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COMPANY REGISTRATION NUMBER: 06942145
Scandic Timber (UK) Limited
Filleted Unaudited Financial Statements
31 December 2023
Scandic Timber (UK) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Current assets
Debtors
4
226,758
277,802
Cash at bank and in hand
179,359
265,076
---------
---------
406,117
542,878
Creditors: amounts falling due within one year
5
326,552
477,359
---------
---------
Net current assets
79,565
65,519
--------
--------
Total assets less current liabilities
79,565
65,519
--------
--------
Net assets
79,565
65,519
--------
--------
Scandic Timber (UK) Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
79,564
65,518
--------
--------
Shareholders funds
79,565
65,519
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
A Ragauskis
Director
Company registration number: 06942145
Scandic Timber (UK) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Regent House, Bath Avenue, Wolverhampton, WV1 4EG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities. The total turnover of company for the year has been derived from its principal activity wholly undertaken in the UK.
(c) Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
4. Debtors
2023
2022
£
£
Trade debtors
176,758
227,802
Other debtors
50,000
50,000
---------
---------
226,758
277,802
---------
---------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
321,449
471,654
Corporation tax
3,295
3,705
Social security and other taxes
808
1,000
Other creditors
1,000
1,000
---------
---------
326,552
477,359
---------
---------
6. Related party transactions
The company was under the control of its directors.