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REGISTERED NUMBER: 00647862 (England and Wales)















Audited Financial Statements for the Year Ended 30 April 2023

for

Nicks & Company (Timber) Limited

Nicks & Company (Timber) Limited (Registered number: 00647862)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Nicks & Company (Timber) Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: P J McCormick
M J Britton
C Britton



REGISTERED OFFICE: Canada Wharf
Bristol Road
Gloucester
GL1 5TE



REGISTERED NUMBER: 00647862 (England and Wales)



SENIOR STATUTORY AUDITOR: Dawn Bray BSc ACA ATII



AUDITORS: DHB Accountants Limited
Chartered Accountants
Statutory Auditors
110 Whitchurch Road
Cardiff
CF14 3LY

Nicks & Company (Timber) Limited (Registered number: 00647862)

Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 466,513 529,522

CURRENT ASSETS
Stocks 390,055 420,935
Debtors 5 379,256 562,894
Cash at bank and in hand 886,029 927,670
1,655,340 1,911,499
CREDITORS
Amounts falling due within one year 6 572,990 908,728
NET CURRENT ASSETS 1,082,350 1,002,771
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,548,863

1,532,293

CREDITORS
Amounts falling due after more than one
year

7

(29,391

)

(49,364

)

PROVISIONS FOR LIABILITIES (34,718 ) (37,922 )
NET ASSETS 1,484,754 1,445,007

CAPITAL AND RESERVES
Called up share capital 55,000 55,000
Retained earnings 1,429,754 1,390,007
SHAREHOLDERS' FUNDS 1,484,754 1,445,007

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 Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by:





M J Britton - Director


Nicks & Company (Timber) Limited (Registered number: 00647862)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Nicks & Company (Timber) 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.

The financial statements are prepared in Pounds Sterling which is the functional currency of the company.

Significant judgements and estimates
The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions in certain circumstances that affect reported amounts of assets and liabilities at the date of the financial statements and the amount of reported income and expenditure during the reporting period. Actual results may differ from these estimates. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year are as follows:

Stock Provisioning

Provision is made fro any items of stock which are considered damaged or obsolete or where estimated net realizable value is expected to fall below cost. Net realizable value is based on both historic experience and assumptions regarding future sales value and consequently is a source of estimation uncertainty.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - Straight line over 63 years
Plant and machinery etc - 25% on cost, 20% on cost and 10% 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 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.


Nicks & Company (Timber) Limited (Registered number: 00647862)

Notes to the Financial Statements - continued
for the Year Ended 30 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 27 (2022 - 27 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2022 953,884 1,141,143 2,095,027
Additions - 28,103 28,103
At 30 April 2023 953,884 1,169,246 2,123,130
DEPRECIATION
At 1 May 2022 645,016 920,489 1,565,505
Charge for year 37,663 53,449 91,112
At 30 April 2023 682,679 973,938 1,656,617
NET BOOK VALUE
At 30 April 2023 271,205 195,308 466,513
At 30 April 2022 308,868 220,654 529,522

Nicks & Company (Timber) Limited (Registered number: 00647862)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 May 2022
and 30 April 2023 173,701
DEPRECIATION
At 1 May 2022 63,906
Charge for year 23,590
At 30 April 2023 87,496
NET BOOK VALUE
At 30 April 2023 86,205
At 30 April 2022 109,795

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 296,282 498,668
Other debtors 82,974 64,226
379,256 562,894

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 20,023 32,649
Trade creditors 358,511 717,809
Taxation and social security 180,590 152,182
Other creditors 13,866 6,088
572,990 908,728

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 29,391 49,364

8. SECURED DEBTS

Bank loans and overdrafts are secured by way of a debenture and fixed and floating charge over the leasehold property and assets of the company in favour of the company bank.

Nicks & Company (Timber) Limited (Registered number: 00647862)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Dawn Bray BSc ACA ATII (Senior Statutory Auditor)
for and on behalf of DHB Accountants Limited

10. RELATED PARTY DISCLOSURES

During the year a management charge of £2,400 (2022: £0) has been charged to Nicks & Company Timber Limited by the holding company.

Cost of sales includes £225,942 relating to transactions with companies in which a director and/or a shareholder have an interest.

The directors are of the view these transactions have been entered into in the normal course of business and on an arms length basis.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company is considered by the directors to be the shareholders of Brittons Holdings Limited a company incorporated in England and Wales. A copy of their accounts can be obtained from the Registrar of Companies