Registered number
08061945
Timberland Ltd
Filleted Accounts
31 July 2023
Timberland Ltd
Registered number: 08061945
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 53,924 57,461
Current assets
Stocks 157,255 182,620
Debtors 4 350,440 299,296
Cash at bank and in hand 95,175 71,190
602,870 553,106
Creditors: amounts falling due within one year 5 (431,888) (448,541)
Net current assets 170,982 104,565
Total assets less current liabilities 224,906 162,026
Creditors: amounts falling due after more than one year 6 (133,395) (148,826)
Provisions for liabilities (13,481) (10,907)
Net assets 78,030 2,293
Capital and reserves
Called up share capital 100 100
Profit and loss account 77,930 2,193
Shareholders' funds 78,030 2,293
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Khan
Director
Approved by the board on 5 October 2023
Timberland Ltd
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 16
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2022 114,406 13,100 127,506
Additions 439 - 439
At 31 July 2023 114,845 13,100 127,945
Depreciation
At 1 August 2022 60,146 9,899 70,045
Charge for the year 3,176 800 3,976
At 31 July 2023 63,322 10,699 74,021
Net book value
At 31 July 2023 51,523 2,401 53,924
At 31 July 2022 54,260 3,201 57,461
4 Debtors 2023 2022
£ £
Trade debtors 350,440 299,296
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,915 9,564
Obligations under finance lease and hire purchase contracts 5,515 6,894
Trade creditors 360,462 376,808
Taxation and social security costs 51,363 51,730
Other creditors 4,633 3,545
431,888 448,541
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,408 29,323
Obligations under finance lease and hire purchase contracts 22,062 27,578
Other creditors 91,925 91,925
133,395 148,826
7 Controlling party
During the year company had no ultimate controlling party.
8 Other information
Timberland Ltd is a private company limited by shares and incorporated in England. Its registered office is:
487 Bradford Road
Batley
WF17 8LB
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