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REGISTERED NUMBER: 04982711 (England and Wales)















DAVIES TIMBERS (WALES) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2023






DAVIES TIMBERS (WALES) LIMITED (REGISTERED NUMBER: 04982711)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DAVIES TIMBERS (WALES) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2023







DIRECTORS: R H Davies
J P Davies





SECRETARY: R H Davies





REGISTERED OFFICE: Unit 5 Blaenwern
Avondale Industrial Estate
Cwmbran
Torfaen
NP44 1TY





REGISTERED NUMBER: 04982711 (England and Wales)





ACCOUNTANTS: Green & Co
Chartered Certified Accountants
Pembroke House
Llantarnam Park Way
Cwmbran
Torfaen
NP44 3AU

DAVIES TIMBERS (WALES) LIMITED (REGISTERED NUMBER: 04982711)

BALANCE SHEET
30TH APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 20,000 22,500
Tangible assets 5 25,230 32,748
45,230 55,248

CURRENT ASSETS
Stocks 100,000 125,000
Debtors 6 21,156 18,681
Cash at bank and in hand 307,097 238,558
428,253 382,239
CREDITORS
Amounts falling due within one year 7 167,059 242,754
NET CURRENT ASSETS 261,194 139,485
TOTAL ASSETS LESS CURRENT
LIABILITIES

306,424

194,733

PROVISIONS FOR LIABILITIES 4,794 6,222
NET ASSETS 301,630 188,511

DAVIES TIMBERS (WALES) LIMITED (REGISTERED NUMBER: 04982711)

BALANCE SHEET - continued
30TH APRIL 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 301,530 188,411
SHAREHOLDERS' FUNDS 301,630 188,511

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24th August 2023 and were signed on its behalf by:





R H Davies - Director


DAVIES TIMBERS (WALES) LIMITED (REGISTERED NUMBER: 04982711)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023

1. STATUTORY INFORMATION

Davies Timbers (Wales) Limited is a private company, limited by shares , registered in England and Wales. 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 2011, is being amortised evenly over its estimated useful life of twenty 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 - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on cost

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 Profit and loss account, 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.


DAVIES TIMBERS (WALES) LIMITED (REGISTERED NUMBER: 04982711)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 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.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st May 2022
and 30th April 2023 50,000
AMORTISATION
At 1st May 2022 27,500
Charge for year 2,500
At 30th April 2023 30,000
NET BOOK VALUE
At 30th April 2023 20,000
At 30th April 2022 22,500

DAVIES TIMBERS (WALES) LIMITED (REGISTERED NUMBER: 04982711)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st May 2022 31,150 14,751 52,653 98,554
Additions 721 666 - 1,387
At 30th April 2023 31,871 15,417 52,653 99,941
DEPRECIATION
At 1st May 2022 28,047 10,249 27,510 65,806
Charge for year 681 953 7,271 8,905
At 30th April 2023 28,728 11,202 34,781 74,711
NET BOOK VALUE
At 30th April 2023 3,143 4,215 17,872 25,230
At 30th April 2022 3,103 4,502 25,143 32,748

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 17,271 15,575
VAT 508 -
Prepayments 3,377 3,106
21,156 18,681

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 44,680 105,496
Amounts owed to group undertakings 43,923 40,000
Corporation Tax 54,230 62,225
Social security and other taxes 2,172 36
VAT - 26,316
Other creditors 15,227 2,862
Directors' current accounts 2,630 2,158
Accrued expenses 4,197 3,661
167,059 242,754

DAVIES TIMBERS (WALES) LIMITED (REGISTERED NUMBER: 04982711)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary A £1 50 50
50 Ordinary B £1 50 50
100 100

9. RELATED PARTY DISCLOSURES

As at 30 April 2023 the company owed the Directors R H Davies £1,434 (2022 - £1,274) and J P Davies £1,196 (2022 - £884).

As at 30 April 2023 the company owed £43,923 to its parent, Davies Timbers (Wales) Holdings Limited (2022 - £40,000).