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Registration number: 00531909

Jon Walker Timber Products Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Jon Walker Timber Products Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Jon Walker Timber Products Limited

Company Information

Directors

Mrs D J Walker

Mr J M Walker

Company secretary

Mr J M Walker

Registered office

Greenacres
250 Mansfield Lane
Calverton
Nottingham
NG14 6HP

Accountants

RWB CA Limited
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

 

Jon Walker Timber Products Limited

(Registration number: 00531909)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

159,802

174,738

Current assets

 

Stocks

5

616,704

405,137

Debtors

6

152,567

153,305

Cash at bank and in hand

 

12,396

203,356

 

781,667

761,798

Creditors: Amounts falling due within one year

7

(159,158)

(224,994)

Net current assets

 

622,509

536,804

Total assets less current liabilities

 

782,311

711,542

Creditors: Amounts falling due after more than one year

7

(36,507)

(51,235)

Provisions for liabilities

(6,694)

(13,134)

Net assets

 

739,110

647,173

Capital and reserves

 

Called up share capital

9

5,000

5,000

Retained earnings

734,110

642,173

Shareholders' funds

 

739,110

647,173

 

Jon Walker Timber Products Limited

(Registration number: 00531909)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 January 2025 and signed on its behalf by:
 

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

Mr J M Walker
Company secretary and director

 

Jon Walker Timber Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Greenacres
250 Mansfield Lane
Calverton
Nottingham
NG14 6HP

These financial statements were authorised for issue by the Board on 17 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Revenue recognition

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.

Tax

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

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

 

Jon Walker Timber Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Leasehold improvements

5% straight line

Plant and machinery

20% straight line

Fixtures & fittings

25% straight line

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. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Jon Walker Timber Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 11).

 

Jon Walker Timber Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 August 2023

381,883

381,883

Additions

4,162

4,162

At 31 July 2024

386,045

386,045

Depreciation

At 1 August 2023

207,145

207,145

Charge for the year

19,098

19,098

At 31 July 2024

226,243

226,243

Carrying amount

At 31 July 2024

159,802

159,802

At 31 July 2023

174,738

174,738

Included within the net book value of land and buildings above is £159,802 (2023 - £174,738) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

616,704

405,137

 

Jon Walker Timber Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

116,551

144,648

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

26,997

4,997

Prepayments

 

5,122

3,660

Other debtors

 

3,897

-

 

152,567

153,305

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

15,578

15,008

Trade creditors

 

71,272

36,422

Taxation and social security

 

32,517

62,015

Accruals and deferred income

 

7,554

4,985

Other creditors

 

32,237

106,564

 

159,158

224,994

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

36,507

51,235

 

Jon Walker Timber Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

15,578

15,008

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

36,507

51,235

Secured Liabilities

Bank borrowings of £33,024 (2023: £37,239 ) are guaranteed by the directors of the company.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

5,000

5,000

5,000

5,000

       

10

Related party transactions

Included within other debtors is the following balance, in respect of companies which are related by virtue of common ownership and directorship:

At the year end, an amount of £4,997 (2022: £5,174) was owed from Troublefree Services Ltd.

The company remunerates the directors with a combination of salary and pension contributions, which are deemed to be within the normal course of business.

11

Parent and ultimate parent undertaking

The company's immediate parent is Walker Products (Nottingham) Limited, incorporated in England and Wales.

 The ultimate controlling party is Mr J M Walker.