Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-2956falsefalse2023-03-01false52true 02229092 2023-03-01 2024-02-29 02229092 2022-03-01 2023-02-28 02229092 2024-02-29 02229092 2023-02-28 02229092 2022-03-01 02229092 c:CompanySecretary1 2023-03-01 2024-02-29 02229092 c:Director1 2023-03-01 2024-02-29 02229092 c:Director2 2023-03-01 2024-02-29 02229092 c:Director3 2023-03-01 2024-02-29 02229092 c:Director4 2023-03-01 2024-02-29 02229092 c:Director4 2024-02-29 02229092 c:RegisteredOffice 2023-03-01 2024-02-29 02229092 c:Agent1 2023-03-01 2024-02-29 02229092 d:PlantMachinery 2023-03-01 2024-02-29 02229092 d:PlantMachinery 2024-02-29 02229092 d:PlantMachinery 2023-02-28 02229092 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 02229092 d:MotorVehicles 2023-03-01 2024-02-29 02229092 d:MotorVehicles 2024-02-29 02229092 d:MotorVehicles 2023-02-28 02229092 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 02229092 d:OfficeEquipment 2023-03-01 2024-02-29 02229092 d:OfficeEquipment 2024-02-29 02229092 d:OfficeEquipment 2023-02-28 02229092 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 02229092 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 02229092 d:CurrentFinancialInstruments 2024-02-29 02229092 d:CurrentFinancialInstruments 2023-02-28 02229092 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 02229092 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 02229092 e:UnitedKingdom 2023-03-01 2024-02-29 02229092 e:UnitedKingdom 2022-03-01 2023-02-28 02229092 d:UKTax 2023-03-01 2024-02-29 02229092 d:UKTax 2022-03-01 2023-02-28 02229092 d:ShareCapital 2024-02-29 02229092 d:ShareCapital 2023-02-28 02229092 d:ShareCapital 2022-03-01 02229092 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 02229092 d:RetainedEarningsAccumulatedLosses 2024-02-29 02229092 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 02229092 d:RetainedEarningsAccumulatedLosses 2023-02-28 02229092 d:RetainedEarningsAccumulatedLosses 2022-03-01 02229092 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 02229092 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 02229092 c:OrdinaryShareClass1 2023-03-01 2024-02-29 02229092 c:OrdinaryShareClass1 2024-02-29 02229092 c:FRS102 2023-03-01 2024-02-29 02229092 c:Audited 2023-03-01 2024-02-29 02229092 c:FullAccounts 2023-03-01 2024-02-29 02229092 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 02229092 d:WithinOneYear 2024-02-29 02229092 d:WithinOneYear 2023-02-28 02229092 d:BetweenOneFiveYears 2024-02-29 02229092 d:BetweenOneFiveYears 2023-02-28 02229092 d:MoreThanFiveYears 2024-02-29 02229092 d:MoreThanFiveYears 2023-02-28 02229092 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-02-29 02229092 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-02-28 02229092 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2024-02-29 02229092 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2023-02-28 02229092 f:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure
Registered Number:02229092













ANGLIAN TIMBER LIMITED






ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024











 
ANGLIAN TIMBER LIMITED
 

 
COMPANY INFORMATION


Directors
C R Milner-Moore 
Y Jewell 
A R Milner-Moore 
R M Steed (resigned 28 June 2023)




Company secretary
Yvonne Jewell



Registered number
02229092



Registered office
The Sawmill
Wix

Manningtree

Essex

CO11 2RS




Independent auditor
Sumer Auditco Limited
Statutory Auditor

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG




Bankers
Lloyds Bank plc
Lloyds Avenue

Cornhill

Ipswich

Suffolk

IP1 1DG




Solicitors
Birkett Long LLP
Essex House

42 Crouch Street

Colchester

Essex

CO3 3HH






 
ANGLIAN TIMBER LIMITED
 


CONTENTS



Pages
Strategic Report
1
Directors' Report
2 - 3
Independent Auditor's Report
4 - 7
Statement of Comprehensive Income (including Profit and Loss Account)
8
Balance Sheet
9 - 10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 25


 
ANGLIAN TIMBER LIMITED
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Business review
 
The directors are pleased with the performance of the Company for the year, which has been achieved within a challenging marketplace. Gross profit remains strong as can be seen in the key performance indicators below and EBITDA (Earnings before interest, tax, depreciation and amortisation) was £462,843 (2023 - £532,108). The Company has remained in a strong cash position and has a significant level of capital and reserves. The Company remains well positioned by virtue of the range of activities performed, which also helps mitigate its exposure to the risk of a downturn in any one specific area of operations.

Financial key performance indicators
 
The directors regularly review the gross profit margin and the net assets position. These are considered the key performance indicators and, overall, have remained strong during the year:
The gross profit margin has remained healthy and was 24.6% during the year (2023 - 22.3%).
The Company's net assets have continued to grow, increasing from £3,352,064 at 28 February 2023 to £3,648,863 at 29 February 2024 due to continued profitability.

Principal risks and uncertainties
 
Some of the principal risks and uncertainties facing the Company relate to the supply of raw materials. The directors remain of the opinion that this will not affect their business for the foreseeable future, as they have built very strong relationships with their suppliers. The directors will continue to monitor the situation, and make adjustments to their business strategy if necessary.


This report was approved by the board on 27 November 2024 and signed on its behalf.



A R Milner-Moore
Director

- 1 -



 
ANGLIAN TIMBER LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company during the year was that of softwood distributors and trussed rafter manufacturers.

Results and dividends

The profit for the year, after taxation, amounted to £296,799 (2023 - £376,531).

No final dividend is proposed (2023 - £nil).

Directors

The directors who served during the year were:

C R Milner-Moore 
Y Jewell 
A R Milner-Moore 
R M Steed (resigned 28 June 2023) 

An indemnity policy with respect to all of the directors was in place throughout the year and to the date of this report.


- 2 -



 
ANGLIAN TIMBER LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

On 28 March 2024 our auditor, SB Audit LLP, merged with Sumer Auditco Limited.
Accordingly SB Audit LLP formally resigned as the Company's auditor with the Directors duly appointing Sumer Auditco Limited to fill the vacancy arising.  The auditor Sumer Auditco Limited, will be proposed reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 27 November 2024 and signed on its behalf.
 





A R Milner-Moore
Director


- 3 -



 
ANGLIAN TIMBER LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLIAN TIMBER LIMITED

Opinion


We have audited the financial statements of Anglian Timber Limited (the 'Company') for the year ended 29 February 2024, which comprise the Statement of Comprehensive Income (including Profit and Loss Account), the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 29 February 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.



- 4 -



 
ANGLIAN TIMBER LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLIAN TIMBER LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report.



- 5 -



 
ANGLIAN TIMBER LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLIAN TIMBER LIMITED (CONTINUED)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors (as required by auditing standards), inspection of the company's regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, the Companies Act 2006, distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, the Environmental Protection Act 1990, the Pollution Prevention and Control Act 1999, Lifting Operations and Lifting Equipment Regulations 1998 (LOLER), employment law, and GDPR. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing the appropriateness of journal entries and the performance of analytical review procedures to identify any unexpected movements in account balances which may be indicative of fraud.
 

- 6 -



 
ANGLIAN TIMBER LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLIAN TIMBER LIMITED (CONTINUED)

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.  

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Perry (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor
  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

28 November 2024

- 7 -



 
ANGLIAN TIMBER LIMITED
 

 
STATEMENT OF COMPREHENSIVE INCOME (INCLUDING PROFIT AND LOSS ACCOUNT)
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
Notes
 £
£

  

Turnover
 4 
7,440,588
9,665,654

Cost of sales
  
(5,606,810)
(7,510,674)

Gross profit
  
1,833,778
2,154,980

Distribution costs
  
(373,157)
(417,201)

Administrative expenses
  
(1,072,548)
(1,276,643)

Operating profit
 5 
388,073
461,136

Interest receivable and similar income
  
7,536
201

Profit before tax
  
395,609
461,337

Tax on profit
 9 
(98,810)
(84,806)

Profit for the financial year
  
296,799
376,531

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 25 form part of these financial statements.

All amounts relate to continuing activities

- 8 -



 
ANGLIAN TIMBER LIMITED
REGISTERED NUMBER:02229092


BALANCE SHEET
AS AT 29 FEBRUARY 2024

2024
2023
Notes
£
£

Fixed assets
  

Tangible assets
 10 
285,839
201,424

  
285,839
201,424

Current assets
  

Stocks
 11 
759,962
953,425

Debtors: amounts falling due within one year
 12 
1,637,524
1,535,932

Cash at bank and in hand
 13 
1,838,433
1,918,976

  
4,235,919
4,408,333

Creditors: amounts falling due within one year
 14 
(810,829)
(1,217,718)

Net current assets
  
 
 
3,425,090
 
 
3,190,615

Total assets less current liabilities
  
3,710,929
3,392,039

Provisions for liabilities
  

Deferred tax
 15 
(62,066)
(39,975)

  
 
 
(62,066)
 
 
(39,975)

Net assets
  
3,648,863
3,352,064


Capital and reserves
  

Called up share capital 
 16 
100
100

Profit and loss account
  
3,648,763
3,351,964

  
3,648,863
3,352,064



- 9 -



 
ANGLIAN TIMBER LIMITED
REGISTERED NUMBER:02229092

    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.




A R Milner-Moore
Director

The notes on pages 12 to 25 form part of these financial statements.


- 10 -



 
ANGLIAN TIMBER LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 March 2022
100
3,175,433
3,175,533



Profit for the year
-
376,531
376,531


Transactions with owners

Dividends: Equity capital
-
(200,000)
(200,000)



At 1 March 2023
100
3,351,964
3,352,064



Profit for the year
-
296,799
296,799


At 29 February 2024
100
3,648,763
3,648,863


The notes on pages 12 to 25 form part of these financial statements.


- 11 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Anglian Timber Limited is a private company limited by share capital, incorporated in England and Wales, registration number 02229092. The registered office is The Sawmill, Wix, Manningtree, Essex, CO11 2RS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are prepared in sterling and are rounded to the nearest £1. The Company's functional currency is sterling.
Forecasting indicates that liabilities will continue to be met as they fall due for a period of at least 12 months following the date of accounts approval. The accounts are therefore prepared on a going concern basis.
In forming this opinion on the application of the going concern basis, the directors confirm their view that the Company will continue to trade.
The following accounting policies have been consistently applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.


- 12 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
on cost
Motor vehicles
-
25%
on cost
Office equipment
-
33%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Operating leases: the Company as lessee

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

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.


- 13 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Financial assets and financial liabilities are recorded at amortised cost.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.


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ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

  
2.12

Statement of cash flows

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

This information is included in the consolidated financial statements of Castlewood Holdings Limited as at 29 February 2024 and these financial statements may be obtained from Castlewood Holdings Limited, The Sawmill, Wix Nr Manningtree, Colchester, Essex, CO11 2RS.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.14

Restated comparatives

Certain comparatives have been restated to make their treatment consistent with those adopted in the current year. This has had no impact on the reported result for the prior year or on reserves brought forward at 1 March 2023.


- 15 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on experiences and other factors that are considered to be relevant. Actual results may differ from these estimates. The main estimations included within the accounts are stock provisions and debtor provisions. The main judgement is the useful life and resultant depreciation on assets.


4.


Turnover

All turnover during the year was derived from the Company's principal activity which was that of softwood distributors and trussed rafter manufacturers. All turnover arose in the UK.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
7,440,588
9,665,654

7,440,588
9,665,654



5.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Depreciation of tangible fixed assets
74,770
70,972

Profit on disposal of tangible fixed assets
(350)
-


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
12,695
13,050

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


- 16 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,275,292
1,343,174

Social security costs
120,162
130,129

Cost of defined contribution pension scheme
44,511
55,663

1,439,965
1,528,966


The average monthly number of employees, including the directors, during the year was as follows:


        2024
    Restated 2023
            No.
            No.







Production
32
36



Administration
12
11



Distribution
5
5



Directors
3
4

52
56


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
39,801
94,195

Company contributions to defined contribution pension schemes
3,793
13,774

43,594
107,969


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

In addition, directors' remuneration for A R Milner-Moore and C R Milner-Moore is paid by the ultimate parent company, Castlewood Holdings Limited, amounting to £100,058 (2023 - £125,444).


- 17 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
76,719
94,070


76,719
94,070


Total current tax
76,719
94,070

Deferred tax


Origination and reversal of timing differences
22,091
(9,264)

Total deferred tax
22,091
(9,264)


Tax on profit
98,810
84,806

- 18 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
395,609
461,337


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.49% (2023 - 19%)
96,892
87,654

Effects of:


Expenses not deductible for tax purposes
1,469
1,000

Movement in pension fund leading to a change in tax
449
48

Other factors
-
(3,896)

Total tax charge for the year
98,810
84,806


Factors that may affect future tax charges

The Finance Act 2021 announced an increase of the main rate of UK corporation tax rate from 19% to 25% from 1 April 2023. This was enacted in June 2021. Accordingly, deferred tax assets and liabilities are stated at 25%.


- 19 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Tangible fixed assets







Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2023
663,421
302,534
37,647
1,003,602


Additions
139,685
19,500
-
159,185


Disposals
(4,230)
-
-
(4,230)



At 29 February 2024

798,876
322,034
37,647
1,158,557



Depreciation


At 1 March 2023
523,692
240,839
37,647
802,178


Charge for the year on owned assets
39,009
35,761
-
74,770


Disposals
(4,230)
-
-
(4,230)



At 29 February 2024

558,471
276,600
37,647
872,718



Net book value



At 29 February 2024
240,405
45,434
-
285,839



At 28 February 2023
139,729
61,695
-
201,424


11.


Stocks

2024
2023
£
£

Raw materials and consumables
759,962
953,425

759,962
953,425



- 20 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Debtors

2024
2023
£
£


Trade debtors
1,044,156
1,074,940

Amounts owed by ultimate parent undertaking
568,500
348,982

Other debtors
24,868
112,010

1,637,524
1,535,932


The amounts due from the parent undertaking are interest free and repayable on demand.


13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,838,433
1,918,976

1,838,433
1,918,976



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
554,196
902,759

Corporation tax
76,719
95,694

Other taxation and social security
93,964
74,184

Other creditors
9,683
10,733

Accruals and deferred income
76,267
134,348

810,829
1,217,718


Included within trade creditors are balances with related parties of £6,034 (2023 - £7,063). These amounts are interest free and repayable on demand.


- 21 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

15.


Deferred taxation






2024


£






At beginning of year
(39,975)


Charged to profit or loss
(22,091)



At end of year
(62,066)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
62,066
39,975

62,066
39,975


- 22 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1.00 each
100
100



17.


Capital commitments


At 29 February 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
172,274
35,720


18.


Pension commitments

The pension cost charge represents contributions payable by the Company and amounted to £80,511 (2023 - £55,663). Contributions totalling £2,743 (2023 - £3,343) were payable to the fund at the balance sheet date and are included in other creditors.


- 23 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

19.


Commitments under operating leases

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
Restated 2023
£
£


Not later than 1 year
73,990
74,163

Later than 1 year and not later than 5 years
230,316
297,356

Later than 5 years
-
20,341

Total plant and machinery
304,306
391,860

2024
2023

£
£


Not later than 1 year
170,000
170,000

Total land and buildings
170,000
170,000

The operating lease charge to profit and loss for the year totalled £256,946 (2023 - £273,889).


- 24 -



 
ANGLIAN TIMBER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

20.


Related party transactions

Anglian Timber Limited is a wholly owned subsidiary of Castlewood Holdings Limited.
Boxley Timber & Fencing Supplies Limited is a joint venture company of Castlewood Holdings Limited.
Castlewood Developments Limited is a company under common control.
The Castlewood Holdings Limited Retirement Benefits Scheme is a pension scheme of which some of the directors and shareholders of Castlewood Holdings Limited are the beneficiaries.
The Chris Milner-Moore 2011 Family Settlement is a shareholder of Castlewood Holdings Limited.
Lumberjacks Limited is ultimately owned by the shareholders of Castlewood Holdings Limited.
Transactions with the above related parties during the year were:
Boxley Timber & Fencing Supplies Limited
During the year the Company made sales to Boxley Timber & Fencing Supplies Limited of £109,509 (2023 - £176,510) and purchases of £746 (2023 - £4,010). At 29 February 2024 the Company was owed a net amount of £9,619 (2023 - £15,960) by Boxley Timber & Fencing Supplies Limited.
Castlewood Developments Limited
During the year the Company made sales to Castlewood Developments Limited of £21,540 (2023 - £21,141). At 29 February 2024, the Company was owed a net amount of £103 (2023 - £2,469) from Castlewood Developments Limited.
Lumberjacks Limited
During the year the Company made sales to Lumberjacks Limited of £330,133 (2023 - £459,161) and purchases of £62,945 (2023 - £81,747). At 29 February 2024 the Company was owed a net amount of £51,487 (2023 - £40,082) by Lumberjacks Limited.
Castlewood Holdings Limited
In accordance with the exemptions permitted by FRS 102, transactions with the ultimate parent Company are not disclosed. At 29 February 2024 the Company was owed a net amount of £568,500 by Castlewood Holdings Limited (2023 - £348,982).


21.


Controlling party

The ultimate parent Company is Castlewood Holdings Limited, a Company incorporated in England and Wales.
The Milner-Moore family is the ultimate controlling party by virtue of their shareholding in Castlewood Holdings Limited.
 

- 25 -