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Registration number: 09007953

Thaxters Timber and Forestry Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Thaxters Timber and Forestry Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Thaxters Timber and Forestry Ltd

Company Information

Directors

S L Sands

T W Schofield

R E Smith

Company secretary

S L Sands

Registered office

Pippin Heath Farm
Hunworth Road
Holt
Norfolk
NR25 6SS

Accountants

Pacific Limited
Chartered Accountants
1st Floor, Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

 

Thaxters Timber and Forestry Ltd

(Registration number: 09007953)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

69,846

78,170

 

69,847

78,171

Current assets

 

Stocks

155,071

154,021

Debtors

6

27,640

31,788

Cash at bank and in hand

 

57,450

69,873

 

240,161

255,682

Creditors: Amounts falling due within one year

7

(176,125)

(166,881)

Net current assets

 

64,036

88,801

Total assets less current liabilities

 

133,883

166,972

Creditors: Amounts falling due after more than one year

7

(7,342)

(13,462)

Provisions for liabilities

(12,904)

(18,836)

Net assets

 

113,637

134,674

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

113,537

134,574

Shareholders' funds

 

113,637

134,674

 

Thaxters Timber and Forestry Ltd

(Registration number: 09007953)
Balance Sheet as at 30 April 2024

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 October 2024 and signed on its behalf by:
 

S L Sands
Company secretary and director

T W Schofield
Director

R E Smith
Director

     
 

Thaxters Timber and Forestry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Pippin Heath Farm
Hunworth Road
Holt
Norfolk
NR25 6SS

2

Accounting policies

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Thaxters Timber and Forestry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings and leasehold property improvements

20% straight line basis on buildings and over the period of the lease for leasehold property improvements

Motor vehicles

25% straight line basis

Plant, equipment and fixtures

20% straight line basis

Goodwill

Purchased goodwill is capitalised and amortised on a striaght line basis over its useful economic life of 5 years.

Cash
Cash comprises cash on hand and all deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and net realisable value.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised at the transaction price.

Leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis.

Defined contribution pension obligation

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3

Staff numbers

The average number of persons employed by the company during the year, was 14 (2023 - 14).

 

Thaxters Timber and Forestry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 May 2023

1

1

At 30 April 2024

1

1

Carrying amount

At 30 April 2024

1

1

At 30 April 2023

1

1

5

Tangible assets

Buildings and leasehold property improvements
£

Motor vehicles
 £

Plant, equipment and fixtures
£

Total
£

Cost

At 1 May 2023

27,078

71,914

75,926

174,918

Additions

4,575

15,995

1,233

21,803

Disposals

-

(11,800)

-

(11,800)

At 30 April 2024

31,653

76,109

77,159

184,921

Depreciation

At 1 May 2023

25,260

34,516

36,972

96,748

Charge for the year

636

16,437

13,054

30,127

Eliminated on disposal

-

(11,800)

-

(11,800)

At 30 April 2024

25,896

39,153

50,026

115,075

Net book value

At 30 April 2024

5,757

36,956

27,133

69,846

At 30 April 2023

1,818

37,398

38,954

78,170

6

Debtors

2024
£

2023
£

Trade debtors

22,937

25,176

Other debtors

2,200

2,748

Prepayments

2,503

3,864

27,640

31,788

 

Thaxters Timber and Forestry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Bank loans

6,120

5,971

Trade creditors

78,278

56,504

Taxation and social security

30,909

29,840

Other creditors

14,752

16,361

Director current accounts

42,846

55,033

Accruals

3,220

3,172

176,125

166,881

Creditors include a bank loan in the sum of £6,122 (2023 - £5,971) which is secured by a government backed guarantee.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Bank loans

7,342

13,462

7,342

13,462

Creditors include a bank loan in the sum of £7,342 (2023 - £13,462) which is secured by a government backed guarantee.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £49,772 (2023 - £11,600).