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Registration number: 04619764

Treeworks (West Wales) Ltd

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Treeworks (West Wales) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Treeworks (West Wales) Ltd

Company Information

Directors

Mrs Mary Cleaver

Mr Paul Cleaver

Company secretary

Mrs Mary Cleaver

Registered office

Springfield
Tiers Cross
Haverfordwest
Pembrokeshire
SA62 3DG
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

Treeworks (West Wales) Ltd

(Registration number: 04619764)
Balance Sheet as at 29 February 2024

Note

29 February
2024
£

28 February
2023
£

Fixed assets

 

Tangible assets

5

170,902

175,057

Current assets

 

Stocks

6

2,412

-

Debtors

7

62,926

24,203

Cash at bank and in hand

 

4,459

3,294

 

69,797

27,497

Creditors: Amounts falling due within one year

8

(56,747)

(27,277)

Net current assets

 

13,050

220

Total assets less current liabilities

 

183,952

175,277

Creditors: Amounts falling due after more than one year

8

(18,325)

(28,549)

Provisions for liabilities

(4,087)

(4,876)

Net assets

 

161,540

141,852

Capital and reserves

 

Called up share capital

9

22

22

Retained earnings

161,518

141,830

Shareholders' funds

 

161,540

141,852

For the financial 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.

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.

 

Treeworks (West Wales) Ltd

(Registration number: 04619764)
Balance Sheet as at 29 February 2024

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 21 May 2024 and signed on its behalf by:
 

.........................................
Mr Paul Cleaver
Director

 

Treeworks (West Wales) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Springfield
Tiers Cross
Haverfordwest
Pembrokeshire
SA62 3DG
Wales

These financial statements were authorised for issue by the Board on 21 May 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.

Going concern

These accounts have been prepared on the 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.

 

Treeworks (West Wales) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

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.

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.

 

Treeworks (West Wales) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

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 machinery

15% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

33% on cost and 15% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

 

Treeworks (West Wales) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Treeworks (West Wales) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

7,500

7,500

At 29 February 2024

7,500

7,500

Amortisation

At 1 March 2023

7,500

7,500

At 29 February 2024

7,500

7,500

Carrying amount

At 29 February 2024

-

-

 

Treeworks (West Wales) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

149,393

18,915

51,707

103,151

323,166

Additions

-

2,294

-

-

2,294

At 29 February 2024

149,393

21,209

51,707

103,151

325,460

Depreciation

At 1 March 2023

-

16,982

49,413

81,714

148,109

Charge for the year

-

2,614

573

3,262

6,449

At 29 February 2024

-

19,596

49,986

84,976

154,558

Carrying amount

At 29 February 2024

149,393

1,613

1,721

18,175

170,902

At 28 February 2023

149,393

1,933

2,294

21,437

175,057

 

Treeworks (West Wales) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

6

Stocks

29 February
2024
£

28 February
2023
£

Work in progress

2,412

-

 

Treeworks (West Wales) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

7

debtors

Current

29 February
2024
£

28 February
2023
£

Trade debtors

13,446

12,614

Prepayments

3,050

2,984

Other debtors

46,418

8,593

Called up share capital not paid

12

12

 

62,926

24,203

 

Treeworks (West Wales) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

Note

29 February
2024
£

28 February
2023
£

Due within one year

 

Bank loans and overdrafts

10

10,629

10,377

Trade creditors

 

590

519

Taxation and social security

 

5,330

4,339

Accruals and deferred income

 

1,925

1,750

Other creditors

 

38,273

10,292

 

56,747

27,277

Creditors: amounts falling due after more than one year

Note

29 February
2024
£

28 February
2023
£

Due after one year

 

Loans and borrowings

10

18,325

28,549

9

Share capital

Allotted, called up and fully paid shares

 

29 February
2024

28 February
2023

 

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

Ordinary A of £1 each

12

12

12

12

 

22

22

22

22

 

Treeworks (West Wales) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

10

Loans and borrowings

29 February
2024
£

28 February
2023
£

Non-current loans and borrowings

Bank borrowings

18,325

28,549

29 February
2024
£

28 February
2023
£

Current loans and borrowings

Bank borrowings

10,629

10,377

11

Dividends

Interim dividends paid

   

29 February
2024
£

 

28 February
2023
£

Interim dividend of £240.00 (2023 - £220.00) per each Ordinary

 

24,000

 

22,000

Interim dividend of £Nil per each Ordinary A

 

-

 

-

   

24,000

 

22,000

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,959

25,306