Acorah Software Products - Accounts Production 14.5.601 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 11125818 Mr Stephen Pritchard iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11125818 2022-12-31 11125818 2023-12-31 11125818 2023-01-01 2023-12-31 11125818 frs-core:CurrentFinancialInstruments 2023-12-31 11125818 frs-core:Non-currentFinancialInstruments 2023-12-31 11125818 frs-core:BetweenOneFiveYears 2023-12-31 11125818 frs-core:MotorVehicles 2023-12-31 11125818 frs-core:MotorVehicles 2023-01-01 2023-12-31 11125818 frs-core:MotorVehicles 2022-12-31 11125818 frs-core:PlantMachinery 2023-12-31 11125818 frs-core:PlantMachinery 2023-01-01 2023-12-31 11125818 frs-core:PlantMachinery 2022-12-31 11125818 frs-core:WithinOneYear 2023-12-31 11125818 frs-core:ShareCapital 2023-12-31 11125818 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 11125818 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11125818 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 11125818 frs-bus:SmallEntities 2023-01-01 2023-12-31 11125818 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11125818 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11125818 frs-bus:Director1 2023-01-01 2023-12-31 11125818 frs-countries:EnglandWales 2023-01-01 2023-12-31 11125818 2021-12-31 11125818 2022-12-31 11125818 2022-01-01 2022-12-31 11125818 frs-core:CurrentFinancialInstruments 2022-12-31 11125818 frs-core:Non-currentFinancialInstruments 2022-12-31 11125818 frs-core:BetweenOneFiveYears 2022-12-31 11125818 frs-core:MotorVehicles 2022-01-01 2022-12-31 11125818 frs-core:WithinOneYear 2022-12-31 11125818 frs-core:ShareCapital 2022-12-31 11125818 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 11125818
Timber Framed Buildings Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
H.J. Hedges-Quinn & Co Ltd
ACCA
The Old Astra Cinema
The Street
Great Bricett
Suffolk
IP7 7DN
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11125818
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 19,108 25,910
19,108 25,910
CURRENT ASSETS
Stocks 5 750 950
Debtors 6 248 3,444
Cash at bank and in hand 7,309 11,563
8,307 15,957
Creditors: Amounts Falling Due Within One Year 7 (11,392 ) (12,364 )
NET CURRENT ASSETS (LIABILITIES) (3,085 ) 3,593
TOTAL ASSETS LESS CURRENT LIABILITIES 16,023 29,503
Creditors: Amounts Falling Due After More Than One Year 8 (8,189 ) (14,740 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (3,631 ) (4,486 )
NET ASSETS 4,203 10,277
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 4,103 10,177
SHAREHOLDERS' FUNDS 4,203 10,277
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Stephen Pritchard
Director
09/04/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Timber Framed Buildings Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11125818 . The registered office is 31 Church Road, Worlingworth, Woodbridge, Suffolk, IP13 7NU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
Page 4
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 1 1
Sales, marketing and distribution 1 1
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 January 2023 9,313 30,920 40,233
Additions 302 - 302
Disposals (2,879 ) - (2,879 )
As at 31 December 2023 6,736 30,920 37,656
Depreciation
As at 1 January 2023 6,593 7,730 14,323
Provided during the period 576 5,798 6,374
Disposals (2,149 ) - (2,149 )
As at 31 December 2023 5,020 13,528 18,548
Net Book Value
As at 31 December 2023 1,716 17,392 19,108
As at 1 January 2023 2,720 23,190 25,910
Page 4
Page 5
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Motor Vehicles 17,392 23,190
17,392 23,190
5. Stocks
2023 2022
£ £
Materials 750 950
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 1,554
Prepayments and accrued income 248 592
Other debtors - 261
Corporation tax recoverable assets - 1,037
248 3,444
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 6,551 6,551
Trade creditors 1,185 1,694
Corporation tax 441 -
VAT 1,837 3,039
Accruals and deferred income 1,067 845
Director's loan account 311 235
11,392 12,364
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 8,189 14,740
8,189 14,740
Page 5
Page 6
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,551 6,551
Later than one year and not later than five years 8,189 14,740
14,740 21,291
14,740 21,291
10. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
2023 2022
£ £
Other timing differences 3,631 4,486
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
Dividends paid to directors
2023 2022
£ £
Mr Stephen Pritchard 3,000 7,000
Page 6