Ric Hemmings Timber Merchant Limited 04960536 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is that of a timber merchant. Digita Accounts Production Advanced 6.30.9574.0 true true 04960536 2022-12-01 2023-11-30 04960536 2023-11-30 04960536 core:CurrentFinancialInstruments 2023-11-30 04960536 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 04960536 core:Goodwill 2023-11-30 04960536 core:FurnitureFittings 2023-11-30 04960536 core:MotorVehicles 2023-11-30 04960536 core:OfficeEquipment 2023-11-30 04960536 core:PlantMachinery 2023-11-30 04960536 bus:SmallEntities 2022-12-01 2023-11-30 04960536 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 04960536 bus:FilletedAccounts 2022-12-01 2023-11-30 04960536 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 04960536 bus:RegisteredOffice 2022-12-01 2023-11-30 04960536 bus:CompanySecretary1 2022-12-01 2023-11-30 04960536 bus:Director1 2022-12-01 2023-11-30 04960536 bus:Director2 2022-12-01 2023-11-30 04960536 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 04960536 bus:Agent1 2022-12-01 2023-11-30 04960536 core:Goodwill 2022-12-01 2023-11-30 04960536 core:FurnitureFittings 2022-12-01 2023-11-30 04960536 core:MotorVehicles 2022-12-01 2023-11-30 04960536 core:OfficeEquipment 2022-12-01 2023-11-30 04960536 core:PlantMachinery 2022-12-01 2023-11-30 04960536 countries:AllCountries 2022-12-01 2023-11-30 04960536 2022-11-30 04960536 core:Goodwill 2022-11-30 04960536 core:FurnitureFittings 2022-11-30 04960536 core:MotorVehicles 2022-11-30 04960536 core:OfficeEquipment 2022-11-30 04960536 core:PlantMachinery 2022-11-30 04960536 2021-12-01 2022-11-30 04960536 2022-11-30 04960536 core:CurrentFinancialInstruments 2022-11-30 04960536 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 04960536 core:Goodwill 2022-11-30 04960536 core:FurnitureFittings 2022-11-30 04960536 core:MotorVehicles 2022-11-30 04960536 core:OfficeEquipment 2022-11-30 04960536 core:PlantMachinery 2022-11-30 iso4217:GBP xbrli:pure

Registration number: 04960536

Ric Hemmings Timber Merchant Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Ric Hemmings Timber Merchant Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3

Notes to the Unaudited Financial Statements

4 to 10

 

Ric Hemmings Timber Merchant Limited

Company Information

Directors

D Hemmings

B Hemmings

Company secretary

Mrs E Hemmings

Registered office

163 Herne Hill
London
SE24 9LR

Accountants

DSK Partners LLP
Chartered Accountants
163 Herne Hill
London
SE24 9LR

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ric Hemmings Timber Merchant Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ric Hemmings Timber Merchant Limited for the year ended 30 November 2023 as set out on pages 3 to 10 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Ric Hemmings Timber Merchant 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 accounts of Ric Hemmings Timber Merchant Limited and state those matters that we have agreed to state to the Board of Directors of Ric Hemmings Timber Merchant 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 Ric Hemmings Timber Merchant Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ric Hemmings Timber Merchant Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ric Hemmings Timber Merchant Limited. You consider that Ric Hemmings Timber Merchant 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 accounts of Ric Hemmings Timber Merchant 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 accounts.

......................................

DSK Partners LLP
Chartered Accountants
163 Herne Hill
London
SE24 9LR

23 July 2024

 

Ric Hemmings Timber Merchant Limited

(Registration number: 04960536)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

1,500

Tangible assets

5

33,543

30,307

Investment property

6

369,711

369,711

 

403,254

401,518

Current assets

 

Stocks

228,569

259,591

Debtors

7

57,296

38,167

Cash at bank and in hand

 

686,956

640,598

 

972,821

938,356

Creditors: Amounts falling due within one year

8

(285,582)

(305,885)

Net current assets

 

687,239

632,471

Net assets

 

1,090,493

1,033,989

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,090,393

1,033,889

Shareholders' funds

 

1,090,493

1,033,989

For the financial year ending 30 November 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 Income Statement.

Approved and authorised by the Board on 23 July 2024 and signed on its behalf by:
 

D Hemmings
Director

B Hemmings
Director

 
     
 

Ric Hemmings Timber Merchant Limited

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

1

General information

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

The address of its registered office is:
163 Herne Hill
London
SE24 9LR
England

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

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 sale of goods and 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;
and specific criteria have been met for each of the company's activities.

 

Ric Hemmings Timber Merchant Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Government grants

Government and other grants are recognised as income when there is reasonable assurance that the grants or contributions will be received and the conditions attaching to the grants or contribution have been met. Monies advanced as grants and contributions for which conditions have not been satisfied are carried in the Balance Sheet as creditors. When conditions are satisfied, the grant or contribution is credited to income.

Tax

The tax expense for the period comprises current 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.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Motor Vehicles

25% reducing balance method

Equipment

25% reducing balance method

Furniture and Fixtures

15% reducing balance method

Plant and Machinery

25% reducing balance method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Ric Hemmings Timber Merchant Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line method.

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.

Trade 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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

 

Ric Hemmings Timber Merchant Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 9).

 

Ric Hemmings Timber Merchant Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

30,000

30,000

At 30 November 2023

30,000

30,000

Amortisation

At 1 December 2022

28,500

28,500

Amortisation charge

1,500

1,500

At 30 November 2023

30,000

30,000

Carrying amount

At 30 November 2023

-

-

At 30 November 2022

1,500

1,500

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 December 2022

7,383

7,447

25,101

66,983

Additions

-

-

5,580

5,904

At 30 November 2023

7,383

7,447

30,681

72,887

Depreciation

At 1 December 2022

4,236

6,711

18,187

47,473

Charge for the year

455

184

2,081

5,528

At 30 November 2023

4,691

6,895

20,268

53,001

Carrying amount

At 30 November 2023

2,692

552

10,413

19,886

At 30 November 2022

3,147

736

6,914

19,510

 

Ric Hemmings Timber Merchant Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

5

Tangible assets (continued)

Total
£

Cost or valuation

At 1 December 2022

106,914

Additions

11,484

At 30 November 2023

118,398

Depreciation

At 1 December 2022

76,607

Charge for the year

8,248

At 30 November 2023

84,855

Carrying amount

At 30 November 2023

33,543

At 30 November 2022

30,307

6

Investment properties

2023
£

At 1 December

369,711

At 30 November

369,711

In the opinion of the directors, the market value of the property is stated as above.

7

Debtors

Current

2023
£

2022
£

Trade debtors

45,370

25,824

Prepayments

11,926

12,333

Other debtors

-

10

 

57,296

38,167

 

Ric Hemmings Timber Merchant Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

110,633

127,366

Taxation and social security

72,620

51,363

Other creditors

102,329

127,156

285,582

305,885