IRIS Accounts Production v24.2.0.383 01157507 Board of Directors Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh011575072023-03-31011575072024-03-31011575072023-04-012024-03-31011575072022-03-31011575072022-04-012023-03-31011575072023-03-3101157507ns15:EnglandWales2023-04-012024-03-3101157507ns14:PoundSterling2023-04-012024-03-3101157507ns10:Director12023-04-012024-03-3101157507ns10:Director22023-04-012024-03-3101157507ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3101157507ns10:SmallEntities2023-04-012024-03-3101157507ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3101157507ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3101157507ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3101157507ns10:FullAccounts2023-04-012024-03-3101157507ns10:CompanySecretary12023-04-012024-03-3101157507ns10:RegisteredOffice2023-04-012024-03-3101157507ns5:CurrentFinancialInstruments2024-03-3101157507ns5:CurrentFinancialInstruments2023-03-3101157507ns5:Non-currentFinancialInstruments2024-03-3101157507ns5:Non-currentFinancialInstruments2023-03-3101157507ns5:ShareCapital2024-03-3101157507ns5:ShareCapital2023-03-3101157507ns5:SharePremium2024-03-3101157507ns5:SharePremium2023-03-3101157507ns5:RetainedEarningsAccumulatedLosses2024-03-3101157507ns5:RetainedEarningsAccumulatedLosses2023-03-3101157507ns5:LandBuildings2023-03-3101157507ns5:PlantMachinery2023-03-3101157507ns5:LandBuildings2023-04-012024-03-3101157507ns5:PlantMachinery2023-04-012024-03-3101157507ns5:LandBuildings2024-03-3101157507ns5:PlantMachinery2024-03-3101157507ns5:LandBuildings2023-03-3101157507ns5:PlantMachinery2023-03-3101157507ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3101157507ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3101157507ns5:CurrentFinancialInstruments2023-04-012024-03-3101157507ns5:Non-currentFinancialInstruments2023-04-012024-03-31
REGISTERED NUMBER: 01157507 (England and Wales)













TEIFI TIMBER PRODUCTS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






TEIFI TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 01157507)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TEIFI TIMBER PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: M A Lloyd Thomas
J G Thomas





SECRETARY: M A Lloyd Thomas





REGISTERED OFFICE: Crossroads
Llanllwni
Pencader
Carmarthenshire
SA39 9DY





REGISTERED NUMBER: 01157507 (England and Wales)





ACCOUNTANTS: Carr, Jenkins & Hood
3 New Mill Court
Enterprise Park
Swansea
SA7 9FG

TEIFI TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 01157507)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,426,013 2,499,951

CURRENT ASSETS
Stocks 424,496 568,971
Debtors 5 940,654 944,296
1,365,150 1,513,267
CREDITORS
Amounts falling due within one year 6 983,166 1,064,725
NET CURRENT ASSETS 381,984 448,542
TOTAL ASSETS LESS CURRENT LIABILITIES 2,807,997 2,948,493

CREDITORS
Amounts falling due after more than one
year

7

(558,432

)

(490,289

)

PROVISIONS FOR LIABILITIES (365,000 ) (365,000 )
NET ASSETS 1,884,565 2,093,204

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 23,382 23,382
Retained earnings 1,861,083 2,069,722
1,884,565 2,093,204

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

TEIFI TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 01157507)

BALANCE SHEET - continued
31 MARCH 2024


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 15 August 2024 and were signed on its behalf by:




J G Thomas - Director



M A Lloyd Thomas - Director


TEIFI TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 01157507)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Teifi Timber Products 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.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements are prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefit associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over
their useful lives on the following bases:

Land and buildings Freehold Land - Nil Property 2% straight line
Plant and machinery2% - 10% reducing balance
Fixtures, fittings & equipment10% reducing balance
Motor vehicles25% reducing balance

The gain or loss arising on the disposal of an asset is determinded as the difference between the sale proceeds and the carrying value of the asset, and is credited or charge to profit or loss.

TEIFI TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 01157507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held distribution at no or nominal consideration are measured at the lower cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit not the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxed levied by the same tax authority.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits
The company operates a defined contribution pension scheme covering certain of its directors and employees. The asset of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

TEIFI TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 01157507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest charge to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any leases incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 17 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 742,432 5,572,374 6,314,806
Additions - 102,942 102,942
Disposals - (228,650 ) (228,650 )
At 31 March 2024 742,432 5,446,666 6,189,098
DEPRECIATION
At 1 April 2023 41,750 3,773,105 3,814,855
Charge for year 3,712 164,727 168,439
Eliminated on disposal - (220,209 ) (220,209 )
At 31 March 2024 45,462 3,717,623 3,763,085
NET BOOK VALUE
At 31 March 2024 696,970 1,729,043 2,426,013
At 31 March 2023 700,682 1,799,269 2,499,951

TEIFI TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 01157507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 842,654 799,059
Amounts owed by group undertakings - 123,000
Other debtors 98,000 22,237
940,654 944,296

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 446,805 394,416
Hire purchase contracts 46,403 55,542
Trade creditors 358,194 509,225
Taxation and social security 24,964 1,042
Other creditors 106,800 104,500
983,166 1,064,725

Bank loans are secured by a fixed and floating charge over the assets of the company.

Hire purchase contracts are secured against the assets to which it relates.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 16,767 27,355
Hire purchase contracts 157,517 73,914
Other creditors 384,148 389,020
558,432 490,289

Bank loans are secured by fixed and floating charge over the assets of the company.

Hire purchase contracts are secured against the assets to which it relates.

Included in other creditors are the amount due to the directors of £384,148 (2023: £389,020)

8. CONTROLLING PARTY

The company was controlled during the period by Mr J G Thomas & Mrs M A Lloyd-Thomas, directors, by
virtue of their shareholding.