Registered number
13286599
Glenmere Timber Holding Co Limited
Report and Consolidated Financial Statements
31 March 2023
Glenmere Timber Holding Co Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2 - 3
Strategic report 4 - 5
Independent auditor's report 6 - 8
Consolidated Income statement 9
Consolidated Statement of financial position 10
Company Statement of financial position 11
Consolidated Statement of changes in equity 12
Company Statement of changes in equity 13
Consolidated Statement of cash flows 14
Notes to the financial statements 15 - 27
Glenmere Timber Holding Co Limited
Company Information
Directors
Mrs I R Robinson (Resigned 17 May 2022)
Mr K N J Robinson
Mr K W Robinson
Mrs L A E Mason
Mr M D J Robinson
Secretary
Mr K N J Robinson
Auditors
AccountAbility gb Limited
Portland House
21 Narborough Road
Cosby
Leicester
LE9 1TA
Bankers
Barclays Bank Plc
20 High Street
Market Harborough
Leicestershire
Solicitors
Bray & Bray
Spa Place
36 - 42 Humberstone Lane
Leicester
Registered office
Hoptons Sawmills
Gores Lane
Market Harborough
Leicestershire
LE16 8AJ
Registered number
13286599
Glenmere Timber Holding Co Limited
Registered number: 13286599
Directors' Report
The directors present their report and consolidated financial statements for the period ended 31 March 2023.
Principal activities
The group consists of two companies:
Glenmere Timber Holding Co Limited - The company's principal activity during the year was that of a holding company.
Glenmere Timber Company Limited - The company's principal activity during the year continued to be that of timber importing, sawmilling and merchants of timber to trade customers.
Directors
The following persons served as directors during the period:
Mrs I R Robinson (Resigned 17 May 2022)
Mr K N J Robinson
Mr K W Robinson
Mrs L A E Mason
Mr M D J Robinson
Directors' responsibilities
The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as they are aware, there is no relevant audit information of which the company and group auditor is unaware; and
They have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 4 September 2023 and signed by its order.
Mr K N J Robinson
Secretary
Glenmere Timber Holding Co Limited
Strategic Report
The directors present their strategic report on the group for the period ended 31 March 2023.
Glenmere Timber Holding Co Limited does not trade and is a holding Company for the trading subsidiary. The comments in the strategic report below relates to the trading subsidiary, Glenmere Timber Company Limited as the only transaction in the holding company are the receiving of dividends and interest from the trading subsidiary and dividend and interest payments to the members.
Review of the business
The company's principle activity is that of timber importing, sawmilling and merchants of hardwood timber to trade customers.

The directors look to identify opportunities for growth within the business with a view to increase its customer base. The company will continue to prioritise service and quality of goods to its current customers.

The directors are considering the development of some of the property that was owned in this company. However in order to not expose the trade in anyway to the inherent risks of such an activity any property development will be in a separate entity. For this reason, during the prior year the company restructured, to create a new property development business into which the properties owned by this company were transferred at market value of £6,190,000. This resulted in a exceptional profit in the prior year of £4,663,917. The resulting inter group debt was written off in the prior year.
Results and performance
The results of the company, as set out on page 9, show a profit on ordinary activities before tax of £145,859 (2022: Loss of £737,960). The prior years loss is shown after the inter group loan write off of £6,190,000 and the profit on the sale of the properties of £4,663,917.

Based in the Midlands the company is strategically well placed to make nationwide deliveries using its own fleet of vehicles.
Key performance indicators ("KPIs")
Operating profit has decreased to £168,596 (2022: £797,615).

The decrease in profit is mainly attributable to a decrease in turnover and gross profit margin reducing.

The profit for the year, after taxation was £114,420 (2022: Loss £886,789).

Ordinary dividends paid during the year amounted to £Nil (2022: £300,000). A preference dividend of £8,976 (2022: £3,550), was paid in the year.
Business environment
The company operates in a very competitive market against companies of varying sizes. It is a forever changing market and it is necessary to ensure the company continues to evolve and meet the requirements of the consumer.
Principle risks and uncertainties
The company has identified its principal risks and uncertainties as strong competition for sales combined with often limited availability for sourcing of stock and delays in shipment arrivals.

The company maintains a robust position by continuously monitoring stock levels and holding large range of stocks to prevent shortfalls.

It is necessary to ensure the company continues to evolve and provide a quality service to the consumer.

The global events have impacted on all companies and especially those in the timber trade where they have seen prices increase globally and issues in supply.

The company has a strong balance sheet and we anticipate that the company will continue as a going concern.
Invoice Finance
The company has an invoice finance arrangement that enables it to receive advances against its sales invoices. The company discloses both the debtors and creditors relating to this agreement separately within its Statement of Financial Position.
Forward Rate Currency Agreements
The company engaged in forward rate currency agreements during the year, Forward Rate Currency Agreements are used to cover confirmed future orders.
This report was approved by the board on 4 September 2023 and signed by its order.
Mr K N J Robinson
Secretary
Glenmere Timber Holding Co Limited
Independent auditor's report
to the members of Glenmere Timber Holding Co Limited
Opinion
We have audited the financial statements of Glenmere Timber Holding Co Limited (the 'company') and its subsidiaries (the 'group') for the period ended 31 March 2023 which comprise the Consolidated Income Statement, the Consolidated and Company Statement of Financial Position, the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the Group's and parent company's affairs as at 31 March 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group or Parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and Parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group's and Parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management override of controls, for example posting manual journal entries to manipulate financial performance, risk of fraud in revenue recognition in relation to cut off and significant one-off or unusual transactions.
Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;
Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Kay O'Brien BA BFP FCA
(Senior Statutory Auditor) Portland House
for and on behalf of 21 Narborough Road
AccountAbility gb Limited Cosby
Statutory Auditor Leicester
28 September 2023 LE9 1TA
Glenmere Timber Holding Co Limited
Consolidated Income Statement
for the period ended 31 March 2023
Notes 2023 2022
£ £
Turnover 4 11,603,654 13,784,153
Cost of sales (10,013,191) (11,593,741)
Gross profit 1,590,463 2,190,412
Administrative expenses (1,421,867) (1,374,294)
Other operating income - (18,503)
Operating profit 5 168,596 797,615
(Loss)/profit on sale of fixed assets 3 (3,798) 4,663,917
Intragroup debt write off 3 - (6,190,000)
Interest receivable 792 4,411
Interest payable 8 (19,731) (13,903)
Profit/(loss) on ordinary activities before taxation 145,859 (737,960)
Tax on profit/(loss) on ordinary activities 9 (31,439) (148,829)
Profit/(loss) for the financial year 114,420 (886,789)
Glenmere Timber Holding Co Limited
Consolidated Statement of Financial Position
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 10 234,405 80,025
Investment property 11 238,134 238,134
472,539 318,159
Current assets
Stocks 13 3,182,543 3,134,893
Debtors 14 2,115,735 3,181,350
Cash at bank and in hand 185,163 917
5,483,441 6,317,160
Creditors: amounts falling due within one year 15 (1,603,852) (2,442,644)
Net current assets 3,879,589 3,874,516
Total assets less current liabilities 4,352,128 4,192,675
Creditors: amounts falling due after more than one year 16 (271,706) (271,706)
Provisions for liabilities
Deferred taxation 17 (58,602) (13,569)
Net assets 4,021,820 3,907,400
Capital and reserves
Called up share capital 18 17,876 17,876
Capital redemption reserve 19 520,418 520,418
Profit and loss account 21 3,483,526 3,369,106
Total equity 4,021,820 3,907,400
Mr K N J Robinson
Director
Approved and authorised for issue by the board on 4 September 2023
Glenmere Timber Holding Co Limited
Company Statement of Financial Position
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Investments 12 810,000 810,000
Current assets
Debtors 14 21,646 5,516
Net current assets 21,646 5,516
Total assets less current liabilities 831,646 815,516
Creditors: amounts falling due after more than one year 16 (271,706) (271,706)
Net assets 559,940 543,810
Capital and reserves
Called up share capital 18 17,876 17,876
Capital redemption reserve 19 520,418 520,418
Profit and loss account 21 21,646 5,516
Total equity 559,940 543,810
Company's profit / (loss) for the period 16,130 305,516
Mr K N J Robinson
Director
Approved and authorised for issue by the board on 4 September 2023
Glenmere Timber Holding Co Limited
Consolidated Statement of Changes in Equity
for the period ended 31 March 2023
Share Capital Other Profit Total
capital redemption reserves and loss
reserve account
£ £ £ £ £
At 1 April 2021 50,000 - 792,432 3,763,463 4,605,895
Loss for the financial year (886,789) (886,789)
Loss on revaluation of land and buildings (792,432) 792,432 -
Other comprehensive income for the financial period - - (792,432) 792,432 -
Total comprehensive income for the financial period - - (792,432) (94,357) (886,789)
Dividends (300,000) (300,000)
Purchase of own shares (32,124) 520,418 488,294
At 31 March 2022 17,876 520,418 - 3,369,106 3,907,400
At 1 April 2022 17,876 520,418 - 3,369,106 3,907,400
Profit for the financial year 114,420 114,420
At 31 March 2023 17,876 520,418 - 3,483,526 4,021,820
Glenmere Timber Holding Co Limited
Company Statement of Changes in Equity
for the period ended 31 March 2023
Share Capital Profit Total
capital redemption and loss
reserve account
£ £ £ £
At 1 April 2021 - - - -
Profit for the financial year 305,516 305,516
Dividends (300,000) (300,000)
Shares issued 50,000 - 50,000
Purchase of own shares (32,124) 520,418 488,294
At 31 March 2022 17,876 520,418 5,516 543,810
At 1 April 2022 17,876 520,418 5,516 543,810
Profit for the financial year 16,130 16,130
At 31 March 2023 17,876 520,418 21,646 559,940
Glenmere Timber Holding Co Limited
Consolidated Statement of Cash Flows
for the period ended 31 March 2023
Notes 2023 2022
£ £
Operating activities
Profit/(loss) for the financial year 114,420 (886,789)
Adjustments for:
Loss/(profit) on sale of fixed assets 3,798 (4,663,917)
Interest receivable (792) (4,411)
Interest payable 19,731 13,903
Tax on profit/(loss) on ordinary activities 31,439 148,829
Depreciation 80,225 27,992
Increase in stocks (47,650) (436,900)
Decrease/(increase) in debtors 1,065,615 (830,535)
(Decrease)/increase in creditors (259,746) 504,730
1,007,040 (6,127,098)
Interest received 792 4,411
Interest paid (19,731) (13,903)
Corporation tax paid (148,085) (60,167)
Cash generated by/(used in) operating activities 840,016 (6,196,757)
Investing activities
Payments to acquire tangible fixed assets (250,003) -
Payments to acquire investment properties - (238,134)
Proceeds from sale of tangible fixed assets 11,600 4,899,999
Proceeds from sale of investment properties - 1,290,000
Cash (used in)/generated by investing activities (238,403) 5,951,865
Financing activities
Equity dividends paid - (300,000)
Cash used in financing activities - (300,000)
Net cash generated/(used)
Cash generated by/(used in) operating activities 840,016 (6,196,757)
Cash (used in)/generated by investing activities (238,403) 5,951,865
Cash used in financing activities - (300,000)
Net cash generated/(used) 601,613 (544,892)
Cash and cash equivalents at 1 April (416,450) 128,442
Cash and cash equivalents at 31 March 185,163 (416,450)
Cash and cash equivalents comprise:
Cash at bank 185,163 917
Bank overdrafts 15 - (417,367)
185,163 (416,450)
Glenmere Timber Holding Co Limited
Notes to the Accounts
for the period ended 31 March 2023
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention, with certain assets revalued as specified in the notes to the accounts, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Basis of consolidation
The consolidated financial statements present the results of the Group and its own subsidiaries ("the group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated accounts incorporate the results of business combinations using the merger accounting method.

The company has taken advantage of the exceptions within FRS102 that means disclosure of a separate profit and loss statement and cash flow statements at a Company level are not required.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

Timber sales - 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.

Rents received - Rents received are accounted for on a straight line basis over the term of the lease.
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:
Fixtures, fittings, tools and equipment 20% on cost
Motor vehicles 25% on written down value
Plant and machinery 20% on cost and 25% on written down value
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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. A set policy for writing down stock based on age is followed. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Operating leases - Lessor
Rentals received under operating leases are recognised in the profit and loss on a straight line basis over the period of the lease.
Grants
During the prior year the company obtained grants from the UK government in relation to COVID-19. Grants are accounted for under the accrual model. Grants relating to revenue are recognised in other operating income on a systematic basis over the period in which the related costs are incurred. Grants for compensation are recognised in income in the period to which they become receivable.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Critical accounting estimates and judgements
The following key judgements and assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

(a) Fair value of investment property

The fair value of investment property is subject to change in the current market. Fair value adjustments have no effect on tax charges, directors remuneration and dividends proposed and are purely an accounting adjustment to ensure compliance with FRS102. In the opinion of the directors, fair value can be measured reliably by the directors and seeking an external professional valuation would incur significant undue costs.

(b) Stock valuations

The stock is monitored against age profile and market demand. The company has a set policy in place in respect of age write downs. Stock and the related provisions are reviewed at the year end by the directors.
3 Exceptional items 2023 2022
£ £
Profit on sale of investment and freehold properties on restructure - 4,663,914
Intragroup debt write off on restructure - (6,190,000)
- (1,526,086)
4 Analysis of turnover 2023 2022
£ £
Sale of goods 11,603,654 13,784,153
By geographical market:
UK 11,365,531 13,396,816
Europe - 25,644
Rest of world 238,123 361,693
11,603,654 13,784,153
5 Operating profit 2023 2022
£ £
This is stated after charging:
Depreciation of owned fixed assets 80,225 27,992
Auditors' remuneration for audit services 10,000 10,000
Key management personnel compensation (including directors' emoluments) 142,600 96,600
Carrying amount of stock sold 9,153,932 10,630,944
6 Directors' emoluments 2023 2022
£ £
Emoluments 152,308 111,604
Number of directors to whom retirement benefits accrued: 2023 2022
Number Number
Defined contribution plans 4 4
7 Staff costs Group Group
2023 2022
£ £
Wages and salaries 849,773 785,174
Social security costs 92,017 79,427
Other pension costs 65,142 63,146
1,006,932 927,747
Average number of employees during the year Number Number
Administration 9 9
Development 1 2
Manufacturing 17 18
Sales 1 1
28 30
8 Interest payable 2023 2022
£ £
Bank loans and overdrafts 892 490
Other loans 8,430 8,040
Dividends on preference shares 8,976 3,550
Factoring interest 1,433 1,823
19,731 13,903
9 Taxation 2023 2022
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period (13,594) 161,679
Deferred tax:
Origination and reversal of timing differences 45,033 (12,850)
Tax on profit on ordinary activities 31,439 148,829
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2023 2022
£ £
Profit/(loss) on ordinary activities before tax 145,859 (737,960)
Standard rate of corporation tax in the UK 19% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 27,713 (140,212)
Effects of:
Expenses not deductible for tax purposes 3,911 1,183,078
Revaluation gains - -
Super deduction in excess of asset cost (14,250) -
Deferred tax change in rate 14,065 -
Transfer of freehold and investment property on restructure (894,037)
Current tax charge for period 31,439 148,829
Factors that may affect future tax charges
From 1 April 2023 the main corporation tax rate increases to a maximum of 25% and it is expected that this will affect the clients future tax liability. Other than this there are no further significant changes expected that will affect future tax charges.
10 Tangible fixed assets
Group
Fixtures, fittings, tools and equipment
At cost
£
Cost or valuation
At 1 April 2022 1,072,633
Additions 250,003
Disposals (66,850)
At 31 March 2023 1,255,786
Depreciation
At 1 April 2022 992,608
Charge for the period 80,225
On disposals (51,452)
At 31 March 2023 1,021,381
Carrying amount
At 31 March 2023 234,405
At 31 March 2022 80,025
11 Investment property
Group 2023
£
Valuation
At 1 April 2022 238,134
At 31 March 2023 238,134
Investment property has been valued by the company directors at fair value. The valuation was completed by the directors using their knowledge of the properties in the area.
If investment property had been accounted for under the historical cost accounting rules the properties would have been accounted for as follows:
2023 2022
£ £
Historical cost 238,134 238,134
12 Investments
Company
Investments in
subsidiary
undertakings
£
Cost
Additions 810,001
Disposals (1)
At 31 March 2023 810,000
The company holds 20% or more of the share capital of the following companies:
Company Shares held
Class %
Glenmere Timber Company Limited Ordinary £1 100
Preference £1 100
Glenmere Timber Company Limited is registered at Hoptons Sawmills, Gores Lane, Market Harborough, Leicestershire. LE16 8AJ. The shares were acquired on 21 April 2022 as part of a restructure.
13 Stocks
Group 2023 2022
£ £
Finished goods and goods for resale 3,182,543 3,134,893
14 Debtors Group Company Group Company
2023 2023 2022 2022
£ £ £ £
Trade debtors 2,036,253 - 3,103,169 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 21,646 - 5,516
Other debtors 42,740 - 13,681 -
Prepayments and accrued income 36,742 - 64,500 -
2,115,735 21,646 3,181,350 5,516
15 Creditors: amounts falling due within one year Group Company Group Company
2023 2023 2022 2022
£ £ £ £
Bank overdrafts - - 417,367 -
Trade creditors 799,689 - 761,557 -
Corporation tax - - 161,679 -
Other taxes and social security costs 318,998 - 370,570 -
Other creditors 396,259 - 628,736 -
Accruals and deferred income 88,906 - 102,735 -
1,603,852 - 2,442,644 -
The bank overdraft of £Nil (2022: £56,107) is secured on part of the freehold land and buildings. Other creditors of £Nil (2022: £360,759) are secured on the factored debts.
16 Creditors: amounts falling due after one year Group Company Group Company
2023 2023 2022 2022
£ £ £ £
Preference shares 271,706 271,706 271,706 271,706
The preference shares have a right to a non discretionary preference dividend of 1% over the bank base rate, paid on 31 March every year.
17 Deferred taxation Group Company Group Company
2023 2023 2022 2022
£ £ £ £
Accelerated capital allowances 58,602 - 13,569 -
2023 2023 2022 2022
£ £ £ £
At 1 April 13,569 - 26,419 -
Charged/(credited) to the profit and loss account 45,033 - (12,850) -
At 31 March 58,602 - 13,569 -
The deferred tax liability on accelerated capital allowances is expected to decrease as the depreciation rates are in excess of writing down allowances but this may be partly offset by an increase in future corporation tax rates.
18 Share capital
Group
Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 17,876 17,876 17,876
Preference shares £1 each 271,706 271,706 271,706
289,582 289,582
Company
Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 17,876 17,876 17,876
Preference shares £1 each 271,706 271,706 271,706
289,582 289,582
19 Capital redemption reserve Group Company Group Company
2023 2023 2022 2022
£ £ £ £
At 1 April 520,418 520,418 520,418 520,418
At 31 March 520,418 520,418 520,418 520,418
20 Other reserves Group Group
2023 2022
Revaluation reserve £ £
At 1 April - 792,432
Loss on revaluation of land and buildings - (792,432)
At 31 March - -
Includes all current and prior year revaluation gains and losses in respect of revaluation to fair value. Revaluations are recognised in the profit and loss in the year they occur and are then transferred from the profit and loss account to the revaluation reserve. Any amounts debited or credited to the revaluation reserve are not allowable or income for tax purposes. All amounts are non-distributable.
21 Profit and loss account Group Company Group Company
2023 2023 2022 2022
£ £ £ £
At 1 April 3,369,106 5,516 3,763,463 -
Profit/(loss) for the financial year 114,420 16,130 (886,789) 305,516
Dividends - - (300,000) (300,000)
Transfer (to) / from revaluation reserve - - 792,432 -
At 31 March 3,483,526 21,646 3,369,106 5,516
Includes all current and prior year retained profit and losses. All amounts are distributable.
22 Dividends 2023 2022
Group and Company £ £
Dividends on preference shares (note 8) 8,976 3,550
Dividends on ordinary shares (note 21) - 300,000
8,976 303,550
23 Capital commitments 2023 2022
Group £ £
Amounts contracted for but not provided in the accounts - 218,300
24 Defined contribution pension plans
Group
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. Contributions payable by the company for the year amounted to £65,142 (2022: £63,146).
25 Other financial commitments
Group
Total future minimum lease payments under non-cancellable operating leases:
Land and buildings Land and buildings Other Other
2023 2022 2023 2022
£ £ £ £
Falling due:
within two to five years 627,000 807,000 - -
26 Contingent liabilities
Group
The company has given a counter indemnity to Barclays Bank of £Nil (2022: £30,000) in respect of a guarantee provided by the bank to HMRC.
27 Related party transactions 2023 2022
Group £ £
Key management personnel of the company
Interest is paid on the in hand loan account balances at 2.00% (2022: 2.00%) and amounted to £8,403 (2022: £8,415). Interest is paid on overdrawn loan account balances at 2.00% (2022: 2.00%) and amounted to £766 (2022: £Nil). The outstanding balances are unsecured and repayable on demand.
Amount due from (to) the related party (217,368) (522,041)
Entities with control, joint control or significant influence over the entity
On the 21 April 2021 all freehold and investment land and buildings were transferred to a property holding company as part of a restructure. The land and buildings were transferred at market value which amounted to £6,190,000.
Amounts written off re related party - 6,190,000
Amount due from (to) the related party (137,245) (81,181)
Other related parties
Rent was paid of £193,400 (2022: £193,400). The outstanding balances are unsecured and repayable on demand.
Amount due from (to) the related party (142,167) (147,890)
28 Controlling party
The directors are considered to be the ultimate controlling party by virtue of their ability to act in concert in respect of the operational and financial policies of the company.
29 Presentation currency
The financial statements are presented in Sterling.
30 Legal form of entity and country of incorporation
Glenmere Timber Holding Co Limited is a private company limited by shares and incorporated in England.
31 Principal place of business
The address of the groups and company's principal place of business and registered office is:
Hoptons Sawmills
Gores Lane
Market Harborough
Leicestershire
LE16 8AJ
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