REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
RAINBRIDGE TIMBER LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium | 12 |
Revaluation reserve | 12 |
Capital redemption reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
RAINBRIDGE TIMBER LIMITED (REGISTERED NUMBER: 04403052) |
BALANCE SHEET - continued |
31 MAY 2023 |
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 |
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 |
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 |
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 |
AMORTISATION |
At 1 June 2022 |
and 31 May 2023 |
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 |
Additions |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
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 |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans |
Bank loans more 5 yr by instal |
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 |
Charge to Income Statement during year |
Balance at 31 May 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.23 | 31.5.22 |
value: | £ | £ |
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 | 1,874,491 |
Profit for the year | - | - | - |
Purchase of own shares | (91,128 | ) | (2,333 | ) | - | 300 | (93,161 | ) |
Released from revaluation |
reserve | 4,264 | - | (4,264 | ) | - | - |
At 31 May 2023 | 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. |
for and on behalf of |
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: |
Outstanding | Outstanding |
Beneficial | at | at |
ownership | Total | Contract | 31.5.23 | 31.5.22 |
passing on | Consideration | Period | £ | £ |
16 July 2013 | £513,226 | 10 years | 25,661 | 51,323 |
2 January 2020 | £356,000 | 10 years | 124,600 | 142,400 |
21 April 2021 | £475,000 | 10 years | 80,000 | 90,000 |
21 April 2021 | £825,000 | 10 years | 320,000 | 360,000 |
550,261 | 643,723 |
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). |