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Registered number: 02761301














TIMBERLAND DEVELOPMENTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
TIMBERLAND DEVELOPMENTS LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 6

 
TIMBERLAND DEVELOPMENTS LIMITED
REGISTERED NUMBER:02761301

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors
 4 
4,906,090
5,249,464

Cash at bank and in hand
  
900
900

Current liabilities
  
4,906,990
5,250,364

Creditors: amounts falling due within one year
 5 
(6,253,793)
(6,511,526)

Net current liabilities
  
 
 
(1,346,803)
 
 
(1,261,162)

Total assets less current liabilities
  
(1,346,803)
(1,261,162)

Creditors: amounts falling due after more than one year
 6 
(11,111)
(42,709)

  

Net liabilities
  
(1,357,914)
(1,303,871)


Capital and reserves
  

Called up share capital 
 8 
50,000
50,000

Profit and loss account
  
(1,407,914)
(1,353,871)

  
(1,357,914)
(1,303,871)


Page 1

 
TIMBERLAND DEVELOPMENTS LIMITED
REGISTERED NUMBER:02761301
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.




P R Munford
Director

The notes on pages 3 to 6 form part of these financial statements.
Page 2

 
TIMBERLAND DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Timbeland Developments Limited is a limited liability company registered in England and Wales. Its registered office address is at 10 Albermarle Street, London, England, W1S 4HH.
The company's functional and presentational currency is £ sterling. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company made a loss for the year and at the reporting date had net current liabilities and net liabilities. The financial statements of the Company have been prepared on a going concern basis, the validity of which is dependant on the continued support of the director. The director is satisfied that suitable facilities will continue to be made available for at least twelve months from the date of approval of these financial statements and that the Company will be able to meet its working capital requirements for the foreseeable future.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue for mortgage broker fees and similar income is recognised on the mortgage completion date.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


Page 3

 
TIMBERLAND DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans with related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such as bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a maket rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits.


3.


Employees

2023
2022
£
£

Wages and salaries
-
78,612

Social security costs
-
9,679

Cost of defined contribution scheme
-
773

-
89,064


The average monthly number of employees, including directors, during the year was 1 (2022 - 3).


4.


Debtors

2023
2022
£
£



Other debtors
4,906,090
5,249,464


Other debtors includes a balance of £3,604,942 (2022 - £3,604,942) due from a director of the company.

Page 4

 
TIMBERLAND DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
54,813
99,596

Bank loans
33,333
33,333

Trade creditors
-
2,595

Other taxation and social security
1,505,148
1,505,148

Obligations under finance lease and hire purchase contracts
-
2,945

Other creditors
4,489,233
4,780,817

Accruals and deferred income
171,266
87,092

6,253,793
6,511,526



6.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
11,111
42,709


Page 5

 
TIMBERLAND DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
33,333
33,333


33,333
33,333

Amounts falling due 1-2 years

Bank loans
11,111
33,334


11,111
33,334

Amounts falling due 2-5 years

Bank loans
-
9,375


-
9,375


44,444
76,042



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50,000 Ordinary shares of £1.00 each
50,000
50,000


 
Page 6