Integrated Timber Solutions Limited |
Registered Number:NI057896 |
For the year ended 30 April 2023
Northern Ireland
Unaudited Financial Statements
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
Integrated Timber Solutions Limited
Statement of Financial Position
2022
2023
Property, plant and equipment |
717,814
769,976
2
3
54,533
54,533
229,179
479,179
4
1,251,526
1,053,688
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
2,198
2,198
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. |
1 of 6
For the year ended 30 April 2023
Integrated Timber Solutions Limited
Statement of Financial Position Continued
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 |
2 of 6
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. |
41 Derryhale Lane
Portadown
County Armagh
BT62 4HL
The presentation currency is £ sterling. |
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
Motor Vehicles
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.
3 of 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 |
Motor Vehicles
1,201,321
10,002
69,793
1,121,526
28,652
-
-
28,652
1,150,178
69,793
10,002
1,229,973
Provision for depreciation and impairment |
431,345
4,685
58,232
368,428
Charge for year
80,814
1,731
2,890
76,193
512,159
6,416
61,122
444,621
705,557
8,671
3,586
717,814
753,098
11,561
5,317
769,976
54,533
54,533
54,533
54,533
4 of 6
For the year ended 30 April 2023
Integrated Timber Solutions Limited
Notes to the Financial Statements Continued
4. Investments held as fixed assets |
229,179
229,179
250,000
250,000
479,179
479,179
479,179
479,179
229,179
229,179
2022
2023
600,803
904,587
6. Trade and other receivables |
2022
2023
1,082,495
1,284,602
31,567
292,477
1,577,079
1,114,062
7. Trade and other payables: amounts falling due within one year |
2022
2023
9,996
9,996
646,528
1,129,572
Taxation and social security |
231,863
133,194
64,328
77,948
952,715
1,350,710
5 of 6
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
22,455
32,381
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)
6 of 6