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REGISTERED NUMBER: 03108642 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2024

FOR

CORWEN FORESTRY TIMBER PRODUCTS LIMITED

CORWEN FORESTRY TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 03108642)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CORWEN FORESTRY TIMBER PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2024







DIRECTORS: A Lloyd
J L Lloyd
H W Lloyd
G M Lloyd
B W Lloyd



SECRETARY: A Lloyd



REGISTERED OFFICE: Tyn Llidiart
Industrial Estate
Corwen
Denbighshire
LL12 9RZ



REGISTERED NUMBER: 03108642 (England and Wales)



ACCOUNTANTS: M. D. Coxey and Co. Limited
Chartered Accountants
25, Grosvenor Road
Wrexham
LL11 1BT



BANKERS: National Westminster Bank
Corwen
Menai SC
PO Box 1130
Bangor
Gwynedd
LL59 5ZD

CORWEN FORESTRY TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 03108642)

BALANCE SHEET
30TH APRIL 2024

30.4.24 30.4.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,694,835 2,568,452
Investments 6 101 101
2,694,936 2,568,553

CURRENT ASSETS
Stocks 7 1,100,000 692,670
Debtors 8 2,075,246 1,827,235
Cash at bank 922,999 1,753,872
4,098,245 4,273,777
CREDITORS
Amounts falling due within one year 9 447,771 664,831
NET CURRENT ASSETS 3,650,474 3,608,946
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,345,410

6,177,499

PROVISIONS FOR LIABILITIES 10 (300,606 ) (488,006 )

ACCRUALS AND DEFERRED INCOME (241,816 ) (76,702 )
NET ASSETS 5,802,988 5,612,791

CAPITAL AND RESERVES
Called up share capital 11 168 168
Retained earnings 5,802,820 5,612,623
SHAREHOLDERS' FUNDS 5,802,988 5,612,791

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 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.

CORWEN FORESTRY TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 03108642)

BALANCE SHEET - continued
30TH APRIL 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3rd February 2025 and were signed on its behalf by:





A Lloyd - Director


CORWEN FORESTRY TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 03108642)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024

1. STATUTORY INFORMATION

Corwen Forestry 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Preparation of consolidated financial statements
The financial statements contain information about Corwen Forestry Timber Products Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 2% on cost
Improvements to property - The length of the lease
Fixtures & plant - 10% on reducing balance
Motor vehicles - 15% to 33% straight line basis

No depreciation is provided on land.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.


CORWEN FORESTRY TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 03108642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
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.

Government grants
Grants received in respect of capital expenditure are credited to a reserve and released to profit over the estimated useful life of the asset concerned.Grants are recognised in the financial statements on receipt.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 29 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st May 2023
and 30th April 2024 60,000
AMORTISATION
At 1st May 2023
and 30th April 2024 60,000
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 -

CORWEN FORESTRY TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 03108642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Fixtures
property property & plant
£    £    £   
COST
At 1st May 2023 1,190,204 79,925 2,681,446
Additions - - 607,637
Disposals - - (416,797 )
At 30th April 2024 1,190,204 79,925 2,872,286
DEPRECIATION
At 1st May 2023 114,594 79,925 1,189,435
Charge for year 14,762 - 191,594
Eliminated on disposal - - (141,935 )
At 30th April 2024 129,356 79,925 1,239,094
NET BOOK VALUE
At 30th April 2024 1,060,848 - 1,633,192
At 30th April 2023 1,075,610 - 1,492,011

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st May 2023 16,991 39,224 4,007,790
Additions - 501 608,138
Disposals - - (416,797 )
At 30th April 2024 16,991 39,725 4,199,131
DEPRECIATION
At 1st May 2023 16,991 38,393 1,439,338
Charge for year - 537 206,893
Eliminated on disposal - - (141,935 )
At 30th April 2024 16,991 38,930 1,504,296
NET BOOK VALUE
At 30th April 2024 - 795 2,694,835
At 30th April 2023 - 831 2,568,452

CORWEN FORESTRY TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 03108642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st May 2023
and 30th April 2024 101
NET BOOK VALUE
At 30th April 2024 101
At 30th April 2023 101

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Corwen Forestry Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
30.4.24 30.4.23
£    £   
Aggregate capital and reserves 100 100

7. STOCKS
30.4.24 30.4.23
£    £   
Finished goods for resale 1,100,000 692,670

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 782,478 831,082
Amounts owed by group undertakings 1,270,379 996,153
Tax 22,389 -
2,075,246 1,827,235

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 300,389 533,076
Tax - 22,389
Social security and other taxes 8,918 15,291
VAT 39,612 38,752
Accruals 88,600 43,766
Other creditors 10,252 11,557
447,771 664,831

CORWEN FORESTRY TIMBER PRODUCTS LIMITED (REGISTERED NUMBER: 03108642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024

10. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£    £   
Deferred tax
Accelerated capital allowances 310,457 488,006
Tax losses carried forward (9,851 ) -
300,606 488,006

Deferred
tax
£   
Balance at 1st May 2023 488,006
Changes in tax allowances 26,818
Correction to prior year (204,367 )
Changes in losses (9,851 )
Balance at 30th April 2024 300,606

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
168 Ordinary £1 168 168

12. CAPITAL COMMITMENTS
30.4.24 30.4.23
£    £   
Contracted but not provided for in the
financial statements - -