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COMPANY REGISTRATION NUMBER: 08518780
Unlimited Timber Buildings Ltd
Unaudited financial statements
31 July 2024
Unlimited Timber Buildings Ltd
Statement of financial position
31 July 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
130,804
124,609
Current assets
Stocks
52,700
143,685
Debtors
6
124,620
57,835
Cash at bank and in hand
139,232
363,625
---------
---------
316,552
565,145
Creditors: Amounts falling due within one year
7
( 223,312)
( 424,200)
---------
---------
Net current assets
93,240
140,945
---------
---------
Total assets less current liabilities
224,044
265,554
Provisions
Taxation including deferred tax
( 31,862)
( 30,266)
Accruals and deferred income
( 3,320)
---------
---------
Net assets
188,862
235,288
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
188,762
235,188
---------
---------
Shareholders funds
188,862
235,288
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 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 .
Unlimited Timber Buildings Ltd
Statement of financial position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 9 September 2024 , and are signed on behalf of the board by:
R D Scott
Director
Company registration number: 08518780
Unlimited Timber Buildings Ltd
Notes to the financial statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bankside 300, Peachman Way, Broadland Business Park, Norwich, Norfolk, NR7 0LB, England. The principal place of business is Stone Cross Lane, Downham Market, Norfolk, PE38 OAD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Display cabins
-
20% 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 stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the performance model. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of employees during the year was 12 (2023: 11 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Display cabins
Total
£
£
£
£
£
Cost
At 1 August 2023
66,731
51,595
17,082
93,186
228,594
Additions
1,397
19,990
3,226
20,004
44,617
Disposals
( 15,500)
( 3,437)
( 18,937)
-------
-------
-------
---------
---------
At 31 July 2024
68,128
56,085
20,308
109,753
254,274
-------
-------
-------
---------
---------
Depreciation
At 1 August 2023
40,384
27,078
10,744
25,779
103,985
Charge for the year
6,770
5,199
1,932
14,541
28,442
Disposals
( 6,781)
( 2,176)
( 8,957)
-------
-------
-------
---------
---------
At 31 July 2024
47,154
25,496
12,676
38,144
123,470
-------
-------
-------
---------
---------
Carrying amount
At 31 July 2024
20,974
30,589
7,632
71,609
130,804
-------
-------
-------
---------
---------
At 31 July 2023
26,347
24,517
6,338
67,407
124,609
-------
-------
-------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
5,807
214
Other debtors
118,813
57,621
---------
-------
124,620
57,835
---------
-------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
48,415
99,144
Social security and other taxes
23,387
34,833
Other creditors
151,510
290,223
---------
---------
223,312
424,200
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
8,000
6,000
------
------
9. Directors' advances, credits and guarantees
Included within other debtors at the year end are directors' loan accounts totalling £80,940 (2023: £Nil). The maximum overdrawn balance during the year was £80,940. Interest of £152 (2023: £Nil) was charged at the official rate.