Caseware UK (AP4) 2021.0.152 2021.0.152 2021-11-302021-11-30trueManufacturing timber buildings2020-12-01false24trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03259538 2020-12-01 2021-11-30 03259538 2019-12-01 2020-11-30 03259538 2021-11-30 03259538 2020-11-30 03259538 c:Director1 2020-12-01 2021-11-30 03259538 d:Buildings d:LongLeaseholdAssets 2020-12-01 2021-11-30 03259538 d:Buildings d:LongLeaseholdAssets 2021-11-30 03259538 d:Buildings d:LongLeaseholdAssets 2020-11-30 03259538 d:LandBuildings 2021-11-30 03259538 d:LandBuildings 2020-11-30 03259538 d:PlantMachinery 2020-12-01 2021-11-30 03259538 d:PlantMachinery 2021-11-30 03259538 d:PlantMachinery 2020-11-30 03259538 d:PlantMachinery d:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 03259538 d:MotorVehicles 2020-12-01 2021-11-30 03259538 d:MotorVehicles 2021-11-30 03259538 d:MotorVehicles 2020-11-30 03259538 d:MotorVehicles d:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 03259538 d:FurnitureFittings 2020-12-01 2021-11-30 03259538 d:FurnitureFittings 2021-11-30 03259538 d:FurnitureFittings 2020-11-30 03259538 d:FurnitureFittings d:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 03259538 d:OfficeEquipment 2020-12-01 2021-11-30 03259538 d:OfficeEquipment 2021-11-30 03259538 d:OfficeEquipment 2020-11-30 03259538 d:OfficeEquipment d:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 03259538 d:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 03259538 d:Goodwill 2021-11-30 03259538 d:Goodwill 2020-11-30 03259538 d:CurrentFinancialInstruments 2021-11-30 03259538 d:CurrentFinancialInstruments 2020-11-30 03259538 d:Non-currentFinancialInstruments 2021-11-30 03259538 d:Non-currentFinancialInstruments 2020-11-30 03259538 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 03259538 d:CurrentFinancialInstruments d:WithinOneYear 2020-11-30 03259538 d:Non-currentFinancialInstruments d:AfterOneYear 2021-11-30 03259538 d:Non-currentFinancialInstruments d:AfterOneYear 2020-11-30 03259538 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-11-30 03259538 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-11-30 03259538 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-11-30 03259538 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-11-30 03259538 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-11-30 03259538 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2020-11-30 03259538 d:ShareCapital 2021-11-30 03259538 d:ShareCapital 2020-11-30 03259538 d:RetainedEarningsAccumulatedLosses 2021-11-30 03259538 d:RetainedEarningsAccumulatedLosses 2020-11-30 03259538 d:AcceleratedTaxDepreciationDeferredTax 2021-11-30 03259538 d:AcceleratedTaxDepreciationDeferredTax 2020-11-30 03259538 c:FRS102 2020-12-01 2021-11-30 03259538 c:AuditExempt-NoAccountantsReport 2020-12-01 2021-11-30 03259538 c:FullAccounts 2020-12-01 2021-11-30 03259538 c:PrivateLimitedCompanyLtd 2020-12-01 2021-11-30 03259538 2 2020-12-01 2021-11-30 iso4217:GBP xbrli:pure

Registered number: 03259538










SUSSEX TIMBER PRODUCTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2021

 
SUSSEX TIMBER PRODUCTS LIMITED
REGISTERED NUMBER: 03259538

BALANCE SHEET
AS AT 30 NOVEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 5 
233,581
183,633

  
233,581
183,633

Current assets
  

Stocks
  
89,625
69,264

Debtors due after more than 1 year
 6 
13,035
64,148

Debtors due within 1 year
 6 
185,552
207,790

Cash at bank and in hand
  
76,245
35,854

  
364,457
377,056

Creditors: amounts falling due within one year
 7 
(180,409)
(134,786)

Net current assets
  
 
 
184,048
 
 
242,270

Total assets less current liabilities
  
417,629
425,903

Creditors: amounts falling due after more than one year
 8 
(42,315)
(62,003)

Provisions for liabilities
  

Deferred tax
 10 
(41,374)
(34,890)

  
 
 
(41,374)
 
 
(34,890)

Net assets
  
333,940
329,010


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
333,938
329,008

  
333,940
329,010


Page 1

 
SUSSEX TIMBER PRODUCTS LIMITED
REGISTERED NUMBER: 03259538
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The Company has opted not to file the directors' report and the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Gary Patrick Holman
Director

Date: 12 August 2022

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
SUSSEX TIMBER PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

1.


General information

Sussex Timber Products Limited (03259538) is a private company limited by shares and registered in England and Wales. The registered office address is 52 New Town, Uckfield, East Sussex, TN22 5DE. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
SUSSEX TIMBER PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SUSSEX TIMBER PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Long-term leasehold property
-
2%
Straight line
Plant and machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.14

Creditors

Short term creditors are measured at the transaction price.

Page 5

 
SUSSEX TIMBER PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 4).

Page 6

 
SUSSEX TIMBER PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

4.


Intangible assets




Goodwill

£



Cost


At 1 December 2020
6,000



At 30 November 2021

6,000



Amortisation


At 1 December 2020
6,000



At 30 November 2021

6,000



Net book value



At 30 November 2021
-



At 30 November 2020
-



Page 7

 
SUSSEX TIMBER PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost


At 1 December 2020
13,181
209,883
154,711
1,433
5,895


Additions
19,468
91,495
-
-
-



At 30 November 2021

32,649
301,378
154,711
1,433
5,895



Depreciation


At 1 December 2020
9,992
65,235
121,323
394
4,526


Charge for the year on owned assets
6,836
45,230
8,347
260
342



At 30 November 2021

16,828
110,465
129,670
654
4,868



Net book value



At 30 November 2021
15,821
190,913
25,041
779
1,027



At 30 November 2020
3,189
144,648
33,388
1,039
1,369
Page 8

 
SUSSEX TIMBER PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

           5.Tangible fixed assets (continued)


Total

£



Cost


At 1 December 2020
385,103


Additions
110,963



At 30 November 2021

496,066



Depreciation


At 1 December 2020
201,470


Charge for the year on owned assets
61,015



At 30 November 2021

262,485



Net book value



At 30 November 2021
233,581



At 30 November 2020
183,633




The net book value of land and buildings may be further analysed as follows:


2021
2020
£
£

Long leasehold
15,821
3,189

15,821
3,189


Page 9

 
SUSSEX TIMBER PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

6.


Debtors

2021
2020
£
£

Due after more than one year

Other debtors
12,500
62,500

Prepayments and accrued income
535
1,648

13,035
64,148


2021
2020
£
£

Due within one year

Trade debtors
107,615
118,927

Other debtors
74,509
84,265

Prepayments and accrued income
1,113
1,113

Tax recoverable
2,315
3,486

185,552
207,791



7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
123,429
63,011

Corporation tax
-
2,744

Other taxation and social security
5,490
18,910

Obligations under finance lease and hire purchase contracts
8,950
8,950

Other creditors
41,740
38,421

Accruals and deferred income
800
2,750

180,409
134,786


Page 10

 
SUSSEX TIMBER PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

8.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Other loans
35,654
45,282

Net obligations under finance leases and hire purchase contracts
6,661
16,721

42,315
62,003



9.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£


Amounts falling due 1-2 years

Other loans
9,870
9,627

Amounts falling due 2-5 years

Other loans
25,784
30,364

Amounts falling due after more than 5 years

Other loans
-
5,291

35,654
45,282



10.


Deferred taxation




2021


£






At beginning of year
(34,890)


Charged to profit or loss
(6,484)



At end of year
(41,374)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(41,374)
(34,890)

Page 11

 
SUSSEX TIMBER PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

11.


Related party transactions

Included in other creditors falling due within one year is a £25,330 loan due to a company under common control (2020 - £25,330). This amount is interest free and repayable on demand.
Also included in other debtors is a loan to the company directors of £14,509 (2020 - £22,413) this amount is interest free and repayable on demand.

 
Page 12