Company registration number 05876992 (England and Wales)
TIMBATEQ LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
TIMBATEQ LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
TIMBATEQ LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
120,720
118,464
Current assets
Stocks
18,163
14,607
Debtors
5
1,724,589
898,497
Cash at bank and in hand
347,570
2,154,002
2,090,322
3,067,106
Creditors: amounts falling due within one year
6
(1,044,903)
(998,334)
Net current assets
1,045,419
2,068,772
Total assets less current liabilities
1,166,139
2,187,236
Creditors: amounts falling due after more than one year
7
(742,558)
(18,946)
Provisions for liabilities
(16,780)
(22,131)
Net assets
406,801
2,146,159
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
406,800
2,146,158
Total equity
406,801
2,146,159

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

TIMBATEQ LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
Mr C Bater
Director
Company registration number 05876992 (England and Wales)
TIMBATEQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Timbateq Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2A Chartwell Point, Chartwell Drive, Wigston, Leicester, LE18 2FT.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for bespoke joinery manufacturing and installation services and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Research and development expenditure

Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

TIMBATEQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance and 33% straight line
Motor vehicles
25% reducing balance
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset's cash generating unit is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 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. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.8
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

TIMBATEQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
28
27
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
111,000
Amortisation and impairment
At 1 August 2023 and 31 July 2024
111,000
Carrying amount
At 31 July 2024
-
0
At 31 July 2023
-
0
TIMBATEQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023
478,993
Additions
26,963
Disposals
(23,793)
At 31 July 2024
482,163
Depreciation and impairment
At 1 August 2023
360,529
Depreciation charged in the year
23,136
Eliminated in respect of disposals
(22,222)
At 31 July 2024
361,443
Carrying amount
At 31 July 2024
120,720
At 31 July 2023
118,464
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
412,180
520,959
Corporation tax recoverable
48,471
48,471
Amounts owed by group undertakings
1,216,770
-
0
Other debtors
21,339
302,285
Prepayments and accrued income
25,829
26,782
1,724,589
898,497
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
253,791
10,038
Obligations under finance leases
3,108
-
0
Trade creditors
205,201
320,908
Corporation tax
83,022
95,436
Other taxation and social security
145,793
114,922
Other creditors
33,679
21,221
Accruals and deferred income
320,309
435,809
1,044,903
998,334
TIMBATEQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
6
Creditors: amounts falling due within one year
(Continued)
- 7 -

Certain bank borrowings are secured by fixed and floating charges over the assets of the company. Net obligations under finance lease and hire purchase contracts are secured on the assets to which they relate. The aggregate amount of creditors included above for which security has been given amounted to £248,456 (2023 - £Nil).

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
739,191
18,946
Other creditors
3,367
-
0
742,558
18,946

Certain bank borrowings are secured by fixed and floating charges over the assets of the company. Net obligations under finance lease and hire purchase contracts are secured on the assets to which they relate. The aggregate amount of creditors included above for which security has been given amounted to £733,867 (2023 - £Nil).

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
95 Ordinary A of 1p each
95
95
0.95
0.95
5 Ordinary B of 1p each
5
5
0.05
0.05
100
100
1
1
9
Financial commitments, guarantees and contingent liabilities

During the year ended 31 July 2024 Timbateq Limited entered into an agreement to sell its shares to an Employee Ownership Trust. As at 31 July 2024, £125,382 is outstanding and will be repayable in line with an agreed payment plan, on the basis the company remains profitable in the future and has sufficient reserves to make a capital contribution to the Employee Ownership Trust.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
76,800
79,708
TIMBATEQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
11
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

 

Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
287,745
45,021
(322,224)
10,542
287,745
45,021
(322,224)
10,542
12
Parent company

80% of Timbateq Limited issued share capital is held by Timbateq EOT Limited, as trustee for the Timbateq Employee Ownership Trust. The trust holds the controlling stake in that company for the benefit of the employees.

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