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REGISTRAR OF COMPANIES

Registration number: 04390444

G&S Specialist Timber Tools and Machinery Limited

Unaudited Financial Statements

31 December 2024

image-name

 

G&S Specialist Timber Tools and Machinery Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
G&S Specialist Timber Tools and Machinery Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of G&S Specialist Timber Tools and Machinery Limited for the year ended 31 December 2024 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of G&S Specialist Timber Tools and Machinery Limited, as a body, in accordance with the terms of our engagement letter dated 25 July 2025. Our work has been undertaken solely to prepare for your approval the accounts of G&S Specialist Timber Tools and Machinery Limited and state those matters that we have agreed to state to the Board of Directors of G&S Specialist Timber Tools and Machinery Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G&S Specialist Timber Tools and Machinery Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that G&S Specialist Timber Tools and Machinery Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of G&S Specialist Timber Tools and Machinery Limited. You consider that G&S Specialist Timber Tools and Machinery Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of G&S Specialist Timber Tools and Machinery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

25 July 2025

 

G&S Specialist Timber Tools and Machinery Limited

(Registration number: 04390444)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

406,579

340,578

Current assets

 

Stocks

445,034

463,227

Debtors

5

53,126

26,577

Cash at bank and in hand

 

71,253

133,546

 

569,413

623,350

Creditors: Amounts falling due within one year

6

(323,227)

(350,518)

Net current assets

 

246,186

272,832

Total assets less current liabilities

 

652,765

613,410

Creditors: Amounts falling due after more than one year

6

(97,445)

(159,699)

Provisions for liabilities

(61,492)

(48,270)

Net assets

 

493,828

405,441

Capital and reserves

 

Allotted, called up and fully paid share capital

14

14

Profit and loss account

493,814

405,427

Total equity

 

493,828

405,441

 

G&S Specialist Timber Tools and Machinery Limited

(Registration number: 04390444)
Balance Sheet as at 31 December 2024 (continued)

For the financial year ending 31 December 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 and 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 25 July 2025 and signed on its behalf by:
 

.........................................

G Stevenson

Director

.........................................

S B Stevenson

Director

 

G&S Specialist Timber Tools and Machinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
Snuff Mill Lane
Stainton
PENRITH
CA11 0ES

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.


Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to the profit and loss account over the expected useful lives of the relevent assets.

Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

 

G&S Specialist Timber Tools and Machinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% on cost

Plant and equipment

25% reducing balance and 10% reducing balance

Motor vehicles

25% reducing balance

Furniture, fittings and office equipment

25% reducing balance

 

G&S Specialist Timber Tools and Machinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

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.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods 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. Trade creditors 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 where due after more than one year.

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.

 

G&S Specialist Timber Tools and Machinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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 16 (2023 - 18).

 

G&S Specialist Timber Tools and Machinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 January 2024

309,342

573,835

32,317

81,143

996,637

Additions

1,551

112,546

-

682

114,779

Disposals

-

(60,155)

-

(12,145)

(72,300)

At 31 December 2024

310,893

626,226

32,317

69,680

1,039,116

Depreciation

At 1 January 2024

127,891

454,510

6,733

66,924

656,058

Charge for the year

5,646

25,175

6,396

3,273

40,490

Eliminated on disposal

-

(53,051)

-

(10,960)

(64,011)

At 31 December 2024

133,537

426,634

13,129

59,237

632,537

Carrying amount

At 31 December 2024

177,356

199,592

19,188

10,443

406,579

At 31 December 2023

181,451

119,324

25,584

14,219

340,578

 

G&S Specialist Timber Tools and Machinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5

Debtors

2024
£

2023
£

Trade debtors

27,327

10,350

Other debtors

25,799

16,227

53,126

26,577

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

77,117

77,335

Trade creditors

 

146,502

178,914

Taxation and social security

 

51,931

54,827

Corporation tax liability

 

18,986

12,590

Other creditors

 

28,691

26,852

 

323,227

350,518

Due after one year

 

Loans and borrowings

7

55,204

113,909

Other creditors

 

42,241

45,790

 

97,445

159,699

2024
£

2023
£

After more than five years by instalments

35,542

77,975

35,542

77,975

 

G&S Specialist Timber Tools and Machinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

2,151

3,943

Finance lease liabilities

7,416

7,416

Other borrowings

67,550

65,976

77,117

77,335

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

2,151

3,943

Finance lease liabilities

7,416

7,416

9,567

11,359

Bank borrowings and overdrafts are secured by fixed and floating charges over the company's assets.
Finance lease liabilities are secured over the assets they relate to.

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

45,935

97,225

Finance lease liabilities

9,269

16,684

55,204

113,909

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

45,935

97,225

Finance lease liabilities

9,269

16,684

55,204

113,909

Bank borrowings are secured by fixed and floating charges over the company's assets.
Finance lease liabilities are secured over the assets they relate to.
 

 

G&S Specialist Timber Tools and Machinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

8

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2024
£

S B Stevenson

Director's Loan

-

21,276

-

-

-

40

21,316

               
         

 

2023

At 1 January 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2023
£

G Stevenson

Director's Loan

-

27,996

(28,128)

-

-

132

-

               
         

J Stevenson

Director's Loan

-

27,995

(28,126)

-

-

131

-

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2.00% to April 2023 and 2.25% thereafter on advances to directors.