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Registration number: 04487352

Stoke-On-Trent Timber Company Ltd.

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Stoke-On-Trent Timber Company Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Stoke-On-Trent Timber Company Ltd.

Company Information

Directors

Mr Robert Norman Hancock

Mr Nicholas Robert Nick Hancock

Mrs Kathryn Louise Hancock

Company secretary

Mrs Kathryn Louise Hancock

Registered office

Rafferty Business Park
Sneyd Hill
Stoke On Trent
Staffordshire
ST6 2EB

Accountants

Alextra Group Limited
Chartered Certified Accountants
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

Stoke-On-Trent Timber Company Ltd.

(Registration number: 04487352)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

353,675

300,463

Current assets

 

Stocks

5

187,000

184,570

Debtors

6

130,859

137,430

Cash at bank and in hand

 

105,449

237,662

 

423,308

559,662

Creditors: Amounts falling due within one year

7

(190,578)

(252,686)

Net current assets

 

232,730

306,976

Total assets less current liabilities

 

586,405

607,439

Provisions for liabilities

(26,380)

(15,791)

Net assets

 

560,025

591,648

Capital and reserves

 

Called up share capital

3

3

Retained earnings

560,022

591,645

Shareholders' funds

 

560,025

591,648

 

Stoke-On-Trent Timber Company Ltd.

(Registration number: 04487352)
Balance Sheet as at 31 December 2023

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 Profit and Loss Account.

Approved and authorised by the Board on 25 June 2024 and signed on its behalf by:
 

.........................................
Mr Robert Norman Hancock
Director

 

Stoke-On-Trent Timber Company Ltd.

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:
Rafferty Business Park
Sneyd Hill
Stoke On Trent
Staffordshire
ST6 2EB

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.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

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 when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Stoke-On-Trent Timber Company Ltd.

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

Tax

The tax expense for the period comprises current and deferred tax.

The current 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.

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 balance sheet 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

Land and buildings

1% Straight line

Fixtures and fittings

25% reducing balance

Motor Vehicles

25% reducing balance

Plant and machinery

25% reducing balance

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.

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 profit and loss account 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.

 

Stoke-On-Trent Timber Company Ltd.

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 10).

 

Stoke-On-Trent Timber Company Ltd.

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

302,166

39,019

82,669

139,170

563,024

Additions

-

-

89,781

15,437

105,218

Disposals

-

-

(56,183)

-

(56,183)

At 31 December 2023

302,166

39,019

116,267

154,607

612,059

Depreciation

At 1 January 2023

84,811

25,132

59,846

92,772

262,561

Charge for the year

2,522

3,473

22,584

15,209

43,788

Eliminated on disposal

-

-

(47,965)

-

(47,965)

At 31 December 2023

87,333

28,605

34,465

107,981

258,384

Carrying amount

At 31 December 2023

214,833

10,414

81,802

46,626

353,675

At 31 December 2022

217,355

13,887

22,823

46,398

300,463

 

Stoke-On-Trent Timber Company Ltd.

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

5

Stocks

2023
£

2022
£

Stock

187,000

184,570

6

Debtors

Current

2023
£

2022
£

Trade debtors

121,723

124,746

Other debtors

9,136

12,684

 

130,859

137,430

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

432

-

Trade creditors

 

147,934

185,953

Taxation and social security

 

4,898

44,679

Other creditors

 

37,314

22,054

 

190,578

252,686