Company No:
Contents
Note | 31.03.2024 | 31.03.2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 4 |
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127,460 | 120,154 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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11,769 | 31,073 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (60,133) | (29,479) | ||
Total assets less current liabilities | 67,327 | 90,675 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of T.F.Timbers Limited (registered number:
S F Buckley
Director |
L E Durtnall
Director |
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.
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 £.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
Land and buildings |
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Plant and machinery etc. |
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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.
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.
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.
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 |
Year ended 31.03.2024 |
Period from 01.11.2022 to 31.03.2023 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery etc. | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated depreciation | |||||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||||
At 31 March 2024 |
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At 31 March 2023 |
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31.03.2024 | 31.03.2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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31.03.2024 | 31.03.2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Taxation and social security |
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Other creditors |
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