Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activityfalse292023-01-01false30trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02674254 2023-01-01 2023-12-31 02674254 2022-01-01 2022-12-31 02674254 2023-12-31 02674254 2022-12-31 02674254 2022-01-01 02674254 c:Director1 2023-01-01 2023-12-31 02674254 d:PlantMachinery 2023-01-01 2023-12-31 02674254 d:PlantMachinery 2023-12-31 02674254 d:PlantMachinery 2022-12-31 02674254 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02674254 d:MotorVehicles 2023-01-01 2023-12-31 02674254 d:MotorVehicles 2023-12-31 02674254 d:MotorVehicles 2022-12-31 02674254 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02674254 d:FurnitureFittings 2023-01-01 2023-12-31 02674254 d:FurnitureFittings 2023-12-31 02674254 d:FurnitureFittings 2022-12-31 02674254 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02674254 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02674254 d:Goodwill 2023-01-01 2023-12-31 02674254 d:Goodwill 2023-12-31 02674254 d:Goodwill 2022-12-31 02674254 d:CurrentFinancialInstruments 2023-12-31 02674254 d:CurrentFinancialInstruments 2022-12-31 02674254 d:Non-currentFinancialInstruments 2023-12-31 02674254 d:Non-currentFinancialInstruments 2022-12-31 02674254 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02674254 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02674254 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02674254 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02674254 d:ShareCapital 2023-12-31 02674254 d:ShareCapital 2022-12-31 02674254 d:ShareCapital 2022-01-01 02674254 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02674254 d:RetainedEarningsAccumulatedLosses 2023-12-31 02674254 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02674254 d:RetainedEarningsAccumulatedLosses 2022-12-31 02674254 d:RetainedEarningsAccumulatedLosses 2022-01-01 02674254 c:FRS102 2023-01-01 2023-12-31 02674254 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02674254 c:FullAccounts 2023-01-01 2023-12-31 02674254 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02674254 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02674254 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02674254 2 2023-01-01 2023-12-31 02674254 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 02674254 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number:  02674254














TONGE BRIDGE TIMBER SALES (UK) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
TONGE BRIDGE TIMBER SALES (UK) LTD
REGISTERED NUMBER: 02674254

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
50,000
60,000

Tangible assets
 5 
680,970
781,756

  
730,970
841,756

Current assets
  

Stocks
 6 
1,129,955
1,302,118

Debtors: amounts falling due within one year
 7 
1,140,873
1,094,137

Cash at bank and in hand
 8 
993,976
1,020,867

  
3,264,804
3,417,122

Creditors: amounts falling due within one year
 9 
(623,578)
(857,857)

Net current assets
  
 
 
2,641,226
 
 
2,559,265

Total assets less current liabilities
  
3,372,196
3,401,021

Creditors: amounts falling due after more than one year
 10 
(877,724)
(944,420)

Provisions for liabilities
  

Deferred tax
 11 
(140,900)
(161,100)

  
 
 
(140,900)
 
 
(161,100)

Net assets
  
2,353,572
2,295,501


Capital and reserves
  

Called up share capital 
  
20
20

Profit and loss account
  
2,353,552
2,295,481

  
2,353,572
2,295,501


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Page 1

 
TONGE BRIDGE TIMBER SALES (UK) LTD
REGISTERED NUMBER: 02674254
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 September 2024.




M J T Beer
Director

The notes on pages 4 to 11 form part of these financial statements.
Page 2

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
20
2,295,481
2,295,501



Profit for the year
-
58,071
58,071


At 31 December 2023
20
2,353,552
2,353,572


The notes on pages 4 to 11 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
20
2,012,169
2,012,189



Profit for the year
-
283,312
283,312


At 31 December 2022
20
2,295,481
2,295,501


The notes on pages 4 to 11 form part of these financial statements.
Page 3

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Tonge Bridge Timber Sales (UK) Limited is a private company limited by shares, registered in the United Kingdom.  The company number is 02674254.  Its registered office is 1 Boundary Street, Liverpool, Merseyside, L5 9UD. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Page 5

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Intangible assets (continued)


All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as below.

Depreciation is provided on the following basis:

Plant & machinery
-
10%
straight line
Motor vehicles and fork lift trucks
-
25%
reducing balance
Fixtures and fittings
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other 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.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
30
29

Page 7

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
100,000



At 31 December 2023

100,000



Amortisation


At 1 January 2023
40,000


Charge for the year on owned assets
10,000



At 31 December 2023

50,000



Net book value



At 31 December 2023
50,000



At 31 December 2022
60,000



Page 8

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
1,114,349
397,103
124,236
1,635,688


Additions
84,246
25,000
-
109,246



At 31 December 2023

1,198,595
422,103
124,236
1,744,934



Depreciation


At 1 January 2023
551,476
178,626
123,830
853,932


Charge for the year on owned assets
148,757
60,869
406
210,032



At 31 December 2023

700,233
239,495
124,236
1,063,964



Net book value



At 31 December 2023
498,362
182,608
-
680,970



At 31 December 2022
562,873
218,477
406
781,756


6.


Stocks

2023
2022
£
£

Raw materials and consumables
1,129,955
1,302,118

1,129,955
1,302,118

Page 9

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
837,969
997,428

Amounts owed by group undertakings
97,500
39,135

Amounts owed by associated undertakings
146,061
-

Prepayments
59,343
57,574

1,140,873
1,094,137



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
993,976
1,020,867

993,976
1,020,867



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
338,891
421,080

Amounts owed to associates
-
71,921

Corporation tax
39,338
29,815

Other taxation and social security
82,304
95,107

Obligations under finance lease and hire purchase contracts
126,217
135,540

Other creditors
3,334
3,168

Accruals
33,494
101,226

623,578
857,857


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.

Page 10

 
TONGE BRIDGE TIMBER SALES (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
150,888
276,612

Other creditors
726,836
667,808

877,724
944,420


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


11.


Deferred taxation




2023


£






At beginning of year
(161,100)


Charged to profit or loss
20,200



At end of year
(140,900)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(140,900)
(161,100)

(140,900)
(161,100)


12.


Related party transactions

Included within other debtors is an amount of £243,561 (2022: £39,135) owed from related parties.
Included within other creditors is an amount of £nil (2022: £71,921) owed to related parties.
During the year the company paid management charges of £366,179 (2022: £195,645) to companies under common control.  
All transactions were conducted at an arms length basis.


13.


Ultimate parent undertaking and ultimate controlling party

The ultimate controlling parties are M J T Beer and A J Beer by virtue of their shareholding in the ultimate parent company, Beers Timber Holdings Limited.
 
Page 11