REGISTERED NUMBER: |
Dixon Timber Products Limited |
Financial Statements For The Year Ended 31 May 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Relocation costs | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Raw materials |
Work-in-progress |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts recoverable on contracts | 112,638 | - |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation |
Social security and other taxes |
Other creditors |
Invoice discounting finance | 316,706 | 162,668 |
Directors' current accounts | 47,807 | 62,807 |
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: | £ | £ |
Ordinary | £1 | 65,000 | 65,000 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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). |