Contents of the Financial Statements
for the Period Ended 30 April 2023
Balance sheet
As at 30 April 2023
| Notes | 2023 | 2022 |
| | £ | £ |
Fixed assets |
Tangible assets: | 3 | 40,883 | 49,921 |
Total fixed assets: | | 40,883 | 49,921 |
Current assets |
Stocks: | | 125,500 | 78,634 |
Debtors: | | 75,886 | 87,045 |
Cash at bank and in hand: | | 216,294 | 402,140 |
Total current assets: | | 417,680 | 567,819 |
Creditors: amounts falling due within one year: | 4 | (167,385) | (240,787) |
Net current assets (liabilities): | | 250,295 | 327,032 |
Total assets less current liabilities: | | 291,178 | 376,953 |
Creditors: amounts falling due after more than one year: | 5 | (21,667) | (31,667) |
Provision for liabilities: | | (7,767) | (9,478) |
Total net assets (liabilities): | | 261,744 | 335,808 |
Capital and reserves |
Called up share capital: | | 2 | 2 |
Profit and loss account: | | 261,742 | 335,806 |
Shareholders funds: | | 261,744 | 335,808 |
The notes form part of these financial statements
Balance sheet statements
For the year ending 30 April 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on 09 November 2023
and signed on behalf of the board by:
Name: T Alderson
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 30 April 2023
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Turnover policy
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.Tangible fixed assets and depreciation policy
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.DepreciationDepreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:Plant and machinery -10% straight lineMotor vehicles-20% straight lineValuation and information policy
StocksStocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.Other accounting policies
ProvisionsProvisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.Financial instrumentsA financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.Defined contribution plansContributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Notes to the Financial Statements
for the Period Ended 30 April 2023
2. Employees
| 2023 | 2022 |
Average number of employees during the period | 10 | 10 |
Notes to the Financial Statements
for the Period Ended 30 April 2023
3. Tangible Assets
| Total |
Cost | £ |
At 01 May 2022 | 223,549 |
At 30 April 2023 | 223,549 |
Depreciation | |
At 01 May 2022 | 173,628 |
Charge for year | 9,038 |
At 30 April 2023 | 182,666 |
Net book value | |
At 30 April 2023 | 40,883 |
At 30 April 2022 | 49,921 |
Notes to the Financial Statements
for the Period Ended 30 April 2023
4. Creditors: amounts falling due within one year note
Bank loans 10000 10000Trade creditors 83839 174744Corporation tax 32745 45072Social security 24402 10037Other creditors 16399 934Total 167385 240787
Notes to the Financial Statements
for the Period Ended 30 April 2023
5. Creditors: amounts falling due after more than one year note
2023 2022Bank loans 21667 31667
Notes to the Financial Statements
for the Period Ended 30 April 2023
6. Related party transactions
The company operates from land and buildings owned by its parent undertaking, Keighley Timber (Holdings) Limited.During the year rent of £48,442 (2022 - £47,528) was paid to Keighley Timber (Holdings) Limited under a formal lease agreement on a normal commercial basis.Included in debtors amounts falling due after more than one year, is an amount of £18,092 (2022 - £68,232) due from Keighley Timber (Holdings) Limited, the parent undertaking. The amount has no fixed repayment date and bears no interest.