Registered number
06710391
Timber Traditions Ltd
Filleted Accounts
30 September 2024
Timber Traditions Ltd
Registered number: 06710391
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 9,784 8,188
Current assets
Stocks 975 1,200
Debtors 4 927 3,267
Cash at bank and in hand (3,253) (5,033)
(1,351) (566)
Creditors: amounts falling due within one year 5 (36,958) (33,219)
Net current liabilities (38,309) (33,785)
Total assets less current liabilities (28,525) (25,597)
Creditors: amounts falling due after more than one year 6 (9,966) (11,940)
Net liabilities (38,491) (37,537)
Capital and reserves
Called up share capital 100 100
Profit and loss account (38,591) (37,637)
Shareholders' funds (38,491) (37,537)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Edward Garrity
Director
Approved by the board on 27 May 2025
Timber Traditions Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 33% Reducing balance
Plant and machinery 25% Reducing balance
Motor vehicles 25% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Computer Equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 2,334 28,806 20,500 51,640
Additions - 4,734 - 4,734
At 30 September 2024 2,334 33,540 20,500 56,374
Depreciation
At 1 October 2023 1,548 23,456 18,448 43,452
Charge for the year 178 2,447 513 3,138
At 30 September 2024 1,726 25,903 18,961 46,590
Net book value
At 30 September 2024 608 7,637 1,539 9,784
At 30 September 2023 786 5,350 2,052 8,188
4 Debtors 2024 2023
£ £
Trade debtors 927 3,267
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,730 9,154
Bounce back loan 2,475 2,475
Taxation and social security costs 7,105 10,527
Other creditors 21,648 11,063
36,958 33,219
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bounce back loan 9,966 11,940
7 Other information
Timber Traditions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bell Farm
Tushingham
Whitchurch
Shropshire
SY13 4QS
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