Caseware UK (AP4) 2021.0.152 2021.0.152 2022-02-282022-02-2852false552021-03-01truefalse 02229092 2021-03-01 2022-02-28 02229092 2020-03-01 2021-02-28 02229092 2022-02-28 02229092 2021-02-28 02229092 2020-03-01 02229092 c:CompanySecretary1 2021-03-01 2022-02-28 02229092 c:Director1 2021-03-01 2022-02-28 02229092 c:Director2 2021-03-01 2022-02-28 02229092 c:Director2 2022-02-28 02229092 c:Director3 2021-03-01 2022-02-28 02229092 c:Director4 2021-03-01 2022-02-28 02229092 c:Director5 2021-03-01 2022-02-28 02229092 c:RegisteredOffice 2021-03-01 2022-02-28 02229092 c:Agent1 2021-03-01 2022-02-28 02229092 d:PlantMachinery 2021-03-01 2022-02-28 02229092 d:PlantMachinery 2022-02-28 02229092 d:PlantMachinery 2021-02-28 02229092 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-03-01 2022-02-28 02229092 d:MotorVehicles 2021-03-01 2022-02-28 02229092 d:MotorVehicles 2022-02-28 02229092 d:MotorVehicles 2021-02-28 02229092 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-03-01 2022-02-28 02229092 d:OfficeEquipment 2021-03-01 2022-02-28 02229092 d:OfficeEquipment 2022-02-28 02229092 d:OfficeEquipment 2021-02-28 02229092 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-03-01 2022-02-28 02229092 d:OwnedOrFreeholdAssets 2021-03-01 2022-02-28 02229092 d:CurrentFinancialInstruments 2022-02-28 02229092 d:CurrentFinancialInstruments 2021-02-28 02229092 d:CurrentFinancialInstruments 3 2022-02-28 02229092 d:CurrentFinancialInstruments 3 2021-02-28 02229092 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 02229092 d:CurrentFinancialInstruments d:WithinOneYear 2021-02-28 02229092 d:UKTax 2021-03-01 2022-02-28 02229092 d:UKTax 2020-03-01 2021-02-28 02229092 d:ShareCapital 2022-02-28 02229092 d:ShareCapital 2021-02-28 02229092 d:ShareCapital 2020-03-01 02229092 d:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 02229092 d:RetainedEarningsAccumulatedLosses 2022-02-28 02229092 d:RetainedEarningsAccumulatedLosses 2020-03-01 2021-02-28 02229092 d:RetainedEarningsAccumulatedLosses 2021-02-28 02229092 d:RetainedEarningsAccumulatedLosses 2020-03-01 02229092 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-02-28 02229092 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-02-28 02229092 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2022-02-28 02229092 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2021-02-28 02229092 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 02229092 d:AcceleratedTaxDepreciationDeferredTax 2021-02-28 02229092 c:OrdinaryShareClass1 2021-03-01 2022-02-28 02229092 c:OrdinaryShareClass1 2022-02-28 02229092 c:FRS102 2021-03-01 2022-02-28 02229092 c:AuditExemptWithAccountantsReport 2021-03-01 2022-02-28 02229092 c:FullAccounts 2021-03-01 2022-02-28 02229092 c:PrivateLimitedCompanyLtd 2021-03-01 2022-02-28 02229092 d:WithinOneYear 2022-02-28 02229092 d:WithinOneYear 2021-02-28 02229092 d:BetweenOneFiveYears 2022-02-28 02229092 d:BetweenOneFiveYears 2021-02-28 02229092 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2022-02-28 02229092 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2021-02-28 02229092 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2022-02-28 02229092 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2021-02-28 xbrli:shares iso4217:GBP xbrli:pure
Registered Number:02229092













ANGLIAN TIMBER LIMITED




UNAUDITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022











 
ANGLIAN TIMBER LIMITED
 

 
COMPANY INFORMATION


Directors
C R Milner-Moore 
R W Fennell (resigned 31 December 2021)
Y Jewell 
A R Milner-Moore 
R M Steed 




Company secretary
Y Jewell



Registered number
02229092



Registered office
The Sawmill
Wix

Manningtree

Essex

CO11 2RS




Accountants
Scrutton Bland LLP
Chartered Accountants

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG




Bankers
Lloyds Bank plc
Lloyds Avenue

Cornhill

Ipswich

Suffolk

IP1 1DG






Solicitors
Bikett Long LLP
Essex House

42 Crouch Street

Colchester

Essex

CO3 3HH






 
ANGLIAN TIMBER LIMITED
 


CONTENTS



Pages
Strategic Report
1
Directors' Report
2 - 3
Accountant's Report
4
Statement of Comprehensive Income (including Profit and Loss Account)
5
Balance Sheet
6 - 7
Statement of Changes in Equity
8 - 9
Notes to the Financial Statements
10 - 22



 
ANGLIAN TIMBER LIMITED
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2022

Business review
 
The directors are pleased with the performance of the Company for the year, which has been achieved within a challenging marketplace. Gross profit remains strong as can be seen in the key performance indicators below and EBITDA (Earnings before interest, tax, depreciation and amortisation) was £983,671 (2021 - £784,026). The Company has remained in a strong cash position and has a significant level of capital and reserves. The Company remains well positioned by virtue of the range of activities performed, which also helps mitigate its exposure to the risk of a downturn in any one specific area of operations.

Financial key performance indicators
 
The directors regularly review the gross profit margin and the net assets position. These are considered the key performance indicators and, overall, have remained strong during the year:
The gross profit margin has remained healthy and was 22.7% during the year (2021 - 22.9%).
The Company's net assets have continued to grow, increasing from £2,415,400 at 28 February 2021 to £3,175,533 at 28 February 2022 due to the profit for the year.

Principal risks and uncertainties
 
Some of the principal risks and uncertainties facing the Company relate to the supply of raw materials. The directors remain of the opinion that this will not affect their business for the foreseeable future, as they have built very strong relationships with their suppliers. The directors will continue to monitor the situation, and make adjustments to their business strategy if necessary.


This report was approved by the board on 5 August 2022 and signed on its behalf.



A R Milner-Moore
Director


- 1 -



 
ANGLIAN TIMBER LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2022

The directors present their report and the financial statements for the year ended 28 February 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Directors

The directors who served during the year and to the date of this report were:

C R Milner-Moore 
R W Fennell (resigned 31 December 2021)
Y Jewell 
A R Milner-Moore 
R M Steed 

An indemnity policy with respect to all of the directors was in place throughout the year and to the date of this report.

Principal activity

The principal activity of the company during the year was that of softwood distributors and trussed rafter manufacturers.

Results and dividends

The profit for the year, after taxation, amounted to £760,133 (2021 - £578,817).

The directors do not recommend the payment of a dividend.


- 2 -



 
ANGLIAN TIMBER LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 5 August 2022 and signed on its behalf.
 





A R Milner-Moore
Director


- 3 -



 
ANGLIAN TIMBER LIMITED
 

 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ANGLIAN TIMBER LIMITED
FOR THE YEAR ENDED 28 FEBRUARY 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Anglian Timber Limited for the year ended 28 February 2022 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Anglian Timber Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Anglian Timber Limited  and state those matters that we have agreed to state to the Board of Directors of Anglian Timber Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Anglian Timber Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Anglian Timber Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Anglian Timber Limited. You consider that Anglian Timber Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Anglian Timber Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Scrutton Bland LLP
 
Chartered Accountants
  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG
19 August 2022

- 4 -



 
ANGLIAN TIMBER LIMITED
 

 
STATEMENT OF COMPREHENSIVE INCOME (INCLUDING THE PROFIT AND LOSS ACCOUNT)
FOR THE YEAR ENDED 28 FEBRUARY 2022

2022
2021
Notes
 £
£

  

Turnover
  
10,648,033
7,684,482

Cost of sales
  
(8,236,214)
(5,922,400)

Gross profit
  
2,411,819
1,762,082

Distribution costs
  
(378,392)
(361,105)

Administrative expenses
  
(1,115,802)
(877,171)

Other operating income
 5 
-
193,637

Operating profit
 6 
917,625
717,443

Interest receivable and similar income
  
-
241

Profit before tax
  
917,625
717,684

Tax on profit
 9 
(157,492)
(138,867)

Profit for the financial year
  
760,133
578,817

There was no other comprehensive income for 2022 (2021: £NIL).

The notes on pages 10 to 22 form part of these financial statements.


- 5 -



 
ANGLIAN TIMBER LIMITED
REGISTERED NUMBER:02229092


BALANCE SHEET
AS AT 28 FEBRUARY 2022

2022
2021
Notes
£
£

Fixed assets
  

Tangible assets
 10 
241,935
194,486

  
241,935
194,486

Current assets
  

Stocks
 11 
1,450,211
1,203,724

Debtors: amounts falling due within one year
 12 
1,740,769
1,444,957

Cash at bank and in hand
 13 
1,073,803
1,033,949

  
4,264,783
3,682,630

Creditors: amounts falling due within one year
 14 
(1,281,946)
(1,430,048)

Net current assets
  
 
 
2,982,837
 
 
2,252,582

Total assets less current liabilities
  
3,224,772
2,447,068

Provision for liabilities
  

Deferred tax
 16 
(49,239)
(31,668)

  
 
 
(49,239)
 
 
(31,668)

Net assets
  
3,175,533
2,415,400


- 6 -



 
ANGLIAN TIMBER LIMITED
REGISTERED NUMBER:02229092

    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2022

2022
2021
Note
£
£

Capital and reserves
  

Called up share capital 
 17 
100
100

Profit and loss account
  
3,175,433
2,415,300

Shareholders funds
  
3,175,533
2,415,400


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006.

The 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 Company's financial statements have been prepared in accordance with the 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 on 5 August 2022.




A R Milner-Moore
Director

The notes on pages 10 to 22 form part of these financial statements.


- 7 -



 
ANGLIAN TIMBER LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 March 2021
100
2,415,300
2,415,400



Profit for the year
-
760,133
760,133


At 28 February 2022
100
3,175,433
3,175,533


The notes on pages 10 to 22 form part of these financial statements.


- 8 -



 
ANGLIAN TIMBER LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2021


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 March 2020
100
2,336,483
2,336,583



Profit for the year
-
578,817
578,817


Transactions with owners

Dividends: Equity capital
-
(500,000)
(500,000)


At 28 February 2021
100
2,415,300
2,415,400


The notes on pages 10 to 22 form part of these financial statements.


- 9 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

1.


General information

Anglian Timber Limited is a company limited by share capital, incorporated in England and Wales, registration number 02229092. The registered office is The Sawmill, Wix, Nr Manningtree, Colchester, Essex, CO11 2RS.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are prepared in sterling and are rounded to the nearest £1.
Forecasting indicates that liabilities will continue to be met as they fall due for a period of at least 12 months following the date of accounts approval. The accounts are therefore prepared on a going concern basis.
In forming this opinion the directors confirm their view that the Company will continue to trade.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover 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. Turnover 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

Turnover 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.


- 10 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

2.Accounting policies (continued)

  
2.3

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.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. 
Depreciation is provided on the following bases:
Plant and machinery - 10% on cost
Motor vehicles - 25% on cost
Office equipment and furniture - 33.3% on cost
The assets' 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 within 'other operating income' in the statement of comprehensive income.

 
2.4

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.

 
2.5

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 Comprehensive Income in the same period as the related expenditure.


- 11 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

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.

Debtors (financial assets) are recorded at the transaction price.
Creditors (financial liabilities) are recorded at the transaction price.

 
2.9

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.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.


- 12 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

2.Accounting policies (continued)

 
2.11

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on experiences and other factors that are considered to be relevant. Actual results may differ from these estimates. The main estimations included within the accounts are stock and debtor provisions and depreciation on assets. 


4.


Turnover

All turnover during the year was derived from the Company's principal activity which was that of softwood distributors and trussed rafter manufacturers. All turnover arose in the UK.


5.


Other operating income

2022
2021
£
£

Government grants receivable
-
193,637



- 13 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

6.


Operating profit

The operating profit is stated after charging/(charging):

2022
2021
£
£

Depreciation of tangible fixed assets
66,046
66,583

Profit on disposal of tangible fixed assets
(925)
(9,427)


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2022
2021
£
£

Wages and salaries
1,235,633
1,138,463

Social security costs
107,502
97,079

Cost of defined contribution pension scheme
67,494
36,639

1,410,629
1,272,181


The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Production
34
32



Administration
5
5



Distribution
11
10



Directors
5
5

55
52


- 14 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

8.


Directors' remuneration

2022
2021
£
£

Directors' emoluments
90,341
104,435

Company contributions to defined contribution pension schemes
30,872
3,831

121,213
108,266


During the year retirement benefits were accruing to 3 directors (2021 - 3) in respect of defined contribution pension schemes.
In addition, directors' remuneration for A R Milner-Moore and C R Milner-Moore is paid by the ultimate parent company, Castlewood Holdings Limited, amounting to £286,115 (2021 - £60,410).


9.


Taxation


2022
2021
£
£

Current tax


UK Corporation tax on profit for the year
139,921
147,231


Deferred tax


Origination and reversal of timing differences
15,954
(8,364)

Changes to tax rates
1,617
-

Total deferred tax
17,571
(8,364)


Taxation on profit on ordinary activities
157,492
138,867

- 15 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2021 - higher than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


Profit on ordinary activities before tax
917,625
717,684


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
174,349
136,360

Effects of:


Expenses not deductible for tax purposes
1,218
698

Other assets not qualifying for capital allowance purposes
302
-

Movement in pension fund leading to an decrease in tax
(22)
-

Group relief received for nil consideration
(30,194)
-

Other factors
11,839
1,809

Total tax charge for the year
157,492
138,867


Factors that may affect future tax charges

The Finance Act 2021 announced an increase of the main rate of UK corporation tax rate from 19% to
25% from 1 April 2023. This was enacted in June 2021. Accordingly, deferred tax assets and liabilities are
stated at 25%.


- 16 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

10.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment and furniture
Total

£
£
£
£



Cost


At 1 March 2021
572,960
268,034
41,193
882,187


Additions
60,000
53,495
-
113,495


Disposals
-
(18,995)
(3,546)
(22,541)



At 28 February 2022

632,960
302,534
37,647
973,141



Depreciation


At 1 March 2021
469,937
180,998
36,766
687,701


Charge for the year on owned assets
26,716
34,903
4,427
66,046


Disposals
-
(18,995)
(3,546)
(22,541)



At 28 February 2022

496,653
196,906
37,647
731,206



Net book value



At 28 February 2022
136,307
105,628
-
241,935



At 28 February 2021
103,023
87,036
4,427
194,486


11.


Stocks

2022
2021
£
£

Raw materials and consumables
1,450,211
1,203,724



- 17 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

12.


Debtors

2022
2021
£
£


Trade debtors
1,731,797
1,422,894

Amounts owed by ultimate parent undertaking
4,200
-

Other debtors
4,772
9,045

Government grants receivable
-
13,018

1,740,769
1,444,957



13.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
1,073,803
1,033,949



14.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
1,039,835
1,151,452

Amounts owed to ultimate parent undertaking
-
2,010

Corporation tax payable
59,631
147,231

Other taxation and social security
78,871
55,992

Other creditors
11,089
11,406

Accruals and deferred income
92,520
61,957

1,281,946
1,430,048



- 18 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

15.


Financial instruments

2022
2021
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,740,769
1,444,957


Financial liabilities


Financial liabilities measured at amortised cost
1,143,444
1,226,825


Financial assets which are debt instruments measured at amortised cost comprise trade debtors, other debtors, accrued income and balances with group undertakings.


Financial liabilities measured at amortised cost comprise trade creditors, other creditors, accruals and balances with group undertakings.


- 19 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

16.


Deferred taxation






£






At 1 March 2020
31,668


Charged to profit or loss
17,571



At end of year
49,239

The provision for deferred taxation comprises:

2022
2021
£
£


Accelerated capital allowances
49,239
31,668


17.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1.00 each
100
100



18.


Pension commitments

The pension cost charge represents contributions payable by the Company and amounted to £67,494 (2021 - £36,639). Contributions totalling £2,889 (2021 - £3,066) were payable to the fund at the balance sheet date and are included in other creditors.


- 20 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

19.


Commitments under operating leases

At 28 February 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
35,763
130,740

Later than 1 year and not later than 5 years
10,170
44,717

Total plant and machinery
45,933
175,457

2022
2021

£
£


Not later than 1 year
158,100
143,700

Total land and buildings
158,100
143,700

The operating lease charge to profit and loss for the year totalled £254,407 (2021 - £260,238).


- 21 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

20.


Related party transactions

Anglian Timber Limited is a wholly owned subsidiary of Castlewood Holdings Limited.
Boxley Timber & Fencing Supplies Limited is a joint venture company of Castlewood Holdings Limited.
The Castlewood Holdings Limited Retirement Benefits Scheme is a pension scheme of which some of the directors and shareholders of Castlewood Holdings Limited are the beneficiaries.
The Chris Milner-Moore 2011 Family Settlement is a shareholder of Castlewood Holdings Limited.
Lumberjacks Limited is ultimately owned by the shareholders of Castlewood Holdings Limited.
Transactions with the above related parties during the year were:
Boxley Timber & Fencing Supplies Limited
During the year the Company made sales to Boxley Timber & Fencing Supplies Limited of £179,831 (2021 - £262,264) and purchases of £170 (2020 - £246). At 28 February 2022 the Company was owed a net amount of £17,539 (2021 - £12,088) by Boxley Timber & Fencing Supplies Limited.
Lumberjacks Limited
During the year the Company made sales to Lumberjacks Limited of £642,296 (2021 - £611,698) and purchases of £138,055 (2021 - £73,924). At 28 February 2022 the Company was owed a net amount of £34,770 (2021 - £78,191) by Lumberjacks Limited.
Castlewood Holdings Limited
In accordance with the exemptions permitted by FRS 102, transactions with the ultimate parent Company are not disclosed. At 28 February 2022 the Company was owed £4,200 by Castlewood Holdings Limited (2021 -  owed £2,010 to Castlewood Holdings Limited).


21.


Ultimate parent undertaking and controlling party

The ultimate parent Company is Castlewood Holdings Limited, a Company incorporated in England and WalesK.
The Milner-Moore family is the ultimate controlling party.

 

- 22 -