WILSONS TIMBER CO & MANUFACTURING JOINERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WILSONS TIMBER CO & MANUFACTURING JOINERS LIMITED
COMPANY INFORMATION
Directors
B Wilson
I Wilson
K Wilson
Secretary
I Wilson
Company number
02085793 (England and Wales)
Registered office
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Business address
146 Trafalgar Street
Burnley
Lancashire
BB11 1RA
Bankers
Barclays Bank plc
72 St James Street
Burnley
Lancashire
BB11 1NH
Solicitors
Smith Sutcliffe
50 Manchester Road
Burnley
Lancashire
BB11 1HJ
WILSONS TIMBER CO & MANUFACTURING JOINERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WILSONS TIMBER CO & MANUFACTURING JOINERS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
428
571
Current assets
Debtors
5
134,537
155,481
Cash at bank and in hand
15,634
27,577
150,171
183,058
Creditors: amounts falling due within one year
6
(120,852)
(144,083)
Net current assets
29,319
38,975
Total assets less current liabilities
29,747
39,546
Creditors: amounts falling due after more than one year
7
(12,500)
(22,500)
Provisions for liabilities
(107)
(143)
Net assets
17,140
16,903
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
17,040
16,803
Total equity
17,140
16,903
The notes on pages 3 - 6 form an integral part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

WILSONS TIMBER CO & MANUFACTURING JOINERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
B Wilson
Director
Company registration number 02085793 (England and Wales)
WILSONS TIMBER CO & MANUFACTURING JOINERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Wilsons Timber Co & Manufacturing Joiners Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Nicholas Street, Burnley, Lancashire, BB11 2AL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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 benefits 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.

1.3
Tangible fixed assets

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:

Plant & machinery
10% straight line basis
Fixtures & fittings
10% straight line basis
Comm. vehicles
25% reducing balance basis

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

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

WILSONS TIMBER CO & MANUFACTURING JOINERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).

 

Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.

 

All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.

 

Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.

 

Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.

Derecognition of financial assets

Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.

 

Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.

1.6
Taxation

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

Current tax

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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease 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 leases asset are consumed.

WILSONS TIMBER CO & MANUFACTURING JOINERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
7
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
50,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
50,000
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Comm. vehicles
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
153,137
12,539
34,447
200,123
Depreciation and impairment
At 1 April 2023
153,137
12,539
33,876
199,552
Depreciation charged in the year
-
0
-
0
143
143
At 31 March 2024
153,137
12,539
34,019
199,695
Carrying amount
At 31 March 2024
-
0
-
0
428
428
At 31 March 2023
-
0
-
0
571
571
WILSONS TIMBER CO & MANUFACTURING JOINERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,670
19,462
Corporation tax recoverable
-
0
813
Other debtors
80,567
80,721
Prepayments and accrued income
49,300
54,485
134,537
155,481
6
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
10,000
10,000
Trade creditors
415
5,178
Corporation tax
81
-
0
Other taxation and social security
3,396
2,525
Other creditors
102,764
115,329
Accruals and deferred income
4,196
11,051
120,852
144,083
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
12,500
22,500
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
2024-03-312023-04-01false13 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityB WilsonK WilsonK WilsonI Wilsonfalsefalse020857932023-04-012024-03-3102085793bus:Director12023-04-012024-03-3102085793bus:CompanySecretaryDirector12023-04-012024-03-3102085793bus:Director22023-04-012024-03-3102085793bus:Director32023-04-012024-03-3102085793bus:CompanySecretary12023-04-012024-03-3102085793bus:RegisteredOffice2023-04-012024-03-3102085793bus:Agent12023-04-012024-03-31020857932024-03-31020857932023-03-3102085793core:PlantMachinery2024-03-3102085793core:FurnitureFittings2024-03-3102085793core:MotorVehicles2024-03-3102085793core:PlantMachinery2023-03-3102085793core:FurnitureFittings2023-03-3102085793core:MotorVehicles2023-03-3102085793core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3102085793core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102085793core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3102085793core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3102085793core:CurrentFinancialInstruments2024-03-3102085793core:CurrentFinancialInstruments2023-03-3102085793core:ShareCapital2024-03-3102085793core:ShareCapital2023-03-3102085793core:RetainedEarningsAccumulatedLosses2024-03-3102085793core:RetainedEarningsAccumulatedLosses2023-03-3102085793core:PlantMachinery2023-04-012024-03-3102085793core:FurnitureFittings2023-04-012024-03-3102085793core:MotorVehicles2023-04-012024-03-31020857932022-04-012023-03-3102085793core:Goodwill2023-03-3102085793core:Goodwill2024-03-3102085793core:Goodwill2023-03-3102085793core:PlantMachinery2023-03-3102085793core:FurnitureFittings2023-03-3102085793core:MotorVehicles2023-03-31020857932023-03-3102085793core:Non-currentFinancialInstruments2024-03-3102085793core:Non-currentFinancialInstruments2023-03-3102085793bus:PrivateLimitedCompanyLtd2023-04-012024-03-3102085793bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3102085793bus:FRS1022023-04-012024-03-3102085793bus:AuditExemptWithAccountantsReport2023-04-012024-03-3102085793bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP