Trace Timber Ltd 09432013 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of specialised design activities. Digita Accounts Production Advanced 6.30.9574.0 true true 09432013 2023-03-01 2024-02-29 09432013 2024-02-29 09432013 core:CurrentFinancialInstruments 2024-02-29 09432013 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 09432013 core:FurnitureFittingsToolsEquipment 2024-02-29 09432013 bus:SmallEntities 2023-03-01 2024-02-29 09432013 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 09432013 bus:FilletedAccounts 2023-03-01 2024-02-29 09432013 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 09432013 bus:RegisteredOffice 2023-03-01 2024-02-29 09432013 bus:Director1 2023-03-01 2024-02-29 09432013 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09432013 bus:Agent1 2023-03-01 2024-02-29 09432013 core:ComputerEquipment 2023-03-01 2024-02-29 09432013 core:PlantMachinery 2023-03-01 2024-02-29 09432013 core:OtherRelatedParties 2023-03-01 2024-02-29 09432013 countries:AllCountries 2023-03-01 2024-02-29 09432013 2023-02-28 09432013 core:FurnitureFittingsToolsEquipment 2023-02-28 09432013 2022-03-01 2023-02-28 09432013 2023-02-28 09432013 core:CurrentFinancialInstruments 2023-02-28 09432013 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 09432013

Trace Timber Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

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Trace Timber Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Trace Timber Ltd

Company Information

Director

Mr L Lauritzen

Registered office

Almanna Barns
Portgate
Lewdown
Okehampton
Devon
EX20 4PZ

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Trace Timber Ltd
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Trace Timber Ltd for the year ended 29 February 2024 as set out on pages 3 to 7 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 Trace Timber Ltd, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Trace Timber Ltd and state those matters that we have agreed to state to the Board of Directors of Trace Timber Ltd, 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 Trace Timber Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Trace Timber Ltd 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 Trace Timber Ltd. You consider that Trace Timber Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Trace Timber Ltd. 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.

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

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Date:.............................

 

Trace Timber Ltd

(Registration number: 09432013)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

75

513

Cash at bank and in hand

 

136

-

 

211

513

Creditors: Amounts falling due within one year

6

(3,648)

(3,348)

Net liabilities

 

(3,437)

(2,835)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(3,438)

(2,836)

Shareholders' deficit

 

(3,437)

(2,835)

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 November 2024
 

.........................................
Mr L Lauritzen
Director

 

Trace Timber Ltd

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

1

General information

The company is a incorporated in England and Wales, 09432013.

The address of its registered office is:
Almanna Barns
Portgate
Lewdown
Okehampton
Devon
EX20 4PZ

These financial statements were authorised for issue by the director on 27 November 2024.

2

Accounting policies

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

The financial statements have been prepared on a going concern basis.

Turnover

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.

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

25% on cost

Computer equipment

25% on cost

 

Trace Timber Ltd

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

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.

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.

3

Staff numbers

The average number of persons employed by the company during the year, including the director, was 1 (2023 - 1).

 

Trace Timber Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

6,728

6,728

At 29 February 2024

6,728

6,728

Depreciation

At 1 March 2023

6,728

6,728

At 29 February 2024

6,728

6,728

Carrying amount

At 29 February 2024

-

-

 

Trace Timber Ltd

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

5

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

8

75

513

 

75

513

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

-

81

Accruals and deferred income

 

102

96

Director's loan account

 

3,498

3,171

Trade creditor

 

48

-

 

3,648

3,348

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

81

8

Related party transactions

Summary of transactions with other related parties

Bespoke Creations Limited is a company under common control.

At the balance sheet date, the company was owed £74.98 (2023: £513) by Bespoke Creations Limited.