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REGISTERED NUMBER: 01665437 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ASHFORD TIMBER LIMITED

ASHFORD TIMBER LIMITED (REGISTERED NUMBER: 01665437)






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


ASHFORD TIMBER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M A Taylor
E P J Scott
L A Taylor





REGISTERED OFFICE: 12 Conqueror Court
Sittingbourne
Kent
ME10 5BH





REGISTERED NUMBER: 01665437 (England and Wales)





ACCOUNTANTS: Xeinadin South East Limited
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH

ASHFORD TIMBER LIMITED (REGISTERED NUMBER: 01665437)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,875 9,375
Tangible assets 5 650,815 540,388
658,690 549,763

CURRENT ASSETS
Stocks 219,382 262,017
Debtors 6 277,489 213,974
Cash at bank 77 1
496,948 475,992
CREDITORS
Amounts falling due within one year 7 743,304 554,867
NET CURRENT LIABILITIES (246,356 ) (78,875 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

412,334

470,888

CREDITORS
Amounts falling due after more than one
year

8

(163,892

)

(211,027

)

PROVISIONS FOR LIABILITIES (55,600 ) (32,797 )
NET ASSETS 192,842 227,064

CAPITAL AND RESERVES
Called up share capital 102 102
Revaluation reserve 202,655 226,542
Retained earnings (9,915 ) 420
SHAREHOLDERS' FUNDS 192,842 227,064

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.

ASHFORD TIMBER LIMITED (REGISTERED NUMBER: 01665437)

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 September 2024 and were signed on its behalf by:





L A Taylor - Director


ASHFORD TIMBER LIMITED (REGISTERED NUMBER: 01665437)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Ashford Timber Limited 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

Sale of goods
Turnover from the sale of manufactured timber buildings is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Motor vehicles - 33% on cost and 20% on cost
Computer equipment - 20% on cost

The freehold property is stated at fair value based on the valuation performed by the directors, using general inflationary rates. The valuer used observable market prices adjusted as necessary for any difference in future location or condition of the specific property.

Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

ASHFORD TIMBER LIMITED (REGISTERED NUMBER: 01665437)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets - trade and other debtors are basic financial instruments and debt instruments measured at fair value through the Income Statement and are measured subsequently at amortised cost. Prepayments are not financial instruments.

Cash comprises cash at bank, in hand and short term deposits with an original maturity date of three months or less. Cash at bank is measured at face value.

Financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance costs are charged to the Income Statement over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Borrowing costs are not capitalised.

Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash.

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.

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
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.

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 19 (2022 - 16 ) .

ASHFORD TIMBER LIMITED (REGISTERED NUMBER: 01665437)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 15,000
AMORTISATION
At 1 January 2023 5,625
Charge for year 1,500
At 31 December 2023 7,125
NET BOOK VALUE
At 31 December 2023 7,875
At 31 December 2022 9,375

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 530,000 67,514 18,000 24,548 640,062
Additions 72,918 159 29,999 5,256 108,332
Revaluations 12,082 - - - 12,082
At 31 December 2023 615,000 67,673 47,999 29,804 760,476
DEPRECIATION
At 1 January 2023 - 63,265 18,000 18,409 99,674
Charge for year - 1,099 5,833 3,055 9,987
At 31 December 2023 - 64,364 23,833 21,464 109,661
NET BOOK VALUE
At 31 December 2023 615,000 3,309 24,166 8,340 650,815
At 31 December 2022 530,000 4,249 - 6,139 540,388

Cost or valuation at 31 December 2023 is represented by:

Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
Valuation in 2020 166,098 - - - 166,098
Valuation in 2021 34,800 - - - 34,800
Valuation in 2022 60,200 - - - 60,200
Valuation in 2023 85,000 - - - 85,000
Cost 268,902 67,673 47,999 29,804 414,378
615,000 67,673 47,999 29,804 760,476

ASHFORD TIMBER LIMITED (REGISTERED NUMBER: 01665437)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 361,913 361,913
Aggregate depreciation 85,824 85,824

Value of land in freehold land and buildings 276,089 276,089

Freehold land and buildings were valued on an open market basis on 31 December 2023 by the directors. .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 January 2023 18,000
Additions 29,999
At 31 December 2023 47,999
DEPRECIATION
At 1 January 2023 18,000
Charge for year 5,833
At 31 December 2023 23,833
NET BOOK VALUE
At 31 December 2023 24,166
At 31 December 2022 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 230,386 181,953
Other debtors 47,103 32,021
277,489 213,974

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 114,399 79,121
Hire purchase contracts 6,250 -
Trade creditors 235,868 176,134
Taxation and social security 111,188 64,498
Other creditors 275,599 235,114
743,304 554,867

ASHFORD TIMBER LIMITED (REGISTERED NUMBER: 01665437)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 141,272 211,027
Hire purchase contracts 22,620 -
163,892 211,027

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 44,679 25,841
Bank loans 210,992 264,307
255,671 290,148

National Westminster Bank plc hold a legal charge dated 29th March 2010 securing all monies due, or to become due to the company.
They also hold a debenture over all monies due or becoming due, dated 9th April 2009.
Prior to that are two mortgages charges over the freehold and leasehold property at Faversham Road and 4 Hillcourt respectively, dated 28th April 1995 and 17th July 1995. These have both been satisfied on 7th May 2021.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
M A Taylor
Balance outstanding at start of year 16,128 -
Amounts advanced 14,230 16,128
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 30,358 16,128

E P J Scott
Balance outstanding at start of year 2,011 -
Amounts advanced 65 2,011
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,076 2,011

ASHFORD TIMBER LIMITED (REGISTERED NUMBER: 01665437)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

L A Taylor
Balance outstanding at start of year 1,755 -
Amounts advanced 13,465 1,755
Amounts repaid (11,969 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,251 1,755