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Company No: 03912576 (England and Wales)

HONEYSTREET SAWMILLS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

HONEYSTREET SAWMILLS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

HONEYSTREET SAWMILLS LIMITED

BALANCE SHEET

As at 30 April 2024
HONEYSTREET SAWMILLS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 158,149 177,256
158,149 177,256
Current assets
Debtors 4 ( 1,026) 12,493
Cash at bank and in hand 14,958 22,840
13,932 35,333
Creditors: amounts falling due within one year 5 ( 77,349) ( 104,326)
Net current liabilities (63,417) (68,993)
Total assets less current liabilities 94,732 108,263
Creditors: amounts falling due after more than one year 6 ( 86,120) ( 113,718)
Provision for liabilities 7 ( 36,255) ( 41,032)
Net liabilities ( 27,643) ( 46,487)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 27,743 ) ( 46,587 )
Total shareholders' deficit ( 27,643) ( 46,487)

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Honeystreet Sawmills Limited (registered number: 03912576) were approved and authorised for issue by the Board of Directors on 28 January 2025. They were signed on its behalf by:

Mr J Dunford
Director
Mr R Dunford
Director
HONEYSTREET SAWMILLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
HONEYSTREET SAWMILLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Honeystreet Sawmills Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hitchcock House Hilltop Park, Devizes Road, Salisbury, SP3 4UF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 15 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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 financing transaction it is measured at the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 May 2023 13,130 466,044 9,715 5,012 493,901
At 30 April 2024 13,130 466,044 9,715 5,012 493,901
Accumulated depreciation
At 01 May 2023 0 302,962 9,300 4,383 316,645
Charge for the financial year 0 18,882 83 142 19,107
At 30 April 2024 0 321,844 9,383 4,525 335,752
Net book value
At 30 April 2024 13,130 144,200 332 487 158,149
At 30 April 2023 13,130 163,082 415 629 177,256

4. Debtors

2024 2023
£ £
Prepayments 4,803 4,803
VAT recoverable 1,255 1,379
Other debtors ( 7,084) 6,311
( 1,026) 12,493

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 7,036 7,807
Trade creditors 12,230 6,273
Accruals and deferred income 6,169 7,625
Taxation and social security 9,540 12,579
Obligations under finance leases and hire purchase contracts 21,334 32,289
Other creditors 21,040 37,753
77,349 104,326

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 86,120 92,384
Obligations under finance leases and hire purchase contracts 0 21,334
86,120 113,718

There are no amounts included above in respect of which any security has been given by the small entity.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 41,032) ( 36,360)
Credited/(charged) to the Profit and Loss Account 4,777 ( 4,672)
At the end of financial year ( 36,255) ( 41,032)