Company registration number 06274737 (England and Wales)
TRENDY TIMBER LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
TRENDY TIMBER LTD
COMPANY INFORMATION
Director
Mrs J L Hine
Company number
06274737
Registered office
37 Beggars Lane
Leek
Staffordshire
ST13 8DB
Accountants
Dains Accountants Limited
Suite 2, Albion House
2 Etruria Office Village
Forge Lane
Stoke on Trent
Staffordshire
ST1 5RQ
TRENDY TIMBER LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
TRENDY TIMBER LTD
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
24,355
34,766
Current assets
Stocks
29,759
52,500
Debtors
4
21,869
11,459
Cash at bank and in hand
41,638
15,762
93,266
79,721
Creditors: amounts falling due within one year
5
(58,219)
(45,731)
Net current assets
35,047
33,990
Total assets less current liabilities
59,402
68,756
Creditors: amounts falling due after more than one year
6
(34,125)
(39,383)
Provisions for liabilities
(2,922)
(2,813)
Net assets
22,355
26,560
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
22,354
26,559
Total equity
22,355
26,560

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

TRENDY TIMBER LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 14 March 2024
Mrs J L Hine
Director
Company registration number 06274737 (England and Wales)
TRENDY TIMBER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Trendy Timber Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 37 Beggars Lane, Leek, Staffordshire, ST13 8DB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

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

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% reducing balance
Motor vehicles
15% reducing balance
1.4
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

TRENDY TIMBER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
TRENDY TIMBER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 July 2022
119,577
3,200
122,777
Additions
1,200
-
0
1,200
Disposals
(33,605)
-
0
(33,605)
At 30 June 2023
87,172
3,200
90,372
Depreciation and impairment
At 1 July 2022
86,805
1,206
88,011
Depreciation charged in the year
3,805
299
4,104
Eliminated in respect of disposals
(26,098)
-
0
(26,098)
At 30 June 2023
64,512
1,505
66,017
Carrying amount
At 30 June 2023
22,660
1,695
24,355
At 30 June 2022
32,772
1,994
34,766
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
20,294
10,315
Other debtors
1,575
1,144
21,869
11,459
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,258
5,110
Trade creditors
25,171
5,944
Taxation and social security
12,036
5,330
Other creditors
15,754
29,347
58,219
45,731
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,125
39,383
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