Company registration number 03492604 (England and Wales)
Timber Specialists (Sheffield) Limited
Unaudited financial statements
For the year ended 31 March 2024
Timber Specialists (Sheffield) Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Timber Specialists (Sheffield) Limited
Statement of financial position
As at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
145,939
165,737
Current assets
Stocks
342,446
385,235
Debtors
5
570,268
739,002
Cash at bank and in hand
838,187
1,134,011
1,750,901
2,258,248
Creditors: amounts falling due within one year
6
(1,070,587)
(1,248,289)
Net current assets
680,314
1,009,959
Total assets less current liabilities
826,253
1,175,696
Creditors: amounts falling due after more than one year
7
(5,500)
(8,171)
Provisions for liabilities
(30,300)
(38,500)
Net assets
790,453
1,129,025
Capital and reserves
Called up share capital
8
20,000
20,000
Profit and loss reserves
770,453
1,109,025
Total equity
790,453
1,129,025

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 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.

Timber Specialists (Sheffield) Limited
Statement of financial position (continued)
As at 31 March 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by:
Mr K J Smith
Director
Company registration number 03492604 (England and Wales)
Timber Specialists (Sheffield) Limited
Notes to the financial statements
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information

Timber Specialists (Sheffield) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Littleroyd Business Park, Queens Mill Road, Huddersfield, West Yorkshire, England, HD1 3RR.

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 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.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually at the point that the customer has signed for the delivery of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
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.

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:

Plant and machinery
10% to 33.3% straight line and over the lease period
Motor vehicles
20% straight line

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.

1.4
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stocks are valued using the first-in, first-out (FIFO) method.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets, which for the company comprise only cash at bank and in hand.

Timber Specialists (Sheffield) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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 income statement 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.

Timber Specialists (Sheffield) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 5 -
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 income statement, 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.

1.9
Retirement benefits

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

1.10
Leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

 

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Timber Specialists (Sheffield) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets, which are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Stock provisions

When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated future sales.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment, management considers factors including the ageing profile and recent correspondence with the debtors and historical experience.

3
Employees

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

2024
2023
Number
Number
Total
22
23
Timber Specialists (Sheffield) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
306,375
Additions
13,929
Disposals
(4,215)
At 31 March 2024
316,089
Depreciation and impairment
At 1 April 2023
140,638
Depreciation charged in the year
32,278
Eliminated in respect of disposals
(2,766)
At 31 March 2024
170,150
Carrying amount
At 31 March 2024
145,939
At 31 March 2023
165,737
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
472,568
632,014
Other debtors
97,700
106,988
570,268
739,002
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
2,670
2,533
Trade creditors
691,664
825,110
Corporation tax
125,431
61,289
Other taxation and social security
120,830
142,427
Other creditors
4,761
104
Accruals and deferred income
125,231
216,826
1,070,587
1,248,289
Timber Specialists (Sheffield) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
Creditors: amounts falling due within one year
(Continued)
- 8 -

Amounts due under finance leases and hire purchase contracts are secured against the assets which they relate to.

 

7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
5,500
8,171
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20,000
20,000
20,000
20,000
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
394,364
408,089
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