Silverfin false false 31/03/2024 01/04/2023 31/03/2024 S F Buckley 18/10/2018 L E Durtnall 18/10/2018 12 September 2024 The principle activity of the company during the year was joinery installation. 11629621 2024-03-31 11629621 bus:Director1 2024-03-31 11629621 bus:Director2 2024-03-31 11629621 2023-03-31 11629621 core:CurrentFinancialInstruments 2024-03-31 11629621 core:CurrentFinancialInstruments 2023-03-31 11629621 core:ShareCapital 2024-03-31 11629621 core:ShareCapital 2023-03-31 11629621 core:RetainedEarningsAccumulatedLosses 2024-03-31 11629621 core:RetainedEarningsAccumulatedLosses 2023-03-31 11629621 core:LandBuildings 2023-03-31 11629621 core:OtherPropertyPlantEquipment 2023-03-31 11629621 core:LandBuildings 2024-03-31 11629621 core:OtherPropertyPlantEquipment 2024-03-31 11629621 2023-04-01 2024-03-31 11629621 bus:FilletedAccounts 2023-04-01 2024-03-31 11629621 bus:SmallEntities 2023-04-01 2024-03-31 11629621 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11629621 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11629621 bus:Director1 2023-04-01 2024-03-31 11629621 bus:Director2 2023-04-01 2024-03-31 11629621 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 11629621 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 11629621 2022-11-01 2023-03-31 11629621 core:LandBuildings 2023-04-01 2024-03-31 11629621 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 11629621 (England and Wales)

T.F.TIMBERS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

T.F.TIMBERS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

T.F.TIMBERS LIMITED

BALANCE SHEET

As at 31 March 2024
T.F.TIMBERS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 127,460 120,154
127,460 120,154
Current assets
Debtors 5 2,081 25,595
Cash at bank and in hand 9,688 5,478
11,769 31,073
Creditors: amounts falling due within one year 6 ( 71,902) ( 60,552)
Net current liabilities (60,133) (29,479)
Total assets less current liabilities 67,327 90,675
Net assets 67,327 90,675
Capital and reserves
Called-up share capital 2 2
Profit and loss account 67,325 90,673
Total shareholders' funds 67,327 90,675

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

Directors' responsibilities:

The financial statements of T.F.Timbers Limited (registered number: 11629621) were approved and authorised for issue by the Board of Directors on 12 September 2024. They were signed on its behalf by:

S F Buckley
Director
L E Durtnall
Director
T.F.TIMBERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
T.F.TIMBERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

T.F.Timbers Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year error

The financial statements for the periods ended 31 March 2023 and 31 October 2022 included expenses in the profit and loss that that were capital in nature.

The comparatives have been amended to reflect the reduction in the expense and amended tax charge resulting in profit after tax increasing by £57,124 from £3,438 to £60,562 for the period ended 31 October 2022 and increasing by £39,692 from a loss of £2,867 to a profit of £38,485 for the period ended 31 March 2023. In addition, the asset has been included on the balance sheet and amended tax charge reflected in current liabilities at 31 March 2023. The result to the figures in the accounts are stated in the note.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and joinery 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 when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Prior year adjustment

As previously reported Adjustment As restated
Year ended 31 March 2023 £ £ £
Sales 67,813 (48,202) 19,611
Cost of sales (63,652) 48,202 (15,450)
Other operating income 0 48,202 48,202
Tax on profit 0 (6,850) (6,850)
Tangible assets 2,881 117,273 120,154
Creditors: amounts falling due within one year (41,755) (18,797) (60,552)
Profit and loss account (7,803) 98,476 90,673

3. Employees

Year ended
31.03.2024
Period from
01.11.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 117,273 5,229 122,502
Additions 21,916 408 22,324
At 31 March 2024 139,189 5,637 144,826
Accumulated depreciation
At 01 April 2023 0 2,348 2,348
Charge for the financial year 13,897 1,121 15,018
At 31 March 2024 13,897 3,469 17,366
Net book value
At 31 March 2024 125,292 2,168 127,460
At 31 March 2023 117,273 2,881 120,154

5. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 0 24,640
Other debtors 2,081 955
2,081 25,595

6. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Trade creditors 623 7,649
Amounts owed to Group undertakings 7,250 10,360
Taxation and social security 18,797 18,797
Other creditors 45,232 23,746
71,902 60,552