REGISTERED NUMBER: |
A & G KING TIMBER LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
REGISTERED NUMBER: |
A & G KING TIMBER LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
A & G KING TIMBER LIMITED (REGISTERED NUMBER: SC198132) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
Page |
Company Information | 1 |
Chartered Certified Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
A & G KING TIMBER LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
4 Royal Crescent |
Glasgow |
G3 7SL |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
A & G KING TIMBER LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A & G King Timber Limited for the year ended 30th September 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the Board of Directors of A & G King Timber Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A & G King Timber Limited and state those matters that we have agreed to state to the Board of Directors of A & G King Timber Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that A & G King Timber Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A & G King Timber Limited. You consider that A & G King Timber Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of A & G King Timber Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Certified Accountants |
4 Royal Crescent |
Glasgow |
G3 7SL |
A & G KING TIMBER LIMITED (REGISTERED NUMBER: SC198132) |
BALANCE SHEET |
30TH SEPTEMBER 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
A & G KING TIMBER LIMITED (REGISTERED NUMBER: SC198132) |
BALANCE SHEET - continued |
30TH SEPTEMBER 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 |
A & G KING TIMBER LIMITED (REGISTERED NUMBER: SC198132) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
A & G King Timber Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The turnover shown in the profit and loss account represents the consideration recevied for goods or services sold during the year, exclusive of Value Added Tax. |
Goodwill |
Goodwill arising on the acquisition of businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life of 20 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 |
All fixed assets are initially recorded at cost. |
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
Asset type | Depreciation rate |
Plant & machinery | 10% - 25% straight line |
Property improvements | 8% straight line |
Motor vehicles | 25% straight line |
Freehold Property | No depreciation |
Investment property |
Investment properties are shown at fair value. Gains are recognised in the Income Statement. Deferred |
taxation is provided on these gains at the rate expected to apply when the property is sold. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
A & G KING TIMBER LIMITED (REGISTERED NUMBER: SC198132) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Fixed asset investments |
Listed Investments |
a) Investments are initially recognised at their transaction value and subsequently measured at their market value at the balance sheet date using the closing quoted market price. The Income Statement includes the net gains and losses arising on revaluation and disposals throughout the year. |
b) All investment gains and losses are taken to the Income Statement as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Income Statement. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
A & G KING TIMBER LIMITED (REGISTERED NUMBER: SC198132) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st October 2022 |
and 30th September 2023 |
AMORTISATION |
At 1st October 2022 |
and 30th September 2023 |
NET BOOK VALUE |
At 30th September 2023 |
At 30th September 2022 |
5. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and | Motor |
property | property | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) | ( |
) |
At 30th September 2023 |
DEPRECIATION |
At 1st October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th September 2023 |
NET BOOK VALUE |
At 30th September 2023 |
At 30th September 2022 |
A & G KING TIMBER LIMITED (REGISTERED NUMBER: SC198132) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
6. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST OR VALUATION |
At 1st October 2022 |
Additions |
Revaluations |
Management charges & interest | ( |
) |
At 30th September 2023 |
NET BOOK VALUE |
At 30th September 2023 |
At 30th September 2022 |
Cost or valuation at 30th September 2023 is represented by: |
Listed |
investments |
£ |
Valuation in 2023 | 2,927,695 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st October 2022 |
Additions |
Reclassification/transfer | 270,992 |
At 30th September 2023 |
NET BOOK VALUE |
At 30th September 2023 |
At 30th September 2022 |
Included in fair value of investment property is freehold land of £ 1,603,979 (2022 - £ 1,277,352 ) which is not depreciated. |
Fair value at 30th September 2023 is represented by: |
£ |
Valuation in 2023 | 1,603,979 |
If the investment property had not been revalued it would have been included at the following historical cost: |
30.9.23 | 30.9.22 |
£ | £ |
Cost | 1,042,147 | 715,520 |
The investment property was valued on an open market basis on 30th September 2023 by A. King, a Director . |
A & G KING TIMBER LIMITED (REGISTERED NUMBER: SC198132) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade debtors |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.23 | 30.9.22 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
11. | OTHER FINANCIAL COMMITMENTS |
The company has future operating lease commitments of £382,998 (2022: £421,947). |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30th September 2023 and 30th September 2022: |
30.9.23 | 30.9.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
This amount bears no interest and has no fixed repayment terms. |
13. | ULTIMATE CONTROLLING PARTY |
The company was under the control of Alan King throughout the current and previous year. |