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Company registration number: 09450633
Logs for Sale Limited
Unaudited filleted financial statements
29 February 2024
Logs for Sale Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Logs for Sale Limited
Directors and other information
Director P Owen
Company number 09450633
Registered office 2 High Brighton Street
Withernsea
East Yorkshire
HU19 2HL
Business address Unit 11
Tokenspire Business Park
Beverley
HU17 0TB
Accountants Larsen & Co
2 High Brighton Street
Withernsea
East Yorkshire
HU19 2HL
Bankers HSBC
63 Market Place
Beverley
HU17 8AL
Logs for Sale Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Logs for Sale Limited
Year ended 29 February 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 29 February 2024 which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Larsen & Co
Chartered Accountants
2 High Brighton Street
Withernsea
East Yorkshire
HU19 2HL
18 October 2024
Logs for Sale Limited
Statement of financial position
29 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 68 85
Tangible assets 6 6,488 21,109
_______ _______
6,556 21,194
Current assets
Stocks 418,309 418,130
Debtors 7 62,548 277,994
Cash at bank and in hand 639,897 371,897
_______ _______
1,120,754 1,068,021
Creditors: amounts falling due
within one year 8 ( 350,956) ( 231,661)
_______ _______
Net current assets 769,798 836,360
_______ _______
Total assets less current liabilities 776,354 857,554
Creditors: amounts falling due
after more than one year 9 ( 13,950) ( 24,111)
Provisions for liabilities ( 1,233) ( 4,011)
_______ _______
Net assets 761,171 829,432
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 761,071 829,332
_______ _______
Shareholders funds 761,171 829,432
_______ _______
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 October 2024 , and are signed on behalf of the board by:
P Owen
Director
Company registration number: 09450633
Logs for Sale Limited
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Larsen & Co, 2 High Brighton Street, Withernsea, East Yorkshire, HU19 2HL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
Computer equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 7 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 March 2023 and 29 February 2024 170 170
_______ _______
Amortisation
At 1 March 2023 85 85
Charge for the year 17 17
_______ _______
At 29 February 2024 102 102
_______ _______
Carrying amount
At 29 February 2024 68 68
_______ _______
At 28 February 2023 85 85
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Computer equipment Total
£ £ £ £
Cost
At 1 March 2023 60,902 16,422 4,041 81,365
Additions - 146 398 544
_______ _______ _______ _______
At 29 February 2024 60,902 16,568 4,439 81,909
_______ _______ _______ _______
Depreciation
At 1 March 2023 46,155 10,657 3,444 60,256
Charge for the year 11,846 2,589 730 15,165
_______ _______ _______ _______
At 29 February 2024 58,001 13,246 4,174 75,421
_______ _______ _______ _______
Carrying amount
At 29 February 2024 2,901 3,322 265 6,488
_______ _______ _______ _______
At 28 February 2023 14,747 5,765 597 21,109
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 38,859 246,768
Other debtors 23,689 31,226
_______ _______
62,548 277,994
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,525 10,215
Trade creditors 73,524 42,300
Corporation tax 40,272 69,214
Social security and other taxes 105,285 105,576
Other creditors 121,350 4,356
_______ _______
350,956 231,661
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 13,950 24,111
_______ _______
Payments due after 5 years relate to a business bounce back loan which is payable over 5 years from the 1st anniversary of the loan with an interest rate of 2.5% p.a.
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
P Owen ( 849) 92,108 ( 95,561) ( 4,302)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
P Owen 157,364 245,079 ( 403,292) ( 849)
_______ _______ _______ _______
During the year the company provided the director with an interest free loan. The largest balance during the year was £151. The loan was fully repaid during the year. During the year the director provided the company with an interest free loan. The loan is repayable on demand and the balance outstanding at the year end was £4,302 (2023 £849). During the year the company paid dividends to the director of £90,000 (2023 £108,000).