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REGISTERED NUMBER: 00746503 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

THOROGOOD TIMBER LIMITED

THOROGOOD TIMBER LIMITED (REGISTERED NUMBER: 00746503)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THOROGOOD TIMBER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: Mr R P Thorogood
Mr T A M Thorogood
Mr P M Thorogood
Mr D Mayhew



SECRETARY: Mr R P Thorogood



REGISTERED OFFICE: Colchester Road
Ardleigh
Colchester
Essex
CO7 7PQ



REGISTERED NUMBER: 00746503 (England and Wales)



ACCOUNTANTS: Walter Wright
Chartered Accountants
89 High Street
Hadleigh
Ipswich
Suffolk
IP7 5EA



BANKERS: Barclays Bank plc
9 High Street
Colchester
Essex
CO1 1DD

THOROGOOD TIMBER LIMITED (REGISTERED NUMBER: 00746503)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,064,281 1,122,902

CURRENT ASSETS
Stocks 1,672,337 1,895,186
Debtors 5 863,493 1,013,087
Investments 6 - 351,882
Cash at bank and in hand 2,062,452 1,494,615
4,598,282 4,754,770
CREDITORS
Amounts falling due within one year 7 1,002,460 1,444,009
NET CURRENT ASSETS 3,595,822 3,310,761
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,660,103

4,433,663

PROVISIONS FOR LIABILITIES 144,860 162,453
NET ASSETS 4,515,243 4,271,210

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Capital redemption reserve 8 100 100
Retained earnings 8 4,415,143 4,171,110
SHAREHOLDERS' FUNDS 4,515,243 4,271,210

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

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

The directors acknowledge their 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.

THOROGOOD TIMBER LIMITED (REGISTERED NUMBER: 00746503)

BALANCE SHEET - continued
31 JANUARY 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 Board of Directors and authorised for issue on 17 October 2023 and were signed on its behalf by:





Mr R P Thorogood - Director


THOROGOOD TIMBER LIMITED (REGISTERED NUMBER: 00746503)

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


1. STATUTORY INFORMATION

Thorogood Timber Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is recognised on date of despatch. Total turnover represents deliveries at invoice value less returns, discounts, and allowances, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

The directors consider that properties, which are owned by the Thorogood family, are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The directors perform annual impairment reviews to ensure that the recoverable amount is not lower than the carrying value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments 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, and loans from / to related parties.

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.


THOROGOOD TIMBER LIMITED (REGISTERED NUMBER: 00746503)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 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.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Going concern
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the going concern basis has continued to be used in preparing the accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2022 - 40 ) .

THOROGOOD TIMBER LIMITED (REGISTERED NUMBER: 00746503)

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


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2022 438,598 1,907,148 2,345,746
Additions - 70,674 70,674
Disposals - (30,010 ) (30,010 )
At 31 January 2023 438,598 1,947,812 2,386,410
DEPRECIATION
At 1 February 2022 - 1,222,844 1,222,844
Charge for year - 118,119 118,119
Eliminated on disposal - (18,834 ) (18,834 )
At 31 January 2023 - 1,322,129 1,322,129
NET BOOK VALUE
At 31 January 2023 438,598 625,683 1,064,281
At 31 January 2022 438,598 684,304 1,122,902

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 824,761 974,969
Other debtors 38,732 38,118
863,493 1,013,087

6. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Listed investments - 351,882

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 133,447 85,979
Taxation and social security 430,331 146,059
Other creditors 438,682 1,211,971
1,002,460 1,444,009

THOROGOOD TIMBER LIMITED (REGISTERED NUMBER: 00746503)

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


8. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 February 2022 4,171,110 100 4,171,210
Profit for the year 292,033 - 292,033
Dividends (48,000 ) - (48,000 )
At 31 January 2023 4,415,143 100 4,415,243

9. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 44,000 -

10. OTHER FINANCIAL COMMITMENTS

At the end of the year the company was committed to making the following annual payments in respect of operating leases which expire within five years: Land & buildings £150,000 per annum, total £150,000 (2022: £75,000 per annum).

11. RELATED PARTY DISCLOSURES

The company leases the trading premises from Mr R P Thorogood, Mr P M Thorogood, and Mr T A M Thorogood, directors of the company. The charge is £75,000 p.a.