Totem Timber Limited 01048725 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of a holding company. Digita Accounts Production Advanced 6.30.9574.0 true false true 01048725 2023-01-01 2023-12-31 01048725 2023-12-31 01048725 core:CurrentFinancialInstruments 2023-12-31 01048725 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01048725 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 01048725 1 2023-12-31 01048725 bus:SmallEntities 2023-01-01 2023-12-31 01048725 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01048725 bus:FilletedAccounts 2023-01-01 2023-12-31 01048725 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01048725 bus:RegisteredOffice 2023-01-01 2023-12-31 01048725 bus:Director1 2023-01-01 2023-12-31 01048725 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01048725 core:Buildings 2023-01-01 2023-12-31 01048725 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01048725 countries:EnglandWales 2023-01-01 2023-12-31 01048725 1 2023-01-01 2023-12-31 01048725 2022-12-31 01048725 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 01048725 1 2022-12-31 01048725 2022-01-01 2022-12-31 01048725 2022-12-31 01048725 core:CurrentFinancialInstruments 2022-12-31 01048725 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 01048725 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 01048725 1 2022-12-31 01048725 1 2022-01-01 2022-12-31 01048725 1 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 01048725

Totem Timber Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Totem Timber Limited

Contents

Profit and Loss Account and Statement of Retained Earnings

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 7

 

Totem Timber Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

105,000

105,000

Administrative expenses

 

(9,240)

107,183

Operating profit

 

95,760

212,183

Income from shares in group undertakings

 

387,000

350,000

Other interest receivable and similar income

 

3,573

1,436

Interest payable and similar charges

 

(13,035)

(2,600)

 

377,538

348,836

Profit before tax

473,298

561,019

Taxation

 

(20,237)

(23,423)

Profit for the financial year

 

453,061

537,596

Retained earnings brought forward

 

1,617,968

1,430,372

Dividends paid

 

(252,642)

(350,000)

Retained earnings carried forward

 

1,818,387

1,617,968

 

Totem Timber Limited

(Registration number: 01048725)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

646,332

624,379

Investments

5

100

100

 

646,432

624,479

Current assets

 

Debtors

6

1,160,111

894,245

Cash at bank and in hand

 

136,578

281,465

 

1,296,689

1,175,710

Creditors: Amounts falling due within one year

7

(119,734)

(177,221)

Net current assets

 

1,176,955

998,489

Net assets

 

1,823,387

1,622,968

Capital and reserves

 

Called up share capital

4,250

4,250

Capital redemption reserve

750

750

Profit and loss account

1,818,387

1,617,968

Shareholders' funds

 

1,823,387

1,622,968

For the financial year ending 31 December 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 21 June 2024 and signed on its behalf by:
 


S F Parnell
Director

 

Totem Timber Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
St John's Road
Cattedown
Plymouth
Devon
PL4 0PA

Principal activity

The principal activity of the company is that of a holding company.

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 financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Revenue - described as turnover - is the value of rent receivable during the year.

 

Totem Timber Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

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 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

Freehold buildings

20 years straight line, 50 years straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Totem Timber Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Summary of disclosure exemptions

Totem Timber Limited has taken advantage of the exemption to not prepare group accounts, under section 1A small entities of FRS 102.

3

Staff numbers

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

 

Totem Timber Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2023

760,779

760,779

Additions

30,498

30,498

At 31 December 2023

791,277

791,277

Depreciation

At 1 January 2023

136,400

136,400

Charge for the year

8,545

8,545

At 31 December 2023

144,945

144,945

Carrying amount

At 31 December 2023

646,332

646,332

At 31 December 2022

624,379

624,379

5

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

6

Debtors

2023
£

2022
£

Amounts owed by group undertakings

632,831

894,245

Other debtors

526,250

-

Deferred tax assets

1,030

-

1,160,111

894,245

 

Totem Timber Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Taxation and social security

21,267

20,594

Other creditors

98,467

156,627

119,734

177,221

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Directors loans

(156,626)

40,428

(98,588)

(98,466)

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Directors loans

(88,636)

100,737

(168,727)

(156,626)