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Registered number: 01876965
S. & J. Wackett (Timber Merchants) Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Director J Wackett
Company Number 01876965
Registered Office 5 Shelbourne Road
London
N17 0JX
Accountants Jones & Partners Limited
2nd Floor, Butler House
177-178 Tottenham Court Road
London
W1T 7AF
Page 1
Page 2
Balance Sheet
Registered number: 01876965
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 54,334 72,540
Investment Properties 5 700,000 1,500,000
754,334 1,572,540
CURRENT ASSETS
Stocks 7 155,544 151,776
Debtors 8 463,726 441,602
Cash at bank and in hand 95,739 147,573
715,009 740,951
Creditors: Amounts Falling Due Within One Year 9 (246,763 ) (310,121 )
NET CURRENT ASSETS (LIABILITIES) 468,246 430,830
TOTAL ASSETS LESS CURRENT LIABILITIES 1,222,580 2,003,370
Creditors: Amounts Falling Due After More Than One Year 10 - (13,374 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (103,662 ) (307,252 )
NET ASSETS 1,118,918 1,682,744
CAPITAL AND RESERVES
Called up share capital 13 100 100
Revaluation reserve 15 319,244 919,244
Profit and Loss Account 799,574 763,400
SHAREHOLDERS' FUNDS 1,118,918 1,682,744
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Page 3
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 27 January 2025 and were signed on its behalf by:
J Wackett
Director
27 January 2025
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
S. & J. Wackett (Timber Merchants) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01876965 . The registered office is 5 Shelbourne Road, London, N17 0JX.
The presentation currency of the financial statements is Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.3. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & Machinery 20% on reducing balance
Motor Vehicles 25% on Reducing Balance
Leasehold property is amortised over the period of the lease.
2.4. Investment Properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.8. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost or Valuation
As at 1 February 2023 25,331 71,364 366,259 462,954
As at 31 January 2024 25,331 71,364 366,259 462,954
Depreciation
As at 1 February 2023 25,331 66,981 298,102 390,414
Provided during the period - 1,166 17,040 18,206
As at 31 January 2024 25,331 68,147 315,142 408,620
Net Book Value
As at 31 January 2024 - 3,217 51,117 54,334
As at 1 February 2023 - 4,383 68,157 72,540
5. Investment Property
2024
£
Fair Value
As at 1 February 2023 1,500,000
Revaluations (800,000)
As at 31 January 2024 700,000
A new valutation was undertaken by a chartered surveyor which stated a the lower fair value of the investment property.  
6. Investments
Unlisted
£
Cost
As at 1 February 2023 1,300
As at 31 January 2024 1,300
Provision
As at 1 February 2023 1,300
As at 31 January 2024 1,300
Net Book Value
As at 31 January 2024 -
As at 1 February 2023 -
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Page 6
7. Stocks
2024 2023
£ £
Stock 155,544 151,776
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 396,130 399,451
Other debtors 52,048 6,775
Prepayment 15,548 3,176
Directors' loan accounts - 32,200
463,726 441,602
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 5,424
Trade creditors 206,216 209,919
Bank loans and overdrafts 11,672 20,348
Corporation tax 11,692 43,512
Other taxes and social security 6,109 22,317
Other creditors 791 4,691
Accrual and deferred income 10,283 3,910
246,763 310,121
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 13,374
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 5,424
12. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 February 2023 307,252 307,252
Deferred taxation (203,590 ) (203,590 )
Balance at 31 January 2024 103,662 103,662
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13. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
14. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 30,800 28,000
30,800 28,000
15. Reserves
Revaluation Reserve
£
As at 1 February 2023 919,244
Transfer profit and loss (600,000 )
As at 31 January 2024 319,244
16. Related Party Transactions
During the year total dividends of £nil (2023: £52,000) were paid to S Wackett. 
Shares in the company are to be divided equally among the childern of S Wacket. 
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