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COMPANY REGISTRATION NUMBER: 13120690
Timber Cabins & Summerhouses Limited
Unaudited financial statements
31 March 2025
Timber Cabins & Summerhouses Limited
Statement of financial position
31 March 2025
31 Mar 25
31 Jan 24
Note
£
£
£
£
Fixed assets
Tangible assets
5
89,407
55,598
Current assets
Stocks
21,095
3,000
Debtors
6
14,503
18,007
Cash at bank and in hand
103,339
64,415
---------
-------
138,937
85,422
Creditors: Amounts falling due within one year
7
( 90,575)
( 52,084)
---------
-------
Net current assets
48,362
33,338
---------
-------
Total assets less current liabilities
137,769
88,936
Creditors: Amounts falling due after more than one year
8
( 19,509)
Provisions
Taxation including deferred tax
( 22,329)
( 13,358)
Accruals and deferred income
( 2,160)
( 2,000)
---------
-------
Net assets
93,771
73,578
---------
-------
Capital and reserves
Called up share capital
300
300
Profit and loss account
93,471
73,278
-------
-------
Shareholders funds
93,771
73,578
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Timber Cabins & Summerhouses Limited
Statement of financial position (continued)
31 March 2025
These financial statements were approved by the board of directors and authorised for issue on 4 June 2025 , and are signed on behalf of the board by:
N Scott
Director
Company registration number: 13120690
Timber Cabins & Summerhouses Limited
Notes to the financial statements
Period from 1 February 2024 to 31 March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, IP32 7EA. The principal place of business is Whisby Garden Centre, Whisby Road, Whisby, Lincoln, LN6 9BY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Display sites
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the period was 5 (2024: 5 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Display sites
Total
£
£
£
£
£
Cost
At 1 February 2024
1,018
41,942
5,277
24,963
73,200
Additions
496
74,685
1,638
76,819
Disposals
( 28,167)
( 28,167)
------
-------
------
-------
---------
At 31 March 2025
1,514
88,460
6,915
24,963
121,852
------
-------
------
-------
---------
Depreciation
At 1 February 2024
96
7,728
2,213
7,565
17,602
Charge for the period
337
9,042
1,991
4,060
15,430
Disposals
( 587)
( 587)
------
-------
------
-------
---------
At 31 March 2025
433
16,183
4,204
11,625
32,445
------
-------
------
-------
---------
Carrying amount
At 31 March 2025
1,081
72,277
2,711
13,338
89,407
------
-------
------
-------
---------
At 31 January 2024
922
34,214
3,064
17,398
55,598
------
-------
------
-------
---------
6. Debtors
31 Mar 25
31 Jan 24
£
£
Trade debtors
1,908
3,292
Other debtors
12,595
14,715
-------
-------
14,503
18,007
-------
-------
7. Creditors: Amounts falling due within one year
31 Mar 25
31 Jan 24
£
£
Trade creditors
35,265
17,119
Social security and other taxes
5,882
Obligations under finance leases and hire purchase contracts
5,248
Payments received on account
43,962
34,744
Other creditors
218
221
-------
-------
90,575
52,084
-------
-------
Obligations under hire purchase agreements are secured on the assets concerned.
8. Creditors: Amounts falling due after more than one year
31 Mar 25
31 Jan 24
£
£
Obligations under finance leases and hire purchase contracts
19,509
-------
----
Obligations under hire purchase agreements are secured on the assets concerned.
9. Directors' advances, credits and guarantees
Included within debtors at the year end is a directors loan account of £114 (2024: £Nil). The maximum overdrawn balance during the period was £114. Interest of £Nil was charged at the official rate.