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REGISTERED NUMBER: 03108642 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2023

FOR

CORWEN FORESTRY TIMBER PRODUCTS LIMITED

CORWEN FORESTRY TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 03108642)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CORWEN FORESTRY TIMBER PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2023







DIRECTORS: A Lloyd
J L Lloyd
H W Lloyd
G M Lloyd
B W Lloyd



SECRETARY: A Lloyd



REGISTERED OFFICE: Tyn Llidiart
Industrial Estate
Corwen
Denbighshire
LL12 9RZ



REGISTERED NUMBER: 03108642 (England and Wales)



ACCOUNTANTS: M. D. Coxey and Co. Limited
Chartered Accountants
25, Grosvenor Road
Wrexham
LL11 1BT



BANKERS: National Westminster Bank
Corwen
Menai SC
PO Box 1130
Bangor
Gwynedd
LL59 5ZD

CORWEN FORESTRY TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 03108642)

BALANCE SHEET
30TH APRIL 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,568,452 2,481,837
Investments 6 101 101
2,568,553 2,481,938

CURRENT ASSETS
Stocks 7 692,670 192,275
Debtors 8 1,827,235 1,801,459
Cash at bank 1,753,872 1,907,349
4,273,777 3,901,083
CREDITORS
Amounts falling due within one year 9 664,831 458,198
NET CURRENT ASSETS 3,608,946 3,442,885
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,177,499

5,924,823

PROVISIONS FOR LIABILITIES 10 (488,006 ) (264,300 )

ACCRUALS AND DEFERRED INCOME (76,702 ) (81,104 )
NET ASSETS 5,612,791 5,579,419

CAPITAL AND RESERVES
Called up share capital 11 168 168
Retained earnings 5,612,623 5,579,251
SHAREHOLDERS' FUNDS 5,612,791 5,579,419

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 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.

CORWEN FORESTRY TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 03108642)

BALANCE SHEET - continued
30TH APRIL 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th December 2023 and were signed on its behalf by:





A Lloyd - Director


CORWEN FORESTRY TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 03108642)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023

1. STATUTORY INFORMATION

Corwen Forestry Timber Products 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Preparation of consolidated financial statements
The financial statements contain information about Corwen Forestry Timber Products Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - The length of the lease
Fixtures & plant - 10% on reducing balance
Motor vehicles - 15% to 33% straight line basis

No depreciation is provided on land.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.


CORWEN FORESTRY TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 03108642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Government grants
Grants received in respect of capital expenditure are credited to a reserve and released to profit over the estimated useful life of the asset concerned.Grants are recognised in the financial statements on receipt.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 34 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st May 2022
and 30th April 2023 60,000
AMORTISATION
At 1st May 2022
and 30th April 2023 60,000
NET BOOK VALUE
At 30th April 2023 -
At 30th April 2022 -

CORWEN FORESTRY TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 03108642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Fixtures
property property & plant
£    £    £   
COST
At 1st May 2022 1,190,204 79,925 2,395,471
Additions - - 285,975
At 30th April 2023 1,190,204 79,925 2,681,446
DEPRECIATION
At 1st May 2022 99,832 79,515 1,004,777
Charge for year 14,762 410 184,658
At 30th April 2023 114,594 79,925 1,189,435
NET BOOK VALUE
At 30th April 2023 1,075,610 - 1,492,011
At 30th April 2022 1,090,372 410 1,390,694

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st May 2022 16,991 38,147 3,720,738
Additions - 1,077 287,052
At 30th April 2023 16,991 39,224 4,007,790
DEPRECIATION
At 1st May 2022 16,991 37,786 1,238,901
Charge for year - 607 200,437
At 30th April 2023 16,991 38,393 1,439,338
NET BOOK VALUE
At 30th April 2023 - 831 2,568,452
At 30th April 2022 - 361 2,481,837

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st May 2022
and 30th April 2023 101
NET BOOK VALUE
At 30th April 2023 101
At 30th April 2022 101

CORWEN FORESTRY TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 03108642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023

6. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Corwen Forestry Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
30.4.23 30.4.22
£    £   
Aggregate capital and reserves 100 100

7. STOCKS
30.4.23 30.4.22
£    £   
Finished goods for resale 692,670 192,275

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 831,082 847,606
Amounts owed by group undertakings 996,153 953,853
1,827,235 1,801,459

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade creditors 533,076 303,654
Tax 22,389 59,638
Social security and other taxes 15,291 12,628
VAT 38,752 18,761
Accruals 43,766 63,517
Other creditors 11,557 -
664,831 458,198

10. PROVISIONS FOR LIABILITIES
30.4.23 30.4.22
£    £   
Deferred tax
Accelerated capital allowances 488,006 264,300

Deferred
tax
£   
Balance at 1st May 2022 264,300
Changes in tax allowances 223,706
Balance at 30th April 2023 488,006

CORWEN FORESTRY TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 03108642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.23 30.4.22
value: £    £   
168 Ordinary £1 168 168

12. CAPITAL COMMITMENTS
30.4.23 30.4.22
£    £   
Contracted but not provided for in the
financial statements - -

13. RELATED PARTY DISCLOSURES

The directors, in their capacity as partners in the Corwen Forestry Partnership, charged the company £240,000 (2022: £188,433) in respect of management charges and rent .

A director, H.W. Lloyd, is also a director of CF Racing Limited.

The company was owed £996,153 (2022: £953,853) from the above entities at the year end. This is shown in Debtors: Amounts falling due within one year.