7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 300,000 270,000 30,000 300,000 30,000 xbrli:pure xbrli:shares iso4217:GBP 08770402 2023-08-01 2024-07-31 08770402 2024-07-31 08770402 2023-07-31 08770402 2022-08-01 2023-07-31 08770402 2023-07-31 08770402 2022-07-31 08770402 core:NetGoodwill 2023-08-01 2024-07-31 08770402 core:FurnitureFittings 2023-08-01 2024-07-31 08770402 core:MotorVehicles 2023-08-01 2024-07-31 08770402 bus:Director4 2023-08-01 2024-07-31 08770402 core:NetGoodwill 2023-07-31 08770402 core:NetGoodwill 2024-07-31 08770402 core:FurnitureFittings 2023-07-31 08770402 core:MotorVehicles 2023-07-31 08770402 core:LandBuildings 2024-07-31 08770402 core:FurnitureFittings 2024-07-31 08770402 core:MotorVehicles 2024-07-31 08770402 core:WithinOneYear 2024-07-31 08770402 core:WithinOneYear 2023-07-31 08770402 core:ShareCapital 2024-07-31 08770402 core:ShareCapital 2023-07-31 08770402 core:RetainedEarningsAccumulatedLosses 2024-07-31 08770402 core:RetainedEarningsAccumulatedLosses 2023-07-31 08770402 core:NetGoodwill 2023-07-31 08770402 core:LandBuildings 2023-07-31 08770402 core:FurnitureFittings 2023-07-31 08770402 core:MotorVehicles 2023-07-31 08770402 bus:Director4 2023-07-31 08770402 bus:Director4 2024-07-31 08770402 bus:Director4 2022-07-31 08770402 bus:Director4 2023-07-31 08770402 bus:Director4 2022-08-01 2023-07-31 08770402 bus:SmallEntities 2023-08-01 2024-07-31 08770402 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 08770402 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 08770402 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 08770402 bus:FullAccounts 2023-08-01 2024-07-31
COMPANY REGISTRATION NUMBER: 08770402
NORTH ROAD TIMBER COMPANY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2024
NORTH ROAD TIMBER COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
30,000
Tangible assets
6
134,841
135,386
----------
----------
134,841
165,386
Current assets
Stocks
35,000
57,819
Debtors
7
2,239
2,322
Cash at bank and in hand
161,920
130,679
----------
----------
199,159
190,820
Creditors: amounts falling due within one year
8
203,700
287,629
----------
----------
Net current liabilities
4,541
96,809
----------
----------
Total assets less current liabilities
130,300
68,577
----------
---------
Net assets
130,300
68,577
----------
---------
NORTH ROAD TIMBER COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
120
120
Profit and loss account
130,180
68,457
----------
---------
Shareholders funds
130,300
68,577
----------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 July 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 were approved by the board of directors and authorised for issue on 12 November 2024 , and are signed on behalf of the board by:
Mr T D Shippam
Director
Company registration number: 08770402
NORTH ROAD TIMBER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 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 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The directors consider that the uncertainty caused in the Joinery industry as a result of Coronavirus and the recovery from the restrictions that were put in place by the government should not materially affect the company's ability to continue as a going concern. This assumption has been continued as the economy is hit by the world economic impact of the war in Ukraine.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwil
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures, fittings & equip
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Website
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
300,000
----------
Amortisation
At 1 August 2023
270,000
Charge for the year
30,000
----------
At 31 July 2024
300,000
----------
Carrying amount
At 31 July 2024
----------
At 31 July 2023
30,000
----------
6. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 August 2023 and 31 July 2024
133,202
2,103
25,389
1,604
162,298
----------
-------
---------
-------
----------
Depreciation
At 1 August 2023
1,945
23,483
1,484
26,912
Charge for the year
39
476
30
545
----------
-------
---------
-------
----------
At 31 July 2024
1,984
23,959
1,514
27,457
----------
-------
---------
-------
----------
Carrying amount
At 31 July 2024
133,202
119
1,430
90
134,841
----------
-------
---------
-------
----------
At 31 July 2023
133,202
158
1,906
120
135,386
----------
-------
---------
-------
----------
7. Debtors
2024
2023
£
£
Trade debtors
1,650
1,650
Other debtors
589
672
-------
-------
2,239
2,322
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
29,692
29,542
Corporation tax
28,194
20,785
Social security and other taxes
42,474
43,169
Other creditors
103,340
194,133
----------
----------
203,700
287,629
----------
----------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr T D Shippam
( 182,954)
95,146
( 87,808)
----------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr T D Shippam
( 245,355)
62,401
( 182,954)
----------
---------
----------
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed.