19 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 08468232 2023-06-01 2024-05-31 08468232 2024-05-31 08468232 2023-05-31 08468232 2022-06-01 2023-05-31 08468232 2023-05-31 08468232 2022-05-31 08468232 core:LandBuildings core:ShortLeaseholdAssets 2023-06-01 2024-05-31 08468232 core:PlantMachinery 2023-06-01 2024-05-31 08468232 bus:Director2 2023-06-01 2024-05-31 08468232 core:LandBuildings core:ShortLeaseholdAssets 2023-05-31 08468232 core:PlantMachinery 2023-05-31 08468232 core:LandBuildings core:ShortLeaseholdAssets 2024-05-31 08468232 core:PlantMachinery 2024-05-31 08468232 core:WithinOneYear 2024-05-31 08468232 core:WithinOneYear 2023-05-31 08468232 core:AfterOneYear 2024-05-31 08468232 core:AfterOneYear 2023-05-31 08468232 core:ShareCapital 2024-05-31 08468232 core:ShareCapital 2023-05-31 08468232 core:RetainedEarningsAccumulatedLosses 2024-05-31 08468232 core:RetainedEarningsAccumulatedLosses 2023-05-31 08468232 core:BetweenOneFiveYears 2023-05-31 08468232 core:LandBuildings core:ShortLeaseholdAssets 2023-05-31 08468232 core:PlantMachinery 2023-05-31 08468232 bus:Director1 2023-06-01 2024-05-31 08468232 bus:SmallEntities 2023-06-01 2024-05-31 08468232 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 08468232 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 08468232 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08468232 bus:FullAccounts 2023-06-01 2024-05-31 08468232 core:OfficeEquipment 2023-06-01 2024-05-31 08468232 core:OfficeEquipment 2023-05-31 08468232 core:OfficeEquipment 2024-05-31 08468232 core:AfterOneYear 2023-06-01 2024-05-31 08468232 core:KeyManagementPersonnel 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 08468232
Buckland Timber Limited
Filleted Unaudited Financial Statements
31 May 2024
Buckland Timber Limited
Financial Statements
Year ended 31 May 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Buckland Timber Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
146,654
158,797
Current assets
Stocks
575,739
296,330
Debtors
6
607,873
602,306
Cash at bank and in hand
305,580
87,974
------------
---------
1,489,192
986,610
Creditors: amounts falling due within one year
7
900,015
643,974
------------
---------
Net current assets
589,177
342,636
---------
---------
Total assets less current liabilities
735,831
501,433
Creditors: amounts falling due after more than one year
8
539,907
392,905
Provisions
32,443
34,552
---------
---------
Net assets
163,481
73,976
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
162,481
72,976
---------
--------
Shareholders funds
163,481
73,976
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Buckland Timber Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 21 February 2025 , and are signed on behalf of the board by:
R G L Nicholson
Director
Company registration number: 08468232
Buckland Timber Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Buckland Timber Marsh End, Lords Meadow Instrustrial Estate, Crediton, Devon, EX17 1DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
15% reducing balance
Plant and machinery
-
15% reducing balance
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2023: 18 ).
5. Tangible assets
Short leasehold property
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 June 2023
71,824
489,000
18,362
579,186
Additions
1,000
7,390
5,840
14,230
--------
---------
--------
---------
At 31 May 2024
72,824
496,390
24,202
593,416
--------
---------
--------
---------
Depreciation
At 1 June 2023
36,602
369,397
14,390
420,389
Charge for the year
5,421
18,378
2,574
26,373
--------
---------
--------
---------
At 31 May 2024
42,023
387,775
16,964
446,762
--------
---------
--------
---------
Carrying amount
At 31 May 2024
30,801
108,615
7,238
146,654
--------
---------
--------
---------
At 31 May 2023
35,222
119,603
3,972
158,797
--------
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
554,917
581,442
Other debtors
52,956
20,864
---------
---------
607,873
602,306
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
46,121
5,693
Trade creditors
468,925
281,028
Corporation tax
29,546
1,488
Social security and other taxes
37,656
72,986
Other creditors
317,767
282,779
---------
---------
900,015
643,974
---------
---------
Bank loans and overdrafts of £46,121 (2023: £5,693) are secured against the assets of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
291,774
33,196
Other creditors
248,133
359,709
---------
---------
539,907
392,905
---------
---------
Bank loans and overdrafts of £291,774 (2023: £33,196) are secured against the assets of the company.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
624
499
Later than 1 year and not later than 5 years
624
----
-------
624
1,123
----
-------
10. Related party transactions
At the year end, the company owed the director £333,660 (2023: £412,948).