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Company registration number: 07336391
FFT Lumber Limited
Unaudited filleted financial statements
14 January 2023
FFT Lumber Limited
Contents
Directors and other information
Balance sheet
Notes to the financial statements
FFT Lumber Limited
Directors and other information
Directors R Goddard
C Newland
Company number 07336391
Registered office 44 Kirkgate
Ripon
North Yorkshire
HG4 1PB
Accountants The Barker Partnership
44 Kirkgate
Ripon
North Yorkshire
HG4 1PB
FFT Lumber Limited
Balance sheet
14 January 2023
14/01/23 14/01/22
Note £ £ £ £
Fixed assets
Tangible assets 5 122,043 261,169
_______ _______
122,043 261,169
Current assets
Stocks - 32,929
Debtors 6 - 169,302
Cash at bank and in hand 9,371 44,253
_______ _______
9,371 246,484
Creditors: amounts falling due
within one year 7 ( 62,865) ( 276,505)
_______ _______
Net current liabilities ( 53,494) ( 30,021)
_______ _______
Total assets less current liabilities 68,549 231,148
Creditors: amounts falling due
after more than one year 8 ( 4,533) ( 27,676)
Provisions for liabilities ( 23,188) ( 49,622)
_______ _______
Net assets 40,828 153,850
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 40,826 153,848
_______ _______
Shareholders funds 40,828 153,850
_______ _______
For the year ending 14 January 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 October 2023 , and are signed on behalf of the board by:
C Newland
Director
Company registration number: 07336391
FFT Lumber Limited
Notes to the financial statements
Year ended 14 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 44 Kirkgate, Ripon, North Yorkshire, HG4 1PB. The principal activity of the company is that of fencing, firewood and tree work contracting.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved taxlosses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Finance Lease and Hire Purchase Committments
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight-line basis.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 15 January 2022 364,543 37,150 401,693
Disposals ( 172,549) ( 20,150) ( 192,699)
_______ _______ _______
At 14 January 2023 191,994 17,000 208,994
_______ _______ _______
Depreciation
At 15 January 2022 130,037 10,487 140,524
Charge for the year 19,200 3,188 22,388
Disposals ( 69,723) ( 6,238) ( 75,961)
_______ _______ _______
At 14 January 2023 79,514 7,437 86,951
_______ _______ _______
Carrying amount
At 14 January 2023 112,480 9,563 122,043
_______ _______ _______
At 14 January 2022 234,506 26,663 261,169
_______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery Motor vehicles
£ £
At 14 January 2023 13,571 17,296
_______ _______
At 14 January 2022 82,786 23,062
_______ _______
6. Debtors
14/01/23 14/01/22
£ £
Trade debtors - 169,051
Other debtors - 251
_______ _______
- 169,302
_______ _______
7. Creditors: amounts falling due within one year
14/01/23 14/01/22
£ £
Bank loans and overdrafts 16,667 20,000
Trade creditors - 124,489
Corporation tax 8,289 60,395
Social security and other taxes 5,557 20,032
Other creditors 32,352 51,589
_______ _______
62,865 276,505
_______ _______
8. Creditors: amounts falling due after more than one year
14/01/23 14/01/22
£ £
Other creditors 4,533 27,676
_______ _______
9. Related party transactions
During the period the directors have provided the company with interest free, unsecured loans with no fixed repayment terms. The balance included in creditors is £12,064 (2022 - £12,477).During the previous year the company made a loan to Premier Timber Harvesting Limited, a company in which the directors are also directors. This loan was interest free, unsecured and with no fixed repayment terms. During the previous period the company forgave the £34,900 loan which has been written off through the profit and loss account.