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REGISTERED NUMBER: 00372932 (England and Wales)







Unaudited Financial Statements

for the Year Ended

30 September 2024

for

Fountain Timber Products Limited

Fountain Timber Products Limited (Registered number: 00372932)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Fountain Timber Products Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: M M Halmkin
R J Goldstone
M A Ashmole
C H Ashmole





SECRETARY: M M Halmkin





REGISTERED OFFICE: Brockley Combe
Backwell
Somerset
BS48 3DF





REGISTERED NUMBER: 00372932 (England and Wales)





ACCOUNTANTS: Stanley Joseph Limited
Chartered Accountants
Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST

Fountain Timber Products Limited (Registered number: 00372932)

Statement of Financial Position
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 223,967 1,898,979

CURRENT ASSETS
Inventories 527,702 556,885
Debtors 5 1,091,668 986,127
Cash at bank and in hand 277,286 1,543
1,896,656 1,544,555
CREDITORS
Amounts falling due within one year 6 629,303 1,280,285
NET CURRENT ASSETS 1,267,353 264,270
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,491,320

2,163,249

CREDITORS
Amounts falling due after more than one
year

7

(33,978

)

(291,113

)

PROVISIONS FOR LIABILITIES (42,554 ) (191,510 )
NET ASSETS 1,414,788 1,680,626

Fountain Timber Products Limited (Registered number: 00372932)

Statement of Financial Position - continued
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 20,752 20,752
Fair value reserve 10 - 493,444
Retained earnings 10 1,394,036 1,166,430
SHAREHOLDERS' FUNDS 1,414,788 1,680,626

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2025 and were signed on its behalf by:




M M Halmkin - Director



R J Goldstone - Director


Fountain Timber Products Limited (Registered number: 00372932)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Fountain Timber Products 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The preparation of financial statements requires the company to make estimates and assumptions that affect the application of policies and reported amounts. Estimates and judgements are continually evaluated and are based on historic experience and other factors including expectations of future events and believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Turnover
Turnover represents the amounts receivable, excluding VAT and trade discounts, by the company for goods and services provided during the year. All transactions arose in the United Kingdom.

Tangible fixed assets
Depreciation is calculated to write off the costs of fixed assets with the exception of land, by equal instalments over their estimated useful lives, which are considered to be:

Freehold properties25 to 50 years
Plant, machinery, fixtures and fittings5 to 10 years
Motor vehicles2 to 4 years

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

Fountain Timber Products Limited (Registered number: 00372932)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like cash and bank balances, trade debtors and creditors, bank overdrafts, finance leases and hire purchase contracts and loans to or from related parties.

A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments.

Debt instruments are subsequently measured at amortised cost.

FInancial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss immediately.

Any reversals of impairment are recognised in the profit and loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Fountain Timber Products Limited (Registered number: 00372932)

Notes to the Financial Statements - continued
for the Year Ended 30 September 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 19 (2023 - 24 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 October 2023 1,500,000 - 1,192,674
Additions - 7,945 -
Disposals (1,500,000 ) - (193,004 )
At 30 September 2024 - 7,945 999,670
DEPRECIATION
At 1 October 2023 - - 950,646
Charge for year - 530 35,903
Eliminated on disposal - - (105,858 )
At 30 September 2024 - 530 880,691
NET BOOK VALUE
At 30 September 2024 - 7,415 118,979
At 30 September 2023 1,500,000 - 242,028

Fountain Timber Products Limited (Registered number: 00372932)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. PROPERTY, PLANT AND EQUIPMENT - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 October 2023 288,961 398,860 3,380,495
Additions - 10,657 18,602
Disposals - (12,424 ) (1,705,428 )
At 30 September 2024 288,961 397,093 1,693,669
DEPRECIATION
At 1 October 2023 253,607 277,263 1,481,516
Charge for year 17,734 52,300 106,467
Eliminated on disposal - (12,423 ) (118,281 )
At 30 September 2024 271,341 317,140 1,469,702
NET BOOK VALUE
At 30 September 2024 17,620 79,953 223,967
At 30 September 2023 35,354 121,597 1,898,979

Fixed assets, included in the above, which are held under finance leases are as follows:
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 87,886 162,530 250,416
DEPRECIATION
At 1 October 2023 35,152 68,988 104,140
Charge for year 8,788 23,384 32,172
Reclassification/transfer 26,367 - 26,367
At 30 September 2024 70,307 92,372 162,679
NET BOOK VALUE
At 30 September 2024 17,579 70,158 87,737
At 30 September 2023 52,734 93,542 146,276

Fountain Timber Products Limited (Registered number: 00372932)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 157,928 140,555
Amounts owed by group undertakings 857,299 805,375
Other debtors 76,441 39,440
Tax - 757
1,091,668 986,127

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts - 443,102
Other loans - 40,000
Finance leases 36,704 45,872
Trade creditors 503,899 517,072
Social security and other taxes 15,032 19,759
VAT 48,514 88,189
Other creditors 23,054 27,318
Factoring creditor - 96,973
Accrued expenses 2,100 2,000
629,303 1,280,285

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans - 2-5 years - 220,432
Finance leases 33,978 70,681
33,978 291,113

Fountain Timber Products Limited (Registered number: 00372932)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bank overdraft - 355,102
Bank loans - 308,432
Finance leases 70,682 116,553
70,682 780,087

The company, together with certain other subsidiaries of the group, is party to an overdraft facility which is secured over the freehold property of a fellow group undertaking.

The company is party to a joint and several letter of set-off and an intercompany guarantee in favour of its bankers. The potential contingent liability in respect of this guarantee as at 30 September 2024 was £Nil (2023 £663,534).

The bank facilities of the group are secured by fixed and floating charges over its undertakings and all properties and assets present and future. The company, together with certain subsidiaries in the group, is party to a joint and several letter of set-off and an intercompany guarantee in favour of its bankers.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
207,520 Ordinary £0.1 20,752 20,752

10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 October 2023 1,166,430 493,444 1,659,874
Profit for the year 427,606 - 427,606
Dividends (200,000 ) - (200,000 )
Disposal of freehold property - (493,444 ) (493,444 )
At 30 September 2024 1,394,036 - 1,394,036

Fountain Timber Products Limited (Registered number: 00372932)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

11. ULTIMATE CONTROLLING PARTY

The controlling party is M A Ashmole.