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REGISTERED NUMBER: 04403052 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

RAINBRIDGE TIMBER LIMITED

RAINBRIDGE TIMBER LIMITED (REGISTERED NUMBER: 04403052)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RAINBRIDGE TIMBER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: E B Hilton
J J Poynton





REGISTERED OFFICE: The Saw Mills
Pontrilas
Hereford
HR2 0BE





REGISTERED NUMBER: 04403052 (England and Wales)





AUDITORS: Lemans
Statutory Auditor
29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA

RAINBRIDGE TIMBER LIMITED (REGISTERED NUMBER: 04403052)

BALANCE SHEET
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,864,199 1,899,993
1,864,199 1,899,993

CURRENT ASSETS
Stocks 821,813 1,036,254
Debtors 6 1,096,720 1,230,513
Cash at bank and in hand 4,930 168,361
1,923,463 2,435,128
CREDITORS
Amounts falling due within one year 7 1,773,188 1,705,154
NET CURRENT ASSETS 150,275 729,974
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,014,474

2,629,967

CREDITORS
Amounts falling due after more than one year 8 - (647,686 )

PROVISIONS FOR LIABILITIES 10 (117,108 ) (104,970 )
NET ASSETS 1,897,366 1,877,311

CAPITAL AND RESERVES
Called up share capital 11 2,520 2,820
Share premium 12 33,086 35,419
Revaluation reserve 12 971,719 975,983
Capital redemption reserve 12 3,650 3,350
Retained earnings 12 886,391 859,739
SHAREHOLDERS' FUNDS 1,897,366 1,877,311

RAINBRIDGE TIMBER LIMITED (REGISTERED NUMBER: 04403052)

BALANCE SHEET - continued
31 MAY 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 Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:





E B Hilton - Director


RAINBRIDGE TIMBER LIMITED (REGISTERED NUMBER: 04403052)

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

1. STATUTORY INFORMATION

Rainbridge Timber Limited is a private company limited by shares incorporated in England within the United Kingdom. The address of the Registered Office is given in the company information on page 1 of these financial statements. The company's principal activity is the sale of timber for packaging and related products.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented.

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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Rainbridge Timber Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods - Turnover from the sale of timber and related products is recognised at the point of sale.

Goodwill
Goodwill arising on business acquisitions is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The periods chosen for writing off goodwill are five and twenty years. A provision is made for any impairment.

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 on all tangible fixed assets at rates calculated to write off the cost less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land- nil
Buildings- 4% on cost
Plant and machinery- 15% on reducing balance and 10% on cost
Motor vehicles- 25% on cost
Computer equipment- 33% on cost

RAINBRIDGE TIMBER LIMITED (REGISTERED NUMBER: 04403052)

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

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell. Cost includes all costs of purchase, conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first in/first out formula. A provision is made for damaged, obsolete and slow moving stock where appropriate.

Hire purchase and leasing commitments
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Debtors and creditors receivable / payable within one year
Debtors and creditors receivable/payable within one year. Debtors and creditors with no stated interest rate and receivable/payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in period different from those in which they are recognised in the financial statements. 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 benefits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued none depreciable tangible fixed assets is measured using the rates and allowances that apply to the sale of the asset.

Employee benefits
When employees have rendered service to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are charged to the profit and loss account as they become payable.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement, and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 37 ) .

RAINBRIDGE TIMBER LIMITED (REGISTERED NUMBER: 04403052)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 1,040,839
AMORTISATION
At 1 June 2022
and 31 May 2023 1,040,839
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 -

5. TANGIBLE FIXED ASSETS
Freehold Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 June 2022 1,627,649 990,986 30,684 2,649,319
Additions 6,219 73,935 - 80,154
At 31 May 2023 1,633,868 1,064,921 30,684 2,729,473
DEPRECIATION
At 1 June 2022 72,115 649,000 28,211 749,326
Charge for year 38,370 75,105 2,473 115,948
At 31 May 2023 110,485 724,105 30,684 865,274
NET BOOK VALUE
At 31 May 2023 1,523,383 340,816 - 1,864,199
At 31 May 2022 1,555,534 341,986 2,473 1,899,993

Included in cost or valuation of land and buildings is freehold land of £ 673,400 (2022 - £ 673,400 ) which is not depreciated.

Cost or valuation at 31 May 2023 is represented by:

Freehold Plant and Computer
property machinery equipment Totals
£    £    £    £   
Valuation in 2023 1,633,868 - - 1,633,868
Cost - 1,064,921 30,684 1,095,605
1,633,868 1,064,921 30,684 2,729,473

RAINBRIDGE TIMBER LIMITED (REGISTERED NUMBER: 04403052)

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

5. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.5.23 31.5.22
£    £   
Cost 989,583 983,364
Aggregate depreciation 614,957 580,853

Value of land in freehold land and buildings 135,715 135,715

On 4 September 2020 the company's freehold land and buildings situated at Pye Bridge, Derbyshire were revalued by David Brown Commercial Surveyors at an open market value of £1,385,000. The Directors consider this to be representative of its market value at the balance sheet date.

The Directors consider the carrying value of its other freehold land and buildings at 31 May 2023 to be representative of its value at that date.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 1,034,037 1,160,031
Prepayments 62,683 70,482
1,096,720 1,230,513

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 608,675 44,398
Trade creditors 783,286 1,278,652
Corporation Tax 126,084 66,189
Social security and other taxes 136,777 135,371
Other creditors 109,686 180,544
Accrued expenses 8,680 -
1,773,188 1,705,154

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans - 187,352
Bank loans more 5 yr by instal - 460,334
- 647,686

RAINBRIDGE TIMBER LIMITED (REGISTERED NUMBER: 04403052)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.5.23 31.5.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 460,334

9. SECURED DEBTS

Bank overdraft and loans are secured by a fixed charge on the freehold property and trade debtors and a floating charge over all other assets.

10. PROVISIONS FOR LIABILITIES
31.5.23 31.5.22
£    £   
Deferred tax 117,108 104,970

Deferred
tax
£   
Balance at 1 June 2022 104,970
Charge to Income Statement during year 12,138
Balance at 31 May 2023 117,108

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
2,520 Ordinary £1 2,520 2,820
(31.5.22 - 2,820
)

12. RESERVES
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 June 2022 859,739 35,419 975,983 3,350 1,874,491
Profit for the year 113,516 - - - 113,516
Purchase of own shares (91,128 ) (2,333 ) - 300 (93,161 )
Released from revaluation
reserve 4,264 - (4,264 ) - -
At 31 May 2023 886,391 33,086 971,719 3,650 1,894,846

RAINBRIDGE TIMBER LIMITED (REGISTERED NUMBER: 04403052)

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

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

The Report of the Auditors was unqualified.

Mr Adrian Harby (Senior Statutory Auditor)
for and on behalf of Lemans

14. PENSION COMMITMENTS

The company operates defined contribution schemes the assets of which are held separately from those of the company in independently administered funds. The charge included in the profit and loss account represents the amount attributable to that period and amounted to £21,346 (2022 - £19,486). Accrued premiums at 31 May 2023 were £12,012 (2022 - £12,372).

15. OTHER FINANCIAL COMMITMENTS

The company has entered in to the following contracts to purchase it's own shares on a multiple completion basis from former senior management upon retirement, the beneficial ownership passing on the given dates:

OutstandingOutstanding
Beneficialatat
ownershipTotalContract31.5.2331.5.22
passing onConsiderationPeriod£   £   

16 July 2013£513,22610 years25,66151,323
2 January 2020£356,00010 years124,600142,400
21 April 2021£475,00010 years80,00090,000
21 April 2021£825,00010 years320,000360,000

550,261643,723

16. POST BALANCE SHEET EVENTS

On 20 June 2023 as part of a group reorganization Rainbridge Timber Limited became a wholly owned subsidiary of Rainbridge Holdings Limited.

Following the reorganization, Rainbridge Timber Holdings Limited was acquired by Pontrilas Packaging (Rainbridge Timber) Limited, a wholly owned subsidiary of the Pontrilas Group Limited. This purchase excluded the assets held at their site at Ailsa, Ayrshire which had previously been transferred to Ailsa Wood Products Limited.

Since the year end, the total amount outstanding under the own share purchase agreements existing at the 31 May 2023 have been settled in full.

17. ENTERPRISE MANAGEMENT INCENTIVE

The company operates an Enterprise Management Incentive share option scheme for the benefit of a senior employee. Under the scheme no options were granted in the year and therefore nothing charged to the profit and loss account (2022 - £nil). There were no outstanding options at 31 May 2023 (2022 - nil).