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Registration number: 05697347

East Ferry Timber Limited

Filleted Unaudited Financial Statements

for the Year Ended 29 February 2024

 

East Ferry Timber Limited

(Registration number: 05697347)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

643,869

499,952

Current assets

 

Stocks

235,591

750,349

Debtors

5

691,616

615,829

Cash at bank and in hand

 

1,624,570

1,251,002

 

2,551,777

2,617,180

Creditors: Amounts falling due within one year

6

(735,246)

(907,378)

Net current assets

 

1,816,531

1,709,802

Total assets less current liabilities

 

2,460,400

2,209,754

Provisions for liabilities

(56,655)

(55,202)

Net assets

 

2,403,745

2,154,552

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

2,403,645

2,154,452

Shareholders' funds

 

2,403,745

2,154,552

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.

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.

 

East Ferry Timber Limited

(Registration number: 05697347)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 


Mr M Staniland
Director

   
 

East Ferry Timber Limited

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

1

General information

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

The address of its registered office is:
3 Brigg Road
Scotter
Gainsborough
Lincolnshire
DN21 3HU
 

Registration number: 05697347

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.

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 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.

 

East Ferry Timber Limited

Notes to the Financial Statements for the Year Ended 29 February 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, other than land, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

5% on cost

Motor vehicles

25% of net book value

Furniture, fittings and equipment

20% of net book value

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 less a 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.

 

East Ferry Timber Limited

Notes to the Financial Statements for the Year Ended 29 February 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 at the transaction price.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 20 (2023 - 22).

 

East Ferry Timber Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

279,145

359,785

337,230

976,160

Additions

156,107

4,542

59,294

219,943

Disposals

-

-

(3,333)

(3,333)

At 29 February 2024

435,252

364,327

393,191

1,192,770

Depreciation

At 1 March 2023

36,666

226,650

212,892

476,208

Charge for the year

13,958

26,953

33,553

74,464

Eliminated on disposal

-

-

(1,771)

(1,771)

At 29 February 2024

50,624

253,603

244,674

548,901

Carrying amount

At 29 February 2024

384,628

110,724

148,517

643,869

At 28 February 2023

242,479

133,135

124,338

499,952

5

Debtors

2024
£

2023
£

Trade debtors

667,376

540,191

Prepayments

24,225

20,676

Other debtors

15

653

Social security and other taxes

-

54,309

 

691,616

615,829

 

East Ferry Timber Limited

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

6

Creditors

2024
£

2023
£

Due within one year

Trade creditors

393,892

640,576

Social security and other taxes

176,561

140,793

Other creditors

164,793

126,009

735,246

907,378

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary shares of £1 each

16

16

16

16

B Ordinary shares of £1 each

32

32

32

32

C Ordinary shares of £1 each

32

32

32

32

D Ordinary Shares of £1 each

20

20

20

20

 

100

100

100

100