Garforth Timber Ltd 14147811 false 2022-06-02 2023-08-31 2023-08-31 The principal activity of the company is manufacture, installation and sale of joinery products. Digita Accounts Production Advanced 6.30.9574.0 true true 14147811 2022-06-02 2023-08-31 14147811 2023-08-31 14147811 bus:OrdinaryShareClass1 2023-08-31 14147811 core:RetainedEarningsAccumulatedLosses 2023-08-31 14147811 core:ShareCapital 2023-08-31 14147811 core:CurrentFinancialInstruments 2023-08-31 14147811 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 14147811 core:LandBuildings 2023-08-31 14147811 core:OtherPropertyPlantEquipment 2023-08-31 14147811 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-08-31 14147811 bus:SmallEntities 2022-06-02 2023-08-31 14147811 bus:AuditExemptWithAccountantsReport 2022-06-02 2023-08-31 14147811 bus:FilletedAccounts 2022-06-02 2023-08-31 14147811 bus:SmallCompaniesRegimeForAccounts 2022-06-02 2023-08-31 14147811 bus:RegisteredOffice 2022-06-02 2023-08-31 14147811 bus:CompanySecretary1 2022-06-02 2023-08-31 14147811 bus:Director1 2022-06-02 2023-08-31 14147811 bus:OrdinaryShareClass1 2022-06-02 2023-08-31 14147811 bus:PrivateLimitedCompanyLtd 2022-06-02 2023-08-31 14147811 core:LandBuildings 2022-06-02 2023-08-31 14147811 core:LeaseholdImprovements 2022-06-02 2023-08-31 14147811 core:OtherPropertyPlantEquipment 2022-06-02 2023-08-31 14147811 core:PlantMachinery 2022-06-02 2023-08-31 14147811 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-06-02 2023-08-31 14147811 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:Leases 2022-06-02 2023-08-31 14147811 countries:England 2022-06-02 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14147811

Garforth Timber Ltd

Unaudited Filleted Financial Statements

for the Period from 2 June 2022 to 31 August 2023

 

Garforth Timber Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Garforth Timber Ltd

Company Information

Director

Mrs Sheena Macdonald

Company secretary

Garry Pugh

Registered office

New Hold Industrial Estate
Garforth
LS25 2LD

Accountants

Fullertons Limited
Chartered Certified Accountants
Manchester House
50A Oxford Road
Guiseley
Leeds
LS20 8AB

 

Garforth Timber Ltd

(Registration number: 14147811)
Balance Sheet as at 31 August 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

74,486

Current assets

 

Stocks

5

154,276

Debtors

6

80,887

Cash at bank and in hand

 

8,682

 

243,845

Creditors: Amounts falling due within one year

7

(248,068)

Net current liabilities

 

(4,223)

Total assets less current liabilities

 

70,263

Provisions for liabilities

(12,692)

Net assets

 

57,571

Capital and reserves

 

Called up share capital

8

1

Retained earnings

57,570

Shareholders' funds

 

57,571

For the financial period ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 March 2024
 

 

Garforth Timber Ltd

(Registration number: 14147811)
Balance Sheet as at 31 August 2023

.........................................
Mrs Sheena Macdonald
Director

 

Garforth Timber Ltd

Notes to the Unaudited Financial Statements for the Period from 2 June 2022 to 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
New Hold Industrial Estate
Garforth
LS25 2LD

These financial statements were authorised for issue by the director on 1 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Garforth Timber Ltd

Notes to the Unaudited Financial Statements for the Period from 2 June 2022 to 31 August 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Improvements to leasehold property

10% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

Garforth Timber Ltd

Notes to the Unaudited Financial Statements for the Period from 2 June 2022 to 31 August 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 6.

 

Garforth Timber Ltd

Notes to the Unaudited Financial Statements for the Period from 2 June 2022 to 31 August 2023

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

Additions

8,538

89,069

97,607

At 31 August 2023

8,538

89,069

97,607

Depreciation

Charge for the period

854

22,267

23,121

At 31 August 2023

854

22,267

23,121

Carrying amount

At 31 August 2023

7,684

66,802

74,486

Included within the net book value of land and buildings above is £7,685 in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

Other inventories

154,276

6

Debtors

Current

2023
£

Trade debtors

60,730

Other debtors

20,157

 

80,887

 

Garforth Timber Ltd

Notes to the Unaudited Financial Statements for the Period from 2 June 2022 to 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

40,726

Accruals and deferred income

1,375

Other creditors

205,967

248,068

8

Share capital

Allotted, called up and fully paid shares

2023

No.

£

Ordinary of £1 each

1

1

   

9

Related party transactions

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Leases

15,000

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

Advanced

205,966

205,966

At end of period

205,966

205,966

Terms of loans from related parties

 

Garforth Timber Ltd

Notes to the Unaudited Financial Statements for the Period from 2 June 2022 to 31 August 2023

The loan balance is due to Garforth Building Supplies Limited a company in which S.Macdonald is a director and major shareholder. There are no formal repayment arrangements in place.