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Registration number: 09494707

Barnesfield Timber Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Barnesfield Timber Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Barnesfield Timber Ltd

(Registration number: 09494707)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

93,157

45,760

Debtors

6

25,835

-

 

118,992

45,760

Current assets

 

Stocks

5

389,653

336,485

Debtors

6

796,305

528,473

Cash at bank and in hand

 

358,070

350,467

 

1,544,028

1,215,425

Creditors: Amounts falling due within one year

7

(810,491)

(598,587)

Net current assets

 

733,537

616,838

Net assets

 

852,529

662,598

Capital and reserves

 

Called up share capital

100,000

100,000

Retained earnings

752,529

562,598

Shareholders' funds

 

852,529

662,598

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 February 2024 and signed on its behalf by:
 

Mr J W Barnes
Director

   
     
 

Barnesfield Timber Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Saw Mills
Vastern Wharf
Royal Wootton Bassett
Swindon
Wiltshire
SN4 7PD

These financial statements were authorised for issue by the Board on 9 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- the costs incurred and to be incurred in respect of the transaction can be reliably measured; and
- specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Barnesfield Timber Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

30% straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Barnesfield Timber Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 4 (2022 - 4).

 

Barnesfield Timber Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

6,259

68,780

75,039

Additions

1,558

122,396

123,954

Disposals

-

(68,780)

(68,780)

At 30 June 2023

7,817

122,396

130,213

Depreciation

At 1 July 2022

5,787

23,492

29,279

Charge for the year

670

30,599

31,269

Eliminated on disposal

-

(23,492)

(23,492)

At 30 June 2023

6,457

30,599

37,056

Carrying amount

At 30 June 2023

1,360

91,797

93,157

At 30 June 2022

472

45,288

45,760

5

Stocks

2023
£

2022
£

Other inventories

389,653

336,485

6

Debtors

Current

2023
£

2022
£

Trade debtors

764,178

523,489

Prepayments

650

672

Other debtors

31,477

4,312

 

796,305

528,473

Non-current

2023
£

2022
£

Other debtors

25,835

-

 

25,835

-

 

Barnesfield Timber Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Due within one year

Note

2023
£

2022
£

Trade creditors

 

611,941

339,434

Social security and other taxes

 

139,564

184,459

Other creditors

 

44,200

58,335

Accruals and deferred income

 

14,786

16,359

 

810,491

598,587

8

Related party transactions

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Sale of goods

249,175


 

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Purchase of goods

166,195

The Company purchased and sold goods as above from and to Vastern Timber Company Limited, a company in which J W Barnes and T M Barnes are also directors. These goods were bought and sold on an arm's length basis. £95,213 was outstanding at the year end, which is included in Trade Debtors in note 6.