TIMBERWORKS JOINERY LIMITED


Directors	POLKINGHORNE, Catherine
	POLKINGHORNE, Robert John


Registered Address	Unit 3 Sowarth Field Industrial Estate
	Settle
	BD24 9AF


Registered Number	13683444 (England and Wales)

Statement of Financial Position
31 March 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		52,500		60,000
Tangible assets	4		68,050		84,511
			120,550		144,511
Current assets
Stocks	5	49,470		34,388
Debtors	6	2,474		7,401
Cash at bank and on hand		42,374		75,427
		94,318		117,216
Creditors amounts falling due within one year	7	(127,779)		(143,786)
Net current assets (liabilities)			(33,461)		(26,570)
Total assets less current liabilities			87,089		117,941
Creditors amounts falling due after one year	8		(52,348)		(89,144)
Provisions for liabilities	9		(17,000)		(21,100)
Net assets			17,741		7,697
Capital and reserves
Called up share capital			100		100
Profit and loss account			17,641		7,597
Shareholders' funds			17,741		7,697

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 22 August 2025, and are signed on its behalf by:

POLKINGHORNE, Catherine
Director
Registered Company No. 13683444

TIMBERWORKS JOINERY LIMITED

Notes to the Financial Statements
for the year ended 31 March 2025

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.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	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.

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.

	Intangible assets
	Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

	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:

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 machinery	20
	Vehicles	25
	Office Equipment	25

	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. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	7		7

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 April 24	75,000	75,000
At 31 March 25	75,000	75,000
Amortisation and impairment
At 01 April 24	15,000	15,000
Charge for year	7,500	7,500
At 31 March 25	22,500	22,500
Net book value
At 31 March 25	52,500	52,500
At 31 March 24	60,000	60,000

4.	Tangible fixed assets

	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 April 24	95,736	34,500	3,483	133,719
Additions	600	-	1,375	1,975
At 31 March 25	96,336	34,500	4,858	135,694
Depreciation and impairment
At 01 April 24	34,002	14,062	1,144	49,208
Charge for year	12,427	5,109	900	18,436
At 31 March 25	46,429	19,171	2,044	67,644
Net book value
At 31 March 25	49,907	15,329	2,814	68,050
At 31 March 24	61,734	20,438	2,339	84,511

5.	Stocks

	2025	2024
	£	£
Raw materials and consumables	49,470	34,388
Total	49,470	34,388

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	2,474	7,401
Total	2,474	7,401


	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.

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	26,065	26,396
Bank borrowings and overdrafts	26,147	21,255
Amounts owed to related parties	37,923	37,923
Taxation and social security	25,012	38,658
Other creditors	249	224
Accrued liabilities and deferred income	12,383	19,330
Total	127,779	143,786


	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. Bank loans are secured on the assets of the company.

8.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	27,348	59,144
Amounts owed to related parties	25,000	30,000
Total	52,348	89,144

9.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	17,000	21,100
Total	17,000	21,100