Registered number
12974330
Timber Sourcing (UK) Ltd
Filleted Accounts
31 October 2023
Timber Sourcing (UK) Ltd
Registered number: 12974330
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 5,000 7,500
Tangible assets 4 730 973
5,730 8,473
Current assets
Stocks 36,630 53,538
Debtors 5 54,593 24,476
Cash at bank and in hand 620 1,114
91,843 79,128
Creditors: amounts falling due within one year 6 (65,573) (66,910)
Net current assets 26,270 12,218
Net assets 32,000 20,691
Capital and reserves
Called up share capital 100 100
Profit and loss account 31,900 20,591
Shareholders' funds 32,000 20,691
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Dickens
Director
Approved by the board on 31 July 2024
Timber Sourcing (UK) Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3-5 years via reducing balance method
Fixtures, fittings, tools and equipment over 3-5 years via reducing balance method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against future taxable profits. Current tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 10,000
At 31 October 2023 10,000
Amortisation
At 1 November 2022 2,500
Provided during the year 2,500
At 31 October 2023 5,000
Net book value
At 31 October 2023 5,000
At 31 October 2022 7,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 4 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 1,297
At 31 October 2023 1,297
Depreciation
At 1 November 2022 324
Charge for the year 243
At 31 October 2023 567
Net book value
At 31 October 2023 730
At 31 October 2022 973
5 Debtors 2023 2022
£ £
Trade debtors 54,593 24,476
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 3,750 13,823
Taxation and social security costs 35,501 9,030
Other creditors 26,322 44,057
65,573 66,910
7 Controlling party
The company is controlled by Mr R Dickens the director
8 Other information
Timber Sourcing (UK) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
First Floor, 12 St. John's Way
St. John's Business Estate
Downham Market
Norfolk
PE38 0QQ
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