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REGISTERED NUMBER: 01931775 (England and Wales)













Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 October 2024

for

Appletree Joinery Products Limited

Appletree Joinery Products Limited (Registered number: 01931775)






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




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 5


Appletree Joinery Products Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: F Morrison
N L Young





REGISTERED OFFICE: Howden Road
Aycliffe Industrial Estate
NEWTON AYCLIFFE
Co Durham
DL5 6EU





REGISTERED NUMBER: 01931775 (England and Wales)





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

Appletree Joinery Products Limited (Registered number: 01931775)

Report of the Directors
for the Year Ended 31 October 2024

The directors present their report with the financial statements of the company for the year ended 31 October 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture and sale of joinery products.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report.

F Morrison
N L Young

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





F Morrison - Director


28 April 2025

Appletree Joinery Products Limited (Registered number: 01931775)

Balance Sheet
31 October 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 943,163 1,018,085

CURRENT ASSETS
Stocks 5 306,069 369,161
Debtors 6 1,392,540 1,326,866
Cash at bank and in hand 190,688 185,872
1,889,297 1,881,899
CREDITORS
Amounts falling due within one year 7 (1,436,661 ) (1,391,177 )
NET CURRENT ASSETS 452,636 490,722
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,395,799

1,508,807

CREDITORS
Amounts falling due after more than one
year

8

(174,391

)

(282,757

)

PROVISIONS FOR LIABILITIES 11 (94,158 ) (100,899 )
NET ASSETS 1,127,250 1,125,151

CAPITAL AND RESERVES
Called up share capital 12 25,000 25,000
Revaluation reserve 292,870 298,358
Retained earnings 809,380 801,793
SHAREHOLDERS' FUNDS 1,127,250 1,125,151

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

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

Appletree Joinery Products Limited (Registered number: 01931775)

Balance Sheet - continued
31 October 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





F Morrison - Director


Appletree Joinery Products Limited (Registered number: 01931775)

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

1. STATUTORY INFORMATION

Appletree Joinery Products 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 as modified by the revaluation of certain assets.

There were no material departures from that standard.

The principle 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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 - 2.5% on cost
Plant and machinery - 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 20% on cost

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

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 Profit and Loss Account, 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.

Appletree Joinery Products Limited (Registered number: 01931775)

Notes to the Financial Statements - continued
for the Year Ended 31 October 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.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

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.

Grants receivable
Revenue based grants are credited to the profit and loss account. Capital based grants are credited to the profit and loss account, in equal instalments, over the estimated useful life of the related asset.

Invoice discounting
The company utilises an invoice discounting facility. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice discounting are recognised in the profit and loss account over the relevant period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2023 - 57 ) .

Appletree Joinery Products Limited (Registered number: 01931775)

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

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 November 2023 700,000 1,899,056 24,375 69,451 2,692,882
Additions - 27,651 - - 27,651
Disposals - (7,068 ) - - (7,068 )
At 31 October 2024 700,000 1,919,639 24,375 69,451 2,713,465
DEPRECIATION
At 1 November 2023 120,000 1,483,087 13,144 58,566 1,674,797
Charge for year 16,000 78,373 2,381 5,168 101,922
Eliminated on disposal - (6,417 ) - - (6,417 )
At 31 October 2024 136,000 1,555,043 15,525 63,734 1,770,302
NET BOOK VALUE
At 31 October 2024 564,000 364,596 8,850 5,717 943,163
At 31 October 2023 580,000 415,969 11,231 10,885 1,018,085

Included in cost or valuation of land and buildings is freehold land of £ 80,000 (2023 - £ 80,000 ) which is not depreciated.

Cost or valuation at 31 October 2024 is represented by:

Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
Valuation in 1989 20,306 - - - 20,306
Valuation in 1993 110,000 - - - 110,000
Valuation in 1997 (75,000 ) - - - (75,000 )
Valuation in 2012 14,194 - - - 14,194
Valuation in 2016 150,000 - - - 150,000
Cost 480,500 1,919,639 24,375 69,451 2,493,965
700,000 1,919,639 24,375 69,451 2,713,465

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 480,500 480,500
Aggregate depreciation 209,370 198,858

Freehold property was valued on 30 April 2016 by the directors, supported by an independent valuation.

The previous valuations were taken as deemed cost on transition to FRS102 Section 1A.

The directors consider the value to be unchanged as at 31 October 2024.

Appletree Joinery Products Limited (Registered number: 01931775)

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

5. STOCKS
2024 2023
£    £   
Stocks 202,520 326,795
Work-in-progress 103,549 42,366
306,069 369,161

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 933,217 854,662
Amounts owed by parent undertaking 420,562 434,562
Other debtors 388 -
Prepayments and accrued income 38,373 37,642
1,392,540 1,326,866

Trade debtors include an amount of £933,217 (2023: £854,662) relating to debtors held under an invoice discounting agreement.

The debtors held under the invoice discounting agreement are secured against the debt to which they relate.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 46,992 46,992
Other loans 30,000 30,000
Hire purchase contracts (see note 9) 31,160 31,699
Trade creditors 538,900 462,143
Invoice discounting 368,642 404,298
Taxation and social security 177,012 177,104
Other creditors 5,395 678
Accruals and deferred income 238,560 238,263
1,436,661 1,391,177

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 113,361 160,567
Other loans - 1-2 years 17,500 47,500
Hire purchase contracts (see note 9) 43,530 74,690
174,391 282,757

Appletree Joinery Products Limited (Registered number: 01931775)

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

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 31,160 31,699
Between one and five years 43,530 74,690
74,690 106,389

Non-cancellable operating leases
2024 2023
£    £   
Within one year 7,482 7,482
Between one and five years 6,859 14,341
14,341 21,823

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 160,353 207,559
Hire purchase contracts 74,690 106,389
Invoice discounting 368,642 404,298
603,685 718,246

Bank loans are secured as a fixed and floating charge over freehold property and other assets of the company. Hire purchase contracts are secured on the assets to which they relate. Invoice discounting is secured on the trade debtors of the company.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 94,158 100,899

Deferred
tax
£   
Balance at 1 November 2023 100,899
Accelerated capital allowances (6,741 )
Balance at 31 October 2024 94,158

Appletree Joinery Products Limited (Registered number: 01931775)

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

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
25,000 Ordinary £1 25,000 25,000

13. ULTIMATE CONTROLLING PARENT

The ultimate controlling parent is Tempest Research Limited. The Registered office address is 17 Devon Gardens, Low Fell, Gateshead, Tyne & Wear, NE9 5BA.