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REGISTERED NUMBER: 07430141 (England and Wales)












BROADLEAF TIMBER LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2024






BROADLEAF TIMBER LIMITED (REGISTERED NUMBER: 07430141)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 10

BROADLEAF TIMBER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: T S Garrett
Mrs V C Garrett





REGISTERED OFFICE: Cil Yr Ychen
Industrial Estate
Llandybie
Carmarthenshire
SA18 3JG





REGISTERED NUMBER: 07430141 (England and Wales)





ACCOUNTANTS: Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

BROADLEAF TIMBER LIMITED (REGISTERED NUMBER: 07430141)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 214,941 117,011

CURRENT ASSETS
Stocks 5 934,702 873,632
Debtors 6 706,693 541,080
Cash at bank and in hand 554,412 773,159
2,195,807 2,187,871
CREDITORS
Amounts falling due within one year 7 2,063,296 1,812,343
NET CURRENT ASSETS 132,511 375,528
TOTAL ASSETS LESS CURRENT
LIABILITIES

347,452

492,539

PROVISIONS FOR LIABILITIES 8 52,064 26,100
NET ASSETS 295,388 466,439

CAPITAL AND RESERVES
Called up share capital 9 64 64
Retained earnings 10 295,324 466,375
SHAREHOLDERS' FUNDS 295,388 466,439

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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.

BROADLEAF TIMBER LIMITED (REGISTERED NUMBER: 07430141)

BALANCE SHEET - continued
30 JUNE 2024



The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2025 and were signed on its behalf by:





Mrs V C Garrett - Director


BROADLEAF TIMBER LIMITED (REGISTERED NUMBER: 07430141)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Broadleaf Timber Limited is a private company, limited by shares , registered in England and Wales. 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.

These financial statements for the year ended 31st December 2016 are the first financial statements of Broadleaf Timber Limited prepared in accordance with FRS 102 (Section 1A), The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 (Section 1A) was 1st October 2014. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102 (Section 1A).

Going Concern
After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover
Turnover represents net invoiced sale of goods, excluding value added tax, and is recognised on dispatch of goods.Sales Invoices are raised when orders are placed, and orders raised not yet manufactured are treated as payments on account.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and Machinery - 33% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Included in cost is a proportion of direct costs utilised for manufacturing.

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.


BROADLEAF TIMBER LIMITED (REGISTERED NUMBER: 07430141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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

BROADLEAF TIMBER LIMITED (REGISTERED NUMBER: 07430141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


BROADLEAF TIMBER LIMITED (REGISTERED NUMBER: 07430141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2023 - 47 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property Machinery fittings
£    £    £   
COST
At 1 July 2023 102,474 519,255 35,244
Additions 92,582 33,776 1,499
Disposals (11,573 ) (34,346 ) -
At 30 June 2024 183,483 518,685 36,743
DEPRECIATION
At 1 July 2023 83,729 427,563 32,849
Charge for year 14,519 37,016 1,281
Eliminated on disposal (11,573 ) (32,812 ) -
At 30 June 2024 86,675 431,767 34,130
NET BOOK VALUE
At 30 June 2024 96,808 86,918 2,613
At 30 June 2023 18,745 91,692 2,395

BROADLEAF TIMBER LIMITED (REGISTERED NUMBER: 07430141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 - 47,199 704,172
Additions 29,999 4,019 161,875
Disposals - (9,583 ) (55,502 )
At 30 June 2024 29,999 41,635 810,545
DEPRECIATION
At 1 July 2023 - 43,020 587,161
Charge for year 6,000 3,595 62,411
Eliminated on disposal - (9,583 ) (53,968 )
At 30 June 2024 6,000 37,032 595,604
NET BOOK VALUE
At 30 June 2024 23,999 4,603 214,941
At 30 June 2023 - 4,179 117,011

5. STOCKS
2024 2023
£    £   
Stocks 934,702 873,632

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 428,614 329,162
Other debtors 28,120 65,419
Deposits 7,500 7,500
Prepayments 242,459 138,999
706,693 541,080

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 234,452 279,181
Amounts owed to group undertakings 741,116 355,230
Tax 37,504 102,894
Social security and other taxes 18,923 34,892
VAT 201,239 169,815
Other creditors 127,370 75,307
Advanced billings 665,994 748,341
Accrued expenses 36,698 44,209
Deferred government grants - 2,474
2,063,296 1,812,343

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 52,064 26,100

BROADLEAF TIMBER LIMITED (REGISTERED NUMBER: 07430141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2023 26,100
Provided during year 25,964
Balance at 30 June 2024 52,064

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
6,398 Ordinary A 1p 64 64

10. RESERVES
Retained
earnings
£   

At 1 July 2023 466,375
Profit for the year 108,199
Dividends (279,250 )
At 30 June 2024 295,324

11. RELATED PARTY DISCLOSURES

During the year a management charge of £200,000 (2023:£200,000) has been paid to the holding company, Garco Limited.

There is an outstanding balance due to the holding company of £741,627 (2023: £363,607) at the year end.

12. ULTIMATE CONTROLLING PARTY

The company deems the directors to be the ultimate controlling party by virtue of their 100% shareholding, of the holding company Garco Ltd.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
BROADLEAF TIMBER LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Broadleaf Timber Limited for the year ended 30 June 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Broadleaf Timber Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Broadleaf Timber Limited. You consider that Broadleaf Timber 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 financial statements of Broadleaf Timber 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 financial statements.






Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA


12 February 2025