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Registration number: 02439053

E. O. Burton (East Anglia) Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

E. O. Burton (East Anglia) Limited

Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

45,905

116,325

Current assets

 

Stocks

5

342,830

502,662

Debtors

6

120,208

195,306

Cash at bank and in hand

 

279,631

164,928

 

742,669

862,896

Creditors: Amounts falling due within one year

7

(48,908)

(157,607)

Net current assets

 

693,761

705,289

Total assets less current liabilities

 

739,666

821,614

Provisions for liabilities

(11,475)

(25,428)

Net assets

 

728,191

796,186

Capital and reserves

 

Called up share capital

2,000

2,000

Retained earnings

726,191

794,186

Shareholders' funds

 

728,191

796,186

For the financial year ending 31 January 2024 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

E. O. Burton (East Anglia) Limited

Statement of Financial Position as at 31 January 2024

Approved and authorised by the Board on 14 August 2024 and signed on its behalf by:
 

.........................................

M G Godwin

Director

Company registration number: 02439053

 

E. O. Burton (East Anglia) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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:
Thorndon Sawmills
The Avenue
Brentwood
Essex
CM13 3RZ

The principal activity of the company is that of timber merchants, millers & machinists.

2

Accounting policies

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company had net assets at 31 January 2024 amounting to £728,191 including cash at bank of £279,631.

The company has made a loss in the year but this is considered to be a short term down trend due to the circumstances outside of the companies control, it is anticipated that the company will return to profitability going forward.

The directors do not anticipate that the company will be materially affected by the economic environment in the UK and are hopeful that the company will be profitable in the forthcoming year.

Having made sufficient enquires, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue upon the collection or delivery of timber products or services when the amount of revenue can be reliably measured.

 

E. O. Burton (East Anglia) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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

Plant & Machinery

25% straight line

Motor Vehicles

25% straight line

Furniture, Fittings and Equipment

20% straight line and 20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

E. O. Burton (East Anglia) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 10 (2023 - 10).

 

E. O. Burton (East Anglia) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2023

22,681

144,077

339,355

506,113

Additions

-

47,147

-

47,147

Disposals

-

(101,305)

-

(101,305)

At 31 January 2024

22,681

89,919

339,355

451,955

Depreciation

At 1 February 2023

19,816

81,137

288,835

389,788

Charge for the year

1,344

21,246

15,844

38,434

Eliminated on disposal

-

(22,172)

-

(22,172)

At 31 January 2024

21,160

80,211

304,679

406,050

Carrying amount

At 31 January 2024

1,521

9,708

34,676

45,905

At 31 January 2023

2,865

62,940

50,520

116,325

5

Stocks

2024
£

2023
£

Stock

342,830

502,662

6

Debtors

2024
£

2023
£

Trade debtors

107,270

181,427

Other debtors

12,938

13,879

120,208

195,306

 

E. O. Burton (East Anglia) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

-

10,194

Trade creditors

 

7,611

89,868

Amounts owed to group undertakings

 

2,400

2,400

Taxation and social security

 

32,835

22,194

Other creditors

 

6,062

32,951

 

48,908

157,607

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase obligations

-

10,194

Obligations under hire purchase contracts are secured on the assets involved.

9

Related party transactions

In accordance with FRS 102 paragraph 1AC.35 exemption has been taken not to disclose transactions in the year or amounts falling due between undertakings that are wholly owned within the group.