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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 |
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W H TIMBER LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 |
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FOR |
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W H TIMBER LIMITED |
W H TIMBER LIMITED (REGISTERED NUMBER: 10195237) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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W H TIMBER LIMITED |
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COMPANY INFORMATION |
for the Year Ended 30 June 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Aruna House |
2 Kings Road |
Haslemere |
Surrey |
GU27 2QA |
W H TIMBER LIMITED (REGISTERED NUMBER: 10195237) |
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BALANCE SHEET |
30 June 2020 |
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30.6.20 | 30.6.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
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Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Share premium | 9 |
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Retained earnings | 9 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
W H TIMBER LIMITED (REGISTERED NUMBER: 10195237) |
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BALANCE SHEET - continued |
30 June 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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W H TIMBER LIMITED (REGISTERED NUMBER: 10195237) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2020 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about W H Timber Limited as an individual company and do not contain any consolidated financial information. The company is exempt under Section 400/401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. W H Timber Limited is a wholly owned subsidiary of Woodland Heritage Limited whose registered office is Aruna House, 2 Kings Road, Haslemere, Surrey GU27 2QA. Woodland Heritage Limited is a UK registered Charity (Charity Number 1041611). |
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Significant judgements and estimates |
Trading stock includes organic material which is subject to natural imperfections which are not always apparent until such time as they are processed prior to sale. Stock of logs is therefore based on best estimates of the yield achieved upon processing. |
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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 acquired in 2016 and was being amortised over five years on a straight line basis. Following an impairment review in year ended 30 June 2019 the directors decided it was appropriate to write the remaining balance off during the previous year. |
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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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Plant and Machinery | - |
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Small plant and machinery | - |
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Fixtures and fittings | - |
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Office equipment | - |
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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
W H TIMBER LIMITED (REGISTERED NUMBER: 10195237) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2020 |
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1. | ACCOUNTING POLICIES - continued |
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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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2. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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3. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 July 2019 |
and 30 June 2020 |
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AMORTISATION |
At 1 July 2019 |
and 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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Following an impairment review goodwill was written off entirely during the previous year rather than in line with the stated amortisation policy. |
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4. | TANGIBLE FIXED ASSETS |
Small | Fixtures |
Plant and | plant and | and | Office |
Machinery | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2019 |
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Additions |
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At 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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W H TIMBER LIMITED (REGISTERED NUMBER: 10195237) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Hire purchase contracts |
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Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.20 | 30.6.19 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
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9. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 July 2019 | ( |
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(226,474 | ) |
Profit for the year |
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At 30 June 2020 | ( |
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(206,370 | ) |
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10. | RELATED PARTY DISCLOSURES |
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In the previous year at various times the controlling party, Woodland Heritage Limited, a UK Charity, advanced funding at various times to allow for the acquisition of an existing business the acquisition of stocks and for day to day working capital. The loan is repayable by 30/06/2021. At 30/06/2020 £1,106,550 was owing to Woodland Heritage Limited (30/06/2019 £1,150,490). The amount owed includes a small short term balance repayable in under one year. |
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No dividends were paid during the year. |
W H TIMBER LIMITED (REGISTERED NUMBER: 10195237) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2020 |
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11. | GOING CONCERN BASIS |
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The Directors have reviewed the going concern position and believe that they will have sufficient funding to meet any debts which may fall due in the next twelve months. The principal creditor has confirmed it will not seek repayment of its loan until funds are freely available. |