Company registration number 07751766 (England and Wales)
QUALITY TIMBER BUILDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
QUALITY TIMBER BUILDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
QUALITY TIMBER BUILDINGS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
737,292
591,676
Current assets
Stocks
172,117
224,999
Debtors
4
972,290
52,280
Cash at bank and in hand
871,094
1,171,616
2,015,501
1,448,895
Creditors: amounts falling due within one year
5
(1,189,296)
(347,712)
Net current assets
826,205
1,101,183
Net assets
1,563,497
1,692,859
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,562,497
1,691,859
Total equity
1,563,497
1,692,859

For the financial year ended 31 August 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 8 April 2025 and are signed on its behalf by:
Mr G C Parkinson
Director
Company registration number 07751766 (England and Wales)
QUALITY TIMBER BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information

Quality Timber Buildings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cabourn House, Station Street, Bingham, Nottinghamshire, United Kingdom, NG13 8AQ.

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 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
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.

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:

Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
Computers
20% on cost
Motor vehicles
20% on cost
Showsite
Fair value

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.

QUALITY TIMBER BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Stocks

Stocks 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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.5
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.

1.6
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.

1.7
Employment benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
25
25
QUALITY TIMBER BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
Showsite
Total
£
£
£
Cost
At 1 September 2023
433,887
400,399
834,286
Additions
205,563
-
0
205,563
At 31 August 2024
639,450
400,399
1,039,849
Depreciation and impairment
At 1 September 2023
242,610
-
0
242,610
Depreciation charged in the year
59,947
-
0
59,947
At 31 August 2024
302,557
-
0
302,557
Carrying amount
At 31 August 2024
336,893
400,399
737,292
At 31 August 2023
191,277
400,399
591,676
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
424,080
(144,901)
Other debtors
548,210
197,181
972,290
52,280
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
913,286
231,333
Corporation tax
177,693
39,940
Other taxation and social security
84,302
68,907
Other creditors
14,015
7,532
1,189,296
347,712
6
Employee Ownership Trust

The company's Employee Ownership Trust (EOT) has acquired the shares in the company and holds them on trust for the employees.

 

In the 2024 financial year £813,709 (2023: 1,340,578) was gifted to the EOT by the company.

 

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