Acorah Software Products - Accounts Production 15.0.600 false true 30 April 2023 1 May 2022 false 1 May 2023 30 April 2024 30 April 2024 05604430 Mr Michael Woodward Mr Mark Orchard iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05604430 2023-04-30 05604430 2024-04-30 05604430 2023-05-01 2024-04-30 05604430 frs-core:CurrentFinancialInstruments 2024-04-30 05604430 frs-core:FurnitureFittings 2024-04-30 05604430 frs-core:FurnitureFittings 2023-05-01 2024-04-30 05604430 frs-core:FurnitureFittings 2023-04-30 05604430 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-04-30 05604430 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 05604430 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-30 05604430 frs-core:MotorVehicles 2024-04-30 05604430 frs-core:MotorVehicles 2023-05-01 2024-04-30 05604430 frs-core:MotorVehicles 2023-04-30 05604430 frs-core:PlantMachinery 2024-04-30 05604430 frs-core:PlantMachinery 2023-05-01 2024-04-30 05604430 frs-core:PlantMachinery 2023-04-30 05604430 frs-core:ShareCapital 2024-04-30 05604430 frs-core:RetainedEarningsAccumulatedLosses 2024-04-30 05604430 frs-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 05604430 frs-bus:FilletedAccounts 2023-05-01 2024-04-30 05604430 frs-bus:SmallEntities 2023-05-01 2024-04-30 05604430 frs-bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 05604430 frs-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 05604430 frs-bus:Director1 2023-05-01 2024-04-30 05604430 frs-bus:Director2 2023-05-01 2024-04-30 05604430 frs-countries:EnglandWales 2023-05-01 2024-04-30 05604430 2022-04-30 05604430 2023-04-30 05604430 2022-05-01 2023-04-30 05604430 frs-core:CurrentFinancialInstruments 2023-04-30 05604430 frs-core:ShareCapital 2023-04-30 05604430 frs-core:RetainedEarningsAccumulatedLosses 2023-04-30
Registered number: 05604430
Green Tree Timber Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Time Accounts Ltd
Basepoint Business Centre
Little High Street
Shoreham-By-Sea
West Sussex
BN43 5EG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05604430
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,115 6,885
2,115 6,885
CURRENT ASSETS
Stocks 5 816,648 954,604
Debtors 6 76,132 287,728
Cash at bank and in hand 8,824 8,274
901,604 1,250,606
Creditors: Amounts Falling Due Within One Year 7 (374,437 ) (754,975 )
NET CURRENT ASSETS (LIABILITIES) 527,167 495,631
TOTAL ASSETS LESS CURRENT LIABILITIES 529,282 502,516
NET ASSETS 529,282 502,516
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 529,182 502,416
SHAREHOLDERS' FUNDS 529,282 502,516
Page 1
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Woodward
Director
03/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Green Tree Timber Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05604430 . The registered office is Basepoint Business Centre C/O Time Accounts, Little High Street, Shoreham-By-Sea, West Sussex, BN43 5EG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 33% Straight line
Plant & Machinery 15% Straight line
Motor Vehicles 33% Straight line
Fixtures & Fittings 20% Straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 May 2023 2,361 13,114 4,400 33,456 53,331
Disposals - (2,861 ) (4,400 ) (600 ) (7,861 )
As at 30 April 2024 2,361 10,253 - 32,856 45,470
Depreciation
As at 1 May 2023 2,361 10,804 4,400 28,881 46,446
Provided during the period - 548 - 4,222 4,770
Disposals - (2,861 ) (4,400 ) (600 ) (7,861 )
As at 30 April 2024 2,361 8,491 - 32,503 43,355
Net Book Value
As at 30 April 2024 - 1,762 - 353 2,115
As at 1 May 2023 - 2,310 - 4,575 6,885
5. Stocks
2024 2023
£ £
Finished goods 816,648 954,604
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 58,788 214,797
Prepayments and accrued income 3,350 71,511
Other debtors 1,420 1,420
VAT 12,574 -
76,132 287,728
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10,195 6,906
Bank loans and overdrafts 9,818 43,500
Corporation tax 8,819 9,935
VAT - 8,420
Accruals and deferred income 17,838 28,540
Amounts owed to group undertakings 327,767 657,674
374,437 754,975
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
Summary of transactions with parent company:
Green Tree Timber Limited is a wholly owned subsidiary of Finewood Marketing (UK) Limited, a company incorporated in England and Wales.
During the year the company made sales to Finewood Marketing (UK) Limited amounting to £4,752 (2023: £Nil) and made purchases of £741,569 (2023: £1,062,657) and £730,098 (2023: £954,604) is related to prepaid stock.
During the year the company paid management fees to Finewood Marketing (UK) Limited of £50,000 (2023: £57,000).
At the year end the company owed Finewood Marketing (UK) Limited an amount of £327,767 (2023: £657,674) which is included within the creditors due within one year.
10. Controlling interest
The company's immediate parent is Finewood Marketing (UK) Limited, incorporated in England and Wales.
The controlling party, throughout the current and previous year is M Woodward.
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