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Registration number: 11460310

Wallace Timber Services Limited
Unaudited Filleted Abridged Financial Statements
for the Year Ended 31 December 2024

Wallace Timber Services Limited

Contents

Company Information | 1
Abridged Balance Sheet | 2 to 3
Notes to the Unaudited Abridged Financial Statements | 4 to 8

Wallace Timber Services Limited

Company Information

Director | Mr Alastair Wallace

Registered office | Iron Hill Midhurst Road Liphook Hampshire GU307LP

Accountants | Niall McConkey FCCA, AIMS Accountants Chartered Certified AccountantUnit 4 Ardington Courtyard Roke Lane Witley Godalming Surrey GU8 5NF

Wallace Timber Services Limited

(Registration number: 11460310)
Abridged Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Intangible assets | 4 | 4,333 | 2,667
Tangible assets | 5 | 429,369 | 517,672
|  | 433,702 | 520,339
Current assets |  |  |
Debtors | 6 | 92,349 | 40,844
Cash at bank and in hand |  | 42,312 | 38,095
|  | 134,661 | 78,939
Prepayments and accrued income |  | 10,134 | 11,712
Creditors: Amounts falling due within one year |  | (62,241) | (127,198)
Net current assets/(liabilities) |  | 82,554 | (36,547)
Total assets less current liabilities |  | 516,256 | 483,792
Creditors: Amounts falling due after more than one year |  | (211,500) | (181,500)
Accruals and deferred income |  | (2,400) | (2,300)
Net assets |  | 302,356 | 299,992
Capital and reserves |  |  |
Called up share capital | 7 | 1 | 1
Retained earnings |  | 302,355 | 299,991
Shareholders' funds |  | 302,356 | 299,992

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Wallace Timber Services Limited

(Registration number: 11460310)
Abridged Balance Sheet as at 31 December 2024

Approved and authorised by the director on 15 April 2025

......................................... Mr Alastair Wallace Director

Wallace Timber Services Limited

Notes to the Unaudited Abridged 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.

The address of its registered office is:
Iron Hill
Midhurst Road
Liphook
Hampshire
GU307LP

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 abridged 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 abridged 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.

Tax

The tax expense for the period comprises 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.

Wallace Timber Services Limited

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

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
Motor vehicles | 25% reducing balance
Plant and machinery | 20% reducing balance
Office equipment | 25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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 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.

Wallace Timber Services Limited

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

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.

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 the director) during the year, was 3 (2023 - 4).

Wallace Timber Services Limited

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

4 | Intangible assets

| Total £
Cost or valuation
At 1 January 2024 | 4,000
Additions acquired separately | 4,500
At 31 December 2024 | 8,500
Amortisation
At 1 January 2024 | 1,333
Amortisation charge | 2,834
At 31 December 2024 | 4,167
Carrying amount
At 31 December 2024 | 4,333
At 31 December 2023 | 2,667

5 | Tangible assets

| Furniture, fittings and equipment £ | Motor vehicles £ | Other tangible assets £ | Total £
Cost or valuation
At 1 January 2024 | 250 | 292,806 | 558,869 | 851,925
Additions | 296 | 86,980 | 7,083 | 94,359
Disposals | - | (69,630) | - | (69,630)
At 31 December 2024 | 546 | 310,156 | 565,952 | 876,654
Depreciation
At 1 January 2024 | 120 | 145,877 | 188,256 | 334,253
Charge for the year | 75 | 40,527 | 93,829 | 134,431
Eliminated on disposal | - | (21,399) | - | (21,399)
At 31 December 2024 | 195 | 165,005 | 282,085 | 447,285
Carrying amount
At 31 December 2024 | 351 | 145,151 | 283,867 | 429,369
At 31 December 2023 | 130 | 146,929 | 370,613 | 517,672

Wallace Timber Services Limited

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

6 | Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 1 | 1 | 1 | 1