Registered number
01239215
MCCLURE TIMBER SUPPLIES LIMITED
Filleted Accounts
31 August 2023
MCCLURE TIMBER SUPPLIES LIMITED
Registered number: 01239215
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1,000 1,000
Tangible assets 4 7,203,321 7,385,389
7,204,321 7,386,389
Current assets
Debtors 5 824,682 341,582
Cash at bank and in hand 10,471 107,763
835,153 449,345
Creditors: amounts falling due within one year 6 (51,069) (89,915)
Net current assets 784,084 359,430
Total assets less current liabilities 7,988,405 7,745,819
Provisions for liabilities (938,883) (755,575)
Net assets 7,049,522 6,990,244
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 1,311,746 1,311,746
Profit and loss account 5,737,676 5,678,398
Shareholders' funds 7,049,522 6,990,244
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Richard McClure
Director
Approved by the board on 17 October 2023
MCCLURE TIMBER SUPPLIES LIMITED
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Not depreciated
Plant and machinery 5% Straight Line
Fixtures and fittings 20% Straight Line
Motor vehicles 20% Straight Line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Intangible fixed assets £
Patents:
Cost
At 1 September 2022 1,000
At 31 August 2023 1,000
Amortisation
At 31 August 2023 -
Net book value
At 31 August 2023 1,000
At 31 August 2022 1,000
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 4,533,607 7,450,182 172,018 12,155,807
Additions 130,505 - - 130,505
At 31 August 2023 4,664,112 7,450,182 172,018 12,286,312
Depreciation
At 1 September 2022 - 4,624,099 146,319 4,770,418
Charge for the year - 298,774 13,799 312,573
At 31 August 2023 - 4,922,873 160,118 5,082,991
Net book value
At 31 August 2023 4,664,112 2,527,309 11,900 7,203,321
At 31 August 2022 4,533,607 2,826,083 25,699 7,385,389
Freehold land and buildings: 2023 2022
£ £
Historical cost 2,469,888 2,469,888
Cumulative depreciation based on historical cost - -
2,469,888 2,469,888
The commercial property was revalued as at 31st August 2021 for £4,089,328.
The revaluation was carried out by Ed Norris MRICS of Commercial Property Partners Ltd, and the bases of valuation was selling rate per square feet.
5 Debtors 2023 2022
£ £
Trade debtors 960 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest 176,222 41,582
Other debtors 647,500 300,000
824,682 341,582
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - (1,000)
Amounts owed to group undertakings and undertakings in which the company has a participating interest 20,000 -
Taxation and social security costs 29,869 88,515
Other creditors 1,200 2,400
51,069 89,915
7 Revaluation reserve 2023 2022
£ £
At 1 September 2022 1,311,746 1,311,746
At 31 August 2023 1,311,746 1,311,746
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Richard McClure
Director's Loan - 250,000 - 250,000
- 250,000 - 250,000
9 Other information
MCCLURE TIMBER SUPPLIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Mansfield Road
Wales Bar
Sheffield
S26 5RL
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