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Registration number: 09007953

Thaxters Timber and Forestry Ltd
Annual Report and Unaudited Financial Statements
for the Year Ended 30 April 2023

Thaxters Timber and Forestry Ltd

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Financial Statements | 4 to 7

Thaxters Timber and Forestry Ltd

Company Information

Directors | S L Sands T W Schofield R E Smith

Company secretary | S L Sands

Registered office | Pippin Heath Farm Hunworth Road Holt Norfolk NR25 6SS

Accountants | Pacific Limited Chartered Accountants 1st Floor, Woburn House 84 St Benedicts Street Norwich Norfolk NR2 4AB

Thaxters Timber and Forestry Ltd

(Registration number: 09007953)
Balance Sheet as at 30 April 2023

| Note | 2023 £ | 2022 £
Fixed assets |  |  |
Intangible assets | 4 | 1 | 1
Tangible assets | 5 | 78,170 | 61,769
|  | 78,171 | 61,770
Current assets |  |  |
Stocks |  | 154,021 | 181,047
Debtors | 6 | 31,788 | 38,165
Cash at bank and in hand |  | 69,873 | 87,804
|  | 255,682 | 307,016
Creditors: Amounts falling due within one year | 7 | (166,881) | (196,270)
Net current assets |  | 88,801 | 110,746
Total assets less current liabilities |  | 166,972 | 172,516
Creditors: Amounts falling due after more than one year | 7 | (13,462) | (19,434)
Provisions for liabilities |  | (18,836) | (11,380)
Net assets |  | 134,674 | 141,702
Capital and reserves |  |  |
Called up share capital | 8 | 100 | 100
Profit and loss account |  | 134,574 | 141,602
Total equity |  | 134,674 | 141,702

Thaxters Timber and Forestry Ltd

(Registration number: 09007953)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:

S L Sands
Company secretary and director

T W Schofield
Director

R E Smith
Director

Thaxters Timber and Forestry Ltd

Notes to the Financial Statements for the Year Ended 30 April 2023

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Pippin Heath Farm
Hunworth Road
Holt
Norfolk
NR25 6SS

2 | Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The presentation currency is sterling.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax policies
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Goodwill

Purchased goodwill is capitalised and amortised on a straight line basis over its useful economic life of 5 years.

Thaxters Timber and Forestry Ltd

Notes to the Financial Statements for the Year Ended 30 April 2023

Tangible assets
Tangible assets are stated at cost, less any subsequent accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Buildings and leasehold property improvements | 20% straight line basis on buildings and over the period of the lease for leasehold property improvements
Motor vehicles | 25% straight line basis
Plant. equipment and fixtures | 20% straight line basis

Inventories

Stocks are stated at the lower of cost and net realisable value.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Leasing contracts

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis.

Defined contribution pension obligation

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Cash

Cash comprises cash on hand and all deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.

Thaxters Timber and Forestry Ltd

Notes to the Financial Statements for the Year Ended 30 April 2023

3 | Staff numbers

The average number of persons employed by the company during the year was 14 (2022 - 13).

4 | Intangible assets

| Goodwill £ | Total £
Cost
At 1 May 2022 | 1 | 1
At 30 April 2023 | 1 | 1
Amortisation
Net book value
At 30 April 2023 | 1 | 1
At 30 April 2022 | 1 | 1

5 | Tangible assets

| Buildings and leasehold property improvements £ | Motor vehicles £ | Plant, equipment and fixtures £ | Total £
Cost
At 1 May 2022 | 25,103 | 74,494 | 55,732 | 155,329
Additions | 1,975 | 16,900 | 20,944 | 39,819
Disposals | - | (19,480) | (750) | (20,230)
At 30 April 2023 | 27,078 | 71,914 | 75,926 | 174,918
Depreciation
At 1 May 2022 | 23,930 | 42,217 | 27,413 | 93,560
Charge for the year | 1,330 | 10,852 | 10,172 | 22,354
Eliminated on disposal | - | (18,553) | (613) | (19,166)
At 30 April 2023 | 25,260 | 34,516 | 36,972 | 96,748
Net book value
At 30 April 2023 | 1,818 | 37,398 | 38,954 | 78,170
At 30 April 2022 | 1,173 | 32,277 | 28,319 | 61,769

Included within the net book value of buildings and leasehold property improvements above is £1,813 (2022 - £1,168) in respect of buildings and £5 (2022 - £5) in respect of leasehold property improvements.

Thaxters Timber and Forestry Ltd

Notes to the Financial Statements for the Year Ended 30 April 2023

6 | Debtors

| 2023 £ | 2022 £
Trade debtors | 25,176 | 36,096
Other debtors | 2,748 | -
Prepayments | 3,864 | 2,069
| 31,788 | 38,165

7 | Creditors

Creditors: amounts falling due within one year

|  | 2023 £ | 2022 £
Bank loan |  | 5,971 | 5,824
Trade creditors |  | 56,504 | 74,622
Taxation and social security |  | 29,840 | 44,316
Accruals and deferred income |  | 3,172 | 3,093
Other creditors |  | 71,394 | 68,415
|  | 166,881 | 196,270

Creditors include a bank loan in the sum of £5,971 (2022 - £5,824) which is secured by a government backed guarantee.

Creditors: amounts falling due after more than one year

| 2023 £ | 2022 £
Bank loan | 13,462 | 19,434
| 13,462 | 19,434

Creditors include a bank loan in the sum of £13,462 (2022 - £19,434) which is secured by a government backed guarantee.

8 | Share capital

Allotted, called up and fully paid shares

| 2023 | 2022
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100

9 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £11,600 (2022 - £26,550).