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REGISTERED NUMBER: 02510119 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Smithfield Timber Limited

Smithfield Timber Limited (Registered number: 02510119)






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


Smithfield Timber Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: H J Bousfield
K Bousfield
J Bousfield
W Bousfield





SECRETARY: K Bousfield





REGISTERED OFFICE: Smithfield House
Cargo Fleet Lane
Middlesbrough
Cleveland
TS3 8AL





REGISTERED NUMBER: 02510119 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
140 Coniscliffe Road
DARLINGTON
Co Durham
DL3 7RT

Smithfield Timber Limited (Registered number: 02510119)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,162,690 1,179,671

CURRENT ASSETS
Stocks 367,396 325,663
Debtors 5 105,993 109,015
Cash at bank 278,501 301,710
751,890 736,388
CREDITORS
Amounts falling due within one year 6 757,005 676,327
NET CURRENT (LIABILITIES)/ASSETS (5,115 ) 60,061
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,157,575

1,239,732

CREDITORS
Amounts falling due after more than one
year

7

(434,479

)

(452,787

)

PROVISIONS FOR LIABILITIES 10 (70,889 ) (69,203 )
NET ASSETS 652,207 717,742

CAPITAL AND RESERVES
Called up share capital 11 102 102
Capital redemption reserve 25 25
Retained earnings 652,080 717,615
SHAREHOLDERS' FUNDS 652,207 717,742

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.

Smithfield Timber Limited (Registered number: 02510119)

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 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 14 May 2024 and were signed on its behalf by:




K Bousfield - Director



J Bousfield - Director


Smithfield Timber Limited (Registered number: 02510119)

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

1. STATUTORY INFORMATION

Smithfield 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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

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

Income recognition
Income is recognised when a contract for the sale of goods is determined as unconditional.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15-25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

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 balance sheet date.


Smithfield Timber Limited (Registered number: 02510119)

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

2. ACCOUNTING POLICIES - continued
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.

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 24 (2022 - 25 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 1,201,170 58,526 56,924 71,305 1,387,925
Additions 2,437 801 20,195 - 23,433
At 31 December 2023 1,203,607 59,327 77,119 71,305 1,411,358
DEPRECIATION
At 1 January 2023 77,189 44,608 43,402 43,055 208,254
Charge for year 24,263 2,187 6,901 7,063 40,414
At 31 December 2023 101,452 46,795 50,303 50,118 248,668
NET BOOK VALUE
At 31 December 2023 1,102,155 12,532 26,816 21,187 1,162,690
At 31 December 2022 1,123,981 13,918 13,522 28,250 1,179,671

Smithfield Timber Limited (Registered number: 02510119)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 24,000
Transfer to ownership (24,000 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 16,197
Charge for year 1,951
Transfer to ownership (18,148 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 7,803

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 74,666 67,706
Other debtors 728 -
Directors' loan accounts 1,969 12,857
Prepayments and accrued income 28,630 28,452
105,993 109,015

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 18,243 17,961
Hire purchase contracts (see note 8) - 454
Trade creditors 267,989 212,366
Taxation and social security 120,472 156,216
Other creditors 2,043 9,192
Directors' loan accounts 338,458 272,939
Accruals and deferred income 9,800 7,199
757,005 676,327

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans due one to five years 82,921 79,941
Bank loans due after five year 351,558 372,846
434,479 452,787

Smithfield Timber Limited (Registered number: 02510119)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after five year 351,558 372,846

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year - 454

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 452,722 470,748
Hire purchase contracts - 454
452,722 471,202

The bank loans are secured by fixed and floating charges over the property and assets of the company.

Hire purchase contracts are secured over the assets to which they relate.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 70,889 69,203

Deferred
tax
£   
Balance at 1 January 2023 69,203
Accelerated capital allowances 1,686
Balance at 31 December 2023 70,889

Smithfield Timber Limited (Registered number: 02510119)

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

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100
1 B Ordinary £1 1 1
1 C Ordinary £1 1 1
102 102

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
J Bousfield
Balance outstanding at start of year 12,857 22,938
Amounts advanced 59,112 59,919
Amounts repaid (70,000 ) (70,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,969 12,857

The loan account has been cleared by the payment of a dividend on the 6 April 2024.

13. RELATED PARTY DISCLOSURES

2023 2022
£ £
Amounts due to directors 336,489 260,082
No interest has been charged.