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REGISTERED NUMBER: 05406765 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

CHASE TIMBER PRODUCTS LIMITED

CHASE TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 05406765)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CHASE TIMBER PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: R M Hatfield
M Hatfield
Mrs M J White





SECRETARY: Mrs L Hatfield





REGISTERED OFFICE: Twickenham avenue
Brandon
Suffolk
IP270PD





REGISTERED NUMBER: 05406765 (England and Wales)





ACCOUNTANT: JDS Accounting
& Tax Services Ltd
8 Long Pastures
Glemsford
Sudbury
Suffolk
CO10 7SS

CHASE TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 05406765)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 585,127 649,477
Investments 6 1,300 1,300
586,427 650,777

CURRENT ASSETS
Stocks 446,207 496,126
Debtors 7 313,734 555,528
Prepayments and accrued income 12,543 11,794
Cash at bank and in hand 219,549 134,939
992,033 1,198,387
CREDITORS
Amounts falling due within one year 8 698,185 771,530
NET CURRENT ASSETS 293,848 426,857
TOTAL ASSETS LESS CURRENT
LIABILITIES

880,275

1,077,634

CREDITORS
Amounts falling due after more than one
year

9

(369,861

)

(525,994

)

PROVISIONS FOR LIABILITIES (25,123 ) (41,200 )

ACCRUALS AND DEFERRED INCOME (14,520 ) (21,644 )
NET ASSETS 470,771 488,796

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 470,671 488,696
SHAREHOLDERS' FUNDS 470,771 488,796

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CHASE TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 05406765)

BALANCE SHEET - continued
30 JUNE 2024


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 Board of Directors and authorised for issue on 21 January 2025 and were signed on its behalf by:





M Hatfield - Director


CHASE TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 05406765)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Chase 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. 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 be estimated reliably, turnover from fencing services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the estimated value of works performed to date.

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

Interest receivable

Interest income is recognised using the effective interest method.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

CHASE TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 05406765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

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.
Land and buildings - 10% on cost and 2% on cost
Plant and machinery etc - 25% on Reducing balance and 3 years straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

CHASE TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 05406765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 26 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 9,000
AMORTISATION
At 1 July 2023
and 30 June 2024 9,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

CHASE TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 05406765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 470,341 514,563 984,904
Additions - 90,591 90,591
Disposals - (142,294 ) (142,294 )
At 30 June 2024 470,341 462,860 933,201
DEPRECIATION
At 1 July 2023 37,963 297,464 335,427
Charge for year 3,624 63,218 66,842
Eliminated on disposal - (54,195 ) (54,195 )
At 30 June 2024 41,587 306,487 348,074
NET BOOK VALUE
At 30 June 2024 428,754 156,373 585,127
At 30 June 2023 432,378 217,099 649,477

Included in cost of land and buildings is freehold land of £ 317,912 (2023 - £ 317,912 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 July 2023 292,467
Additions 78,136
Disposals (119,490 )
At 30 June 2024 251,113
DEPRECIATION
At 1 July 2023 142,864
Charge for year 43,602
Eliminated on disposal (39,804 )
At 30 June 2024 146,662
NET BOOK VALUE
At 30 June 2024 104,451
At 30 June 2023 149,603

CHASE TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 05406765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2023
and 30 June 2024 1,300
NET BOOK VALUE
At 30 June 2024 1,300
At 30 June 2023 1,300

7. DEBTORS
30.6.24 30.6.23
£    £   
Amounts falling due within one year:
Trade debtors 308,138 360,037
Other debtors 4,471 194,366
312,609 554,403

Amounts falling due after more than one year:
Other debtors 1,125 1,125

Aggregate amounts 313,734 555,528

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 20,227 16,537
Hire purchase contracts (see note 10) 45,324 46,444
Trade creditors 477,484 555,633
Taxation and social security 65,324 70,047
Other creditors 89,826 82,869
698,185 771,530

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans 48,021 68,326
Hire purchase contracts (see note 10) 113,409 159,941
Other creditors 208,431 297,727
369,861 525,994

CHASE TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 05406765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. LEASING AGREEMENTS


Non cancellable
operating leases

30.6.24 30.6.23
£ £
Within one year 36,703 36,703
Between one and five years 146,812 146,812
over 5 years 138,340 174,340
321,855 357,855

11. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Bank loans 68,248 84,863
Other loans 162,004 208,062
Hire purchase contracts 158,733 206,385
388,985 499,310

The bank loan is secured by a fixed and floating charge over the company's assets.

Other loans are secured by personal guarantees provided by two of the directors.

The Hire purchase contracts are secured on the assets they are financing.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
90 Ordinary A £1 90 90
10 Ordinary B £1 10 10
100 100

CHASE TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 05406765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.2430.6.23
££   

Balance outstanding at start of year170,065 204,472
Amounts advanced78 365,593
Amounts repaid(1)(400,000)
Amounts written off(165,671)-
Amounts waived- -
Balance outstanding at end of year4471 170,065

The above interest free loan was unsecured and no repayment term have been agreed.

14. RELATED PARTY DISCLOSURES

During the previous period the company wrote off a debt of £14400 owed by a company which a director had significant control of.