2022-05-01 NI057896 2023-04-30 NI057896 2022-05-01 2023-04-30 NI057896 2022-04-30 NI057896 2021-05-01 2022-04-30 NI057896 uk-core:WithinOneYear 2022-04-30 NI057896 uk-core:WithinOneYear 2023-04-30 NI057896 uk-core:AfterOneYear 2022-04-30 NI057896 uk-core:AfterOneYear 2023-04-30 NI057896 uk-core:ShareCapital 2023-04-30 NI057896 uk-core:ShareCapital 2022-04-30 NI057896 uk-core:RetainedEarningsAccumulatedLosses 2023-04-30 NI057896 uk-core:RetainedEarningsAccumulatedLosses 2022-04-30 NI057896 uk-bus:Director1 2022-05-01 2023-04-30 NI057896 uk-bus:Director2 2022-05-01 2023-04-30 NI057896 uk-core:PlantMachinery 2022-05-01 2023-04-30 NI057896 uk-core:CommercialMotorVehicles 2022-05-01 2023-04-30 NI057896 uk-core:FurnitureFittings 2022-05-01 2023-04-30 NI057896 uk-core:FurnitureFittings 2022-04-30 NI057896 uk-core:CommercialMotorVehicles 2022-04-30 NI057896 uk-core:PlantMachinery 2022-04-30 NI057896 uk-core:PlantMachinery 2023-04-30 NI057896 uk-core:CommercialMotorVehicles 2023-04-30 NI057896 uk-core:FurnitureFittings 2023-04-30 NI057896 uk-core:CostValuation 2022-04-30 NI057896 uk-core:CostValuation uk-core:Non-currentFinancialInstruments 2022-04-30 NI057896 uk-core:AdditionsToInvestments 2023-04-30 NI057896 uk-core:AdditionsToInvestments uk-core:Non-currentFinancialInstruments 2023-04-30 NI057896 uk-core:CostValuation uk-core:Non-currentFinancialInstruments 2023-04-30 NI057896 uk-core:CostValuation 2023-04-30 NI057896 uk-core:Non-currentFinancialInstruments 2023-04-30 NI057896 uk-core:Non-currentFinancialInstruments 2022-04-30 NI057896 uk-core:WithinOneYear 2023-04-30 NI057896 uk-core:WithinOneYear 2022-04-30 NI057896 uk-core:AfterOneYear uk-core:Secured 2023-04-30 NI057896 uk-core:AfterOneYear uk-core:Secured 2022-04-30 iso4217:GBP xbrli:pure NI057896 uk-bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 NI057896 uk-bus:FRS102 2022-05-01 2023-04-30 NI057896 uk-bus:FullAccounts 2022-05-01 2023-04-30 NI057896 uk-bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30
Integrated Timber Solutions Limited
Registered Number:NI057896
For the year ended 30 April 2023
Northern Ireland
Unaudited Financial Statements
2
For the year ended 30 April 2023
Integrated Timber Solutions Limited
Contents Page
1
Statement of Financial Position
2 to 6
Notes to the Financial Statements
3
Registered Number :
NI057896
As at 30 April 2023
Integrated Timber Solutions Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
717,814
769,976
2
3
54,533
54,533
Investment property
Financial assets
229,179
479,179
4
1,251,526
1,053,688
Current assets
Inventories
904,587
600,803
5
Trade and other receivables
1,577,079
1,114,062
6
480,956
Cash and cash equivalents
783,015
2,497,880
2,962,622
Trade and other payables: amounts falling due within one
year
(1,350,710)
(952,715)
7
1,611,912
1,545,165
Net current assets
Total assets less current liabilities
2,796,691
2,665,600
Trade and other payables: amounts falling due after more
than one year
(167,316)
(143,896)
8
(136,385)
(146,295)
Provisions for liabilities
2,516,410
Net assets
2,351,989
Capital and reserves
Called up share capital
2,198
2,198
Retained earnings
2,514,212
2,349,791
2,516,410
2,351,989
Shareholders' funds
For the year ended 30 April 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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4
Registered Number :
NI057896
For the year ended 30 April 2023
Integrated Timber Solutions Limited
Statement of Financial Position Continued
Mr John Smart Director
Mr Michael Carson Director
These financial statements were approved and authorised for issue by the Board on 12 October 2023 and were signed by:
The notes form part of these financial statements
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5
For the year ended 30 April 2023
Integrated Timber Solutions Limited
Notes to the Financial Statements
Statutory Information
Integrated Timber Solutions Limited is a private limited company, limited by shares, domiciled in Northern Ireland,
registration number NI057896.
Registered address:
41 Derryhale Lane
Portadown
County Armagh
BT62 4HL
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery
10% Reducing balance
25% Reducing balance
Motor Vehicles
25% Reducing balance
Furniture and Fittings
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Inventories
Inventories are value at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
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6
For the year ended 30 April 2023
Integrated Timber Solutions Limited
Notes to the Financial Statements Continued
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
2. Property, plant and equipment
Total
Furniture and
Fittings
Motor Vehicles
Plant and
Machinery
£
£
£
£
Cost or
valuation
At 01 May 2022
1,201,321
10,002
69,793
1,121,526
28,652
-
-
28,652
Additions
At 30 April 2023
1,150,178
69,793
10,002
1,229,973
Provision for depreciation and impairment
At 01 May 2022
431,345
4,685
58,232
368,428
Charge for year
80,814
1,731
2,890
76,193
At 30 April 2023
512,159
6,416
61,122
444,621
At 30 April 2023
Net book value
705,557
8,671
3,586
717,814
At 30 April 2022
753,098
11,561
5,317
769,976
3. Investment property
Total
£
Fair value
At 01 May 2022
54,533
At 30 April 2023
54,533
Net book value
At 30 April 2023
54,533
At 30 April 2022
54,533
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7
For the year ended 30 April 2023
Integrated Timber Solutions Limited
Notes to the Financial Statements Continued
4. Investments held as fixed assets
Other investments
Total
At 01 May 2022
229,179
229,179
Cost
£
£
250,000
250,000
Additions
At 30 April 2023
479,179
479,179
At 30 April 2023
Net book value
479,179
479,179
At 01 May 2022
229,179
229,179
5. Inventories
2022
2023
£
£
Stocks
600,803
904,587
6. Trade and other receivables
2022
2023
£
£
Trade debtors
1,082,495
1,284,602
Other debtors
31,567
292,477
1,577,079
1,114,062
7. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
9,996
9,996
Trade creditors
646,528
1,129,572
Taxation and social security
231,863
133,194
Other creditors
64,328
77,948
952,715
1,350,710
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8
For the year ended 30 April 2023
Integrated Timber Solutions Limited
Notes to the Financial Statements Continued
8. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Bank loans and overdraft
22,455
32,381
Other creditors
121,441
134,935
143,896
167,316
9. Average number of persons employed
During the year the average number of employees was 29 (2022 : 27)
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