Suffolk Timber Products Limited 09947535 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the manufacture of gates. Digita Accounts Production Advanced 6.30.9574.0 true true 09947535 2023-02-01 2024-01-31 09947535 2024-01-31 09947535 bus:Director2 1 2024-01-31 09947535 bus:Director2 2 2024-01-31 09947535 core:RetainedEarningsAccumulatedLosses 2024-01-31 09947535 core:ShareCapital 2024-01-31 09947535 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-01-31 09947535 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-01-31 09947535 core:CurrentFinancialInstruments 2024-01-31 09947535 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 09947535 core:Non-currentFinancialInstruments 2024-01-31 09947535 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 09947535 core:FurnitureFittingsToolsEquipment 2024-01-31 09947535 core:MotorVehicles 2024-01-31 09947535 core:OtherPropertyPlantEquipment 2024-01-31 09947535 bus:SmallEntities 2023-02-01 2024-01-31 09947535 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 09947535 bus:FilletedAccounts 2023-02-01 2024-01-31 09947535 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 09947535 bus:RegisteredOffice 2023-02-01 2024-01-31 09947535 bus:Director1 2023-02-01 2024-01-31 09947535 bus:Director2 2023-02-01 2024-01-31 09947535 bus:Director2 1 2023-02-01 2024-01-31 09947535 bus:Director2 2 2023-02-01 2024-01-31 09947535 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 09947535 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 09947535 core:MotorVehicles 2023-02-01 2024-01-31 09947535 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 09947535 core:PlantMachinery 2023-02-01 2024-01-31 09947535 core:Vehicles 2023-02-01 2024-01-31 09947535 countries:England 2023-02-01 2024-01-31 09947535 2023-01-31 09947535 bus:Director2 1 2023-01-31 09947535 bus:Director2 2 2023-01-31 09947535 core:FurnitureFittingsToolsEquipment 2023-01-31 09947535 core:MotorVehicles 2023-01-31 09947535 core:OtherPropertyPlantEquipment 2023-01-31 09947535 2022-02-01 2023-01-31 09947535 2023-01-31 09947535 bus:Director2 1 2023-01-31 09947535 bus:Director2 2 2023-01-31 09947535 core:RetainedEarningsAccumulatedLosses 2023-01-31 09947535 core:ShareCapital 2023-01-31 09947535 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 09947535 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-01-31 09947535 core:CurrentFinancialInstruments 2023-01-31 09947535 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 09947535 core:Non-currentFinancialInstruments 2023-01-31 09947535 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 09947535 core:FurnitureFittingsToolsEquipment 2023-01-31 09947535 core:MotorVehicles 2023-01-31 09947535 core:OtherPropertyPlantEquipment 2023-01-31 09947535 bus:Director2 1 2022-02-01 2023-01-31 09947535 bus:Director2 2 2022-02-01 2023-01-31 09947535 bus:Director2 1 2022-01-31 09947535 bus:Director2 2 2022-01-31 iso4217:GBP xbrli:pure

Registration number: 09947535

Suffolk Timber Products Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Suffolk Timber Products Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Suffolk Timber Products Limited

(Registration number: 09947535)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

147,070

165,082

Current assets

 

Stocks

5

243,090

257,023

Debtors

6

163,582

269,984

Cash at bank and in hand

 

4,255

-

 

410,927

527,007

Creditors: Amounts falling due within one year

7

(485,084)

(474,919)

Net current (liabilities)/assets

 

(74,157)

52,088

Total assets less current liabilities

 

72,913

217,170

Creditors: Amounts falling due after more than one year

7

(94,189)

(105,373)

Provisions for liabilities

-

(36,090)

Net (liabilities)/assets

 

(21,276)

75,707

Capital and Reserves

 

Called up share capital

200

200

Retained Earnings

(21,476)

75,507

Shareholders' (deficit)/funds

 

(21,276)

75,707

 

Suffolk Timber Products Limited

(Registration number: 09947535)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 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 30 October 2024 and signed on its behalf by:
 

.........................................
G T Corrie
Director

 

Suffolk Timber Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
The Old Parachute Shop
Bury Road
Lavenham
Sudbury
Suffolk
CO10 9GN
England

These financial statements were authorised for issue by the Board on 30 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company.

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 sales/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. Tax is recognised in profit or loss, 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.

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

 

Suffolk Timber Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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 in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

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

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Other tangible assets

25% reducing balance and 5% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Suffolk Timber Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 13).

 

Suffolk Timber Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

18,163

94,114

-

112,277

Additions

-

31,995

248,525

280,520

Disposals

-

(16,995)

-

(16,995)

At 31 January 2024

18,163

109,114

248,525

375,802

Depreciation

At 1 February 2023

13,077

59,301

123,342

195,720

Charge for the year

1,272

12,143

31,296

44,711

Eliminated on disposal

-

(11,699)

-

(11,699)

At 31 January 2024

14,349

59,745

154,638

228,732

Carrying amount

At 31 January 2024

3,814

49,369

93,887

147,070

At 31 January 2023

5,086

34,813

125,183

165,082

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

243,090

257,023

 

Suffolk Timber Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Debtors

2024
£

2023
£

Trade Debtors

79,849

189,061

Prepayments

13,250

12,772

Other debtors

70,483

68,151

163,582

269,984

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

186,331

196,475

Trade Creditors

 

169,543

161,909

Taxation and social security

 

46,431

48,756

Accruals and deferred income

 

3,990

3,500

Other creditors

 

78,789

64,279

 

485,084

474,919

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £26,391 (2023- £21,386).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

94,189

105,373

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £48,068 (2023 - £47,002).

 

Suffolk Timber Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

46,121

58,371

Hire purchase contracts

48,068

47,002

94,189

105,373

Current loans and borrowings

2024
£

2023
£

Bank borrowings

72,092

53,091

Bank overdrafts

-

9,424

Hire purchase contracts

26,391

21,389

Other borrowings

87,848

112,571

186,331

196,475

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 £Nil (2023 - £25,011).

10

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

Interest charged by company to director
£

At 31 January 2024
£

E J Stroud

(6,292)

26,754

-

2,024

22,486

Material advance

37,474

-

-

-

37,474

 

31,182

26,754

-

2,024

59,960

         

 

 

Suffolk Timber Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

Interest charged by company to director
£

At 31 January 2023
£

E J Stroud

10,000

3,136

(19,889)

461

(6,292)

Material advance

-

37,474

-

-

37,474

10,000

40,610

(19,889)

461

31,182

Ttransactions with directors

The loan in repayable on demand with interest charged at 3.5% per annum.

 

11

Going Concern

Historically the company has purchased softwood gates from the Ukraine, however, the escalation and ongoing war in Ukraine trading became increasingly unreliable and erratic. Despite the directors best efforts the erratic supply and pricing led to dissatisfied customers and stock of softwood gates being sold a less than cost or written off completely. To stop these losses the director withdrew from the softwood gate market to focus on hardwood bespoke gates and automation. It is anticipated that the company will return to profit in the next twelve months.