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REGISTRAR OF COMPANIES

Registration number: 11226981

D S Norman (Timber) Limited

Unaudited Financial Statements

1 September 2022 to 31 January 2024

image-name

 

D S Norman (Timber) Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
D S Norman (Timber) Limited
for the Period Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of D S Norman (Timber) Limited for the period ended 31 January 2024 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of D S Norman (Timber) Limited, as a body, in accordance with the terms of our engagement letter dated 4 October 2022. Our work has been undertaken solely to prepare for your approval the accounts of D S Norman (Timber) Limited and state those matters that we have agreed to state to the Board of Directors of D S Norman (Timber) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D S Norman (Timber) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that D S Norman (Timber) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of D S Norman (Timber) Limited. You consider that D S Norman (Timber) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of D S Norman (Timber) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

2 October 2024

 

D S Norman (Timber) Limited

(Registration number: 11226981)
Balance Sheet as at 31 January 2024

Note

31 January 2024
£

31 August 2022
£

Fixed assets

 

Tangible assets

4

627,657

441,160

Current assets

 

Stocks

207,000

208,250

Debtors

5

1,177,361

994,077

Cash and cash equivalents

 

215,454

244,797

 

1,599,815

1,447,124

Creditors: Amounts falling due within one year

6

(1,135,673)

(1,059,333)

Total assets less current liabilities

 

1,091,799

828,951

Creditors: Amounts falling due after more than one year

6

(425,073)

(124,429)

Provisions for liabilities

(84,421)

(68,267)

Net assets

 

582,305

636,255

Financed by:

Other borrowings

369,612

387,192

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

212,593

248,963

Total equity

 

582,305

636,255

 

D S Norman (Timber) Limited

(Registration number: 11226981)
Balance Sheet as at 31 January 2024 (continued)

For the financial period 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 period 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 2 October 2024 and signed on its behalf by:
 

.........................................

D H Robson

Director

.........................................

L E Jermy

Director

 

D S Norman (Timber) Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 January 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:
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

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 - '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 except that as disclosed in the accounting policies certain items are shown at fair value.

Disclosure of long or short period

The financial statements have been prepared for a 17-month period covering 1 September 2022 to 31 January 2024 in order to align the period of perparation to the transaction date of the company shares being sold.

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 in the countries where the company operates and generates taxable income.

 

D S Norman (Timber) Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 January 2024 (continued)

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

15% or 20% reducing balance

Motor vehicles

25% reducing balance

Furniture, fittings and office equipment

3 year straight line

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 the sale of goods 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.

 

D S Norman (Timber) Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 January 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

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 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

D S Norman (Timber) Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 January 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 10 (2022 - 9).

4

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 September 2022

688,243

44,969

503

733,715

Additions

298,242

37,999

-

336,241

Disposals

-

(14,780)

-

(14,780)

At 31 January 2024

986,485

68,188

503

1,055,176

Depreciation

At 1 September 2022

272,990

19,537

28

292,555

Charge for the period

129,562

15,267

238

145,067

Eliminated on disposal

-

(10,103)

-

(10,103)

At 31 January 2024

402,552

24,701

266

427,519

Carrying amount

At 31 January 2024

583,933

43,487

237

627,657

At 31 August 2022

415,253

25,432

475

441,160

5

Debtors

31 January 2024
£

31 August 2022
£

Trade debtors

923,400

994,077

Amounts owed by group undertakings and undertakings in which the company has a participating interest

189,925

-

Other debtors

64,036

-

1,177,361

994,077

 

D S Norman (Timber) Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 January 2024 (continued)

6

Creditors

Note

31 January 2024
£

31 August 2022
£

Due within one year

 

Loans and borrowings

7

137,880

141,362

Trade creditors

 

968,456

852,163

Taxation and social security

 

15,569

9,835

Corporation tax liability

 

-

2,981

Other creditors

 

13,768

52,992

 

1,135,673

1,059,333

Due after one year

 

Loans and borrowings

7

425,073

124,429

31 January 2024
£

31 August 2022
£

After more than five years by instalments

31,332

13,078

31,332

13,078

 

D S Norman (Timber) Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 January 2024 (continued)

7

Loans and borrowings

31 January 2024
£

31 August 2022
£

Current loans and borrowings

Bank borrowings

5,538

5,538

Finance lease liabilities

132,342

135,824

137,880

141,362

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

31 January 2024
£

31 August 2022
£

Finance lease liabilities

132,342

135,824

Finance lease liabilities are secured on the assets to which they relate.

31 January 2024
£

31 August 2022
£

Non-current loans and borrowings

Bank borrowings

29,693

37,521

Finance lease liabilities

395,380

86,908

425,073

124,429

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

31 January 2024
£

31 August 2022
£

Finance lease liabilities

395,380

86,908

Finance lease liabilities are secured on the assets to which they relate.