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Registration number: 01048725

Totem Timber Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Totem Timber Limited

Contents

Profit and Loss Account and Statement of Retained Earnings

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 7

 

Totem Timber Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

 

105,000

105,000

Administrative expenses

 

(10,193)

(9,240)

Operating profit

 

94,807

95,760

Income from shares in group undertakings

 

295,000

387,000

Other interest receivable and similar income

 

7,391

3,573

Interest payable and similar charges

 

(7,220)

(13,035)

 

295,171

377,538

Profit before tax

389,978

473,298

Taxation

 

(27,136)

(20,237)

Profit for the financial year

 

362,842

453,061

Retained earnings brought forward

 

1,818,387

1,617,968

Dividends paid

 

(199,712)

(252,642)

Retained earnings carried forward

 

1,981,517

1,818,387

 

Totem Timber Limited

(Registration number: 01048725)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

637,199

646,332

Investments

5

100

100

 

637,299

646,432

Current assets

 

Debtors

6

873,355

1,160,111

Cash at bank and in hand

 

595,700

136,578

 

1,469,055

1,296,689

Creditors: Amounts falling due within one year

7

(119,146)

(119,734)

Net current assets

 

1,349,909

1,176,955

Total assets less current liabilities

 

1,987,208

1,823,387

Provisions for liabilities

(691)

-

Net assets

 

1,986,517

1,823,387

Capital and reserves

 

Called up share capital

4,250

4,250

Capital redemption reserve

750

750

Profit and loss account

1,981,517

1,818,387

Shareholders' funds

 

1,986,517

1,823,387

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 14 April 2025 and signed on its behalf by:
 


S F Parnell
Director

 

Totem Timber Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
St John's Road
Cattedown
Plymouth
Devon
PL4 0PA

Principal activity

The principal activity of the company is that of a holding company.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Revenue - described as turnover - is the value of rent receivable during the year.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Totem Timber Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

20 years straight line, 50 years straight line

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Totem Timber Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

Summary of disclosure exemptions

Totem Timber Limited has taken advantage of the exemption to not prepare group accounts, under section 1A small entities of FRS 102.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Totem Timber Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2024

791,277

791,277

At 31 December 2024

791,277

791,277

Depreciation

At 1 January 2024

144,945

144,945

Charge for the year

9,133

9,133

At 31 December 2024

154,078

154,078

Carrying amount

At 31 December 2024

637,199

637,199

At 31 December 2023

646,332

646,332

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

6

Debtors

2024
£

2023
£

Amounts owed by group undertakings

847,105

632,831

Other debtors

26,250

526,250

Deferred tax assets

-

1,030

873,355

1,160,111

 

Totem Timber Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Taxation and social security

 

25,828

21,267

Other creditors

9

93,318

98,467

 

119,146

119,734

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Related party transactions

Transactions with directors

During the year the directors entered into the following advances and credits with the company:

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Directors loans

(98,466)

35,776

(40,924)

(93,317)

         
       

 

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Directors loans

(156,626)

40,428

(98,588)

(98,466)