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REGISTERED NUMBER: 01136632 (England and Wales)















WALFORD TIMBER LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2023






WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WALFORD TIMBER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2023







DIRECTORS: J D Smith Deceased
G E Smith
G T Smith
N J Smith
J A Read





SECRETARY: G T Smith





REGISTERED OFFICE: The Sawmills
Walford
Ross-on-wye
Herefordshire
HR9 5QS





REGISTERED NUMBER: 01136632 (England and Wales)





ACCOUNTANTS: Green & Co
Chartered Certified Accountants
Pembroke House
Llantarnam Park Way
Cwmbran
Torfaen
NP44 3AU

WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)

BALANCE SHEET
31ST OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,106,959 1,223,011

CURRENT ASSETS
Stocks 1,486,619 1,566,931
Debtors 5 509,564 544,484
Cash at bank and in hand 1,416,167 1,328,930
3,412,350 3,440,345
CREDITORS
Amounts falling due within one year 6 1,104,710 746,470
NET CURRENT ASSETS 2,307,640 2,693,875
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,414,599

3,916,886

CREDITORS
Amounts falling due after more than one
year

7

(418,218

)

(596,142

)

PROVISIONS FOR LIABILITIES (77,980 ) (113,613 )
NET ASSETS 2,918,401 3,207,131

CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Retained earnings 2,908,401 3,197,131
SHAREHOLDERS' FUNDS 2,918,401 3,207,131

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 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.

WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)

BALANCE SHEET - continued
31ST OCTOBER 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 Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th March 2024 and were signed on its behalf by:





G T Smith - Director


WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

1. STATUTORY INFORMATION

Walford Timber 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property - 2% on cost (excluding land)
Short leasehold - 3% on reducing balance
Plant and machinery - 15% on reducing balance
Computer equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Software - 15% on reducing balance
Fixtures and fittings - 20% 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 Profit and Loss, 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.


WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)

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

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over their useful lives. Rentals paid under operating leases are charged to the profit and loss account 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2022 - 54 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Short and Plant and
property leasehold fittings machinery
£    £    £    £   
COST
At 1st November 2022 192,115 899,666 - 1,482,989
Additions - - 25,414 8,721
Disposals - - - -
At 31st October 2023 192,115 899,666 25,414 1,491,710
DEPRECIATION
At 1st November 2022 28,943 497,429 - 1,022,392
Charge for year 1,899 12,067 4,659 76,421
Eliminated on disposal - - - -
At 31st October 2023 30,842 509,496 4,659 1,098,813
NET BOOK VALUE
At 31st October 2023 161,273 390,170 20,755 392,897
At 31st October 2022 163,172 402,237 - 460,597

WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)

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

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
Software vehicles equipment Totals
£    £    £    £   
COST
At 1st November 2022 31,750 213,391 96,857 2,916,768
Additions - 26,056 4,933 65,124
Disposals - (56,266 ) - (56,266 )
At 31st October 2023 31,750 183,181 101,790 2,925,626
DEPRECIATION
At 1st November 2022 16,627 73,526 54,840 1,693,757
Charge for year 2,268 34,015 6,966 138,295
Eliminated on disposal - (13,385 ) - (13,385 )
At 31st October 2023 18,895 94,156 61,806 1,818,667
NET BOOK VALUE
At 31st October 2023 12,855 89,025 39,984 1,106,959
At 31st October 2022 15,123 139,865 42,017 1,223,011

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st November 2022 271,568 113,511 385,079
Disposals - (56,266 ) (56,266 )
At 31st October 2023 271,568 57,245 328,813
DEPRECIATION
At 1st November 2022 60,101 20,633 80,734
Charge for year 31,720 18,468 50,188
Eliminated on disposal - (13,385 ) (13,385 )
At 31st October 2023 91,821 25,716 117,537
NET BOOK VALUE
At 31st October 2023 179,747 31,529 211,276
At 31st October 2022 211,467 92,878 304,345

WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 458,998 478,849
Other debtors 16,301 -
Prepayments 34,265 65,635
509,564 544,484

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 98,796 105,759
Hire purchase contracts 70,213 82,893
Trade creditors 699,070 230,879
Corporation Tax - 16,301
Social security and other taxes 23,643 27,589
VAT 118,714 157,313
Other creditors 10,338 9,113
Directors' current accounts 6,222 39,336
Accruals and deferred income 77,714 77,287
1,104,710 746,470

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans - 1-5 years 333,588 425,421
Hire purchase contracts 84,630 170,721
418,218 596,142

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,500 Ordinary A £1 1,500 1,500
1,500 Ordinary B £1 1,500 1,500
5,100 Ordinary C £1 5,100 5,100
900 Ordinary D £1 900 900
1,000 Ordinary E £1 1,000 1,000
10,000 10,000

WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)

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

9. RELATED PARTY DISCLOSURES

The company had the following outstanding directors loans at year end:
- G E Smith was owed £5,188 (2022 - £12,742)
- G T Smith was owed £571 (2022 - £610)
- N J Smith was owed £463 (2022 - £10,537)
- J D Smith was owed £nil (2022 - £15,446)

The land at Walford, Herefordshire from which the company operates is owned by G T Smith and N J Smith. The company has a 21 year lease over the property expiring on 23 October 2024. Rent of £108,000 (2022 - £108,000) has been paid during the year.