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Registered number: 07267187
Worcester Timber Products Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
1st Floor Office
105 Church Street
Tewkesbury
Gloucestershire
GL20 5AB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07267187
31 July 2024 31 July 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 9,774 13,259
Tangible Assets 5 150,227 197,276
160,001 210,535
CURRENT ASSETS
Stocks 6 209,563 146,909
Debtors 7 341,096 240,573
Cash at bank and in hand 63,522 21,933
614,181 409,415
Creditors: Amounts Falling Due Within One Year 8 (438,608 ) (335,896 )
NET CURRENT ASSETS (LIABILITIES) 175,573 73,519
TOTAL ASSETS LESS CURRENT LIABILITIES 335,574 284,054
Creditors: Amounts Falling Due After More Than One Year 9 (220,613 ) (176,173 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (33 ) (33 )
NET ASSETS 114,928 107,848
CAPITAL AND RESERVES
Called up share capital 11 1 1
Profit and Loss Account 114,927 107,847
SHAREHOLDERS' FUNDS 114,928 107,848
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Leon Hopkins
Director
29 April 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Worcester Timber Products Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07267187 . The registered office is 42 Peachley Gardens, Lower Broadheath, Worcester, WR2 6QS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are the website development and MRP system. It is amortised to profit and loss account over its estimated economic life.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 25% reducing balance
Leasehold 25% reducing balance
Plant & Machinery 25% reducing balance
Motor Vehicles 25% straight line
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. 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. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 8)
8 8
Page 3
Page 4
4. Intangible Assets
Other
£
Cost
As at 1 August 2023 24,619
Additions 258
As at 31 July 2024 24,877
Amortisation
As at 1 August 2023 11,360
Provided during the period 3,743
As at 31 July 2024 15,103
Net Book Value
As at 31 July 2024 9,774
As at 1 August 2023 13,259
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 August 2023 53,303 88,470 150,780 5,565
Additions - - 48,857 -
Disposals - (40,850 ) (17,030 ) -
As at 31 July 2024 53,303 47,620 182,607 5,565
Depreciation
As at 1 August 2023 16,015 21,234 67,155 2,747
Provided during the period 10,565 6,941 34,423 1,831
Disposals - (7,537 ) (9,649 ) -
As at 31 July 2024 26,580 20,638 91,929 4,578
Net Book Value
As at 31 July 2024 26,723 26,982 90,678 987
As at 1 August 2023 37,288 67,236 83,625 2,818
Computer Equipment Total
£ £
Cost
As at 1 August 2023 9,241 307,359
Additions 44 48,901
Disposals - (57,880 )
As at 31 July 2024 9,285 298,380
Depreciation
As at 1 August 2023 2,932 110,083
...CONTINUED
Page 4
Page 5
Provided during the period 1,496 55,256
Disposals - (17,186 )
As at 31 July 2024 4,428 148,153
Net Book Value
As at 31 July 2024 4,857 150,227
As at 1 August 2023 6,309 197,276
6. Stocks
31 July 2024 31 July 2023
£ £
Stock 209,563 146,909
7. Debtors
31 July 2024 31 July 2023
£ £
Due within one year
Trade debtors 231,222 102,218
Prepayments and accrued income 1,893 -
Other debtors 107,981 138,355
341,096 240,573
8. Creditors: Amounts Falling Due Within One Year
31 July 2024 31 July 2023
£ £
Trade creditors 313,928 136,330
Bank loans and overdrafts 18,766 29,467
Corporation tax (9,079 ) (9,079 )
Other taxes and social security 2,842 5,352
VAT 81,929 120,109
Net wages 718 1,053
Other creditors 3,132 5,532
Director's loan account 26,372 47,132
438,608 335,896
9. Creditors: Amounts Falling Due After More Than One Year
31 July 2024 31 July 2023
£ £
Net obligations under finance lease and hire purchase contracts 63,987 29,610
Bank loans 144,633 140,380
Amounts owed to related parties 11,993 6,183
220,613 176,173
Page 5
Page 6
10. Obligations Under Finance Leases and Hire Purchase
31 July 2024 31 July 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 63,987 29,610
11. Share Capital
31 July 2024 31 July 2023
£ £
Allotted, Called up and fully paid 1 1
Page 6