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REGISTERED NUMBER: 05705783 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

QP TIMBER LTD

QP TIMBER LTD (REGISTERED NUMBER: 05705783)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


QP TIMBER LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: H R Svensson





SECRETARY: Mrs M L Falcon Leque





REGISTERED OFFICE: Maw Hall
Rawstorn Road
Colchester
Essex
CO3 3JH





REGISTERED NUMBER: 05705783 (England and Wales)





ACCOUNTANTS: Richard Sexton & Co LLP
3 Manor Road
Colchester
Essex
CO3 3LU

QP TIMBER LTD (REGISTERED NUMBER: 05705783)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 63,000 84,000
Tangible assets 5 33,645 39,355
96,645 123,355

CURRENT ASSETS
Debtors 6 594,099 608,728
Cash at bank and in hand 509,839 909,184
1,103,938 1,517,912
CREDITORS
Amounts falling due within one year 7 582,648 1,181,978
NET CURRENT ASSETS 521,290 335,934
TOTAL ASSETS LESS CURRENT
LIABILITIES

617,935

459,289

PROVISIONS FOR LIABILITIES 2,350 9,770
NET ASSETS 615,585 449,519

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 615,485 449,419
SHAREHOLDERS' FUNDS 615,585 449,519

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

QP TIMBER LTD (REGISTERED NUMBER: 05705783)

BALANCE SHEET - continued
31 MARCH 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 August 2023 and were signed by:





H R Svensson - Director


QP TIMBER LTD (REGISTERED NUMBER: 05705783)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

QP Timber Ltd 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.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

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 2006, is being amortised evenly over its estimated useful life of twenty 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.
Fixtures and fittings - 20% on reducing balance
Office equipment - 20% on reducing balance

Government grants
Government Grants in relation to expenditure are credited when the expenditure is charged to the profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


QP TIMBER LTD (REGISTERED NUMBER: 05705783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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 9 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 420,000
AMORTISATION
At 1 April 2022 336,000
Amortisation for year 21,000
At 31 March 2023 357,000
NET BOOK VALUE
At 31 March 2023 63,000
At 31 March 2022 84,000

The goodwill was acquired on purchase of the business of Q P Timber on 1 April 2006.

QP TIMBER LTD (REGISTERED NUMBER: 05705783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Office
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 496 144,369 144,865
Additions - 2,705 2,705
At 31 March 2023 496 147,074 147,570
DEPRECIATION
At 1 April 2022 300 105,210 105,510
Charge for year 41 8,374 8,415
At 31 March 2023 341 113,584 113,925
NET BOOK VALUE
At 31 March 2023 155 33,490 33,645
At 31 March 2022 196 39,159 39,355

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 325,738 345,198
Other debtors 9,348 6,687
Amount owed by holding company 197,996 211,369
Directors' loan accounts - 138
VAT 39,963 28,929
Prepayments and accrued income 21,054 16,407
594,099 608,728

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 142,518 408,192
Amounts owed to associates 4,346 99,092
Corporation tax 56,330 61,550
Social security and other taxes 32,026 16,954
Directors' loan accounts 899 -
Accruals 346,529 596,190
582,648 1,181,978

QP TIMBER LTD (REGISTERED NUMBER: 05705783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 42,041 39,100
Between one and five years 90,718 105,069
In more than five years 118,500 138,250
251,259 282,419

9. ULTIMATE CONTROLLING PARTY

The company is controlled by its parent, QP (East Anglia) Holdings Limited.

The company is ultimately under the control of H R Svensson who owns 100% of the issued share capital
in QP (East Anglia) Holdings Limited.