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REGISTERED NUMBER: 03230356 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021

FOR

TIMBERWISE (UK) LIMITED

TIMBERWISE (UK) LIMITED (REGISTERED NUMBER: 03230356)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TIMBERWISE (UK) LIMITED

COMPANY INFORMATION
for the Year Ended 31st December 2021







DIRECTORS: Mr M J Edwards
Mr T J Riley
Mr R E Sheldon





SECRETARY: Mr T J Riley





REGISTERED OFFICE: 1 Drake Mews
Gadbrook Park
Northwich
Cheshire
CW9 7XF





REGISTERED NUMBER: 03230356 (England and Wales)





ACCOUNTANTS: KJG
1 City Road East
Manchester
M15 4PN

TIMBERWISE (UK) LIMITED (REGISTERED NUMBER: 03230356)

BALANCE SHEET
31st December 2021

2021 2020
Notes £    £   
FIXED ASSETS
Intangible assets 4 285,436 -
Tangible assets 5 280,870 236,947
Investments 6 4 4
566,310 236,951

CURRENT ASSETS
Stocks 81,286 82,073
Debtors 7 1,685,537 1,820,137
Cash at bank 1,486,815 1,150,180
3,253,638 3,052,390
CREDITORS
Amounts falling due within one year 8 (1,951,448 ) (1,803,477 )
NET CURRENT ASSETS 1,302,190 1,248,913
TOTAL ASSETS LESS CURRENT LIABILITIES 1,868,500 1,485,864

CREDITORS
Amounts falling due after more than one
year

9

(340,766

)

(356,291

)

PROVISIONS FOR LIABILITIES (135,954 ) (40,342 )
NET ASSETS 1,391,780 1,089,231

TIMBERWISE (UK) LIMITED (REGISTERED NUMBER: 03230356)

BALANCE SHEET - continued
31st December 2021

2021 2020
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 12 100,000 100,000
Retained earnings 1,291,780 989,231
SHAREHOLDERS' FUNDS 1,391,780 1,089,231

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5th September 2022 and were signed on its behalf by:





Mr M J Edwards - Director


TIMBERWISE (UK) LIMITED (REGISTERED NUMBER: 03230356)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2021


1. STATUTORY INFORMATION

Timberwise (UK) Limited is a private company limited by share capital, incorporated in England and Wales, registration number 03230356. The address of the registered office is 1 Drake Mews, Gadbrook Park, Rudheath, Northwich, Cheshire, CW9 7XF.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents amounts recognised by the company in respect of goods supplied, exclusive of Value Added Tax, and trade discounts. Turnover principally consists of remedial property care treatments, which are recognised at the point of which the goods are delivered and legal title is passed.

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.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets are charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Plant and machinery-25% on cost
Fixtures and fittings-25% on cost
Motor vehicles-between 20% & 33.3% on reducing balance


At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of tangible fixed assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

TIMBERWISE (UK) LIMITED (REGISTERED NUMBER: 03230356)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2021


2. ACCOUNTING POLICIES - continued

Government grants
During 2021, in response to the global Covid-19 pandemic there were a number of government schemes made available providing wage subsidies for companies that had to shut or scale down operations, The Company received a total wage subsidy of £170,426 in 2021 (2020: £664,899) from the Coronavirus Job Retention Scheme. The Company presents the grants by deducting from the related expense, which in this case is the employee wages expense.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and selling price less cost of selling, after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

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.

The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund.

TIMBERWISE (UK) LIMITED (REGISTERED NUMBER: 03230356)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2021


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand. Any bank overdrafts are shown within current liabilities.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 103 (2020 - 103 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1st January 2021 241,812 - 241,812
Additions - 285,436 285,436
At 31st December 2021 241,812 285,436 527,248
AMORTISATION
At 1st January 2021
and 31st December 2021 241,812 - 241,812
NET BOOK VALUE
At 31st December 2021 - 285,436 285,436
At 31st December 2020 - - -

TIMBERWISE (UK) LIMITED (REGISTERED NUMBER: 03230356)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2021


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st January 2021 420,847 486,337 225,808 1,132,992
Additions 112,164 26,215 1,601 139,980
Disposals (19,302 ) - - (19,302 )
At 31st December 2021 513,709 512,552 227,409 1,253,670
DEPRECIATION
At 1st January 2021 374,723 410,701 110,621 896,045
Charge for year 30,567 35,659 29,831 96,057
Eliminated on disposal (19,302 ) - - (19,302 )
At 31st December 2021 385,988 446,360 140,452 972,800
NET BOOK VALUE
At 31st December 2021 127,721 66,192 86,957 280,870
At 31st December 2020 46,124 75,636 115,187 236,947

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st January 2021
and 31st December 2021 4
NET BOOK VALUE
At 31st December 2021 4
At 31st December 2020 4

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 744,644 831,280
Amounts owed by group undertakings 609,786 609,786
Other debtors 331,107 379,071
1,685,537 1,820,137

TIMBERWISE (UK) LIMITED (REGISTERED NUMBER: 03230356)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2021


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts (see note 10) 50,269 53,291
Trade creditors 352,693 353,271
Taxation and social security 405,921 707,751
Other creditors 1,092,565 639,164
1,951,448 1,803,477

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Bank loans 170,833 200,000
Hire purchase contracts (see note 10) 169,933 156,291
340,766 356,291

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
2021 2020
£    £   
Net obligations repayable:
Within one year 50,269 53,291
Between one and five years 169,933 156,291
220,202 209,582

At the year end the company had operating lease commitments not shown on the balance sheet of £479,629 (2020 - £412,059).

11. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Hire purchase contracts 220,202 209,582

Obligations under hire purchase contracts are secured on the assets to which they relate.

TIMBERWISE (UK) LIMITED (REGISTERED NUMBER: 03230356)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2021


12. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
100,000 Ordinary £1.00 100,000 100,000

13. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £209,301 (2020 - £176,354). Contributions amounting to £18,689 (2020- £17,675) were payable to the fund at the date of the balance sheet.

14. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Timberwise Holdings Limited. The ultimate controller of the company is Mr M J Edwards.