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TAUNTON TIMBER LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MAY 2023




















Company Registration Number - 08057114





















1.
TAUNTON TIMBER LIMITED
COMPANY NUMBER - 08057114

Balance sheet as at 31 May 2023





2023
2022

Notes
£ £ £ £
FIXED ASSETS
Intangible assets 4
10,000
10,000





Tangible assets 5
38,549
46,062





48,549
56,062

Current assets




Stocks
50,000
40,000

Debtors 6 11,200
12,300

Cash at bank and in hand
362,485
311,595




423,685
363,895
Current liabilities




Creditors - Amounts
falling due within one year 7 77,363
71,819


NET CURRENT ASSETS

346,322
292,076


Total assets less current liabilities

394,871
348,138














2.
TAUNTON TIMBER LIMITED
COMPANY NUMBER - 08057114

Balance sheet as at 31 May 2023





2023
2022

Notes
£
£
CAPITAL AND RESERVES

Called up share capital 8
1
1

Profit and Loss account

394,870
348,137


Shareholders' funds

394,871
348,138



These financial statements have been prepared in accordance with the provisions of FRS102 Section 1A of the Companies Act 2006 relating to small companies.
In accordance with section 444 of the Companies Act 2006, the directors' report and the profit and loss account have not been delivered.

For the financial year ended 31 May 2023, the company was entitled to exemption from audit under section 477 of the Companies Act 2006; and no notice has been deposited under section 476.

The members have not required the company to obtain an audit.


The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.


Approved by the board of directors on 16 November 2023
and signed on their behalf by:




E J CHORLEY



Director



The notes on pages 3 to 5 form an integral part of these accounts.


3.
TAUNTON TIMBER LIMITED

Notes to the Financial Statements

For the year ended 31 May 2023


1. General Information

Taunton Timber Limited is a Private Company, limited by shares, domiciled in England and Wales, registration number 08057114.


The company's registered office is Brunswick House, 1 Weirfield Green, Taunton, Somerset TA1 1AZ.


2. Accounting policies

Basis of accounting

The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.


Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents goods supplied or services rendered, stated net of Value Added Tax. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Turnover from the sale of goods is recognised when goods are delivered and legal title has passed.


Intangible fixed assets

Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.


Tangible fixed assets and depreciation

Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life:


Motor vehicles - 20% reducing balance


Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.


3. Employees

The average number employed by the company (including directors) during the year 2023 was 4
and in the previous year 2022 was 4.


4.
TAUNTON TIMBER LIMITED

Notes to the Financial Statements

For the year ended 31 May 2023


4. Fixed assets - intangible

Goodwill


Fair value £
At 1 June 2022 10,000
and 31 May 2023

Net book values
At 31 May 2023 10,000

At 1 June 2022 10,000


5. Fixed assets - tangible

Plant and

Machinery

etc.


Fair value £


At 1 June 2022 63,772
and 31 May 2023


Depreciation
At 1 June 2022 17,710
Charge for year 7,513

At 31 May 2023 25,223

Net book values
At 31 May 2023 38,549
At 1 June 2022 46,062





2023
2022


£
£
6. Debtors

Due within one year:



Trade debtors 11,200
12,300



7. Creditors

Amounts falling due within one year:



Trade creditors 57,694
46,972
Taxation and social security 18,581
24,177
Director's Current Accounts 1,088
670


77,363 71,819




5.
TAUNTON TIMBER LIMITED

Notes to the Financial Statements

For the year ended 31 May 2023




2023
2022


£
£

8. Called up share capital

There was no change in share capital during the year.


Allotted, called up and fully paid



Ordinary shares of £1 each 1
1