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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 |
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W H TIMBER LIMITED |
REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 |
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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 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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W H TIMBER LIMITED |
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COMPANY INFORMATION |
for the Year Ended 30 June 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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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 2022 |
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30.6.22 | 30.6.21 |
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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( |
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PROVISIONS FOR LIABILITIES | 8 | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Share premium | 10 |
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Retained earnings | 10 | ( |
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SHAREHOLDERS' FUNDS | ( |
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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 2022 |
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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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Long leasehold | - |
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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 and work in progress 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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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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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. |
W H TIMBER LIMITED (REGISTERED NUMBER: 10195237) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2022 |
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1. | ACCOUNTING POLICIES - continued |
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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. |
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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 |
£ |
COST |
At 1 July 2021 |
and 30 June 2022 |
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AMORTISATION |
At 1 July 2021 |
and 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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Following an impairment review goodwill was written off entirely during 2019 rather than in line with the stated amortisation policy. |
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4. | TANGIBLE FIXED ASSETS |
Improvement |
to | Long | Plant and |
Property | leasehold | Machinery |
£ | £ | £ |
COST |
At 1 July 2021 |
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Additions |
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At 30 June 2022 |
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DEPRECIATION |
At 1 July 2021 |
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Charge for year |
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At 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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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 2022 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Small | Fixtures |
plant and | and | Office |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2021 |
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Additions |
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At 30 June 2022 |
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DEPRECIATION |
At 1 July 2021 |
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Charge for year |
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At 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
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 |
30.6.22 | 30.6.21 |
£ | £ |
Hire purchase contracts |
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Other creditors |
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8. | PROVISIONS FOR LIABILITIES |
30.6.22 | 30.6.21 |
£ | £ |
Deferred tax | 37,144 | - |
W H TIMBER LIMITED (REGISTERED NUMBER: 10195237) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2022 |
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8. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Provided during year |
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Balance at 30 June 2022 |
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The net deferred tax liability expected to reverse in the 2023 year is £69,000. The reversal relates to the timing difference on tangible fixed assets and capital allowances through depreciation and amortisation. |
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Deferred income tax assets on carried forward tax losses are recognised to the extent that there are sufficient estimated future taxable profits and/or taxable temporary differences against which the tax losses can be utilised. The unused tax losses at the year end are £340,605. There is no expiration date with regard to these losses. The deferred tax asset in the current year is recognised to the extent that it matches the net deferred tax liability provision at the year end. The deferred tax asset is reported in other debtors. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.22 | 30.6.21 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
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10. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 July 2021 | ( |
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(62,579 | ) |
Profit for the year |
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At 30 June 2022 | ( |
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(3,803 | ) |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | 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 to allow for the acquisition of an existing business the acquisition of stocks and for day to day working capital. The loan was initially repayable by 30/06/2021. The debt continues to be repaid by agreement after the initial due date and is kept under regular review by both lender and borrower. At 30/06/2022 £1,062,960 was owing to Woodland Heritage Limited (30/06/2021 £1,094,460). The amount owed includes a small short term balance repayable in under one year. |
W H TIMBER LIMITED (REGISTERED NUMBER: 10195237) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2022 |
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13. | 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. |