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REGISTERED NUMBER: 06768127 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

HARRIS TIMBER PRODUCTS LIMITED

HARRIS TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 06768127)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HARRIS TIMBER PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: Mrs J A Pinfold
Mr F R Pinfold



SECRETARY: Mrs J A Pinfold



REGISTERED OFFICE: Unit 1 Moorview Industrial Estate
Whimple
Exeter
Devon
EX5 2QT



REGISTERED NUMBER: 06768127 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
7a Dartmouth Road
Paignton
Devon
TQ4 5AA



BANKERS: Natwest
59 High Street
Exeter
Devon
EX3 3DL

HARRIS TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 06768127)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 12,770 16,773
12,770 16,773

CURRENT ASSETS
Stocks 6 34,750 26,250
Debtors 7 44,601 24,049
Cash in hand - 1,079
79,351 51,378
CREDITORS
Amounts falling due within one year 8 76,518 37,893
NET CURRENT ASSETS 2,833 13,485
TOTAL ASSETS LESS CURRENT LIABILITIES 15,603 30,258

CREDITORS
Amounts falling due after more than one
year

9

(9,701

)

(12,039

)

PROVISIONS FOR LIABILITIES (2,427 ) (3,187 )
NET ASSETS 3,475 15,032

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,375 14,932
SHAREHOLDERS' FUNDS 3,475 15,032

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HARRIS TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 06768127)

BALANCE SHEET - continued
31 DECEMBER 2021


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2022 and were signed on its behalf by:




Mr F R Pinfold - Director



Mrs J A Pinfold - Director


HARRIS TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 06768127)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


1. STATUTORY INFORMATION

Harris Timber Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HARRIS TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 06768127)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2021
and 31 December 2021 9,600
AMORTISATION
At 1 January 2021
and 31 December 2021 9,600
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2021
and 31 December 2021 19,182 177 31,586 50,945
DEPRECIATION
At 1 January 2021 15,203 165 18,804 34,172
Charge for year 796 11 3,196 4,003
At 31 December 2021 15,999 176 22,000 38,175
NET BOOK VALUE
At 31 December 2021 3,183 1 9,586 12,770
At 31 December 2020 3,979 12 12,782 16,773

HARRIS TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 06768127)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2021
and 31 December 2021 13,995
DEPRECIATION
At 1 January 2021 3,499
Charge for year 2,624
At 31 December 2021 6,123
NET BOOK VALUE
At 31 December 2021 7,872
At 31 December 2020 10,496

6. STOCKS
2021 2020
£    £   
Stocks 34,750 26,250

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 44,601 23,928
Prepayments and accrued income - 121
44,601 24,049

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 24,917 4,094
Hire purchase contracts 2,526 1,956
Tax 9,780 6,017
Social security and other taxes 4,475 3,970
VAT 18,304 5,690
Directors' current accounts 14,211 13,794
Accrued expenses 2,305 2,372
76,518 37,893

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Hire purchase contracts 9,701 12,039

HARRIS TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 06768127)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

2021 2020
£    £   
Mr F R Pinfold and Mrs J A Pinfold
Balance outstanding at start of year (13,794 ) (9,479 )
Amounts advanced 71,425 57,331
Amounts repaid (71,842 ) (61,646 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (14,211 ) (13,794 )

Loans are unsecured, interest free and repayable on demand.

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £50,000 (2020 - £44,000) were paid to the directors .