Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31trueNo description of principal activity2023-01-01false1515trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06706780 2023-01-01 2023-12-31 06706780 2022-01-01 2022-12-31 06706780 2023-12-31 06706780 2022-12-31 06706780 c:Director2 2023-01-01 2023-12-31 06706780 d:Buildings 2023-01-01 2023-12-31 06706780 d:Buildings 2023-12-31 06706780 d:Buildings 2022-12-31 06706780 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06706780 d:PlantMachinery 2023-01-01 2023-12-31 06706780 d:PlantMachinery 2023-12-31 06706780 d:PlantMachinery 2022-12-31 06706780 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06706780 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06706780 d:CurrentFinancialInstruments 2023-12-31 06706780 d:CurrentFinancialInstruments 2022-12-31 06706780 d:Non-currentFinancialInstruments 2023-12-31 06706780 d:Non-currentFinancialInstruments 2022-12-31 06706780 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06706780 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06706780 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06706780 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06706780 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 06706780 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 06706780 d:ShareCapital 2023-12-31 06706780 d:ShareCapital 2022-12-31 06706780 d:RetainedEarningsAccumulatedLosses 2023-12-31 06706780 d:RetainedEarningsAccumulatedLosses 2022-12-31 06706780 c:OrdinaryShareClass1 2023-01-01 2023-12-31 06706780 c:OrdinaryShareClass1 2023-12-31 06706780 c:OrdinaryShareClass1 2022-12-31 06706780 c:OrdinaryShareClass2 2023-01-01 2023-12-31 06706780 c:OrdinaryShareClass2 2023-12-31 06706780 c:OrdinaryShareClass2 2022-12-31 06706780 c:FRS102 2023-01-01 2023-12-31 06706780 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06706780 c:FullAccounts 2023-01-01 2023-12-31 06706780 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06706780 2 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06706780










TIMBER KIT SOLUTIONS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TIMBER KIT SOLUTIONS LTD
REGISTERED NUMBER: 06706780

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
522,326
536,258

  
522,326
536,258

Current assets
  

Stocks
 5 
105,547
105,447

Debtors: amounts falling due within one year
 6 
545,082
460,593

Cash at bank and in hand
 7 
192,863
96,567

  
843,492
662,607

Creditors: amounts falling due within one year
 8 
(476,574)
(432,053)

Net current assets
  
 
 
366,918
 
 
230,554

Total assets less current liabilities
  
889,244
766,812

Creditors: amounts falling due after more than one year
 9 
(197,917)
(222,917)

  

Net assets
  
691,327
543,895


Capital and reserves
  

Called up share capital 
 11 
100,000
100,000

Profit and loss account
  
591,327
443,895

  
691,327
543,895


Page 1

 
TIMBER KIT SOLUTIONS LTD
REGISTERED NUMBER: 06706780
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




H J Carver
Director

Date: 5 August 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
TIMBER KIT SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Timber Kit Solutions Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act 2006. The address of the registered office is Littles Lane, Wolverhampton, West Midlands, WV1 1JY, the company registration number is 06706780 and the principle activity of the company is the manufacturing of builders' carpentry, joinery and wood products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
TIMBER KIT SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and the reducing balance method..

Depreciation is provided on the following basis:

Freehold property
-
25%
reducing balance
Plant and machinery
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
TIMBER KIT SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
TIMBER KIT SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 15).

Page 6

 
TIMBER KIT SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2023
549,202
97,203
646,405



At 31 December 2023

549,202
97,203
646,405



Depreciation


At 1 January 2023
12,944
97,203
110,147


Charge for the year on owned assets
13,932
-
13,932



At 31 December 2023

26,876
97,203
124,079



Net book value



At 31 December 2023
522,326
-
522,326



At 31 December 2022
536,258
-
536,258


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
105,547
105,447

105,547
105,447


Page 7

 
TIMBER KIT SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
470,886
407,660

Other debtors
41,947
14,929

Prepayments and accrued income
32,249
38,004

545,082
460,593



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
192,863
96,567

192,863
96,567



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
25,000
25,000

Other loans
100,000
200,000

Trade creditors
95,134
98,760

Amounts owed to group undertakings
152,722
94,445

Taxation and social security
10,441
2,581

Other creditors
2,123
1,548

Accruals and deferred income
91,154
9,719

476,574
432,053



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
197,917
222,917

197,917
222,917


Page 8

 
TIMBER KIT SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
25,000
25,000

Other loans
100,000
200,000


125,000
225,000


Amounts falling due 2-5 years

Bank loans
197,917
222,917


197,917
222,917


322,917
447,917



11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



51,000 (2022 - 51,000) Ordinary shares of £1.00 each
51,000
51,000
49,000 (2022 - 49,000) Ordinary A shares of £1.00 each
49,000
49,000

100,000

100,000



12.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. Contributions totalling £2,125 (2022 - £1,448) were payable to the fund at the Statement of Financial Position date.


13.


Controlling party

The Company is 50% owned by Carver (Wolverhampton) Limited which is a company incorporated in England and Wales and 50% owned by its directors.
It is the opinion of the Directors that there is no ultimate controlling party of the Company.

 
Page 9