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Company registration number: 14478127
PRICE TIMBER & HAULAGE LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
30 November 2024
PRICE TIMBER & HAULAGE LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
PRICE TIMBER & HAULAGE LTD
DIRECTORS AND OTHER INFORMATION
Directors Mr W G Price
Miss C Vermeulen
Company number 14478127
Registered office Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Business address 8 Wood Terrace
Myddlewood
Shropshire
SY4 3RZ
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
PRICE TIMBER & HAULAGE LTD
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRICE TIMBER & HAULAGE LTD
YEAR ENDED 30TH NOVEMBER 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Price Timber & Haulage Ltd for the year ended 30 November 2024 which comprise the statement of financial position, statement of changes in equity and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Price Timber & Haulage Ltd, as a body, in accordance with the terms of our engagement letter dated 29 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Price Timber & Haulage Ltd and state those matters that we have agreed to state to the board of directors of Price Timber & Haulage Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Price Timber & Haulage Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Price Timber & Haulage Ltd 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 loss of Price Timber & Haulage Ltd. You consider that Price Timber & Haulage Ltd 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 Price Timber & Haulage Ltd. 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.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
15 February 2025
PRICE TIMBER & HAULAGE LTD
STATEMENT OF FINANCIAL POSITION
30TH NOVEMBER 2024
30/11/24 30/11/23
Note £ £ £ £
Fixed assets
Tangible assets 5 1,719 2,057
_______ _______
1,719 2,057
Current assets
Debtors 6 330 1,572
Cash at bank and in hand 3,878 2,913
_______ _______
4,208 4,485
Creditors: amounts falling due
within one year 7 ( 4,773) ( 5,294)
_______ _______
Net current liabilities ( 565) ( 809)
_______ _______
Total assets less current liabilities 1,154 1,248
_______ _______
Net assets 1,154 1,248
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,054 1,148
_______ _______
Shareholders funds 1,154 1,248
_______ _______
For the year ending 30 November 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 February 2025 , and are signed on behalf of the board by:
Mr W G Price
Director
Company registration number: 14478127
PRICE TIMBER & HAULAGE LTD
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30TH NOVEMBER 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2023 - - -
(Loss)/profit for the year 1,148 1,148
_______ _______ _______
Total comprehensive income for the year - 1,148 1,148
Issue of shares 100 100
_______ _______ _______
Total investments by and distributions to owners 100 - 100
_______ _______ _______
At 30 November 2023 and 1 December 2023 100 1,148 1,248
(Loss)/profit for the year ( 94) ( 94)
_______ _______ _______
Total comprehensive income for the year - ( 94) ( 94)
_______ _______ _______
At 30 November 2024 100 1,054 1,154
_______ _______ _______
PRICE TIMBER & HAULAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30TH NOVEMBER 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 Countrywide House, Knights Way, Shrewsbury, Shropshire, SY1 3AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Impairment
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.
Financial instruments
A financial asset or a 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 discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 December 2023 and 30 November 2024 2,000 200 2,200
_______ _______ _______
Depreciation
At 1 December 2023 125 299 424
Charge for the year - 57 57
_______ _______ _______
At 30 November 2024 125 356 481
_______ _______ _______
Carrying amount
At 30 November 2024 1,875 ( 156) 1,719
_______ _______ _______
At 30 November 2023 1,875 ( 99) 1,776
_______ _______ _______
6. Debtors
30/11/24 30/11/23
£ £
Trade debtors 250 -
Other debtors 80 1,572
_______ _______
330 1,572
_______ _______
7. Creditors: amounts falling due within one year
30/11/24 30/11/23
£ £
Other creditors 4,773 5,294
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended 30/11/24
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr W G Price ( 2,614) ( 826) ( 3,440)
_______ _______ _______
Period ended 30/11/23
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr W G Price - ( 2,614) ( 2,614)
_______ _______ _______