Company registration number 03864913 (England and Wales)
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
COMPANY INFORMATION
Directors
Mr M Tancock
Mr MP Tancock
Company number
03864913
Registered office
7 Dulais Road
Seven Sisters
Neath
Neath Port Talbot
SA10 9EL
Accountants
WBV Limited
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3 - 4
Statement of changes in equity
5
Notes to the financial statements
6 - 10
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 October 2023.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M Tancock
Mr MP Tancock
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr M Tancock
Mr MP Tancock
Director
Director
4 July 2024
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SEVEN SISTERS SAWMILLS (SHEDS) LIMITED FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Seven Sisters Sawmills (Sheds) Limited for the year ended 31 October 2023 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Seven Sisters Sawmills (Sheds) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Seven Sisters Sawmills (Sheds) Limited and state those matters that we have agreed to state to the board of directors of Seven Sisters Sawmills (Sheds) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Seven Sisters Sawmills (Sheds) Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Seven Sisters Sawmills (Sheds) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Seven Sisters Sawmills (Sheds) Limited. You consider that Seven Sisters Sawmills (Sheds) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Seven Sisters Sawmills (Sheds) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

WBV Limited
4 July 2024
Chartered Accountants
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 3 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
54,288
58,030
Current assets
Stocks
68,617
78,804
Debtors
5
17,742
16,839
Cash at bank and in hand
155,969
130,306
242,328
225,949
Creditors: amounts falling due within one year
6
(90,997)
(89,812)
Net current assets
151,331
136,137
Total assets less current liabilities
205,619
194,167
Provisions for liabilities
(13,572)
(14,508)
Net assets
192,047
179,659
Capital and reserves
Called up share capital
7
300
300
Profit and loss reserves
191,747
179,359
Total equity
192,047
179,659

The notes on pages 6 to 10 form part of these financial statements.

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

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 4 July 2024 and are signed on its behalf by:
Mr M Tancock
Mr MP Tancock
Director
Director
Company registration number 03864913 (England and Wales)
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 October 2022:
Balance at 1 November 2021
300
138,910
139,210
Year ended 31 October 2022:
Profit and total comprehensive income for the period
-
63,978
63,978
(as previously stated)
Prior year adjustment (note 9)
-
(12,929)
(12,929)
Total comprehensive income for the year
-
51,049
51,049
Dividends
-
(10,600)
(10,600)
Balance at 31 October 2022 as restated
300
179,359
179,659
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
22,388
22,388
Dividends
-
(10,000)
(10,000)
Balance at 31 October 2023
300
191,747
192,047

The notes on pages 6 to 10 form part of these financial statements.

SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
1
Accounting policies
Company information

Seven Sisters Sawmills (Sheds) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Dulais Road, Seven Sisters, Neath, Neath Port Talbot, SA10 9EL.

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 were previously prepared under FRS105. The transition to FRS102 has resulted in the provision for deferred tax. This has been reflected in the comparative figure for 2022 as a prior year adjustment. This resulted in the previously stated reserves being reduced by £12,929.

The prior year adjustment is explained in note 9 to the financial statements.

 

 

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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years    .

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
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.

SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 7 -

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:

Freehold land and buildings
25% on cost
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Computers
33% on cost
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

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.

SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 8 -
1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

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

2023
2022
Number
Number
Total
12
15
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
104,776
Amortisation and impairment
At 1 November 2022 and 31 October 2023
104,776
Carrying amount
At 31 October 2023
-
0
At 31 October 2022
-
0
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2022
13,428
39,970
11,970
5,424
61,175
131,967
Additions
-
0
10,032
-
0
1,808
-
0
11,840
Disposals
-
0
(2,300)
-
0
-
0
-
0
(2,300)
At 31 October 2023
13,428
47,702
11,970
7,232
61,175
141,507
Depreciation and impairment
At 1 November 2022
13,428
25,224
6,966
5,220
23,100
73,938
Depreciation charged in the year
-
0
4,632
1,395
472
8,849
15,348
Eliminated in respect of disposals
-
0
(2,067)
-
0
-
0
-
0
(2,067)
At 31 October 2023
13,428
27,789
8,361
5,692
31,949
87,219
Carrying amount
At 31 October 2023
-
0
19,913
3,609
1,540
29,226
54,288
At 31 October 2022
-
0
14,746
5,005
204
38,075
58,030
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
17,742
15,870
Other debtors
-
0
969
17,742
16,839
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
48,408
33,302
Corporation tax
5,811
9,384
Other taxation and social security
11,739
22,568
Other creditors
25,039
24,558
90,997
89,812
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300
300
300
300
8
Ultimate controlling party

There is no ultimate controlling party.

9
Prior year adjustment

Profit &

loss

account

reserve

£

 

Reserves at 01/11/22 as previously stated             192,288

 

Prior year adjustment                     -12,929

 

Reserves at 01/11/22 as restated                179,359

 

The prior year adjustment relates to the provision for deferred tax. The financial statements were previously prepared under FRS 105 where no deferred tax provision was required. Having transitioned to FRS 102, where a provision for deferred tax is required, a prior year year adjustment has been made to reflect the change in accounting policy.

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