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REGISTERED NUMBER: SC292575 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Drem Timber & Fencing Limited

Drem Timber & Fencing Limited (Registered number: SC292575)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Drem Timber & Fencing Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: B Semple
J R Semple





REGISTERED OFFICE: 47-48 High Street
Haddington
East Lothian
EH41 3EF





REGISTERED NUMBER: SC292575 (Scotland)





ACCOUNTANTS: EQ Accountants (Trading name)
Douglas Home & Co Ltd
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

Drem Timber & Fencing Limited (Registered number: SC292575)

Statement of Financial Position
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 3 90,941 122,076

CURRENT ASSETS
Inventories 45,000 67,575
Debtors 4 37,789 47,719
Cash at bank 115,088 134,335
197,877 249,629
CREDITORS
Amounts falling due within one year 5 103,272 106,210
NET CURRENT ASSETS 94,605 143,419
TOTAL ASSETS LESS CURRENT
LIABILITIES

185,546

265,495

CREDITORS
Amounts falling due after more than one
year

6

(18,986

)

(35,851

)

PROVISIONS FOR LIABILITIES (13,500 ) -
NET ASSETS 153,060 229,644

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Retained earnings 133,060 209,644
153,060 229,644

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.

Drem Timber & Fencing Limited (Registered number: SC292575)

Statement of Financial Position - 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by:





B Semple - Director


Drem Timber & Fencing Limited (Registered number: SC292575)

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

1. 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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - Straight line over 5 years
Fixtures and fittings - Straight line over 5 years
Motor vehicles - Straight line over 5 years

Stocks
Inventories 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 Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Drem Timber & Fencing Limited (Registered number: SC292575)

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

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

3. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 186,756
DEPRECIATION
At 1 January 2023 64,680
Charge for year 31,135
At 31 December 2023 95,815
NET BOOK VALUE
At 31 December 2023 90,941
At 31 December 2022 122,076

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 32,575 47,719
Other debtors 5,214 -
37,789 47,719

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Hire purchase contracts (see note 7) 16,866 16,866
Trade creditors 35,836 36,557
Taxation and social security 21,050 31,880
Other creditors 29,520 20,907
103,272 106,210

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/23 31/12/22
£    £   
Hire purchase contracts (see note 7) 18,986 35,851

Drem Timber & Fencing Limited (Registered number: SC292575)

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

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/12/23 31/12/22
£    £   
Net obligations repayable:
Within one year 16,866 16,866
Between one and five years 18,986 35,851
35,852 52,717

Non-cancellable operating leases
31/12/23 31/12/22
£    £   
Within one year 7,022 7,022
Between one and five years 28,088 28,088
In more than five years 1,756 8,778
36,866 43,888

8. 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
£    £   
B Semple
Balance outstanding at start of year - -
Amounts advanced 4,047 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,047 -

J R Semple
Balance outstanding at start of year - -
Amounts advanced 1,167 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,167 -