1 January 2023 v2024.40.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP016963362023-01-012023-12-31016963362023-12-31016963362022-12-3101696336core:WithinOneYear2023-12-3101696336core:WithinOneYear2022-12-3101696336core:ShareCapital2023-12-3101696336core:ShareCapital2022-12-3101696336core:OtherReservesSubtotal2023-12-3101696336core:OtherReservesSubtotal2022-12-3101696336core:RetainedEarningsAccumulatedLosses2023-12-3101696336core:RetainedEarningsAccumulatedLosses2022-12-3101696336bus:Director12023-01-012023-12-3101696336bus:RegisteredOffice2023-01-012023-12-3101696336core:FurnitureFittingsToolsEquipment2023-01-012023-12-3101696336core:MotorVehicles2023-01-012023-12-3101696336core:OfficeEquipment2023-01-012023-12-31016963362022-01-012022-12-3101696336core:PlantMachinery2023-01-01016963362023-01-0101696336core:LandBuildings2023-01-012023-12-3101696336core:PlantMachinery2023-01-012023-12-3101696336core:LandBuildings2023-12-3101696336core:PlantMachinery2023-12-3101696336core:PlantMachinery2022-12-310169633612023-01-012023-12-3101696336countries:EnglandWales2023-01-012023-12-3101696336bus:AuditExemptWithAccountantsReport2023-01-012023-12-3101696336bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101696336bus:SmallEntities2023-01-012023-12-3101696336bus:FullAccounts2023-01-012023-12-31
Company registration number:
01696336
Somerscales (Timber Merchants) Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2023
Somerscales (Timber Merchants) Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Somerscales (Timber Merchants) Limited
Year ended
31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
Somerscales (Timber Merchants) Limited
for the year ended
31 December 2023
which comprise the income statement, statement of financial position, statement of changes in equity and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
Somerscales (Timber Merchants) Limited
, as a body. Our work has been undertaken solely to prepare for your approval the
financial statements
of
Somerscales (Timber Merchants) Limited
and state those matters that we have agreed to state to the Board of Directors of
Somerscales (Timber Merchants) Limited
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Somerscales (Timber Merchants) Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Somerscales (Timber Merchants) Limited
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
Somerscales (Timber Merchants) Limited
. You consider that
Somerscales (Timber Merchants) Limited
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 Somerscales (Timber Merchants) Limited. 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.
A G Smith & Co Ltd
Chartered Certified Accountants
Unit 8 Laceby Business Park
Laceby Business Park
Laceby
North East Lincolnshire
DN37 7DP
United Kingdom
Date:
22 August 2024
Somerscales (Timber Merchants) Limited
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 5
722,685
 
345,832
 
Current assets    
Stocks
11,020
 
5,334
 
Debtors 6
136,341
 
148,415
 
Cash at bank and in hand
869,511
 
964,643
 
1,016,872
 
1,118,392
 
Creditors: amounts falling due within one year 7
(229,612
)
(148,098
)
Net current assets
787,260
 
970,294
 
Total assets less current liabilities 1,509,945   1,316,126  
Provisions for liabilities
(104,210
)
(82,377
)
Net assets
1,405,735
 
1,233,749
 
Capital and reserves    
Called up share capital
500
 
500
 
Other reserves
500
 
500
 
Profit and loss account
1,404,735
 
1,232,749
 
Shareholders funds
1,405,735
 
1,233,749
 
For the 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
22 August 2024
, and are signed on behalf of the board by:
T Somerscales
Director
Company registration number:
01696336
Somerscales (Timber Merchants) Limited
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Newstead Farm, Stallingborough
,
Road, Keelby
,
Grimsby
,
North East Lincolnshire
,
DN41 8JD
, .

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
25% reducing balance, 15% reducing balance
Motor vehicles
25% reducing balance
Office equipment
25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

4 Average number of employees

The average number of persons employed by the company during the year was
7
(2022:
6.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 January 2023
-  
1,354,152
 
1,354,152
 
Additions
305,847
 
145,500
 
451,347
 
At
31 December 2023
305,847
 
1,499,652
 
1,805,499
 
Depreciation      
At
1 January 2023
-  
1,008,320
 
1,008,320
 
Charge -  
74,494
 
74,494
 
At
31 December 2023
-  
1,082,814
 
1,082,814
 
Carrying amount      
At
31 December 2023
305,847
 
416,838
 
722,685
 
At 31 December 2022 -  
345,832
 
345,832
 

6 Debtors

20232022
££
Trade debtors
114,755
 
131,025
 
Other debtors
21,586
 
17,390
 
136,341
 
148,415
 

7 Creditors: amounts falling due within one year

20232022
££
Trade creditors
46,233
 
7,837
 
Taxation and social security
95,995
 
77,328
 
Other creditors
87,384
 
62,933
 
229,612
 
148,098