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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2017 |
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North Yorkshire Timber Company Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2017 |
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for |
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North Yorkshire Timber Company Limited |
North Yorkshire Timber Company Limited (Registered number: 01419058) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Cash Flow Statement | 11 |
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Notes to the Cash Flow Statement | 12 |
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Notes to the Financial Statements | 13 |
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North Yorkshire Timber Company Limited |
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Company Information |
for the Year Ended 31 December 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
87 South Parade |
Northallerton |
North Yorkshire |
DL7 8SJ |
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SOLICITORS: |
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Thorp Parker |
Martin House |
High Street |
Stokesley |
North Yorkshire |
TS9 5AD |
North Yorkshire Timber Company Limited (Registered number: 01419058) |
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Strategic Report |
for the Year Ended 31 December 2017 |
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The directors present their strategic report for the year ended 31 December 2017. |
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REVIEW OF BUSINESS |
The principal activities of the company are the fabrication and retail of timber and building products |
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Total turnover increased by 16.1% compared with the previous year. The continued strength of the UK house building |
market in 2017 enabled the company to continue its growth in this area, particularly with roof trusses and panellised |
roofing systems. As a result gross profit rose by 7.8% against 2016 and enabled the delivery of £318,583 profit for the |
year. |
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In 2014 the Company was subject to a compulsory purchase order for approximately nine per cent of the land at its |
manufacturing & distribution centre in Brompton on Swale. The reconfiguration of the site was completed in 2017 after |
three years of disruption and increased cost to the business. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks to the business continue to relate to turnover and the strength of the economy, and in particular the |
construction and housing sector. The UK vote to leave the European Union ("Brexit") clearly creates significant |
uncertainty in the wider economy, however at this point we have seen no evidence that this increased uncertainty is |
having any effect on our core markets. The Directors are aware of these risks and have accordingly ensured that there are |
strong management controls and plans in place to manage these risks. |
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KEY PERFORMANCE INDICATORS (KPI’S) |
In addition to Turnover and profit the Company monitors the following KPI's |
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2017 | 2016 |
Gross Profit % | 32.0% | 34.5% |
Stock Turnover | 4.5 | 4.7 |
Debtor Days | 37 | 35 |
Creditor Days | 84 | 69 |
Cash at Bank | £181,661 | £394,472 |
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CONCLUSION |
The Directors are satisfied with 2017's financial performance and believe the Company is well positioned to benefit |
from the investments it has made and continues to make in its people, products and process. |
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ON BEHALF OF THE BOARD: |
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North Yorkshire Timber Company Limited (Registered number: 01419058) |
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Report of the Directors |
for the Year Ended 31 December 2017 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2017. |
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DIVIDENDS |
Interim dividends totalling £1.67143 per share were paid throughout the year. The directors recommend that no final |
dividend be paid. |
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The total distribution of dividends for the year ended 31st December 2017 will be £167,143. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2017 to the date of this |
report. |
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Other changes in directors holding office are as follows: |
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to the date of this report. |
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date of this report. |
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CHANGE OF OWNERSHIP |
The holding company was sold after the year and the company is now under new control as shown by note 27. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not |
approve the financial statements 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 these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each 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 |
auditors are aware of that information. |
North Yorkshire Timber Company Limited (Registered number: 01419058) |
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Report of the Directors |
for the Year Ended 31 December 2017 |
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AUDITORS |
The auditors, Eura Audit (Northallerton) Limited, will be proposed for re-appointment at the forthcoming Annual |
General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
North Yorkshire Timber Company Limited |
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Opinion |
We have audited the financial statements of North Yorkshire Timber Company Limited (the 'company') for the year |
ended 31 December 2017 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, |
Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial |
Statements, including a summary of significant accounting policies. The financial reporting framework that has been |
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom |
Generally Accepted Accounting Practice). |
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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 a Report of the Auditors 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. |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2017 and of its profit for the year
then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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Our opinion on the financial statements does not cover the other information and we do not express any form of |
assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we |
conclude that there is a material misstatement of this other information, we are required to report that fact. We have |
nothing to report in this regard. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
Report of the Independent Auditors to the Members of |
North Yorkshire Timber Company Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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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: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and |
for such internal control as the directors determine necessary to enable the preparation of financial statements that are |
free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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for and on behalf of
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Statutory Auditor |
87 South Parade |
Northallerton |
North Yorkshire |
DL7 8SJ |
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North Yorkshire Timber Company Limited (Registered number: 01419058) |
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Income Statement |
for the Year Ended 31 December 2017 |
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2017 | 2016 |
as restated |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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6,024,468 | 5,309,842 |
(58,793 | ) | 225,495 |
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Other operating income | 3 |
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OPERATING PROFIT | 5 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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North Yorkshire Timber Company Limited (Registered number: 01419058) |
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Other Comprehensive Income |
for the Year Ended 31 December 2017 |
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2017 | 2016 |
as restated |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME |
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Income tax relating to other comprehensive
income |
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( |
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OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX |
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( |
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TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Note |
Prior year adjustment | 9 | ( |
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TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT |
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North Yorkshire Timber Company Limited (Registered number: 01419058) |
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Balance Sheet |
31 December 2017 |
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2017 | 2016 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
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Tangible assets | 11 |
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Investments | 12 |
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CURRENT ASSETS |
Stocks | 13 |
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Debtors | 14 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 15 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
16 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 20 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 21 |
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Revaluation reserve | 22 |
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Capital redemption reserve | 22 |
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Retained earnings | 22 |
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3,060,480 |
SHAREHOLDERS' FUNDS |
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The financial statements were approved and authorised for issue by the Board of Directors on
signed on its behalf by: |
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North Yorkshire Timber Company Limited (Registered number: 01419058) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2017 |
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Called up | Capital |
share | Retained | Revaluation | redemption | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
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Balance at 1 January 2016 |
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Changes in equity |
Dividends | - | ( |
) | - | - | ( |
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Total comprehensive income | - | 698,663 | ( |
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513,641 |
Balance at 31 December 2016 | 100,000 | 3,141,480 | 693,392 |
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3,984,872 |
Prior year adjustment | - | ( |
) | - | - | ( |
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As restated |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2017 |
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694,891 |
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North Yorkshire Timber Company Limited (Registered number: 01419058) |
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Cash Flow Statement |
for the Year Ended 31 December 2017 |
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2017 | 2016 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
) | ( |
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Interest element of hire purchase payments
paid |
( |
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( |
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Tax paid | ( |
) | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
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New agreements / capital repayments | ( |
) | ( |
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Equity dividends paid | ( |
) | ( |
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Net cash from financing activities | ( |
) | ( |
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(Decrease)/increase in cash and cash equivalents | ( |
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Cash and cash equivalents at beginning of
year |
2 |
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185,480 |
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Cash and cash equivalents at end of year | 2 | 185,030 | 396,962 |
North Yorkshire Timber Company Limited (Registered number: 01419058) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 December 2017 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2017 | 2016 |
as restated |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Loss on disposal of fixed assets |
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Finance costs | 52,058 | 67,556 |
687,705 | 987,092 |
Increase in stocks | ( |
) | ( |
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Increase in trade and other debtors | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
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Year ended 31 December 2017 |
31.12.17 | 1.1.17 |
£ | £ |
Cash and cash equivalents | 185,030 | 396,962 |
Year ended 31 December 2016 |
31.12.16 | 1.1.16 |
as restated |
£ | £ |
Cash and cash equivalents | 396,962 | 185,480 |
North Yorkshire Timber Company Limited (Registered number: 01419058) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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North Yorkshire Timber Company Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Goodwill |
Goodwill was the amount paid in connection with the acquisition of businesses and has now been fully written |
off. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Freehold property | - |
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Short leasehold | - |
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Office equipment, fixtures & fittings | - |
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Handling plant | - |
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Computer system | - |
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Motor vehicles | - |
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Commercial vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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North Yorkshire Timber Company Limited (Registered number: 01419058) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Investments |
Investments have been valued at cost. |
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3. | OTHER OPERATING INCOME |
2017 | 2016 |
as restated |
£ | £ |
Discounts received |
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Rents received |
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Recoverable costs & losses |
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Supplier rebates |
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516,284 | 522,019 |
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4. | EMPLOYEES AND DIRECTORS |
2017 | 2016 |
as restated |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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North Yorkshire Timber Company Limited (Registered number: 01419058) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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4. | EMPLOYEES AND DIRECTORS - continued |
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The average number of employees during the year was as follows: |
2017 | 2016 |
as restated |
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Machinists, Yard & Drivers | 120 | 100 |
Sales / Design | 50 | 47 |
Office / Administration | 22 | 16 |
Directors | 7 | 7 |
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2017 | 2016 |
as restated |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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Information regarding the highest paid director is as follows: |
2017 | 2016 |
as restated |
£ | £ |
Emoluments etc |
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Pension contributions to money purchase schemes |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging: |
|
2017 | 2016 |
as restated |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Loss on disposal of fixed assets |
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Goodwill amortisation |
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Auditors' remuneration |
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Auditors' remuneration for non audit work |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2017 | 2016 |
as restated |
£ | £ |
Bank interest |
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Bank loan interest |
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Hire purchase |
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North Yorkshire Timber Company Limited (Registered number: 01419058) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2017 | 2016 |
as restated |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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( |
) |
Tax on profit |
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Tax effects relating to effects of other comprehensive income |
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2017 |
Gross | Tax | Net |
£ | £ | £ |
. |
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11,759 | 11,759 |
|
2016 |
Gross | Tax | Net |
£ | £ | £ |
. |
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(174,762 | ) | (174,762 | ) |
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8. | DIVIDENDS |
2017 | 2016 |
as restated |
£ | £ |
Ordinary shares of £1 each |
Interim |
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9. | PRIOR YEAR ADJUSTMENT |
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This consists of two separate items. |
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Firstly an adjustment was made to the estimated sale price of the land taken as part of the compulsory purchase |
order. The final figure was £100,000 less than previously estimated and this, less a £19,000 deferred tax |
movement, is shown as part of the total comprehensive income movement in 2017. |
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The other component represents the correction of £174,762 to the provision for deferred tax on revalued |
properties on conversion to FRS102. This is shown as part of the income adjustment in 2016. |
North Yorkshire Timber Company Limited (Registered number: 01419058) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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10. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2017 |
and 31 December 2017 |
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AMORTISATION |
At 1 January 2017 |
and 31 December 2017 |
|
NET BOOK VALUE |
At 31 December 2017 |
|
At 31 December 2016 |
|
|
11. | TANGIBLE FIXED ASSETS |
Office |
equipment, |
Freehold | Short | fixtures | Handling |
property | leasehold | & fittings | plant |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2017 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
|
|
( |
) |
At 31 December 2017 |
|
|
|
|
DEPRECIATION |
At 1 January 2017 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
|
|
( |
) |
At 31 December 2017 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2017 |
|
|
|
|
At 31 December 2016 |
|
|
|
|
North Yorkshire Timber Company Limited (Registered number: 01419058) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
11. | TANGIBLE FIXED ASSETS - continued |
|
Computer | Motor | Commercial |
system | vehicles | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2017 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
|
( |
) | ( |
) |
At 31 December 2017 |
|
|
|
|
DEPRECIATION |
At 1 January 2017 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
|
( |
) | ( |
) |
At 31 December 2017 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2017 |
|
|
|
|
At 31 December 2016 |
|
|
|
|
|
Cost or valuation at 31 December 2017 is represented by: |
|
Office |
equipment, |
Freehold | Short | fixtures | Handling |
property | leasehold | & fittings | plant |
£ | £ | £ | £ |
Valuation in 2014 | 513,023 | - | - | - |
Cost | 3,601,970 | 223,173 | 960,825 | 956,318 |
4,114,993 | 223,173 | 960,825 | 956,318 |
|
Computer | Motor | Commercial |
system | vehicles | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2014 | - | - | - | 513,023 |
Cost | 651,420 | 32,328 | 245,450 | 6,671,484 |
651,420 | 32,328 | 245,450 | 7,184,507 |
|
Freehold property was last revalued in 2014 by Sanderson Weatherall LLP. There are small annual variations in |
these but in the opinion of the Directors, and using these valuations, the valuation at 31st December 2017 is |
correct. |
North Yorkshire Timber Company Limited (Registered number: 01419058) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
11. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Handling | Computer | Commercial |
plant | system | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2017 |
|
|
|
|
Transfer to ownership | - | - | (41,000 | ) | (41,000 | ) |
At 31 December 2017 |
|
|
|
|
DEPRECIATION |
At 1 January 2017 |
|
|
|
|
Charge for year |
|
|
|
|
Transfer to ownership | - | - | (28,223 | ) | (28,223 | ) |
At 31 December 2017 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2017 |
|
|
|
|
At 31 December 2016 |
|
|
|
|
|
12. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 January 2017 |
and 31 December 2017 |
|
NET BOOK VALUE |
At 31 December 2017 |
|
At 31 December 2016 |
|
|
The investments represent shares in National Merchant Buying Society ltd. |
|
13. | STOCKS |
2017 | 2016 |
as restated |
£ | £ |
Goods for resale |
|
|
|
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
as restated |
£ | £ |
Trade debtors |
|
|
Prepayments and accrued income |
|
|
|
|
North Yorkshire Timber Company Limited (Registered number: 01419058) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 17) |
|
|
Hire purchase contracts (see note 18) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT |
|
|
Deferred income |
|
|
Accrued expenses |
|
|
|
|
|
16. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
as restated |
£ | £ |
Bank loans (see note 17) |
|
|
Hire purchase contracts (see note 18) |
|
|
|
|
|
17. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2017 | 2016 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal | 637,973 | 823,865 |
North Yorkshire Timber Company Limited (Registered number: 01419058) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
18. | LEASING AGREEMENTS |
|
Minimum lease payments under hire purchase fall due as follows: |
|
2017 | 2016 |
as restated |
£ | £ |
Gross obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Finance charges repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
19. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2017 | 2016 |
as restated |
£ | £ |
Bank loans |
|
|
|
The bank borrowings were secured with a debenture incorporating a fixed and floating charge over all the assets |
of the company, together with first legal charges over the company's freehold property. There was also a cross |
guarantee with NYT (Holdings) Limited. |
|
The bank debenture over the company's freehold property was satisfied and cleared after the year end. |
|
On 14th February 2018 the company gave a fixed and floating charge over all freehold property in the favour of:- |
a) Mr N P Kershaw, Mr P Kershaw, Mr D L Cook & Mr M P Williams |
b) Cairngorm Capital Partners LLP |
c) PNC Financial Services UK Ltd |
|
20. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
as restated |
£ | £ |
Deferred tax |
|
|
North Yorkshire Timber Company Limited (Registered number: 01419058) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
20. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Balance at 1 January 2017 |
As previously reported |
|
Prior year adjustment |
|
As restated |
|
Accelerated capital allowances |
|
on revalued assets | (11,759 | ) |
Balance at 31 December 2017 |
|
|
21. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | as restated |
£ | £ |
|
Ordinary | £1 | 100,000 | 100,000 |
|
22. | RESERVES |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
|
At 1 January 2017 |
|
|
|
3,884,872 |
Prior year adjustment | ( |
) | ( |
) |
|
|
Profit for the year |
|
|
Dividends | ( |
) | ( |
) |
Freehold property depreciation
on
revaluation |
10,260 |
(10,260 |
) |
- |
- |
|
Deferred tax on revaluation
of
property |
- |
11,759 |
- |
11,759 |
|
At 31 December 2017 |
|
|
|
3,967,071 |
|
23. | PENSION COMMITMENTS |
|
The company operates two schemes providing benefits for employees and directors and additional to those from |
the state. The assets of the schemes are held separately from those of the company in independently administered |
funds. The pension cost charge for the period amounted to £49,979 (2016-£85,221). |
|
24. | ULTIMATE PARENT COMPANY |
|
The company is a wholly owned subsidiary of
|
North Yorkshire Timber Company Limited (Registered number: 01419058) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
25. | CONTINGENT LIABILITIES |
|
There is a customs bond with a limit of £25,000 in place with the company's bankers. This guarantee is in |
respect of import duties due to HM Revenue and Customs under their VAT deferment scheme. |
|
26. | RELATED PARTY DISCLOSURES |
|
The company pays commercial property rentals and service charges to
|
|
All of the above transactions have been undertaken at arms length and on normal commercial terms. |
|
27. | ULTIMATE CONTROLLING PARTY |
|
At the year end, the group is controlled by Mr D L Cook, through his voting control in NYT Holdings Ltd. |
|
After the year end the holding company was acquired by Thornbridge Sawmills Limited, a company whose
ultimate controlling party was Cairngorm Capital Partners II LP, a fund managed by |