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Registration number: 2806438

Timb-A-Haul Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Timb-A-Haul Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Notes to the Unaudited Financial Statements

7 to 13

Detailed Profit and Loss Account

14 to 16

 

Timb-A-Haul Limited

Company Information

Directors

Mr Peter John Clark

Mrs Jill Elizabeth Clark

Registered office

Unit 1 Bennett House
Norwich Street
DEREHAM
Norfolk
NR19 1BX

Accountants

Fox & Co ( Anglia) Limited
Chartered Accountants
Unit 1 Bennett House
Norwich Street
DEREHAM
Norfolk
NR19 1BX

 

Timb-A-Haul Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Peter John Clark

Mrs Jill Elizabeth Clark

Principal activity

The principal activity of the company is timber merchants, haulage & forestry contractors

Small companies provision statement

This report has 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.

Approved by the Board on 31 January 2025 and signed on its behalf by:

.........................................
Mr Peter John Clark
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Timb-A-Haul Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Timb-A-Haul Limited for the year ended 30 April 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Timb-A-Haul Limited, as a body, in accordance with the terms of our engagement letter dated 4 October 2006. Our work has been undertaken solely to prepare for your approval the accounts of Timb-A-Haul Limited and state those matters that we have agreed to state to the Board of Directors of Timb-A-Haul Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Timb-A-Haul Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Timb-A-Haul Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Timb-A-Haul Limited. You consider that Timb-A-Haul Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Timb-A-Haul Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Fox & Co ( Anglia) Limited
Chartered Accountants
Unit 1 Bennett House
Norwich Street
DEREHAM
Norfolk
NR19 1BX

31 January 2025

 

Timb-A-Haul Limited

Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

 

435,822

388,827

Cost of sales

 

(129,043)

(83,021)

Gross profit

 

306,779

305,806

Administrative expenses

 

(328,785)

(336,084)

Operating loss

 

(22,006)

(30,278)

Interest payable and similar expenses

 

(3,444)

(4,037)

Loss before tax

4

(25,450)

(34,315)

Loss for the financial year

 

(25,450)

(34,315)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Timb-A-Haul Limited

Statement of Comprehensive Income for the Year Ended 30 April 2024

2024
£

2023
£

Loss for the year

(25,450)

(34,315)

Total comprehensive income for the year

(25,450)

(34,315)

 

Timb-A-Haul Limited

(Registration number: 2806438)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

23,984

25,723

Current assets

 

Stocks

6

158,800

169,453

Debtors

7

70,454

66,782

Cash at bank and in hand

 

416

857

 

229,670

237,092

Creditors: Amounts falling due within one year

8

(175,219)

(140,930)

Net current assets

 

54,451

96,162

Total assets less current liabilities

 

78,435

121,885

Creditors: Amounts falling due after more than one year

8

(20,065)

(38,065)

Net assets

 

58,370

83,820

Capital and reserves

 

Called up share capital

9

5,000

5,000

Retained earnings

53,370

78,820

Shareholders' funds

 

58,370

83,820

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:

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.

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 

.........................................
Mr Peter John Clark
Director

 

Timb-A-Haul Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Unit 1 Bennett House
Norwich Street
DEREHAM
Norfolk
NR19 1BX
England

The principal place of business is:
The Saw Mills
Brick Kiln Road
Hevingham
Norwich
Norfolk
NR10 4QS
England

These financial statements were authorised for issue by the Board on 31 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Timb-A-Haul Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Plant and Machinery

15% reducing balance

Vehicles and trailers

25% reducing balance

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Timb-A-Haul Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 6 (2023 - 6).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

8,489

9,893

 

Timb-A-Haul Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

129,143

79,406

208,549

Additions

6,750

-

6,750

At 30 April 2024

135,893

79,406

215,299

Depreciation

At 1 May 2023

106,876

75,950

182,826

Charge for the year

6,957

1,532

8,489

At 30 April 2024

113,833

77,482

191,315

Carrying amount

At 30 April 2024

22,060

1,924

23,984

At 30 April 2023

22,267

3,456

25,723

6

Stocks

2024
£

2023
£

Other inventories

158,800

169,453

7

Debtors

Current

2024
£

2023
£

Trade debtors

59,704

57,282

Prepayments

10,750

9,500

 

70,454

66,782

8

Creditors

Creditors: amounts falling due within one year

 

Timb-A-Haul Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

34,585

37,642

Trade creditors

 

101,609

60,802

Taxation and social security

 

11,340

9,275

Accruals and deferred income

 

4,200

4,200

Other creditors

 

23,485

29,011

 

175,219

140,930

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

20,065

38,065

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

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

9,750

27,750

Other borrowings

10,315

10,315

20,065

38,065

 

Timb-A-Haul Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,000

-

Bank overdrafts

25,585

37,642

34,585

37,642

Bank borrowings

Bounce back Loan is denominated in sterling with a nominal interest rate of 2.5%%, and the final instalment is due on 1 May 2026. The carrying amount at year end is £18,750 (2023 - £27,750).

11

Related party transactions

The company rents premises and hires equipment from the director, Mr P J Clark. The rent paid for the year was £6000, with hire charges of £3600 ( 2023 : £6000 and £3600).

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

-

19,260

 

Timb-A-Haul Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

22,880

19,260

In respect of the highest paid director:

2024
£

2023
£

Remuneration

22,880

19,260

 

Timb-A-Haul Limited

Detailed Profit and Loss Account for the Year Ended 30 April 2024

2024
 £

2023
 £

turnover (analysed below)

435,822

388,827

Cost of sales (analysed below)

(129,043)

(83,021)

Gross profit

306,779

305,806

Gross profit (%)

70.39%

78.65%

Administrative expenses

Employment costs (analysed below)

(144,866)

(130,892)

Establishment costs (analysed below)

(98,118)

(101,751)

General administrative expenses (analysed below)

(72,387)

(87,981)

Finance charges (analysed below)

(4,925)

(5,567)

Depreciation costs (analysed below)

(8,489)

(9,893)

(328,785)

(336,084)

Operating loss

(22,006)

(30,278)

Interest payable and similar charges (analysed below)

(3,444)

(4,037)

Loss before tax

(25,450)

(34,315)

 

Timb-A-Haul Limited

Detailed Profit and Loss Account for the Year Ended 30 April 2024

2024
£

2023
£

   

Turnover

Sales, UK

435,822

388,827

   

Cost of sales

Opening stock

(169,453)

(173,359)

Purchases

(117,040)

(71,381)

Closing stock

158,800

169,454

Subcontract cost

(1,350)

(7,735)

(129,043)

(83,021)

   

Employment costs

Wages and salaries

(115,074)

(108,088)

Directors remuneration

(22,880)

(19,260)

Directors NIC (Employers)

-

(1,477)

Staff pensions (Defined contribution)

(5,365)

(2,067)

Staff training

(170)

-

Staff welfare

(1,377)

-

(144,866)

(130,892)

   

Establishment costs

Rent

(6,000)

(4,500)

Rates

(10,935)

(9,387)

Light, heat and power

(16,982)

(17,920)

Insurance

(19,292)

(18,304)

Repairs and maintenance

(44,909)

(51,640)

(98,118)

(101,751)

   

General administrative expenses

Telephone and fax

(4,154)

(3,395)

Computer software and maintenance costs

(580)

(424)

Printing, postage and stationery

(550)

(1,093)

Courier services

(1,973)

2,675

Trade subscriptions

(580)

(449)

Hire of plant and machinery (Operating leases)

(3,680)

(3,600)

Sundry expenses

(1,079)

(2,519)

Motor expenses

(2,433)

(1,777)

Petrol or diesel

(48,804)

(67,991)

Travel and subsistence

(4,052)

(4,908)

Advertising

(52)

-

Accountancy fees

(4,450)

(4,500)

 

Timb-A-Haul Limited

Detailed Profit and Loss Account for the Year Ended 30 April 2024

2024
£

2023
£

   

(72,387)

(87,981)

   

Finance charges

Bank charges

(4,797)

(5,439)

Credit card charges

(128)

(128)

(4,925)

(5,567)

   

Depreciation costs

Depreciation of plant and machinery (owned)

(1,532)

(614)

Depreciation of motor vehicles (owned)

(6,957)

(9,279)

(8,489)

(9,893)

   

Interest payable and similar expenses

Bank interest payable

(2,861)

(3,030)

Bank loan interest payable

(583)

(584)

Hire purchase interest

-

(423)

(3,444)

(4,037)