Registered number
04797001
The Southern Timber Co Ltd
Filleted Accounts
31 October 2024
The Southern Timber Co Ltd
Registered number: 04797001
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 2,254,795 2,392,327
Current assets
Stocks 1,112,855 976,310
Debtors 5 2,486,619 2,564,668
3,599,474 3,540,978
Creditors: amounts falling due within one year 6 (1,886,368) (1,922,872)
Net current assets 1,713,106 1,618,106
Total assets less current liabilities 3,967,901 4,010,433
Creditors: amounts falling due after more than one year 7 (778,837) (848,653)
Provisions for liabilities (150,933) (183,971)
Net assets 3,038,131 2,977,809
Capital and reserves
Called up share capital 10 10
Revaluation reserve 8 902,227 902,227
Profit and loss account 2,135,894 2,075,572
Shareholders' funds 3,038,131 2,977,809
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N J Harris
Director
Approved by the board on 1 May 2025
The Southern Timber Co Ltd
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Motor Vehicles 20% reducing balance
Office equipment 25% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 35 38
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 65,600
At 31 October 2024 65,600
Amortisation
At 1 November 2023 65,600
At 31 October 2024 65,600
Net book value
At 31 October 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Freehold Land and buildings Furniture fittings and equipment Motor vehicles Total
£ £ £ £
Cost or Valuation
At 1 November 2023 2,332,574 904,327 842,016 4,078,917
Additions - 2,070 53,876 55,946
Disposals - - (21,745) (21,745)
At 31 October 2024 2,332,574 906,397 874,147 4,113,118
Depreciation
At 1 November 2023 666,443 583,691 436,456 1,686,590
Charge for the year 28,696 67,654 90,577 186,927
On disposals - - (15,194) (15,194)
At 31 October 2024 695,139 651,345 511,839 1,858,323
Net book value
At 31 October 2024 1,637,435 255,052 362,308 2,254,795
At 31 October 2023 1,666,131 320,636 405,560 2,392,327
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,430,347 1,430,347
Cumulative depreciation based on historical cost 695,139 666,443
735,208 763,904
5 Debtors 2024 2023
£ £
Trade debtors 612,436 687,145
Other debtors 1,874,183 1,877,523
2,486,619 2,564,668
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 240,248 495,721
Obligations under finance lease and hire purchase contracts 59,361 62,368
Trade creditors 1,324,559 1,082,712
Taxation and social security costs 127,898 153,004
Other creditors 134,302 129,067
1,886,368 1,922,872
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 618,698 661,663
Obligations under finance lease and hire purchase contracts 160,139 186,990
778,837 848,653
8 Revaluation reserve 2024 2023
£ £
At 1 November 2023 902,227 902,227
At 31 October 2024 902,227 902,227
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
M D Tewson ( ceased 26th August 2024)
[Loan 1] - - (16,246) (16,246)
This is a loan to the company with no fixed date of repayment
N J Harris
[Loan 1] - 4,240 - 4,240
Interest is charged at the official rate and the loan will be repaid by 31 July 2025
- 4,240 (16,246) (12,006)
10 Other information
The Southern Timber Co Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Crokers Park
Edgelands Cross, Ipplepen
Newton Abbot
Devon
TQ12 5UG
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