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REGISTERED NUMBER: 09437345 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Economy Timber Limited

Economy Timber Limited (Registered number: 09437345)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


Economy Timber Limited (Registered number: 09437345)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £ £
Fixed assets
Tangible assets 5 12,688 14,928

Current assets
Stocks 113,037 122,345
Debtors 6 225,184 110,519
Cash at bank and in hand 307,704 314,038
645,925 546,902
Creditors
Amounts falling due within one year 7 (96,531 ) (63,074 )
Net current assets 549,394 483,828
Total assets less current liabilities 562,082 498,756

Provisions for liabilities (3,172 ) (3,732 )
Net assets 558,910 495,024

Capital and reserves
Called up share capital 100 100
Retained earnings 8 558,810 494,924
558,910 495,024

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Economy Timber Limited (Registered number: 09437345)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 August 2024 and were signed by:





Mr P D Page - Director


Economy Timber Limited (Registered number: 09437345)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. Statutory information

Economy Timber Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09437345

Registered office: Unit 44 Mill Lane
Syderstone
King's Lynn
Norfolk
PE31 8SE

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting 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. The key assumptions and other sources of estimation uncertainty that have a significant effect upon the figures reported in the financial statements are in respect of the rates applied for annual depreciation, as described below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised upon the delivery or collection of goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on cost

Tangible fixed assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.

Economy Timber Limited (Registered number: 09437345)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued

Stocks
Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Economy Timber Limited (Registered number: 09437345)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. Employees and directors

The average number of employees during the year was 4 (2022 - 4 ) .

5. Tangible fixed assets
Plant and
machinery
£
Cost
At 1 January 2023
and 31 December 2023 27,287
Depreciation
At 1 January 2023 12,359
Charge for year 2,240
At 31 December 2023 14,599
Net book value
At 31 December 2023 12,688
At 31 December 2022 14,928

Economy Timber Limited (Registered number: 09437345)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. Debtors: amounts falling due within one year
31.12.23 31.12.22
£ £
Trade debtors 3,492 8,454
Other debtors 221,692 102,065
225,184 110,519

7. Creditors: amounts falling due within one year
31.12.23 31.12.22
£ £
Trade creditors 18,531 3,829
Taxation and social security 38,125 39,701
Other creditors 39,875 19,544
96,531 63,074

8. Reserves
Retained
earnings
£

At 1 January 2023 494,924
Profit for the year 83,886
Dividends (20,000 )
At 31 December 2023 558,810

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.

9. Related party disclosures

Loans totalling £220,000 (2022: £100,000), included within other debtors, have been advanced to a company jointly-owned by the director and a family member.