Company registration number 04560276 (England and Wales)
SYDENHAMS TIMBER ENGINEERING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
SYDENHAMS TIMBER ENGINEERING LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
SYDENHAMS TIMBER ENGINEERING LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr J Clark
Mr D Orchard
Mr C Sherborne
Mr J Sherborne
Mr O Sherborne
(Appointed 12 May 2023)
Mr L Wright
(Appointed 12 May 2023)
Mr B Carr
(Appointed 1 December 2023)
Secretary
Mr B Carr
Company number
04560276
Registered office
45-47 Ashley Road
Boscombe
Bournemouth
Dorset
BH1 4LG
Auditor
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
SYDENHAMS TIMBER ENGINEERING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
345,862
531,803
Current assets
Stocks
4
516,639
523,873
Debtors
5
2,683,991
2,854,460
Cash at bank and in hand
200
200
3,200,830
3,378,533
Creditors: amounts falling due within one year
6
(18,444)
(12,996)
Net current assets
3,182,386
3,365,537
Total assets less current liabilities
3,528,248
3,897,340
Provisions for liabilities
(36,266)
(60,204)
Net assets
3,491,982
3,837,136
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
3,490,982
3,836,136
Total equity
3,491,982
3,837,136
SYDENHAMS TIMBER ENGINEERING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -

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

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

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:
Mr J Clark
Mr J Sherborne
Director
Director
Company Registration No. 04560276
The notes on pages 4 to 9 form part of these financial statements
SYDENHAMS TIMBER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Sydenhams Timber Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is 45-47 Ashley Road, Boscombe, Bournemouth, Dorset, BH1 4LG. The principle place of business is Sydenhams Timber Engineering Limited, Forest Road, Newport, Isle of Wight, PO30 5YS.

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. Turnover is recognised on dispatch of the goods or completion of services.

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 and equipment
over 5 to 10 years
Fixtures and fittings
over 3 to 5 years
Motor vehicles
over 4 years

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 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.

SYDENHAMS TIMBER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks and work in progress

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, those overheads that have been incurred in bringing the stocks to their present location and condition. Cost is based on the cost of purchase on a first in first out basis.

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.

Where work has been undertaken on contracts but has not been invoiced as pending completion and dispatch to customers, the accumulated costs of performing the work to date are recognised in work in progress. Work in progress is valued at cost.

1.6
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.

 

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

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, amounts due from group companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Taxation

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

SYDENHAMS TIMBER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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 difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor 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 taxes levied by the same tax authority.

1.8
Employee costs and benefits

The parent company, Sydenhams Limited, holds the employment contracts for the employees of the company, under a central payroll function. The payroll expense is recharged at cost for those employees who's duties are based within the trading site of the company.

 

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.

 

The company contributes to a group personal pension scheme for its employees. The scheme's assets are held in independent, trustee-administered funds.

1.9
Retirement benefits

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

1.10
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 leased asset are consumed.

SYDENHAMS TIMBER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2
Employees

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0

The parent company, Sydenhams Limited, holds the employment contracts for the employees of the company, under a central payroll function. The payroll expense is recharged at cost for those employees who's duties are based within the trading site of the company. See accounting policy 1.8.

3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
686,918
241,074
381,862
1,309,854
Depreciation and impairment
At 1 April 2023
456,361
155,035
166,655
778,051
Depreciation charged in the year
85,001
27,582
73,358
185,941
At 31 March 2024
541,362
182,617
240,013
963,992
Carrying amount
At 31 March 2024
145,556
58,457
141,849
345,862
At 31 March 2023
230,557
86,039
215,207
531,803

The directors have reassessed the cost brought forward of certain fixed asset categories, which were fully depreciated and had a net book value of £nil in the prior period. Consequently, the aggregate costs brought forward and depreciation brought forward within these accounts may not be comparable with those published in the prior year financial statements.

 

4
Stocks
2024
2023
£
£
Raw materials and work in progress
516,639
523,873
SYDENHAMS TIMBER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,525,984
2,838,884
Other debtors
158,007
15,576
2,683,991
2,854,460

The company's trade debtors are dealt with in a centralised ledger accounted for by Sydenhams Limited, its immediate parent company. As a result, at the balance sheet date trade debtor balances arising from this company's activities are included in the financial statements of Sydenhams Limited.

 

There are no formal agreements in place regarding the settlement of amounts owed to or from group undertakings and they are treated as repayable on demand. The balances are not secured and no interest is charged on these balances within the financial statements.

 

6
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
18,444
12,996

The company's trade creditors are dealt with in a centralised ledger accounted for by Sydenhams Limited, its immediate parent company. As a result, at the balance sheet date trade creditor balances arising from this company's activities are included in the financial statements of Sydenhams Limited.

 

The company is party to a cross guarantee, given in respect of the bank overdrafts of the parent company which are secured by a fixed and floating charge over certain assets of all group companies. The amount of liability over which a cross guarantee was given at the year end was £728,020 (2023 - £Nil).

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
James Blake FCA
Statutory Auditor:
TC Group
SYDENHAMS TIMBER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
4,149
6,141
9
Contingent liabilities

The company is jointly and severally liable for the VAT liability of the group of which it is a member. At the year end the group liability was £583,879 (2023 - £817,923).

10
Related party transactions

The company has taken advantage of the exemption available under Section 33 of FRS 102 and has not disclosed details of transactions or balances with other wholly-owned group companies.

 

The company has taken advantage of the exemption granted under paragraph 1AC.35 of FRS 102 from disclosing remuneration paid to directors as under normal market rate.

11
Parent company

The immediate parent company is Sydenhams Limited, which is the parent company of the smallest group to consolidate these financial statements. The ultimate parent company is Sherborne Holdings Limited, which is the parent company of the largest group to consolidate these financial statements.

 

Copies of the consolidated financial statements can be obtained from the Company Secretary at 45-47 Ashley Road, Boscombe, Bournemouth, Dorset, BH1 4LG.

 

The ultimate controlling parties of Sherborne Holdings Limited are the majority shareholders C J Sherborne and J R Sherborne.

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