IRIS Accounts Production v24.3.2.46 02046845 Board of Directors 1.9.23 31.8.24 31.8.24 false true false false true false Ordinary 1.00000 A Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh020468452023-08-31020468452024-08-31020468452023-09-012024-08-31020468452022-08-31020468452022-09-012023-08-31020468452023-08-3102046845ns15:EnglandWales2023-09-012024-08-3102046845ns14:PoundSterling2023-09-012024-08-3102046845ns10:Director12023-09-012024-08-3102046845ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3102046845ns10:SmallEntities2023-09-012024-08-3102046845ns10:AuditExempt-NoAccountantsReport2023-09-012024-08-3102046845ns10:SmallCompaniesRegimeForDirectorsReport2023-09-012024-08-3102046845ns10:SmallCompaniesRegimeForAccounts2023-09-012024-08-3102046845ns10:FullAccounts2023-09-012024-08-3102046845ns10:OrdinaryShareClass12023-09-012024-08-3102046845ns10:OrdinaryShareClass22023-09-012024-08-3102046845ns10:Director22023-09-012024-08-3102046845ns10:Director32023-09-012024-08-3102046845ns10:CompanySecretary12023-09-012024-08-3102046845ns10:RegisteredOffice2023-09-012024-08-3102046845ns5:CurrentFinancialInstruments2024-08-3102046845ns5:CurrentFinancialInstruments2023-08-3102046845ns5:ShareCapital2024-08-3102046845ns5:ShareCapital2023-08-3102046845ns5:RevaluationReserve2024-08-3102046845ns5:RevaluationReserve2023-08-3102046845ns5:RetainedEarningsAccumulatedLosses2024-08-3102046845ns5:RetainedEarningsAccumulatedLosses2023-08-3102046845ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-09-012024-08-3102046845ns5:PlantMachinery2023-09-012024-08-3102046845ns5:FurnitureFittings2023-09-012024-08-3102046845ns5:MotorVehicles2023-09-012024-08-3102046845ns5:ComputerEquipment2023-09-012024-08-3102046845ns5:LandBuildings2023-08-3102046845ns5:PlantMachinery2023-08-3102046845ns5:FurnitureFittings2023-08-3102046845ns5:LandBuildings2023-09-012024-08-3102046845ns5:LandBuildings2024-08-3102046845ns5:PlantMachinery2024-08-3102046845ns5:FurnitureFittings2024-08-3102046845ns5:LandBuildings2023-08-3102046845ns5:PlantMachinery2023-08-3102046845ns5:FurnitureFittings2023-08-3102046845ns5:MotorVehicles2023-08-3102046845ns5:ComputerEquipment2023-08-3102046845ns5:MotorVehicles2024-08-3102046845ns5:ComputerEquipment2024-08-3102046845ns5:MotorVehicles2023-08-3102046845ns5:ComputerEquipment2023-08-3102046845ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3102046845ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3102046845ns10:OrdinaryShareClass12024-08-3102046845ns10:OrdinaryShareClass22024-08-31
REGISTERED NUMBER: 02046845 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 August 2024

for

TIMBER DIRECT LIMITED

TIMBER DIRECT LIMITED (REGISTERED NUMBER: 02046845)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TIMBER DIRECT LIMITED

Company Information
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: R J Lear
Z A Lear
S J Lear





SECRETARY: R J Lear





REGISTERED OFFICE: Lightwood Green Industrial Estate
Overton on Dee
Wrexham
Clwyd
LL13 0HU





REGISTERED NUMBER: 02046845 (England and Wales)





ACCOUNTANTS: Gravita
Chartered Accountants
6-8 Bath Street
Bristol
BS1 6HL

TIMBER DIRECT LIMITED (REGISTERED NUMBER: 02046845)

Balance Sheet
31 AUGUST 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 70,027 84,937

CURRENT ASSETS
Stocks 5 99,931 112,858
Debtors 6 332,376 106,772
Cash at bank 363,043 608,831
795,350 828,461
CREDITORS
Amounts falling due within one year 7 (75,854 ) (95,623 )
NET CURRENT ASSETS 719,496 732,838
TOTAL ASSETS LESS CURRENT
LIABILITIES

789,523

817,775

PROVISIONS FOR LIABILITIES (1,662 ) (2,163 )
NET ASSETS 787,861 815,612

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Revaluation reserve 29,977 29,977
Retained earnings 756,884 784,635
SHAREHOLDERS' FUNDS 787,861 815,612

TIMBER DIRECT LIMITED (REGISTERED NUMBER: 02046845)

Balance Sheet - continued
31 AUGUST 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





Z A Lear - Director


TIMBER DIRECT LIMITED (REGISTERED NUMBER: 02046845)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 AUGUST 2024


1. COMPANY INFORMATION

Timber Direct 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.

The company's principal activities and nature of its operations are that of wholesale timber merchants.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reviewed relevant information and has considered possible measures that could be undertaken to mitigate the current adverse conditions. Based on this assessment and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

Turnover
Turnover represents sales of goods net of VAT. Turnover is recognised when the goods are physically delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost and Straight line over 20 years
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

TIMBER DIRECT LIMITED (REGISTERED NUMBER: 02046845)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 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, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. 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.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

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 5 (2023 - 5 ) .

TIMBER DIRECT LIMITED (REGISTERED NUMBER: 02046845)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 September 2023 131,902 758 20,055
Additions - 171 -
At 31 August 2024 131,902 929 20,055
DEPRECIATION
At 1 September 2023 84,494 351 14,920
Charge for year 6,045 116 770
At 31 August 2024 90,539 467 15,690
NET BOOK VALUE
At 31 August 2024 41,363 462 4,365
At 31 August 2023 47,408 407 5,135

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2023 45,308 3,906 201,929
Additions - - 171
At 31 August 2024 45,308 3,906 202,100
DEPRECIATION
At 1 September 2023 13,951 3,276 116,992
Charge for year 7,839 311 15,081
At 31 August 2024 21,790 3,587 132,073
NET BOOK VALUE
At 31 August 2024 23,518 319 70,027
At 31 August 2023 31,357 630 84,937

5. STOCKS
2024 2023
£    £   
Raw materials & consumables 99,931 112,858

TIMBER DIRECT LIMITED (REGISTERED NUMBER: 02046845)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 76,580 76,047
Invoice discounting 247,621 25,429
Corporation tax recoverable 3,633 -
Prepayments & accrued income 4,542 5,296
332,376 106,772

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 58,299 38,725
Corporation tax - 7,155
VAT 10,296 4,532
Directors' current account 624 2,624
Accrued expenses 6,635 42,587
75,854 95,623

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
600 Ordinary £1 600 600
400 A Ordinary £1 400 400
1,000 1,000