Company registration number 03864913 (England and Wales)
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
COMPANY INFORMATION
Directors
Mr M Tancock
Mr MP Tancock
Company number
03864913
Registered office
7 Dulais Road
Seven Sisters
Neath
Neath Port Talbot
SA10 9EL
Accountants
WBV Limited
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3 - 4
Statement of changes in equity
5
Notes to the financial statements
6 - 10
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 October 2024.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M Tancock
Mr MP Tancock
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr M Tancock
Mr MP Tancock
Director
Director
27 March 2025
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SEVEN SISTERS SAWMILLS (SHEDS) LIMITED FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Seven Sisters Sawmills (Sheds) Limited for the year ended 31 October 2024 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Seven Sisters Sawmills (Sheds) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Seven Sisters Sawmills (Sheds) Limited and state those matters that we have agreed to state to the board of directors of Seven Sisters Sawmills (Sheds) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Seven Sisters Sawmills (Sheds) Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Seven Sisters Sawmills (Sheds) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Seven Sisters Sawmills (Sheds) Limited. You consider that Seven Sisters Sawmills (Sheds) Limited 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 financial statements of Seven Sisters Sawmills (Sheds) Limited. 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 statutory financial statements.
WBV Limited
Chartered Accountants
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
SA1 8QY
Wales
27 March 2025
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
44,626
54,288
Current assets
Stocks
77,437
68,617
Debtors
5
6,413
17,742
Cash at bank and in hand
108,086
155,969
191,936
242,328
Creditors: amounts falling due within one year
6
(76,327)
(90,997)
Net current assets
115,609
151,331
Total assets less current liabilities
160,235
205,619
Provisions for liabilities
(11,157)
(13,572)
Net assets
149,078
192,047
Capital and reserves
Called up share capital
7
300
300
Profit and loss reserves
148,778
191,747
Total equity
149,078
192,047
The notes on pages 6 to 10 form part of these financial statements.
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 4 -
For the financial year ended 31 October 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 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Mr M Tancock
Mr MP Tancock
Director
Director
Company registration number 03864913 (England and Wales)
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2022
300
179,359
179,659
Year ended 31 October 2023:
Profit and total comprehensive income
-
22,388
22,388
Dividends
-
(10,000)
(10,000)
Balance at 31 October 2023
300
191,747
192,047
Year ended 31 October 2024:
Loss and total comprehensive income
-
(38,969)
(38,969)
Dividends
-
(4,000)
(4,000)
Balance at 31 October 2024
300
148,778
149,078
The notes on pages 6 to 10 form part of these financial statements.
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
1
Accounting policies
Company information
Seven Sisters Sawmills (Sheds) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Dulais Road, Seven Sisters, Neath, Neath Port Talbot, SA10 9EL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements were previously prepared under FRS105. The transition to FRS102 has resulted in the provision for deferred tax. This has been reflected in the comparative figure for 2022 as a prior year adjustment. This resulted in the previously stated reserves being reduced by £12,929.
The prior year adjustment is explained in note 9 to the financial statements.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years .
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 7 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
25% on cost
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Computers
33% on cost
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 8 -
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
12
12
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
104,776
Amortisation and impairment
At 1 November 2023 and 31 October 2024
104,776
Carrying amount
At 31 October 2024
At 31 October 2023
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2023
13,428
47,702
11,970
7,231
61,175
141,506
Additions
297
2,271
2,568
At 31 October 2024
13,428
47,702
12,267
9,502
61,175
144,074
Depreciation and impairment
At 1 November 2023
13,428
27,789
8,360
5,693
31,949
87,219
Depreciation charged in the year
3,983
722
762
6,762
12,229
At 31 October 2024
13,428
31,772
9,082
6,455
38,711
99,448
Carrying amount
At 31 October 2024
15,930
3,185
3,047
22,464
44,626
At 31 October 2023
19,913
3,609
1,540
29,226
54,288
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
602
17,742
Corporation tax recoverable
5,811
6,413
17,742
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
29,368
48,408
Corporation tax
5,811
Other taxation and social security
12,825
11,739
Other creditors
34,134
25,039
76,327
90,997
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300
300
300
300
SEVEN SISTERS SAWMILLS (SHEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
8
Ultimate controlling party
There is no ultimate controlling party.
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