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REGISTERED NUMBER: 02510119 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Smithfield Timber Limited

Smithfield Timber Limited (Registered number: 02510119)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Smithfield Timber Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: H J Bousfield
K Bousfield
J Bousfield
W Bousfield





SECRETARY: K Bousfield





REGISTERED OFFICE: Smithfield House
Cargo Fleet Lane
Middlesbrough
Cleveland
TS3 8AL





REGISTERED NUMBER: 02510119 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
140 Coniscliffe Road
DARLINGTON
Co Durham
DL3 7RT

Smithfield Timber Limited (Registered number: 02510119)

Balance Sheet
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,002,659 1,162,690

CURRENT ASSETS
Stocks 5 371,519 367,396
Debtors 6 94,170 105,993
Cash at bank 514,754 278,501
980,443 751,890
CREDITORS
Amounts falling due within one year 7 (809,466 ) (757,005 )
NET CURRENT ASSETS/(LIABILITIES) 170,977 (5,115 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,173,636

1,157,575

CREDITORS
Amounts falling due after more than one
year

8

(414,741

)

(434,479

)

PROVISIONS FOR LIABILITIES 10 (78,843 ) (70,889 )
NET ASSETS 680,052 652,207

CAPITAL AND RESERVES
Called up share capital 11 102 102
Capital redemption reserve 25 25
Retained earnings 679,925 652,080
SHAREHOLDERS' FUNDS 680,052 652,207

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Smithfield Timber Limited (Registered number: 02510119)

Balance Sheet - continued
31 December 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 9 April 2025 and were signed on its behalf by:




K Bousfield - Director



J Bousfield - Director


Smithfield Timber Limited (Registered number: 02510119)

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

1. STATUTORY INFORMATION

Smithfield Timber 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.

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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

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

Income recognition
Income is recognised when a contract for the sale of goods is determined as unconditional.

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
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15-25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

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.


Smithfield Timber Limited (Registered number: 02510119)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 24 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 1,203,607 59,327 77,119 71,305 1,411,358
Additions - 7,000 7,858 39,760 54,618
Disposals (175,598 ) - - - (175,598 )
At 31 December 2024 1,028,009 66,327 84,977 111,065 1,290,378
DEPRECIATION
At 1 January 2024 101,452 46,795 50,303 50,118 248,668
Charge for year 23,194 2,929 6,803 6,125 39,051
At 31 December 2024 124,646 49,724 57,106 56,243 287,719
NET BOOK VALUE
At 31 December 2024 903,363 16,603 27,871 54,822 1,002,659
At 31 December 2023 1,102,155 12,532 26,816 21,187 1,162,690

5. STOCKS
2024 2023
£    £   
Stocks 371,519 367,396

Smithfield Timber Limited (Registered number: 02510119)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 64,648 74,666
Other debtors - 728
Directors' loan accounts - 1,969
Prepayments and accrued income 29,522 28,630
94,170 105,993

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 19,174 18,243
Trade creditors 250,719 267,989
Taxation and social security 160,936 120,472
Other creditors 2,291 2,043
Directors' loan accounts 367,473 338,458
Accruals and deferred income 8,873 9,800
809,466 757,005

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans due one to five years 82,937 82,921
Bank loans due after five year 331,804 351,558
414,741 434,479

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after five year 331,804 351,558

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 433,915 452,722

The bank loans are secured by fixed and floating charges over the property and assets of the company.

Hire purchase contracts are secured over the assets to which they relate.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 78,843 70,889

Smithfield Timber Limited (Registered number: 02510119)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 70,889
Accelerated capital allowances 7,954
Balance at 31 December 2024 78,843

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
1 B Ordinary £1 1 1
1 C Ordinary £1 1 1
102 102

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
J Bousfield
Balance outstanding at start of year 1,969 12,857
Amounts advanced 67,373 59,112
Amounts repaid (85,000 ) (70,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (15,658 ) 1,969

13. RELATED PARTY DISCLOSURES

2024 2023
£ £
Amounts due to directors 367,473 336,489
No interest has been charged.