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Registered number: 12905746
TIMMERSUMM LTD
Financial Statements
For The Year Ended 30 September 2024
The Curtis Partnership
1 Tape Street
Cheadle
Stoke On Trent
Staffordshire
ST10 1BB
Contents
Page
Accountant's Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of TIMMERSUMM LTD for the year ended 30 September 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of TIMMERSUMM LTD which comprise the Income Statement, the Statement of Financial Position and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of TIMMERSUMM LTD , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of TIMMERSUMM LTD and state those matters that we have agreed to state to the directors of TIMMERSUMM LTD , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TIMMERSUMM LTD and its directors as a body for our work or for this report.
It is your duty to ensure that TIMMERSUMM LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of TIMMERSUMM LTD . You consider that TIMMERSUMM LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of TIMMERSUMM LTD . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
10th March 2025
The Curtis Partnership
1 Tape Street
Cheadle
Stoke On Trent
Staffordshire
ST10 1BB
Page 1
Page 2
Statement of Financial Position
Registered number: 12905746
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 6,744 7,189
6,744 7,189
CURRENT ASSETS
Debtors 6 8,244 5,756
Cash at bank and in hand 19,525 22,672
27,769 28,428
Creditors: Amounts Falling Due Within One Year 7 (32,495 ) (31,996 )
NET CURRENT ASSETS (LIABILITIES) (4,726 ) (3,568 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,018 3,621
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (1,281 ) (1,366 )
NET ASSETS 737 2,255
CAPITAL AND RESERVES
Called up share capital 10 10 10
Income Statement 727 2,245
SHAREHOLDERS' FUNDS 737 2,255
Page 2
Page 3
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Income Statement.
On behalf of the board
Mr Louis Summerton-Leslie
Director
Miss Daisy Wright
Director
10th March 2025
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
TIMMERSUMM LTD is a private company, limited by shares, incorporated in England & Wales, registered number 12905746 . The registered office is 1 Tape Street, Cheadle, Stoke-on-Trent, Staffordshire, ST10 1BB.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. 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:
Plant & Machinery 33% Straight Line
Motor Vehicles 25% Reducing Balance
2.5. 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.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 October 2023 4,451 6,780 11,231
Additions 2,291 - 2,291
As at 30 September 2024 6,742 6,780 13,522
Depreciation
As at 1 October 2023 2,347 1,695 4,042
Provided during the period 1,465 1,271 2,736
As at 30 September 2024 3,812 2,966 6,778
Net Book Value
As at 30 September 2024 2,930 3,814 6,744
As at 1 October 2023 2,104 5,085 7,189
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - (1,014 )
Prepayments and accrued income 307 293
Other debtors 7,217 6,149
VAT 720 328
8,244 5,756
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 50 25
Corporation tax 1,578 5,883
Other creditors 1,014 -
Accruals and deferred income 4,084 3,722
Directors' loan accounts 25,769 22,366
32,495 31,996
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8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 1,281 1,366
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 October 2023 1,366 1,366
Deferred taxation (85 ) (85 )
Balance at 30 September 2024 1,281 1,281
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
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