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COMPANY REGISTRATION NUMBER: 04822394
Niche Timbers Limited
Filleted Unaudited Financial Statements
For the year ended
31 August 2024
Niche Timbers Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
65,079
79,778
Current assets
Stocks
405,866
431,260
Debtors
6
440,839
472,150
Cash at bank and in hand
81,920
53,390
----------
----------
928,625
956,800
Creditors: amounts falling due within one year
7
383,324
529,071
----------
----------
Net current assets
545,301
427,729
----------
----------
Total assets less current liabilities
610,380
507,507
Provisions
Taxation including deferred tax
11,078
14,422
----------
----------
Net assets
599,302
493,085
----------
----------
Niche Timbers Limited
Statement of Financial Position (continued)
31 August 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
598,302
492,085
----------
----------
Shareholders funds
599,302
493,085
----------
----------
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 August 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 1 May 2025 , and are signed on behalf of the board by:
Mr. A.P. Spurr
Director
Company registration number: 04822394
Niche Timbers Limited
Notes to the Financial Statements
Year ended 31 August 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 Unit 2, 8 Flanshaw Way, Wakefield, West Yorkshire, WF2 9LP.
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
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) 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.
(d) Current & deferred tax
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.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) 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:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
(g) 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.
(h) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(i) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(j) 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 September 2023
41,462
145
84,388
9,815
135,810
Additions
6,315
674
6,989
--------
----
--------
--------
----------
At 31 August 2024
47,777
145
84,388
10,489
142,799
--------
----
--------
--------
----------
Depreciation
At 1 September 2023
27,206
130
21,096
7,600
56,032
Charge for the year
5,143
2
15,823
720
21,688
--------
----
--------
--------
----------
At 31 August 2024
32,349
132
36,919
8,320
77,720
--------
----
--------
--------
----------
Carrying amount
At 31 August 2024
15,428
13
47,469
2,169
65,079
--------
----
--------
--------
----------
At 31 August 2023
14,256
15
63,292
2,215
79,778
--------
----
--------
--------
----------
6. Debtors
2024
2023
£
£
Trade debtors
428,635
459,630
Other debtors
12,204
12,520
----------
----------
440,839
472,150
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
260,737
283,482
Corporation tax
59,698
42,000
Social security and other taxes
31,740
45,914
Other creditors
31,149
157,675
----------
----------
383,324
529,071
----------
----------
Obligations under finance leases are secured on the associated assets .
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
5,330
5,330
Later than 1 year and not later than 5 years
3,998
9,328
-------
--------
9,328
14,658
-------
--------
9. Events after the end of the reporting period
On 29 October 2024, the company completed a management buyout, whereby two of the existing management team acquired the company from its previous owners.
10. Related party transactions
During the year the directors made available loans to the company. The loans are interest free and repayable on demand. At the year end date the balance due to the directors totalled £ 947 (2023 - £180,968).