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REGISTERED NUMBER: 01136632 (England and Wales)















WALFORD TIMBER LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2024






WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WALFORD TIMBER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2024







DIRECTORS: G E Smith
G T Smith
N J Smith
J A Read





SECRETARY: G T Smith





REGISTERED OFFICE: The Sawmills
Walford
Ross-on-wye
Herefordshire
HR9 5QS





REGISTERED NUMBER: 01136632 (England and Wales)





ACCOUNTANTS: Green & Co
Chartered Certified Accountants
Pembroke House
Llantarnam Park Way
Cwmbran
Torfaen
NP44 3AU

WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)

BALANCE SHEET
31ST OCTOBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 1,179,222 1,106,959

CURRENT ASSETS
Stocks 1,415,612 1,486,619
Debtors 5 450,905 509,564
Cash at bank and in hand 1,414,990 1,416,167
3,281,507 3,412,350
CREDITORS
Amounts falling due within one year 6 1,098,524 1,104,710
NET CURRENT ASSETS 2,182,983 2,307,640
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,362,205

3,414,599

CREDITORS
Amounts falling due after more than one
year

7

(272,735

)

(418,218

)

PROVISIONS FOR LIABILITIES (115,846 ) (77,980 )
NET ASSETS 2,973,624 2,918,401

CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Revaluation reserve 9 114,315 -
Retained earnings 2,849,309 2,908,401
SHAREHOLDERS' FUNDS 2,973,624 2,918,401

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

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

WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)

BALANCE SHEET - continued
31ST 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 has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd April 2025 and were signed on its behalf by:





G T Smith - Director


WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2024

1. STATUTORY INFORMATION

Walford Timber 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.

Changes in accounting policies
There has been a change in accounting policy in PPE for Freehold property, to switch from the cost model to the revaluation model, in accordance with IAS16. This change was made following an independent valuation of the property in January 2025. The revaluation has increased the carrying value in the financial statements by £141,130.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property - 2% on cost (excluding land)
Short leasehold - 3% on reducing balance
Plant and machinery - 15% on reducing balance
Computer equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Software - 15% on reducing balance
Fixtures and fittings - 20% on reducing balance

Freehold property has applied the revaluation model from 01/11/2023.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, 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.


WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST 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 and finance leases are capitalised as tangible fixed assets and depreciated over their useful lives. 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2023 - 50 ) .

WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Short and Plant and
property leasehold fittings machinery
£    £    £    £   
COST OR VALUATION
At 1st November 2023 192,115 899,666 25,414 1,491,710
Additions - - 2,820 3,400
Disposals - - - (66,600 )
Revaluations 107,885 - - -
At 31st October 2024 300,000 899,666 28,234 1,428,510
DEPRECIATION
At 1st November 2023 30,842 509,496 4,659 1,098,813
Charge for year 2,403 11,705 4,245 56,925
Eliminated on disposal - - - (55,287 )
Revaluation adjustments (33,245 ) - - -
At 31st October 2024 - 521,201 8,904 1,100,451
NET BOOK VALUE
At 31st October 2024 300,000 378,465 19,330 328,059
At 31st October 2023 161,273 390,170 20,755 392,897

Motor Computer
Software vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1st November 2023 31,750 183,181 101,790 2,925,626
Additions - 57,500 1,107 64,827
Disposals - (27,000 ) - (93,600 )
Revaluations - - - 107,885
At 31st October 2024 31,750 213,681 102,897 3,004,738
DEPRECIATION
At 1st November 2023 18,895 94,156 61,806 1,818,667
Charge for year 1,928 30,220 6,086 113,512
Eliminated on disposal - (18,131 ) - (73,418 )
Revaluation adjustments - - - (33,245 )
At 31st October 2024 20,823 106,245 67,892 1,825,516
NET BOOK VALUE
At 31st October 2024 10,927 107,436 35,005 1,179,222
At 31st October 2023 12,855 89,025 39,984 1,106,959

WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31st October 2024 is represented by:

Fixtures
Freehold Short and Plant and
property leasehold fittings machinery
£    £    £    £   
Valuation in 2024 107,885 - - -
Cost 192,115 899,666 28,234 1,428,510
300,000 899,666 28,234 1,428,510

Motor Computer
Software vehicles equipment Totals
£    £    £    £   
Valuation in 2024 - - - 107,885
Cost 31,750 213,681 102,897 2,896,853
31,750 213,681 102,897 3,004,738

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1st November 2023 271,568 57,245 328,813
Transfer to ownership (40,873 ) (31,189 ) (72,062 )
At 31st October 2024 230,695 26,056 256,751
DEPRECIATION
At 1st November 2023 91,821 25,716 117,537
Charge for year 25,259 7,882 33,141
Transfer to ownership (22,621 ) (24,234 ) (46,855 )
At 31st October 2024 94,459 9,364 103,823
NET BOOK VALUE
At 31st October 2024 136,236 16,692 152,928
At 31st October 2023 179,747 31,529 211,276

WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 403,660 458,998
Other debtors - 16,301
Prepayments 47,245 34,265
450,905 509,564

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 100,872 98,796
Hire purchase contracts 42,536 70,213
Trade creditors 799,665 699,070
Corporation Tax 4,571 -
Social security and other taxes 21,452 23,643
VAT 66,929 118,714
Other creditors 11,552 10,338
Directors' current accounts 5,214 6,222
Accruals and deferred income 45,733 77,714
1,098,524 1,104,710

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 1-5 years 230,641 333,588
Hire purchase contracts 42,094 84,630
272,735 418,218

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,500 Ordinary A £1 1,500 1,500
1,500 Ordinary B £1 1,500 1,500
5,100 Ordinary C £1 5,100 5,100
900 Ordinary D £1 900 900
1,000 Ordinary E £1 1,000 1,000
10,000 10,000

WALFORD TIMBER LIMITED (REGISTERED NUMBER: 01136632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

9. RESERVES
Revaluation
reserve
£   
Revaluation surplus 114,315

At 31st October 2024 114,315

10. RELATED PARTY DISCLOSURES

The company had the following outstanding directors loans at year end:
- G E Smith was owed £5,188 (2023 - £5,188)
- G T Smith was owed £26 (2023 - £571)
- N J Smith was owed £nil (2023 - £463)

The land at Walford, Herefordshire from which the company operates is owned by G T Smith and N J Smith. The company has a 21 year lease over the property expiring on 23 October 2024. Rent of £108,000 (2023 - £108,000) has been paid during the year.