Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31true162021-01-01falseTimber treatment20trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08232511 2021-01-01 2021-12-31 08232511 2021-12-31 08232511 2020-01-01 2020-12-31 08232511 2020-12-31 08232511 c:Director1 2021-01-01 2021-12-31 08232511 d:Buildings d:LongLeaseholdAssets 2021-01-01 2021-12-31 08232511 d:Buildings d:LongLeaseholdAssets 2021-12-31 08232511 d:Buildings d:LongLeaseholdAssets 2020-12-31 08232511 d:Buildings d:ShortLeaseholdAssets 2021-01-01 2021-12-31 08232511 d:LandBuildings 2021-12-31 08232511 d:LandBuildings 2020-12-31 08232511 d:PlantMachinery 2021-01-01 2021-12-31 08232511 d:PlantMachinery 2021-12-31 08232511 d:PlantMachinery 2020-12-31 08232511 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 08232511 d:MotorVehicles 2021-01-01 2021-12-31 08232511 d:MotorVehicles 2021-12-31 08232511 d:MotorVehicles 2020-12-31 08232511 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 08232511 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 08232511 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-01-01 2021-12-31 08232511 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 08232511 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-12-31 08232511 d:CurrentFinancialInstruments 2021-12-31 08232511 d:CurrentFinancialInstruments 2020-12-31 08232511 d:Non-currentFinancialInstruments 2021-12-31 08232511 d:Non-currentFinancialInstruments 2020-12-31 08232511 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 08232511 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 08232511 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 08232511 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 08232511 d:ShareCapital 2021-12-31 08232511 d:ShareCapital 2020-12-31 08232511 d:RevaluationReserve 2021-01-01 2021-12-31 08232511 d:RevaluationReserve 2021-12-31 08232511 d:RevaluationReserve 2020-12-31 08232511 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 08232511 d:RetainedEarningsAccumulatedLosses 2021-12-31 08232511 d:RetainedEarningsAccumulatedLosses 2020-12-31 08232511 c:OrdinaryShareClass1 2021-01-01 2021-12-31 08232511 c:OrdinaryShareClass1 2021-12-31 08232511 c:OrdinaryShareClass1 2020-12-31 08232511 c:FRS102 2021-01-01 2021-12-31 08232511 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 08232511 c:FullAccounts 2021-01-01 2021-12-31 08232511 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 08232511 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 08232511 d:AcceleratedTaxDepreciationDeferredTax 2020-12-31 08232511 d:OtherDeferredTax 2021-12-31 08232511 d:OtherDeferredTax 2020-12-31 08232511 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2021-01-01 2021-12-31 08232511 5 2021-01-01 2021-12-31 08232511 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

Company Registration Number 08232511























WJ TIMBER TREATMENTS LTD





UNAUDITED
FINANCIAL STATEMENTS





 31 DECEMBER 2021























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WJ TIMBER TREATMENTS LTD
REGISTERED NUMBER: 08232511

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 4 
146,725
155,192

Tangible assets
 5 
853,070
678,316

  
999,795
833,508

Current assets
  

Stocks
  
141,625
85,359

Debtors: amounts falling due after more than one year
 6 
285,134
-

Debtors: amounts falling due within one year
 6 
300,991
422,041

Cash at bank and in hand
  
254,686
202,138

  
982,436
709,538

Creditors: amounts falling due within one year
 7 
(602,159)
(761,120)

Net current assets/(liabilities)
  
 
 
380,277
 
 
(51,582)

Total assets less current liabilities
  
1,380,072
781,926

Creditors: amounts falling due after more than one year
 8 
(435,016)
(160,611)

Provisions for liabilities
  

Deferred tax
 9 
(15,500)
(15,500)

  
 
 
(15,500)
 
 
(15,500)

Net assets
  
929,556
605,815

Page 1

 
WJ TIMBER TREATMENTS LTD
REGISTERED NUMBER: 08232511

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Capital and reserves
  

Called up share capital 
 10 
1
1

Revaluation reserve
 11 
46,106
46,106

Profit and loss account
 11 
883,449
559,708

  
929,556
605,815


The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings 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 by: 




E M Eggleston
Director
Date: 24 August 2022

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
WJ TIMBER TREATMENTS LTD
 

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

1.


General information

WJ Timber Treatments Limited is a private company limited by shares incorporated in England and Wales with a registered number of 08232511. Its registered office is 3 Burma Drive, Marfleet Industrial Estate,  Hull, East Yorkshire, HU9 5SD. The principal activity of the company is the supply of timber treatment products.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

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.

Page 3

 
WJ TIMBER TREATMENTS LTD
 

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

2.Accounting policies (continued)

 
2.4

Leased assets: the Company as lessor

Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

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.

 
2.7

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
WJ TIMBER TREATMENTS LTD
 

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

2.Accounting policies (continued)

 
2.8

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 reporting 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 reporting 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 reporting date.

 
2.9

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.

 The estimated useful lives range as follows:

Development expenditure
-
5
years

 
2.10

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.

Page 5

 
WJ TIMBER TREATMENTS LTD
 

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

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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 basis:

S/Term Leasehold Property
-
24%
on cost
Plant and machinery
-
20%
on cost
Motor vehicles
-
20%
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 in profit or loss.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

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 reporting 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.

 
2.13

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.

 
2.14

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.

Page 6

 
WJ TIMBER TREATMENTS LTD
 

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

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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 reporting 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 Statement of Financial Position.

 
2.17

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.18

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2020 - 20).

Page 7

 
WJ TIMBER TREATMENTS LTD
 

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

4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2021
183,852


Additions
31,108



At 31 December 2021

214,960



Amortisation


At 1 January 2021
28,660


Charge for the year on owned assets
39,575



At 31 December 2021

68,235



Net book value



At 31 December 2021
146,725



At 31 December 2020
155,192



Page 8

 
WJ TIMBER TREATMENTS LTD
 

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

5.


Tangible fixed assets





Leasehold Property Improvements
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2021
275,101
751,022
38,500
1,064,623


Additions
29,186
375,563
-
404,749


Disposals
-
(60,136)
-
(60,136)



At 31 December 2021

304,287
1,066,449
38,500
1,409,236



Depreciation


At 1 January 2021
140,241
240,444
5,622
386,307


Charge for the year on owned assets
64,901
111,861
8,447
185,209


Disposals
-
(15,350)
-
(15,350)



At 31 December 2021

205,142
336,955
14,069
556,166



Net book value



At 31 December 2021
99,145
729,494
24,431
853,070



At 31 December 2020
134,860
510,578
32,878
678,316




The net book value of land and buildings may be further analysed as follows:


2021
2020
£
£

Short leasehold
99,145
134,860

99,145
134,860


Several items of plant and machinery were revalued on 31 December 2018. The valuation was performed by the director and based on market value.

Page 9

 
WJ TIMBER TREATMENTS LTD
 

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

6.


Debtors

2021
2020
£
£

Due after more than one year

Due from related companies
285,134
-

285,134
-


2021
2020
£
£

Due within one year

Trade debtors
244,897
394,363

Prepayments and accrued income
56,094
27,678

300,991
422,041



7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
140,259
221,780

Corporation tax
57,394
100,008

Other taxation and social security
77,056
154,977

Obligations under finance lease and hire purchase contracts
129,217
32,874

Other creditors
83,337
150,964

Accruals and deferred income
114,896
100,517

602,159
761,120


The bank advance in respect of invoice financing is secured by a fixed and floating charge over the company assets and undertaking. Hire purchase and finance lease creditors are secured on the assets being purchased


8.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Net obligations under finance leases and hire purchase contracts
435,016
69,763

Due to related companies
-
90,848

435,016
160,611


Bank loans, hire purchase creditors and certain of other creditors are secured by the company.

Page 10

 
WJ TIMBER TREATMENTS LTD
 

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

9.


Deferred taxation




2021


£






At beginning of year
(15,500)



At end of year
(15,500)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(6,057)
(6,057)

Deferred tax on revaluation reserve
(9,443)
(9,443)

(15,500)
(15,500)


10.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



1 (2020 - 1) Ordinary share of £1.00
1
1



11.


Reserves

Revaluation reserve

Unrecognised gains and losses in relation to the increase in fair value of certain items of plant and machinery.

Profit and loss account

The profit and loss reserve comprises accumulated profits and losses.


12.


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 £142,356 (2020 - £265,775). There were outstanding contributions payable to the fund at the year end of £2,231 (2020 - £2,436).

Page 11

 
WJ TIMBER TREATMENTS LTD
 

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

13.


Related party transactions

All transactions with related parties were carried out under normal market conditions and therefore are not required for disclosure under FRS102 Section 1A. 


14.


Controlling party

The company is a wholly owned subsidiary of WJTT Holdings Limited which is incorporated in England and Wales.

Page 12