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REGISTERED NUMBER: 04566946 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Timber Store (UK) Ltd

Timber Store (UK) Ltd (Registered number: 04566946)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

Timber Store (UK) Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: G Eastman
Mrs A Eastman
A Eastman





SECRETARY: Mrs A Eastman





REGISTERED OFFICE: Higher Brynn Farm
Industrial Estate
Victoria
Cornwall
PL26 8LH





REGISTERED NUMBER: 04566946 (England and Wales)





ACCOUNTANTS: Haines Watts
9 Western Road
Launceston
Cornwall
PL15 7AR

Timber Store (UK) Ltd (Registered number: 04566946)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 661,125 575,911
Investments 6 1,300 3,300
662,425 579,211

CURRENT ASSETS
Stocks 602,025 572,190
Debtors 7 142,300 138,786
Cash at bank and in hand 1,031,054 983,881
1,775,379 1,694,857
CREDITORS
Amounts falling due within one year 8 455,554 441,906
NET CURRENT ASSETS 1,319,825 1,252,951
TOTAL ASSETS LESS CURRENT LIABILITIES 1,982,250 1,832,162

CREDITORS
Amounts falling due after more than one
year

9

-

(79,001

)

PROVISIONS FOR LIABILITIES (47,451 ) (36,758 )
NET ASSETS 1,934,799 1,716,403

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 1,934,499 1,716,103
1,934,799 1,716,403

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 directors acknowledge their 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.

Timber Store (UK) Ltd (Registered number: 04566946)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2024 and were signed on its behalf by:




G Eastman - Director Mrs A Eastman - Director




A Eastman - Director


Timber Store (UK) Ltd (Registered number: 04566946)

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

1. STATUTORY INFORMATION

Timber Store (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

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

Goodwill
Goodwill previously acquired of £70,000 has been fully amortised in previous years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on cost
Leasehold improvements - 5% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Timber Store (UK) Ltd (Registered number: 04566946)

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

2. 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 70,000
AMORTISATION
At 1 January 2023
and 31 December 2023 70,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Timber Store (UK) Ltd (Registered number: 04566946)

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

5. TANGIBLE FIXED ASSETS
Freehold Leasehold Plant and
property improvements machinery
£    £    £   
COST
At 1 January 2023 411,727 62,042 15,200
Additions 81,554 - -
Disposals - - -
At 31 December 2023 493,281 62,042 15,200
DEPRECIATION
At 1 January 2023 65,189 26,021 12,002
Charge for year 20,586 3,105 798
Eliminated on disposal - - -
At 31 December 2023 85,775 29,126 12,800
NET BOOK VALUE
At 31 December 2023 407,506 32,916 2,400
At 31 December 2022 346,538 36,021 3,198

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 61,715 482,892 60,542 1,094,118
Additions 11,528 87,982 2,269 183,333
Disposals - (6,825 ) - (6,825 )
At 31 December 2023 73,243 564,049 62,811 1,270,626
DEPRECIATION
At 1 January 2023 54,967 306,246 53,782 518,207
Charge for year 4,570 65,944 2,256 97,259
Eliminated on disposal - (5,965 ) - (5,965 )
At 31 December 2023 59,537 366,225 56,038 609,501
NET BOOK VALUE
At 31 December 2023 13,706 197,824 6,773 661,125
At 31 December 2022 6,748 176,646 6,760 575,911

Timber Store (UK) Ltd (Registered number: 04566946)

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

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023 3,300
Disposals (2,000 )
At 31 December 2023 1,300
NET BOOK VALUE
At 31 December 2023 1,300
At 31 December 2022 3,300

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 138,642 137,964
Other debtors 3,658 822
142,300 138,786

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts - 27,273
Hire purchase contracts (see note 10) 8,546 18,643
Trade creditors 230,601 185,441
Taxation and social security 208,032 202,375
Other creditors 8,375 8,174
455,554 441,906

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 70,455
Hire purchase contracts (see note 10) - 8,546
- 79,001

Amounts falling due in more than five years:

Repayable by instalments
CBIL > 1 year - 70,455

Timber Store (UK) Ltd (Registered number: 04566946)

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

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 8,546 18,643
Between one and five years - 8,546
8,546 27,189

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 73,580 45,580
Between one and five years 283,487 182,320
In more than five years 530,480 574,560
887,547 802,460

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
G Eastman and Mrs A Eastman
Balance outstanding at start of year (3,440 ) (3,552 )
Amounts advanced - 112
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (3,440 ) (3,440 )

The loan shown above repayable to the directors has no fixed repayment date and no interest has been charged.

12. RELATED PARTY DISCLOSURES

As at 31 December the company owed the shareholders and directors Mr G and Mrs A Eastman an amount of £3,440 (31 December 23 £3,440).

During the year the shareholder and directors Mr G and Mrs A Eastman, received dividends of £180,000.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors, Mr G and Mrs A Eastman, who own 100% of the called up share capital

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Timber Store (UK) Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Timber Store (UK) Ltd for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Timber Store (UK) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Timber Store (UK) Ltd and state those matters that we have agreed to state to the Board of Directors of Timber Store (UK) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Timber Store (UK) Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Timber Store (UK) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Timber Store (UK) Ltd. You consider that Timber Store (UK) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Timber Store (UK) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Haines Watts
9 Western Road
Launceston
Cornwall
PL15 7AR


9 August 2024