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Timber Plant & Haulage Ltd

Registered Number
03807234
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

Timber Plant & Haulage Ltd
Company Information
for the year from 1 November 2023 to 31 October 2024

Director

Mr R G Dover

Company Secretary

Mr R G Dover

Registered Address

Blackaburn
Wark
Hexham
NE48 3DU

Registered Number

03807234 (England and Wales)
Timber Plant & Haulage Ltd
Statement of Financial Position
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,790,7832,038,059
1,790,7832,038,059
Current assets
Stocks8,50013,000
Debtors4130,954191,040
Cash at bank and on hand282,103215,729
421,557419,769
Creditors amounts falling due within one year5(219,034)(245,435)
Net current assets (liabilities)202,523174,334
Total assets less current liabilities1,993,3062,212,393
Creditors amounts falling due after one year6(130,716)(279,209)
Provisions for liabilities7(298,833)(359,214)
Net assets1,563,7571,573,970
Capital and reserves
Called up share capital5050
Other reserves5050
Profit and loss account1,563,6571,573,870
Shareholders' funds1,563,7571,573,970
The financial statements were approved and authorised for issue by the Board of Directors on 28 April 2025, and are signed on its behalf by:
Mr R G Dover
Director
Registered Company No. 03807234
Timber Plant & Haulage Ltd
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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/or 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.
Current taxation
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
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery20
Vehicles25
Office Equipment25
Finance leases and hire purchase contracts
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 November 233,319,01552,8376893,372,541
Additions334,750--334,750
Disposals(443,700)(26,358)-(470,058)
At 31 October 243,210,06526,4796893,237,233
Depreciation and impairment
At 01 November 231,300,84333,0256141,334,482
Charge for year411,4462,48219413,947
On disposals(285,505)(16,474)-(301,979)
At 31 October 241,426,78419,0336331,446,450
Net book value
At 31 October 241,783,2817,446561,790,783
At 31 October 232,018,17219,812752,038,059
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables43,25235,920
Other debtors4,90242,280
Prepayments and accrued income82,800112,840
Total130,954191,040
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.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables47,10641,093
Taxation and social security20,182172
Finance lease and HP contracts141,555194,742
Other creditors4,9814,604
Accrued liabilities and deferred income5,2104,824
Total219,034245,435
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. Finance lease and HP contracts are secured on the assets to which they relate.
6.Creditors: amounts due after one year

2024

2023

££
Other creditors130,716279,209
Total130,716279,209
Finance lease and HP contracts equal to £130,716, (2023 - £279,209) are included within other creditors and are secured against the assets to which they relate.
7.Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2024

2023

££
Net deferred tax liability (asset)298,833359,214
Total298,833359,214
8.Directors advances, credits and guarantees
During the period a director had a loan account with the company.  At 1 November 2023 the director owed the company £3,919.  During the year the company provided further loan advances of £5,983 and the director made repayments of £5,000.  At 31 October 2024 the director owed the company £4,902.  This loan is interest free, unsecured and repayable on demand.