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REGISTERED NUMBER: 02926655 (England and Wales)















Dixon Timber Products Limited

Financial Statements For The Year Ended 31 May 2024






Dixon Timber Products Limited (Registered number: 02926655)






Contents of the Financial Statements
For The Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Dixon Timber Products Limited

Company Information
For The Year Ended 31 May 2024







DIRECTOR: J A Dixon



SECRETARY: C G Atkinson



REGISTERED OFFICE: Kingswood Allotts
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU



REGISTERED NUMBER: 02926655 (England and Wales)



SENIOR STATUTORY AUDITOR: Mark Garrison BCom FCA DChA



AUDITORS: Kingswood Allotts Limited, Statutory Auditor
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

Dixon Timber Products Limited (Registered number: 02926655)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 69,832 95,572

CURRENT ASSETS
Stocks 5 99,447 201,753
Debtors 6 701,406 554,582
Cash at bank and in hand 22,875 17,709
823,728 774,044
CREDITORS
Amounts falling due within one year 7 531,908 491,447
NET CURRENT ASSETS 291,820 282,597
TOTAL ASSETS LESS CURRENT LIABILITIES 361,652 378,169

PROVISIONS FOR LIABILITIES 13,775 19,744
NET ASSETS 347,877 358,425

CAPITAL AND RESERVES
Called up share capital 9 65,000 65,000
Retained earnings 282,877 293,425
SHAREHOLDERS' FUNDS 347,877 358,425

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 November 2024 and were signed by:





J A Dixon - Director


Dixon Timber Products Limited (Registered number: 02926655)

Notes to the Financial Statements
For The Year Ended 31 May 2024

1. STATUTORY INFORMATION

Dixon Timber Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Accounting reference date
In 2023 the company took advantage of the provisions in section 390 of the Companies Act 2006 which allow the company to make accounts up to a date within seven days of the accounting reference date. These financial statements were made up to 2nd June 2023.

Turnover
Turnover is measured at the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Rendering of services

When the outcome of a transaction can estimated reliably, turnover from services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the work performed.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Contracts

When the outcome of a contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to costs incurred for work performed to date.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of the costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expenses immediately, with a corresponding provision.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Relocation costs - 20% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost

Tangible assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Relocation costs have been fully depreciated.

Dixon Timber Products Limited (Registered number: 02926655)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks of raw materials are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Debtors and creditors are measured at the amounts expected to be received/paid less any charges relating to future periods, and less any provision for impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 29 ) .

Dixon Timber Products Limited (Registered number: 02926655)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Relocation Plant and and Motor
costs machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 25,969 256,290 30,987 113,562 426,808
Additions - 3,157 - - 3,157
Disposals - (1,250 ) (779 ) - (2,029 )
At 31 May 2024 25,969 258,197 30,208 113,562 427,936
DEPRECIATION
At 1 June 2023 25,969 183,323 23,261 98,683 331,236
Charge for year - 17,856 3,377 7,664 28,897
Eliminated on disposal - (1,250 ) (779 ) - (2,029 )
At 31 May 2024 25,969 199,929 25,859 106,347 358,104
NET BOOK VALUE
At 31 May 2024 - 58,268 4,349 7,215 69,832
At 31 May 2023 - 72,967 7,726 14,879 95,572


5. STOCKS
2024 2023
£    £   
Raw materials 99,447 108,500
Work-in-progress - 93,253
99,447 201,753

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 513,213 458,571
Amounts recoverable on contracts 112,638 -
Other debtors 75,555 96,011
701,406 554,582

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 110,001 184,828
Taxation 1,726 -
Social security and other taxes 21,945 27,421
Other creditors 33,723 53,723
Invoice discounting finance 316,706 162,668
Directors' current accounts 47,807 62,807
531,908 491,447

Dixon Timber Products Limited (Registered number: 02926655)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Invoice discounting finance 316,706 162,668

The hire purchase contracts are secured by the assets to which the contracts relate.

The invoice discounting finance creditor is secured on the assets to which the facility relates and also a personal guarantee and indemnity provided by the director limited to £20,000.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
65,000 Ordinary £1 65,000 65,000

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Garrison BCom FCA DChA (Senior Statutory Auditor)
for and on behalf of Kingswood Allotts Limited, Statutory Auditor

11. OTHER FINANCIAL COMMITMENTS

At the year end, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £219,942 (2023: £21,091).