Registered number
02696150
Midland Timber Limited
Filleted Accounts
31 March 2025
Midland Timber Limited
Registered number: 02696150
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 35,824 41,656
Current assets
Stocks 125,125 137,543
Debtors 4 41,065 53,488
Cash at bank and in hand 103,510 114,295
269,700 305,326
Creditors: amounts falling due within one year 5 (44,533) (76,979)
Net current assets 225,167 228,347
Total assets less current liabilities 260,991 270,003
Provisions for liabilities (6,806) (7,915)
Net assets 254,185 262,088
Capital and reserves
Called up share capital 200 200
Profit and loss account 253,985 261,888
Shareholder's funds 254,185 262,088
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
S J Wain
Director
Approved by the board on 23 May 2025
Midland Timber Limited
Notes to the Accounts
for the year ended 31 March 2025
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:
Improvements to property 2% straight line method
Plant and machinery 15% straight line method
Fixtures, fittings, tools and equipment 15% straight line method
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Improvements to property Plant and machinery etc Total
£ £ £
Cost
At 1 April 2024 29,373 105,080 134,453
Additions - 1,140 1,140
At 31 March 2025 29,373 106,220 135,593
Depreciation
At 1 April 2024 10,234 82,563 92,797
Charge for the year 587 6,385 6,972
At 31 March 2025 10,821 88,948 99,769
Net book value
At 31 March 2025 18,552 17,272 35,824
At 31 March 2024 19,139 22,517 41,656
4 Debtors 2025 2024
£ £
Trade debtors 32,989 45,156
Other debtors 8,076 8,332
41,065 53,488
5 Creditors: amounts falling due within one year 2025 2024
£ £
Trade creditors 19,785 22,207
Taxation and social security costs 20,707 23,563
Other creditors 4,041 31,209
44,533 76,979
6 Controlling party
The company is controlled by the company director by virtue of his shareholding.
7 Other information
Midland Timber Limited is a private company limited by shares and incorporated in England. Its registered office is:
147 Uxbridge Street
Burton upon Trent
Staffordshire
DE14 3JY
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