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REGISTERED NUMBER: SC301400 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

TIMBERMILLS LIMITED

TIMBERMILLS LIMITED (REGISTERED NUMBER: SC301400)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TIMBERMILLS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTOR: Robert Brian Mills



SECRETARY: Theresa Mills



REGISTERED OFFICE: 49 Townhead Street
Cumnock
Ayrshire
KA18 1LF



REGISTERED NUMBER: SC301400 (Scotland)



ACCOUNTANTS: Stewart Gilmour & Co.
24 Beresford Terrace
Ayr
KA7 2EG



BANKERS: The Royal Bank of Scotland plc
96 John Finnie Street
Kilmarnock
Ayrshire
KA1 1NY

TIMBERMILLS LIMITED (REGISTERED NUMBER: SC301400)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 40,981 50,665
40,981 50,665

CURRENT ASSETS
Stocks 91,477 98,918
Debtors 6 3,240 304,196
Cash at bank and in hand 95,485 107,038
190,202 510,152
CREDITORS
Amounts falling due within one year 7 91,133 104,404
NET CURRENT ASSETS 99,069 405,748
TOTAL ASSETS LESS CURRENT
LIABILITIES

140,050

456,413

CREDITORS
Amounts falling due after more than one
year

8

(26,231

)

(38,680

)

PROVISIONS FOR LIABILITIES (7,787 ) (12,666 )
NET ASSETS 106,032 405,067

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 105,932 404,967
SHAREHOLDERS' FUNDS 106,032 405,067

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

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

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TIMBERMILLS LIMITED (REGISTERED NUMBER: SC301400)

BALANCE SHEET - continued
31 JANUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 June 2023 and were signed by:





Robert Brian Mills - Director


TIMBERMILLS LIMITED (REGISTERED NUMBER: SC301400)

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

1. STATUTORY INFORMATION

Timbermills Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Government grants
Government grants received in respect of expenditure charged to the profit and loss account during the year have been included in profit and loss.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


TIMBERMILLS LIMITED (REGISTERED NUMBER: SC301400)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised under tangible fixed assets in the balance sheet and depreciated over their estimated useful lives. The interest element of the rental obligations is charged to the profit and loss account over the period of the contract and represents a constant proportion of the balance of capital outstanding.

Rentals payable on operating leases are charged to income on a straight line basis over the term of the agreement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2022
and 31 January 2023 60,000
AMORTISATION
At 1 February 2022
and 31 January 2023 60,000
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 -

TIMBERMILLS LIMITED (REGISTERED NUMBER: SC301400)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 February 2022
and 31 January 2023 53,388 14,971 76,953 145,312
DEPRECIATION
At 1 February 2022 40,870 13,790 39,987 94,647
Charge for year 2,053 237 7,394 9,684
At 31 January 2023 42,923 14,027 47,381 104,331
NET BOOK VALUE
At 31 January 2023 10,465 944 29,572 40,981
At 31 January 2022 12,518 1,181 36,966 50,665

The net book value of the company's motor vehicles at 31 January 2023 included £13,707 held under hire purchase contracts (2022 : £17,134).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,240 7,084
Amounts owed by parent company - 297,112
3,240 304,196

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Coronavirus Bounce Back Loan 10,648 10,648
Hire purchase contracts 2,799 5,047
Trade creditors 48,605 63,403
Current Corporation Tax 10,823 7,362
Social security and other taxes 1,536 1,547
Other creditors 924 -
Accrued expenses 4,712 8,111
Value Added Tax payable 11,086 8,286
91,133 104,404

TIMBERMILLS LIMITED (REGISTERED NUMBER: SC301400)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Coronavirus Bounce Back Loan
due within 1 to 2 years 10,648 10,648
Coronavirus Bounce Back Loan
due within 2 to 5 years 12,645 22,295
Hire purchase contracts 2,938 5,737
26,231 38,680

9. SECURED DEBTS

The bank overdraft facilities are secured by a bond and floating charge over the assets of the company together with a £140,000 third party guarantee.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Retained
earnings
£   

At 1 February 2022 404,967
Profit for the year 41,012
Dividends (340,047 )
At 31 January 2023 105,932

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Robert Brian Mills.