Company Registration No. SC202550 (Scotland)
EXPRESS TIMBER PRODUCTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
EXPRESS TIMBER PRODUCTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
EXPRESS TIMBER PRODUCTS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2022
31 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
363,996
383,616
Current assets
Stocks
82,697
74,525
Debtors
5
131,680
90,886
Cash at bank and in hand
191,087
113,586
405,464
278,997
Creditors: amounts falling due within one year
6
(313,136)
(301,465)
Net current assets/(liabilities)
92,328
(22,468)
Total assets less current liabilities
456,324
361,148
Creditors: amounts falling due after more than one year
7
(185,867)
(247,398)
Provisions for liabilities
(20,799)
(18,629)
Deferred grants
(10,655)
(12,726)
Net assets
239,003
82,395
Capital and reserves
Called up share capital
9
10,000
10,000
Profit and loss reserves
229,003
72,395
Total equity
239,003
82,395

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

EXPRESS TIMBER PRODUCTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2022
31 January 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 August 2022 and are signed on its behalf by:
Mr G Ainsworth
Mrs C Innes
Director
Director
Company Registration No. SC202550
EXPRESS TIMBER PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 3 -
1
Accounting policies
Company information

Express Timber Products Limited is a private company limited by shares incorporated in Scotland. The registered office is 41 Abercorn Street, Paisley, United Kingdom, PA3 4AL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold Property
1% Straight Line
Leasehold improvements
4% Straight Line
Plant and equipment
15% Reducing Balance
Fixtures and fittings
15% Reducing Balance
Computer Equipment
33% Straight Line
Motor vehicles
25% Reducing Balance
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

EXPRESS TIMBER PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

EXPRESS TIMBER PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees
2022
2021
Number
Number
Total
19
18
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2021 and 31 January 2022
60,000
Amortisation and impairment
At 1 February 2021 and 31 January 2022
60,000
Carrying amount
At 31 January 2022
-
0
At 31 January 2021
-
0
EXPRESS TIMBER PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 6 -
4
Tangible fixed assets
Freehold Property
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer Equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 February 2021 and 31 January 2022
343,198
40,007
323,250
11,944
4,985
13,928
737,312
Depreciation and impairment
At 1 February 2021
68,640
30,549
227,299
10,258
4,985
11,965
353,696
Depreciation charged in the year
3,432
1,051
14,393
253
-
0
491
19,620
At 31 January 2022
72,072
31,600
241,692
10,511
4,985
12,456
373,316
Carrying amount
At 31 January 2022
271,126
8,407
81,558
1,433
-
0
1,472
363,996
At 31 January 2021
274,558
9,458
95,951
1,686
-
0
1,963
383,616
EXPRESS TIMBER PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 7 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
131,022
90,228
Other debtors
658
658
131,680
90,886
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
-
0
8,333
Trade creditors
131,959
171,414
Taxation and social security
110,992
48,883
Other creditors
70,185
72,835
313,136
301,465
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
-
0
41,667
Other creditors
185,867
205,731
185,867
247,398
8
Secured Debts

The Bank of Scotland holds a standard security over all sums due and to become due.

9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
5,000
5,000
5,000
5,000
Ordinary B Shares of £1 each
5,000
5,000
5,000
5,000
10,000
10,000
10,000
10,000
EXPRESS TIMBER PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 8 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
305,858
72,444
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2022
2021
£
£
Director's Loan
54,658
62,451
Loan interest credited
20,582
21,270
Dividends credited
29,700
22,325
Other related parties
137,209
138,370

The loans are subject to interest at 10% per annum and have no fixed terms of repayment. It is agreed that £6,000 be included in creditors falling due within one year.

2022-01-312021-02-01false04 August 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityMr W AinsworthMr G AinsworthMrs C InnesMr G SimpsonSC2025502021-02-012022-01-31SC2025502022-01-31SC2025502021-01-31SC202550core:LandBuildingscore:OwnedOrFreeholdAssets2022-01-31SC202550core:LeaseholdImprovements2022-01-31SC202550core:PlantMachinery2022-01-31SC202550core:FurnitureFittings2022-01-31SC202550core:ComputerEquipment2022-01-31SC202550core:MotorVehicles2022-01-31SC202550core:LandBuildingscore:OwnedOrFreeholdAssets2021-01-31SC202550core:LeaseholdImprovements2021-01-31SC202550core:PlantMachinery2021-01-31SC202550core:FurnitureFittings2021-01-31SC202550core:ComputerEquipment2021-01-31SC202550core:MotorVehicles2021-01-31SC202550core:CurrentFinancialInstrumentscore:WithinOneYear2022-01-31SC202550core:CurrentFinancialInstrumentscore:WithinOneYear2021-01-31SC202550core:Non-currentFinancialInstrumentscore:AfterOneYear2022-01-31SC202550core:Non-currentFinancialInstrumentscore:AfterOneYear2021-01-31SC202550core:CurrentFinancialInstruments2022-01-31SC202550core:CurrentFinancialInstruments2021-01-31SC202550core:Non-currentFinancialInstruments2022-01-31SC202550core:Non-currentFinancialInstruments2021-01-31SC202550core:ShareCapital2022-01-31SC202550core:ShareCapital2021-01-31SC202550core:RetainedEarningsAccumulatedLosses2022-01-31SC202550core:RetainedEarningsAccumulatedLosses2021-01-31SC202550core:ShareCapitalOrdinaryShares2022-01-31SC202550core:ShareCapitalOrdinaryShares2021-01-31SC202550bus:Director22021-02-012022-01-31SC202550bus:Director32021-02-012022-01-31SC202550core:Goodwill2021-02-012022-01-31SC202550core:LandBuildingscore:OwnedOrFreeholdAssets2021-02-012022-01-31SC202550core:LeaseholdImprovements2021-02-012022-01-31SC202550core:PlantMachinery2021-02-012022-01-31SC202550core:FurnitureFittings2021-02-012022-01-31SC202550core:ComputerEquipment2021-02-012022-01-31SC202550core:MotorVehicles2021-02-012022-01-31SC2025502020-02-012021-01-31SC202550core:NetGoodwill2021-01-31SC202550core:NetGoodwill2022-01-31SC202550core:NetGoodwill2021-01-31SC202550core:LandBuildingscore:OwnedOrFreeholdAssets2021-01-31SC202550core:LeaseholdImprovements2021-01-31SC202550core:PlantMachinery2021-01-31SC202550core:FurnitureFittings2021-01-31SC202550core:ComputerEquipment2021-01-31SC202550core:MotorVehicles2021-01-31SC2025502021-01-31SC202550core:WithinOneYear2022-01-31SC202550core:WithinOneYear2021-01-31SC202550bus:PrivateLimitedCompanyLtd2021-02-012022-01-31SC202550bus:SmallCompaniesRegimeForAccounts2021-02-012022-01-31SC202550bus:FRS1022021-02-012022-01-31SC202550bus:AuditExemptWithAccountantsReport2021-02-012022-01-31SC202550bus:Director12021-02-012022-01-31SC202550bus:CompanySecretary12021-02-012022-01-31SC202550bus:FullAccounts2021-02-012022-01-31xbrli:purexbrli:sharesiso4217:GBP