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FARMAC TIMBER & BUILDING SUPPLIES
LIMITED

Financial Statements

for the Year Ended 31 March 2023






FARMAC TIMBER & BUILDING SUPPLIES
LIMITED (REGISTERED NUMBER: 03045868)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FARMAC TIMBER & BUILDING SUPPLIES
LIMITED

Company Information
for the year ended 31 March 2023







DIRECTORS: S K Beverley
J A Beverley



REGISTERED OFFICE: Keith's Yard
Richardshaw Road
Grangefield Industrial Estate
Pudsey
West Yorkshire
LS28 8JW



REGISTERED NUMBER: 03045868 (England and Wales)



ACCOUNTANTS: Phil Dodgson & Partners Limited
Chartered Accountants
First Floor
68 Uppermoor
Pudsey
West Yorkshire
LS28 7EX



BANKERS: HSBC
Church Lane
Pudsey
West Yorkshire
LS28 7DN

FARMAC TIMBER & BUILDING SUPPLIES
LIMITED (REGISTERED NUMBER: 03045868)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,465 1,628
Tangible assets 5 287,385 274,693
288,850 276,321

CURRENT ASSETS
Stocks 686,093 738,854
Debtors 6 580,201 507,257
Cash at bank and in hand 966 17,424
1,267,260 1,263,535
CREDITORS
Amounts falling due within one year 7 713,390 779,698
NET CURRENT ASSETS 553,870 483,837
TOTAL ASSETS LESS CURRENT
LIABILITIES

842,720

760,158

CREDITORS
Amounts falling due after more than one year 8 (282,796 ) (250,000 )

PROVISIONS FOR LIABILITIES (44,857 ) (41,077 )
NET ASSETS 515,067 469,081

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 514,967 468,981
SHAREHOLDERS' FUNDS 515,067 469,081

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FARMAC TIMBER & BUILDING SUPPLIES
LIMITED (REGISTERED NUMBER: 03045868)

Balance Sheet - continued
31 March 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 27 November 2023 and were signed on its behalf by:





J A Beverley - Director


FARMAC TIMBER & BUILDING SUPPLIES
LIMITED (REGISTERED NUMBER: 03045868)

Notes to the Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Farmac Timber & Building Supplies 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1996, is being amortised evenly over its estimated useful life of sixty years.

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 at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 5% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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.

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.

FARMAC TIMBER & BUILDING SUPPLIES
LIMITED (REGISTERED NUMBER: 03045868)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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 20 (2022 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 25,000
AMORTISATION
At 1 April 2022 23,372
Charge for year 163
At 31 March 2023 23,535
NET BOOK VALUE
At 31 March 2023 1,465
At 31 March 2022 1,628

FARMAC TIMBER & BUILDING SUPPLIES
LIMITED (REGISTERED NUMBER: 03045868)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2022 8,035 42,037 120,263
Additions - 16,585 1,045
Disposals - - (9,461 )
At 31 March 2023 8,035 58,622 111,847
DEPRECIATION
At 1 April 2022 7,455 13,746 66,519
Charge for year 402 6,731 7,678
Eliminated on disposal - - (5,856 )
At 31 March 2023 7,857 20,477 68,341
NET BOOK VALUE
At 31 March 2023 178 38,145 43,506
At 31 March 2022 580 28,291 53,744

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 435,234 - 605,569
Additions 80,505 1,680 99,815
Disposals - - (9,461 )
At 31 March 2023 515,739 1,680 695,923
DEPRECIATION
At 1 April 2022 243,156 - 330,876
Charge for year 68,147 560 83,518
Eliminated on disposal - - (5,856 )
At 31 March 2023 311,303 560 408,538
NET BOOK VALUE
At 31 March 2023 204,436 1,120 287,385
At 31 March 2022 192,078 - 274,693

The net book value of tangible fixed assets includes £ 177,271 (2022 - £ 155,857 ) in respect of assets held under hire purchase contracts.

FARMAC TIMBER & BUILDING SUPPLIES
LIMITED (REGISTERED NUMBER: 03045868)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 362,829 302,901
Amounts owed by group undertakings 178,258 187,258
Other debtors 39,114 17,098
580,201 507,257

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 139,759 -
Hire purchase contracts 55,399 186,916
Trade creditors 428,895 512,417
Taxation and social security 78,019 55,226
Other creditors 11,318 25,139
713,390 779,698

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 166,667 250,000
Hire purchase contracts 116,129 -
282,796 250,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 98,092 -
Bank loans 208,334 250,000
306,426 250,000

The bank overdraft is secured by an unlimited guarantee from S & J Holdings (Pudsey) Ltd and a director's personal guarantee.