Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31falsefalse322021-01-01No description of principal activity32trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02674254 2021-01-01 2021-12-31 02674254 2020-01-01 2020-12-31 02674254 2021-12-31 02674254 2020-12-31 02674254 2020-01-01 02674254 c:Director1 2021-01-01 2021-12-31 02674254 d:Buildings 2021-01-01 2021-12-31 02674254 d:Buildings d:LongLeaseholdAssets 2021-01-01 2021-12-31 02674254 d:PlantMachinery 2021-01-01 2021-12-31 02674254 d:PlantMachinery 2021-12-31 02674254 d:PlantMachinery 2020-12-31 02674254 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02674254 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2021-01-01 2021-12-31 02674254 d:MotorVehicles 2021-01-01 2021-12-31 02674254 d:MotorVehicles 2021-12-31 02674254 d:MotorVehicles 2020-12-31 02674254 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02674254 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2021-01-01 2021-12-31 02674254 d:FurnitureFittings 2021-01-01 2021-12-31 02674254 d:FurnitureFittings 2021-12-31 02674254 d:FurnitureFittings 2020-12-31 02674254 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02674254 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2021-01-01 2021-12-31 02674254 d:OtherPropertyPlantEquipment 2021-01-01 2021-12-31 02674254 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02674254 d:LeasedAssetsHeldAsLessee 2021-01-01 2021-12-31 02674254 d:Goodwill 2021-01-01 2021-12-31 02674254 d:Goodwill 2021-12-31 02674254 d:Goodwill 2020-12-31 02674254 d:CurrentFinancialInstruments 2021-12-31 02674254 d:CurrentFinancialInstruments 2020-12-31 02674254 d:Non-currentFinancialInstruments 2021-12-31 02674254 d:Non-currentFinancialInstruments 2020-12-31 02674254 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 02674254 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 02674254 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 02674254 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 02674254 d:ShareCapital 2021-12-31 02674254 d:ShareCapital 2020-12-31 02674254 d:ShareCapital 2020-01-01 02674254 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 02674254 d:RetainedEarningsAccumulatedLosses 2021-12-31 02674254 d:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 02674254 d:RetainedEarningsAccumulatedLosses 2020-12-31 02674254 d:RetainedEarningsAccumulatedLosses 2020-01-01 02674254 c:FRS102 2021-01-01 2021-12-31 02674254 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 02674254 c:FullAccounts 2021-01-01 2021-12-31 02674254 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 02674254 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 02674254 d:AcceleratedTaxDepreciationDeferredTax 2020-12-31 02674254 2 2021-01-01 2021-12-31 02674254 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2021-12-31 02674254 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2020-12-31 02674254 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2021-12-31 02674254 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2020-12-31 02674254 d:LeasedAssetsHeldAsLessee 2021-12-31 02674254 d:LeasedAssetsHeldAsLessee 2020-12-31 02674254 d:Goodwill d:OwnedIntangibleAssets 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number:  02674254














TONGE BRIDGE TIMBER SALES (UK) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


 
TONGE BRIDGE TIMBER SALES (UK) LTD
REGISTERED NUMBER: 02674254

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 4 
70,000
80,000

Tangible assets
 5 
738,060
706,936

  
808,060
786,936

Current assets
  

Stocks
 6 
1,518,340
1,002,504

Debtors: amounts falling due within one year
 7 
1,314,367
1,233,839

Cash at bank and in hand
 8 
930,525
636,294

  
3,763,232
2,872,637

Creditors: amounts falling due within one year
 9 
(1,580,608)
(1,944,933)

Net current assets
  
 
 
2,182,624
 
 
927,704

Total assets less current liabilities
  
2,990,684
1,714,640

Creditors: amounts falling due after more than one year
 10 
(847,695)
(746,772)

Provisions for liabilities
  

Deferred tax
 11 
(130,800)
(95,400)

  
 
 
(130,800)
 
 
(95,400)

Net assets
  
2,012,189
872,468


Capital and reserves
  

Called up share capital 
  
20
20

Profit and loss account
  
2,012,169
872,448

  
2,012,189
872,468


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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Page 1

 
TONGE BRIDGE TIMBER SALES (UK) LTD
REGISTERED NUMBER: 02674254
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021


The Company has opted not to file the statement of comprehensive income 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 on 1 September 2022.




M J T Beer
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2021
20
872,448
872,468



Profit for the year
-
1,139,721
1,139,721


At 31 December 2021
20
2,012,169
2,012,189


The notes on pages 4 to 12 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2020
20
425,776
425,796



Profit for the year
-
446,672
446,672


At 31 December 2020
20
872,448
872,468


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Tonge Bridge Timber Sales (UK) Limited is a private company limited by shares, registered in the United Kingdom.  The company number is 02674254.  Its registered office is 1 Boundary Street, Liverpool, Merseyside, L5 9UD. 

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.

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

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.

 
2.4

Interest income

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

Page 4

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

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.

Page 5

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other 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.

 
2.9

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.

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

Depreciation is provided on the following basis:

Freehold/leasehold property
-
5%
straight line
Property improvements
-
10%
straight line
Racking and machinery
-
10%
straight line
Motor vehicles and fork lift trucks
-
25%
reducing balance
Fixtures and fittings
-
20%
straight line
Mill Equipment
-

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 in profit or loss.

Page 6

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.10

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 first in, first out 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

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.

 
2.15

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.

Page 7

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

3.


Employees

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


        2021
        2020
            No.
            No.







Employees
32
32


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2021
100,000



At 31 December 2021

100,000



Amortisation


At 1 January 2021
20,000


Charge for the year on owned assets
10,000



At 31 December 2021

30,000



Net book value



At 31 December 2021
70,000



At 31 December 2020
80,000



Page 8

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2021
729,614
283,573
124,236
1,137,423


Additions
268,583
32,000
-
300,583


Disposals
-
(19,250)
-
(19,250)



At 31 December 2021

998,197
296,323
124,236
1,418,756



Depreciation


At 1 January 2021
266,873
59,151
104,464
430,488


Charge for the year on owned assets
112,759
8,000
17,713
138,472


Charge for the year on financed assets
31,512
91,834
-
123,346


Disposals
-
(11,610)
-
(11,610)



At 31 December 2021

411,144
147,375
122,177
680,696



Net book value



At 31 December 2021
587,053
148,948
2,059
738,060



At 31 December 2020
462,741
224,422
19,773
706,936

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2021
2020
£
£



Plant and machinery
227,670
143,350

Motor vehicles
162,587
122,663

390,257
266,013

Page 9

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Stocks

2021
2020
£
£

Raw materials and consumables
1,518,340
1,002,504

1,518,340
1,002,504



7.


Debtors

2021
2020
£
£


Trade debtors
1,263,294
1,213,682

Other debtors
-
1,081

Prepayments and accrued income
51,073
19,076

1,314,367
1,233,839



8.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
930,525
636,294

930,525
636,294



9.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
614,799
1,067,890

Amounts owed to group undertakings
248,545
333,796

Amounts owed to associates
136,521
48,139

Corporation tax
262,586
72,516

Other taxation and social security
92,957
286,354

Obligations under finance lease and hire purchase contracts
97,361
42,729

Other creditors
2,015
1,883

Accruals
125,824
91,626

1,580,608
1,944,933

Page 10

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.Creditors: Amounts falling due within one year (continued)


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


10.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Net obligations under finance leases and hire purchase contracts
234,121
186,564

Other creditors
613,574
560,208

847,695
746,772


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


11.


Deferred taxation




2021


£






At beginning of year
(95,400)


Charged to profit or loss
(35,400)



At end of year
(130,800)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(130,800)
(95,400)

(130,800)
(95,400)

Page 11

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

12.


Related party transactions

Included within other creditors is an amount of £385,066 (2020: £382,935) owed to related parties.
During the year the company paid management charges of £254,671 (2020: £152,705) to companies under common control.  
All transactions were conducted at an arms length basis.


13.


Ultimate parent undertaking and ultimate controlling party

The ultimate controlling parties are M J T Beer and A J Beer by virtue of their shareholding in the ultimate parent company, Beers Timber Holdings Limited.

 
Page 12