Registered number
01139262
Glenmere Timber Company Limited
Report and Financial Statements
31 March 2023
Glenmere Timber Company Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Strategic report 3 - 4
Independent auditor's report 5 - 7
Income statement 8
Statement of financial position 9
Statement of changes in equity 10
Statement of cash flows 11
Notes to the financial statements 12 - 21
The following pages do not form part of the statutory accounts:
Detailed profit and loss account 22 - 24
Glenmere Timber Company Limited
Company Information
Directors
Mrs I R Robinson (Resigned 17 May 2022)
Mr K N 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
01139262
Glenmere Timber Company Limited
Registered number: 01139262
Directors' Report
The directors present their report and financial statements for the year ended 31 March 2023.
Principal activities
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 year:
Mrs I R Robinson (Resigned 17 May 2022)
Mr K N 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 he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself 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 Company Limited
Strategic Report
The directors present their strategic report on the company for the year ended 31 March 2023.
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 8, show a profit on ordinary activities before tax of £129,729 (2022: Loss of £743,476). 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 £98,290 (2022: Loss £892,305).

Ordinary dividends paid during the year amounted to £Nil (2022: £300,000). A preference dividend of £25,106 (2022: £9,066), 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 Company Limited
Independent auditor's report
to the members of Glenmere Timber Company Limited
Opinion
We have audited the financial statements of Glenmere Timber Company Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the 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 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 company 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 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 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 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 company 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 Company Limited
Income Statement
for the year 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 (35,861) (19,419)
Profit/(loss) on ordinary activities before taxation 129,729 (743,476)
Tax on profit/(loss) on ordinary activities 9 (31,439) (148,829)
Profit/(loss) for the financial year 98,290 (892,305)
Glenmere Timber Company Limited
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 12 3,182,543 3,134,893
Debtors 13 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 14 (1,625,498) (2,448,160)
Net current assets 3,857,943 3,869,000
Total assets less current liabilities 4,330,482 4,187,159
Creditors: amounts falling due after more than one year 15 (760,000) (760,000)
Provisions for liabilities
Deferred taxation 16 (58,602) (13,569)
Net assets 3,511,880 3,413,590
Capital and reserves
Called up share capital 17 50,000 50,000
Profit and loss account 19 3,461,880 3,363,590
Total equity 3,511,880 3,413,590
Mr K N J Robinson
Director
Approved and authorised for issue by the board on 4 September 2023
Glenmere Timber Company Limited
Statement of Changes in Equity
for the year ended 31 March 2023
Share Other Profit Total
capital reserves and loss
account
£ £ £ £
At 1 April 2021 50,000 792,432 3,763,463 4,605,895
Loss for the financial year (892,305) (892,305)
Loss on revaluation of land and buildings (792,432) 792,432 -
Other comprehensive income for the financial year - (792,432) 792,432 -
Total comprehensive income for the financial year - (792,432) (99,873) (892,305)
Dividends (300,000) (300,000)
At 31 March 2022 50,000 - 3,363,590 3,413,590
At 1 April 2022 50,000 - 3,363,590 3,413,590
Profit for the financial year 98,290 98,290
At 31 March 2023 50,000 - 3,461,880 3,511,880
Glenmere Timber Company Limited
Statement of Cash Flows
for the year ended 31 March 2023
Notes 2023 2022
£ £
Operating activities
Profit/(loss) for the financial year 98,290 (892,305)
Adjustments for:
Loss/(profit) on sale of fixed assets 3,798 (4,663,917)
Interest receivable (792) (4,411)
Interest payable 35,861 19,419
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 (243,616) 510,246
1,023,170 (6,121,582)
Interest received 792 4,411
Interest paid (35,861) (19,419)
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 14 - (417,367)
185,163 (416,450)
Glenmere Timber Company Limited
Notes to the Accounts
for the year 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.
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.
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.
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 5,000 5,000
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 66,071 41,973
Number of directors to whom retirement benefits accrued: 2023 2022
Number Number
Defined contribution plans 1 1
7 Staff costs 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 25,106 9,066
Factoring interest 1,433 1,823
35,861 19,419
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 129,729 (743,476)
Standard rate of corporation tax in the UK 19% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 24,649 (141,260)
Effects of:
Expenses not deductible for tax purposes 6,975 1,184,126
Super deduction in excess of asset cost (14,250) -
Deferred tax change in rate 14,065 -
Transfer of freehold and investment property on reorganisation - (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 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
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 year 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 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 Stocks 2023 2022
£ £
Finished goods and goods for resale 3,182,543 3,134,893
13 Debtors 2023 2022
£ £
Trade debtors 2,036,253 3,103,169
Other debtors 42,740 13,681
Prepayments and accrued income 36,742 64,500
2,115,735 3,181,350
14 Creditors: amounts falling due within one year 2023 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 417,905 634,252
Accruals and deferred income 88,906 102,735
1,625,498 2,448,160
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.
15 Creditors: amounts falling due after one year 2023 2022
£ £
Preference shares 760,000 760,000
Preference shares can be redeemed by the company or at the option of the shareholder. Interest is paid on preference shares at 1% over the bank base rate.
16 Deferred taxation 2023 2022
£ £
Accelerated capital allowances 58,602 13,569
2023 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.
17 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 50,000 50,000 50,000
Preference shares £1 each 760,000 760,000 760,000
810,000 810,000
18 Other reserves 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.
19 Profit and loss account 2023 2022
£ £
At 1 April 3,363,590 3,763,463
Profit/(loss) for the financial year 98,290 (892,305)
Dividends - (300,000)
Transfer (to) / from revaluation reserve - 792,432
At 31 March 3,461,880 3,363,590
Includes all current and prior year retained profit and losses. All amounts are distributable.
20 Dividends 2023 2022
£ £
Dividends on preference shares (note 8) 25,106 9,066
Dividends on ordinary shares (note 19) - 300,000
25,106 309,066
21 Defined contribution pension plans
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).
22 Other financial commitments
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 - -
23 Contingent liabilities
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.
24 Related party transactions 2023 2022
£ £
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 (158,891) (86,696)
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)
25 Controlling party
On the 21 April 2021 all shares in the company were acquired by Glenmere Timber Holding Co Limited a company incorporated in England. Its registered office is Hoptons Sawmills, Gores Lane, Market Harborough, Leicestershire. LE16 8AJ.
The only group in which the results of the company are consolidated is that headed by Glenmere Timber Holding Co Limited and the accounts are available to the public.
26 Presentation currency
The financial statements are presented in Sterling.
27 Legal form of entity and country of incorporation
Glenmere Timber Company Limited is a private company limited by shares and incorporated in England.
28 Principal place of business
The address of the company's principal place of business and registered office is:
Hoptons Sawmills
Gores Lane
Market Harborough
Leicestershire
LE16 8AJ
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