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REGISTERED NUMBER: 02524449













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

DEREK FOX & SONS (TIMBER) LIMITED

DEREK FOX & SONS (TIMBER) LIMITED (REGISTERED NUMBER: 02524449)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DEREK FOX & SONS (TIMBER) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: Mr G Fox
Mr D Fox
Mr A Fox
Miss V Fox





REGISTERED OFFICE: Shay Lane Industrial Estate
Longridge
Preston
Lancashire
PR3 3BT





REGISTERED NUMBER: 02524449





ACCOUNTANTS: Streets Turner Limited
Chartered Accountants
9 Victoria Rd
Fulwood
Preston
Lancashire
PR2 8ND

DEREK FOX & SONS (TIMBER) LIMITED (REGISTERED NUMBER: 02524449)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 43,824 52,922
Tangible assets 5 3,001,473 3,031,944
3,045,297 3,084,866

CURRENT ASSETS
Stocks 1,866,565 1,644,235
Debtors 6 393,696 454,525
Cash at bank and in hand 206,181 199,209
2,466,442 2,297,969
CREDITORS
Amounts falling due within one year 7 1,434,854 1,393,830
NET CURRENT ASSETS 1,031,588 904,139
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,076,885

3,989,005

CREDITORS
Amounts falling due after more than one
year

8

(601,217

)

(697,850

)

PROVISIONS FOR LIABILITIES (539,573 ) (454,339 )
NET ASSETS 2,936,095 2,836,816

CAPITAL AND RESERVES
Called up share capital 31,000 31,000
Capital redemption reserve 6,000 6,000
Retained earnings 2,899,095 2,799,816
2,936,095 2,836,816

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

DEREK FOX & SONS (TIMBER) LIMITED (REGISTERED NUMBER: 02524449)

BALANCE SHEET - continued
31 JULY 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





Mr G Fox - Director


DEREK FOX & SONS (TIMBER) LIMITED (REGISTERED NUMBER: 02524449)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Derek Fox & Sons (Timber) Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

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, excluding discounts, rebates, value added tax and other sales taxes.

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.

Development costs are being amortised evenly over their estimated useful life of ten years.

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 - 2% on cost
Plant and machinery etc - 20% on reducing balance, 20% on cost, 10% on reducing balance and 5% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

DEREK FOX & SONS (TIMBER) LIMITED (REGISTERED NUMBER: 02524449)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 August 2023
and 31 July 2024 90,980
AMORTISATION
At 1 August 2023 38,058
Charge for year 9,098
At 31 July 2024 47,156
NET BOOK VALUE
At 31 July 2024 43,824
At 31 July 2023 52,922

DEREK FOX & SONS (TIMBER) LIMITED (REGISTERED NUMBER: 02524449)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


5. TANGIBLE FIXED ASSETS
Freehold Biomass Plant and
property plant machinery
£    £    £   
COST
At 1 August 2023 860,461 1,646,290 2,048,735
Additions - 100,000 278,324
Disposals - - (226,186 )
At 31 July 2024 860,461 1,746,290 2,100,873
DEPRECIATION
At 1 August 2023 121,556 489,042 1,163,601
Charge for year 15,708 83,997 98,984
Eliminated on disposal - - (54,487 )
At 31 July 2024 137,264 573,039 1,208,098
NET BOOK VALUE
At 31 July 2024 723,197 1,173,251 892,775
At 31 July 2023 738,905 1,157,248 885,134

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 187,182 672,742 17,246 5,432,656
Additions 502 - 533 379,359
Disposals - - - (226,186 )
At 31 July 2024 187,684 672,742 17,779 5,585,829
DEPRECIATION
At 1 August 2023 76,435 536,558 13,520 2,400,712
Charge for year 11,103 27,237 1,102 238,131
Eliminated on disposal - - - (54,487 )
At 31 July 2024 87,538 563,795 14,622 2,584,356
NET BOOK VALUE
At 31 July 2024 100,146 108,947 3,157 3,001,473
At 31 July 2023 110,747 136,184 3,726 3,031,944

Included in cost of land and buildings is freehold land of £ 75,046 (2023 - £ 75,046 ) which is not depreciated.

DEREK FOX & SONS (TIMBER) LIMITED (REGISTERED NUMBER: 02524449)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Biomass Plant and Motor
plant machinery vehicles Totals
£    £    £    £   
COST
At 1 August 2023 381,342 384,848 96,338 862,528
Additions - 272,250 - 272,250
Disposals - (226,186 ) - (226,186 )
At 31 July 2024 381,342 430,912 96,338 908,592
DEPRECIATION
At 1 August 2023 38,134 84,633 34,682 157,449
Charge for year 19,067 40,076 12,331 71,474
Eliminated on disposal - (54,487 ) - (54,487 )
At 31 July 2024 57,201 70,222 47,013 174,436
NET BOOK VALUE
At 31 July 2024 324,141 360,690 49,325 734,156
At 31 July 2023 343,208 300,215 61,656 705,079

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 111,247 385,616
Other debtors 282,449 68,909
393,696 454,525

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 278,293 431,025
Hire purchase contracts 151,115 144,019
Trade creditors 614,595 389,724
Amounts owed to group undertakings 230,704 250,264
Taxation and social security 126,865 157,499
Other creditors 33,282 21,299
1,434,854 1,393,830

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 279,788 313,634
Hire purchase contracts 321,429 384,216
601,217 697,850

DEREK FOX & SONS (TIMBER) LIMITED (REGISTERED NUMBER: 02524449)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 244,447 289,410
Bank loans 313,634 455,249
Hire purchase contracts 472,544 528,235
1,030,625 1,272,894

10. RELATED PARTY DISCLOSURES

Derek Fox & Sons (Holdings) Limited owns 100% of the share capital of Derek Fox & Sons (Timber) Limited

During the year a loan was in place between the company's holding company and the company on an informal
basis. At the year end the balance due to the company's holding company was £230,704 (2023: £250,264).