parker
robert philpott
robert prince
robert swift
robin moore
robin perrin
robin stagg
robin thomson
rodney meyer
roger bailey
roger gridley
roger mark lazenby
romaldo rodrigues
ron woolgar
rory milne
roseanna renshaw
ross ashbrook
ross copley
ross hunt
ross langford
ross mcnair
roxanne evans
roxanne martin
roy peasland
roy redgate
rudy sellar
russ davis
russell adgey
russell shafer
russell thornton
ryan apark
ryan curd
ryan gomersall
ryan jones
ryan mason
ryan randall
ryan sinclair
s
sabina ali
sachin radia
sagren naidoo
salman bawani
sam francis
sam harvey
sam nortey
sam orton
sam ripley
samantha barrett
samantha herron
samantha hunter
samantha mussett
samantha sayer
samantha sumbler
sameer jamdar
sampson coomber
samson okolosi
samuel carey
samuel fisher
samuel lenny
samuel major
samuel prewer
sandip sahota
sandra ramsay
sanjeepan 
balasubramaiam
saqib ishfaq
sara lowery
sarah bacon
sarah cassam
sarah dobson
sarah drake
sarah kite
sarah newcomb
sarah ramm
sarah rogerson
sarah shirley
scott ahmad
scott birdseye
scott bond
scott campbell
scott currie
scott hatton
scott meadows
scott williams
scott winchester
sean cahill
sean dare
sean gee
sean green
sean mclean
sean weatherby
serder yusuf
shahid mahmood
shana doherty
shane bryan
shane daley
shane england
shane malone
shane o’leary
shane till
shannon woods
sharon beckett
sharon buckley
shaun barrett
shaun bryan
shaun douglas
shaun harwood
shaun mayes
shaun pawsey
shaun scott
shawdon smith
sheila myrie
shelley carey
shelley rutter
shirley moore
shohale ali
sian austen
sian griffiths
silvonne mclean
simon beare
simon brookfield
simon chappell
simon crossland
simon frew
simon green
simon grimmett
simon jones
simon lasham
simon leslie
simon lewis
simon loach
simon morgan
simon neal
simon palmer
simon partridge
simon pitt
simon roberts
simon witham
simone turner
sinitta maan
siobhan ashman
stacy sturdy
steffan burns
stephanie ailwood
stephanie nevett
stephen adams
stephen benson
stephen bloomfield
stephen brown
stephen collins
stephen corkett
stephen creasey
stephen foote
stephen france
stephen freeman
stephen getty
stephen green
stephen hall
stephen kelly
stephen lewis
stephen lopes
stephen machin
stephen marshall
stephen morris
stephen seymour
stephen spurgeon
stephen starkie
stephen welsby
stephen west
steve bristow
steve gaylor
steve smith
steve wood
steven buxton
steven christie
steven darbyshire
steven dooley
steven godwin
14887ttar11p3888indd   86 07122011   2155 87
plc annual report and financial statements 201 1
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governance
financial statements
other information
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steven howells
steven jenkins
steven kernot
steven macarthur
steven mackie
steven ohara
steven pressley
steven richards
steven shooter
steven walker
steven whitehead
stuart baigent
stuart barrett
stuart bartlett
stuart clarke
stuart comer
stuart corlett
stuart davey
stuart dixon
stuart gorry
stuart hall
stuart munton
stuart pemberton
stuart rees
stuart roscoe
stuart ross
stuart whitby
stuart williams
sue bill
suresh mistry
surmukh jandu
susan attwell
susan black
susan henshall
susan hulme
susanne owen
t
taimur malik
tami robinson
tanya paterson
tanya sharpe
terence dooley
terence downing
terry salisbury
thomas boulton
thomas clutterbuck
thomas crawford
thomas cunningham
thomas fry
thomas hudspith
thomas love
thomas mackey
thomas marriott
thomas murray
thomas newman
thomas otley
thomas parkes
thomas ryan
thomas swain
thomas treadwell
thomas wade
tim bird
tim ives
tim tatlock
timothy bentley
timothy boardman
timothy stanhope
timothy tuff
tirup patel
toby collins
toby hutton
todd routledge
tom evans
tom lewis
tom wood
toni christine frederick
tony benson
tony dedman
tony havvas
tony nunn
tony watson
tracey forrest
tracey hansard
tracy ryan
tracy wickenden
trevor thomas
tristan hodge
tyrell beckham
tyrone godsoncharles
u
umair qureshi
upendra dudhaiya
urmila bhudia
uthayakumar 
kulasegarampillai 
v
veronica evett
victor mensa
vikki bachell
vilius meilus
vince barber
vinesh goswami
vinod joshi
vinsen velvindron
vishal acharya
vishal maratha
w
walkey hilaire
warren bester
wayne farini
wayne randall
wayne wheeler
wendy bruce
wesley harrop
wesley neukermans
will bailey
william barreda
william brownsell
william gunshon
william lewinton
william mason
william mcphee
william ralls
william ryves
y
yvonne archer
yvonne burgess
z
zaccai newman
zachary mcdowell
zack shine
zahid hossain
zainab idris
zlatko milovanovic
zoe atkinson
zoe derry
zoe gough
zoe langridge
zoe mills
14887ttar11p3888indd   87 07122011   2155 88
plc annual report and financial statements 201 1
store location s
t opp s t ile s
t ile c learing hou se midland s
lincoln
newark
boston
mansfield
grantham
worksop
hull
grimsby
spalding
lincoln – outer 
circle
chesterfield
rotherham
meadow hall
barnsley
doncaster
telford
shrewsbury
stokeontrent
newcastle under 
lyme
congleton
leek
nantwich
crewe
northwich
coventry
leicester
leicester – grove 
park
coventry – binley
stratford upon avon
rugby
birmingham – 
solihull
nuneaton topps
redditch
nottingham
long eaton
cannock
wolverhampton
kidderminster
kings heath
birmingham – 
erdington
birmingham – 
sheldon
west bromwich
tamworth
burton on trent
derby – osmaston
derby
l ondon dagenham
romford
ilford
beckton
chingford
mile end topps
edmonton
stamford hill
enfield
waltham cross
shoreditch
wapping
barking topps
raynes park
cheam
mitcham
charlton
penge
forest hill
west wickham
beckenham topps
orpington
catford – bromley 
road
old kent road
eltham 
acton
southall
feltham
staples corner
st albans
hemel hempstead
new southgate
chesham
colindale
wembley
uxbridge
golders green
north finchley
ruislip
borehamwood
westfields
harrow
croydon
croydon purley 
way
gunnersbury
brentford
highgate
camden
vauxhall
twickenham
fulham
wandsworth
east sheen
streatham
battersea
brixton
wimbledon
sout h
brentwood
southend
basildon
chelmsford
rayleigh
colchester
sudbury
braintree
clacton on sea
grays
chelmsford 
– springfield
harlow
bishop’s stortford
bristol
swindon
hengrove
bridgewater
weston super 
mare
frome
bristol – clevedon
chippenham
gloucester
cheltenham
worcester
evesham
ipswich – 
martlesham
ipswich
norwich
king’s lynn
cambridge
great yarmouth
bury st edmunds
wisbech
thetford
huntingdon
cromer
lowestoft
guildford
farnborough
farnham
camberley
byfleet
brighton
gatwick
portsmouth
horsham
uckfield
newhaven
east molesey
chichester
lewes
bognor regis
salisbury
fareham topps
isle of wight
basingstoke
winchester
reading
christchurch
newbury
poole
southampton – 
millbrook
southampton – 
hedgend
oxford
abingdon
oxford – 
watlington
peterborough
stamford
kettering
wellingborough
windsor
slough
northampton
milton keynes
banbury
luton
st neots
bedford elms
buckingham
letchworth
aylesbury
welwyn garden 
city
stevenage
watford
bristol – cribbs 
causeway
hereford
eastbourne
crayford
erith
sevenoaks
bexhill
maidstone
sittingbourne
tunbridge wells
strood
broadstairs
tonbridge
canterbury
folkestone
ashford
yeovil
exeter
torquay
barnstaple
plymouth
taunton
launceston
exmouth
bodmin
tiverton topps
truro
wale s
wrexham
cardiff – hadfield 
road
swansea – 
llansamlet
bridgend
merthyr tydfil
cross hands
neath
cardiff – newport 
road
carmarthen
barry
haverfordwest 
topps
swansea – fforest 
fach
flint
rhyl
holyhead
bangor
n ort h
manchester – 
salford
manchester – 
audenshaw
cheadle
manchester – 
green quarter
manchester – sale
manchester – 
stockport
manchester – 
failsworth
manchester – hyde
oldham
manchester – 
openshaw
huddersfield
macclesfield
bolton
blackburn
carlisle
penrith
morecambe
barrow
blackpool
preston
cleveleys
chorley
workington
ormskirk
sunderland
stockton
newcastle on tyne
durham
darlington
york
harrogate
scarborough
wakefield
leeds
birstall
pontefract
bradford
chester
warrington
birkenhead
wigan
anfield
aintree
st helens
scotland glasgow – 
hillington
wishaw
glasgow – 
greenock
falkirk
glasgow
glasgow – 
shawfield
edinburgh – leith
aberdeen
inverness
dundee
edinburgh – sighthill
aberdeen – bridge 
of don
edinburgh – 
kinnaird
glasgow – govan
dumfries
midland s
norwich
northampton
cheltenham
nottingham
stokeontrent
wolverhampton
stokeontrent – 
fenton
peterborough
kettering
birmingham – 
great barr
kidderminster
l ondon hayes
charlton
orpington
new southgate
park royal
dartford
sout h
ilford
harlow
swindon
eastbourne
bournemouth
exeter
plymouth
n ort h
hull
stockport
cheadle
doncaster
wigan
liverpool – maghull
blackpool
14887ttar11p3888indd   88 08122011   1431 plc annual report and financial statements 201 1
in troduc tion
con tents
“with very ch allen gin g tradin g condi tion s 
persistin g thro ugho ut the sec ond h alf 
o f o ur fin an ci al period o ur fo c us has 
been on str eng thening our marke t 
leading po sition we further upgraded 
an d expan ded o ur sto re estate con tin ued 
the evo lution o f the to pps tiles o ffer an d 
suppo rted this with new marke ting 
ini tiatives in sto re on television an d 
on lin e in addition we made so me 
signi fican t in fr astr uc ture inves tments 
ac ro ss the busin ess which will ben efit o ur 
future perfo rman c e” 
 matthew williams
 c h ief exec utive o ffic er
r eview o f the business
1 the year in brief
2 o ur strategy
3 c hairman’s statement
5 c hief executive’s statement
10 business review
22 c orporate social responsibility
go vernance
26 directors
27 directors and advisors
28 directors’ report
31 c orporate governance statement
33 remuneration report
financial statements
37 independent auditors’ report   
 – consolidated financial statements
38 c onsolidated statement of  
 financial performance
39 c onsolidated statement of 
 financial position
40 c onsolidated statement of changes  
 in equity
41 c onsolidated cash flow statement
42  n otes to the consolidated 
financial statements
70 independent auditor’s report –   
 c ompany financial statements
71 c ompany balance sheet
72 n otes to the c ompany financial statements
o ther in fo rma tion
75 five year record
76 n otice of annual general meeting
79 explanatory notes to the n otice of  
 annual general meeting
81 the team
88 store locations
plc annual report and financial statements 201 1
review of the business
governance
financial statements
o ther information
k
 16
stores operated 
by the group in 
wales
63
stores operated  
by the group in 
london
 1 18
stores operated 
by the group in the 
south
57
stores operated 
by the group in the 
midlands
5 1
stores operated 
by the group in the 
n orth
south
scotland
midlands
l ondon
n orth
wales
 15
stores operated  
by the group in 
scotland
topps tiles – store numbers
stores at the beginning  
of the period 275
n ew stores opened 17
subtotal 292
c losures including brand swaps –3
total 289
tile clearing house – store numbers
stores at the beginning  
of the period 37
n ew stores opened –
subtotal 37
c losures including brand swaps –6
total 31
designed and produced  
by r adley yeldar wwwrycom
14887ttar11coverindd   2 07122011   2147 great choice 

 great value 

 great service
annual repo rt and financial statements 201 1
great choice great value great service
topps tiles plc
thorpe way grove park enderby
leicestershire le19 1su
t 0116 282 8000 
f 0116 282 8115
wwwtoppstilescouk
annual repo rt and financial statements 201 1
plc ann ual repo rt an d fin an ci al statemen ts 201 1
14887ttar11coverindd   1 07122011   2147


Summary:
 5
plc annual report and financial statements 201 1
review of the business
governance
financial statements
other information
k
our focus during the period has been on strengthening 
our market leading position by continuing to deliver 
outstanding service and excellent value high quality 
products to our customers we further upgraded and 
expanded our store estate continued the evolution of 
the topps tiles offer and supported this with new 
marketing initiatives instore on television and online 
in addition we made some significant infrastructure 
investments across the business which will benefit 
our future performance
prudent management of all costs remained a key focus 
in addition we also reviewed a number of our retail 
processes to both further improve our proposition to 
customers and enhance financial performance
the economic environment has continued to be 
challenging and in particular we saw a slowing in 
customer numbers during the second half of our financial 
period that said the business remains financially well 
positioned and the strong operational progress made 
during the year will enable us to continue to progress 
our growth plans
t he market 
topps has seen its position as the uk’s leading tile 
retailer strengthen further during the period with our 
share of the noncontract tile market growing to 26 
2010 25 source mbd our unwavering focus 
on offering our customers outstanding service and 
value enabled the group to once again outperform 
the market
tile consumption in the uk continues to be low in 
comparison to the rest of europe roughly one third of the 
demand experienced in northern europe source mbd 
however longterm growth based on projections of an 
increase in housing stock and consumer usage of tiles 
remains attractive against this background we believe 
there is potential for up to 400 topps tiles stores in 
the uk
st or e devel opment and expansi on
with a continuing backdrop of challenging trading 
conditions our focus has been on optimising returns from 
the existing store estate by adding new stores selectively 
and targeting tactical resites of individual stores where 
this is supported by the local market opportunity
over recent years our store expansion strategy was 
realigned to reflect the deterioration in the economic 
environment in the 200910 financial period we 
returned to growth in store numbers and this activity 
accelerated in the period under review in the last 
12 months we opened 15 new stores and closed 
seven stores of which three were relocations resulting 
in a net increase of eight stores and completing the 
financial period with 320 stores new store openings 
have performed well and we are very satisfied with the 
return on investment in the year ahead we have plans 
in place to increase the size of the business by 
approximately five new stores
we have continued with our programme of converting 
tile clearing house stores into the more profitable 
topps tiles format and have completed five in the 
financial period trading results from these conversions 
have been pleasing and a further 15 are planned for the 
year ahead this will leave 16 tile clearing house stores 
which will function as clearance units for the topps stores
our improved and expanded website was relaunched 
during the period the response has been very 
encouraging with record numbers of people visiting the 
site and staying online for longer periods than ever 
before our online presence is now an increasingly 
important factor in driving store footfall as a growing 
number of customers undertake the research phase of 
their project online before visiting our stores to help them 
with this process we have introduced more inspirational 
room set photography a greater variety of design ideas 
and a completely new marketleading interactive 
“visualiser” this enables customers to choose from our 
extensive range of wall and floor tiles and model them 
into a variety of different room settings 
chief executive’s statement
matthew williams – c hief executive officer
“looking ahead we expect economic 
conditions will remain difficult in 2012  
with consumer budgets again under 
pressure our response will be to take further 
cost out of the business grow margin and 
maximise sales opportunities while making 
operational improvements that will position 
the business for future growth as economic 
conditions improve”
14887ttar11p125indd   5 07122011   2149 6
plc annual report and financial statements 201 1
chief executive’s statement
continued
we have also improved the site navigation and 
checkout procedures as well as updating the visual 
presentation to mirror the latest instore experience 
while we expect the primary role of the website to 
remain as a customer research tool it is also playing 
a growing role as a direct sales channel with online 
revenues now representing around 15 of sales 
2010 1 we expect this to continue to grow and 
play an ever increasing role in our customer offer
in fr astructure
during the period we completed the construction of 
our second warehousing facility at our leicestershire 
headquarters at a cost of c£3 million this warehouse 
is now fully operational and will form a key part of our 
logistics strategy over the coming years giving us the 
operational capacity for up to 400 stores in particular 
the additional capacity will allow us to source more 
products direct from the manufacturer decreasing the 
proportion sourced via third party distributors and 
delivering a gross margin benefit
during the next financial period we will be implementing 
a new enterprisewide information technology system 
of which the majority of the implementation will occur 
in the second half this new system which will add 
much greater functionality across a range of disciplines 
will be a key enabler for a number of new processes 
and customer initiatives the total cost of the system 
implementation will be approximately £1 million the 
majority of which has been spent in this financial period
c ust omer service
as the uk’s leading tile specialist the provision 
of exceptional levels of customer service is a key 
differentiator of the topps tiles brand
over the course of the last year we have changed the 
way we measure customer satisfaction and adopted the 
net promoter scoring system the score is calculated 
based on customers’ feedback to the question of how 
likely they are to recommend topps tiles to friends or 
colleagues the scores are based on a numerical scale 
from 0–10 which allows customers to be split into 
promoters 9–10 passives 7–8 and detractors 0–6 
the final score is based on the percentage of promoters 
less the percentage of detractors thereby creating 
a possible range of –100 to 100 over the 
financial period we have scored 881 against this 
measure and consider this a very clear endorsement 
of our customer service ethic the measure used 
for 2010 is not directly comparable
marketing advertising 
and  spon sor shi p
the evolution of the topps tiles brand continued during 
the period in line with our greater emphasis on inspiring 
customers and reaching beyond our traditional customer 
base our product brochures and instore merchandising 
have been repositioned to reflect customers’ increased 
focus on style as the principal driver in their purchase 
decision this approach also provides consistency 
with our improved consumer website greater emphasis 
has also been given to the breadth of our ranges 
with a greater focus on being able to attract high end 
customers as well as retaining those attracted by our 
traditional value message
£1755m
group revenue 
53 weeks ended 2 october 2010 £1824m
£182m
adjusted operations profit
1
53 weeks ended 2 october 2010 £211m
1

l atest inkjet technologies enhance our range 
of stoneeffect tiles
r epresenting the latest in our large  
format tiles this stylish range uses inkjet 
technologies to create a distinctive marble 
effect
marfil bardiglio
1
 as explained on page 1
14887ttar11p125indd   6 07122011   2149 plc annual report and financial statements 201 1
review of the business
governance
financial statements
other information
k
7
o ur charming range of crackle glaze tiles 
introduces vintage style to our brand 
perfect for kitchens and bathrooms
o ur new and exclusive matrix brand  
offers a multitude of colours and  
tones in classic proportions
st aff devel opment
our people are fundamental to fulfilling our key objective 
of delivering excellent customer service and this remains 
as important as ever we continue to invest in their 
professional development through a sophisticated instore 
elearning system which is developed and administered 
inhouse providing new courses and regular updates 
during the year we rolledout new programmes to equip 
all store staff with the product and technical knowledge 
to support our “customer inspiration” agenda as well as 
specialist sales skills training the initial results from this 
programme have been encouraging with a greater 
consistency of standards already evident across the 
store estate
all our staff are incentivised with competitive benefit 
packages and performance based rewards and we 
encourage internal promotion we anticipate that staffing 
levels will increase in line with the progressive expansion 
of the store base
c u rrent t r ading and outl ook
in the first seven weeks of the new financial period 
group revenues which are on a likeforlike basis 
decreased by 69
looking ahead we expect economic conditions will 
remain difficult in 2012 with domestic budgets again 
under pressure our response will be to take further cost 
out of the business grow margin and maximise sales 
opportunities while making operational improvements 
that will position the business for future growth as 
economic conditions improve
matthew williams
chief executive officer
28 november 201 1
–20
likeforlike revenue 
53 weeks ended 2 october 2010 17
881
net promoter score 
53 weeks ended 2 october 2010 na
c hic c raquele matrix botanic
marketing advertising 
and  spon sor shi p c on tinued
over the course of the last financial period we increased 
our level of marketing expenditure by approximately 
£1 million in order to drive footfall and increase our 
market share television advertising and sponsorship has 
proved to be the most effective way to build consumer 
awareness of the topps brand in the early part of the 
period we ran a national weather sponsorship 
campaign with itv and subsequent tv campaigns 
across a variety of national terrestrial and digital 
channels have also been successful in driving store 
footfall to complement this we will continue to 
communicate the inspirational range through home 
interest magazines and pr we are planning to sustain 
a similar level of marketing expenditure in the year 
ahead a tradefocused campaign will run in parallel 
with the consumer campaign in line with our strategy 
of securing a greater proportion of trade project spend 
comm u nity
topp’s commitment to its local communities through 
sponsorship and charitable activity remains strong we 
aim to make positive contributions to those communities 
served by our stores working closely with them to 
promote our primary aim of being a “good neighbour”
we currently sponsor over 300 youth football teams 
nationwide providing the teams with support new kits 
and equipment
our work for the charity help for heroes which we 
have been supporting since 2008 has gone from 
strength to strength and we have already helped to raise 
over £160000 for this very worthy cause we also 
work with the british association of modern mosaic 
“bamm” sponsoring two national competitions and 
supporting the promotion of mosaic art in schools and 
community groups countrywide
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8
meeting our customers’ desires 
to be inspired our new style 
guides help customers identify 
looks and designs to suit their 
living space
ch oice
great
topps tiles features an unri valled range of products with the latest 
designs sourced from around the world we cater for every budget 
in any style for any room and in any material from the period 
beauty of natural stone and real wood to the versatility of mosaics 
and the contemporary feel of glass at topps tiles we really do have 
tiles for e veryone
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plc annual report and financial statements 201 1
review of the business
governance
financial statements
other information
k
henley warm
the new henley range using inject technologies 
to replicate traditional encaustic design is one 
of our most exciting new additions
vibia
ch oice
monaco mosaic
complementing our fantastic 
range of mosaics this unique 
glass and marble mix is available 
in pearl and graphite
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