Regents Timber Co Ltd 03254123 false 2023-12-01 2024-11-30 2024-11-30 The principal activity of the company is the wholesale of timber. Digita Accounts Production Advanced 6.30.9574.0 true true 03254123 2023-12-01 2024-11-30 03254123 2024-11-30 03254123 core:CurrentFinancialInstruments 2024-11-30 03254123 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 03254123 bus:SmallEntities 2023-12-01 2024-11-30 03254123 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 03254123 bus:FilletedAccounts 2023-12-01 2024-11-30 03254123 bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 03254123 bus:RegisteredOffice 2023-12-01 2024-11-30 03254123 bus:Director1 2023-12-01 2024-11-30 03254123 bus:Director2 2023-12-01 2024-11-30 03254123 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 03254123 core:PlantMachinery 2023-12-01 2024-11-30 03254123 core:Vehicles 2023-12-01 2024-11-30 03254123 countries:AllCountries 2023-12-01 2024-11-30 03254123 2022-12-01 2023-11-30 03254123 2023-11-30 03254123 core:CurrentFinancialInstruments 2023-11-30 03254123 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 iso4217:GBP xbrli:pure

Registration number: 03254123

Regents Timber Co Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Regents Timber Co Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Regents Timber Co Ltd

(Registration number: 03254123)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

37,200

43,600

Debtors

5

25,629

28,169

Cash at bank and in hand

 

119

1,113

 

62,948

72,882

Creditors: Amounts falling due within one year

6

(99,277)

(91,290)

Net liabilities

 

(36,329)

(18,408)

Capital and reserves

 

Called up share capital

7

4,500

4,500

Retained earnings

(40,829)

(22,908)

Shareholders' deficit

 

(36,329)

(18,408)

For the financial year ending 30 November 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 March 2025 and signed on its behalf by:
 

.........................................
N James
Director

.........................................
A Aldridge
Director

 
     
 

Regents Timber Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit P2 Salisbury Road
Uxbridge Industrial Estate
Uxbridge
Middlesex
UB8 2SX

These financial statements were authorised for issue by the Board on 6 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Depreciation

Asset class

Depreciation method and rate

Plant and machinery

15% straight line basis

Fixtures, fittings & equipment

15% straight line basis

Motor vehicles

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Regents Timber Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Regents Timber Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Stocks

2024
£

2023
£

Finished goods and goods for resale

37,200

43,600

5

Debtors

Current

2024
£

2023
£

Trade debtors

25,629

28,169

 

25,629

28,169

 

Regents Timber Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

30,240

40,923

Trade creditors

 

31,640

28,789

Taxation and social security

 

17,647

15,922

Accruals and deferred income

 

8,892

-

Other creditors

 

10,858

5,656

 

99,277

91,290

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

4,500

4,500

4,500

4,500

       

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

7,798

13,121

Bank overdrafts

22,442

27,802

30,240

40,923