Registration number:
(A company limited by guarantee)
for the
Year Ended
Timber Development UK Limited
Contents
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Company Information |
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Directors' Report |
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Chairman's statement |
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Accountants' Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Timber Development UK Limited
Company Information
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Directors |
Christopher D Sutton (Chairman) Jonathan A Grant (Treasurer) Johan F Gottfridsson (Swedish Wood) Philip J McComrick (Chair TSB) Michelle C Buckland (Member) Michael J Donaldson (Member) Claire L Toomey (Member) James A Davenport (Member) Patrick J Guest (Vice Chairman) Charles Law (TRADA) Anthony D Thistleton-Smith (TRADA) Kelly J Harrison (TRADA) Nicholas C Latham (TRADA) Steven J Cook |
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Company secretary |
Nicholas & Co Solicitors Limited |
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Registered office |
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Accountants |
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Timber Development UK Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Principal activity
The principal activity of the company is as a trade association for the benefit of members of the timber industry and in its Memorandum of Association is defined as a non-profit making body.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Reappointment of auditors
Small companies provision statement
This report has 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.
Approved by the
Director
Timber Development UK Limited
Chairman's statement for the Year Ended 31 December 2024
During the year, Timber Development UK (TDUK) continued to gain recognition across the industry for its work and outputs. Notably, we were a key partner in the Government’s Timber in Construction Roadmap, reflecting our strong relationships with various government departments.
TDUK is widely acknowledged as the leading organisation within the timber supply chain, representing members from forest through to end-user contractors. While the UK is no longer part of the European Union, TDUK is regularly consulted by European partners on matters relating to regulation, standards, and sustainability. We also maintain long-standing partnerships with the American Hardwood Export Council, Swedish Wood, Confor, and collaborate closely with other industry trade bodies.
The Wood Awards, now managed by TDUK, was a great success, showcasing the versatility and innovation of timber across a range of applications. Our Annual Market Conference and Dinner were both sold out, reflecting strong engagement from members and stakeholders.
I am pleased to report that we have built on the momentum of 2023 and delivered further improvements in our financial performance. The establishment of a Finance Committee in 2023 has proven to be a valuable step forward. Our continued move to bring more workstreams in-house has had a positive impact on cost control. One non-recurring item did adversely affect the accounts, but overall performance remained strong.
Membership numbers have remained stable, though we recognise the need to continually enhance our outputs to support retention. We remain focused on attracting new members. For the first time in several years, we increased our annual fees by 5%. However, income from fees continues to be affected by lower timber prices.
Our investment in a Learning Management System will provide significant value to members, offering a structured training platform to support their development.
We concluded the financial year with a strong balance sheet, which positions us well to invest further in member benefits and resources to help drive timber product sales.
TDUK’s mission remains to be the voice of the timber industry, working collaboratively with other trade bodies to deliver value for our members.
The first half of 2025 has continued to present challenges for our members, but we have seen encouraging signs, including strong retention, new member growth, and the return of previously lapsed members. Financial performance has improved further compared to 2024, and we are on track to break even.
I would like to thank the TDUK team for their dedication and professionalism. Their pride in their work and commitment to their roles has been evident throughout the year. To our contractors, consultants, and partners-thank you for your continued support. You are an integral part of our success. Finally, I extend my sincere thanks to all Board members for their invaluable input and guidance.
Christopher D Sutton (Chairman)
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of Timber Development UK 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 Timber Development UK Limited for the year ended 31 December 2024, as set out on pages 5 to 15, 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 Timber Development UK Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Timber Development UK Limited and state those matters that we have agreed to state to the Board of Directors of Timber Development UK 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 Timber Development UK Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Timber Development UK 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 loss of Timber Development UK Limited. You consider that Timber Development UK 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 Timber Development UK 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.
Staverton
Cheltenham
Gloucestershire
GL51 0UX
Timber Development UK Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating loss |
(112,320) |
(328,749) |
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Other interest receivable and similar income |
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Amounts written off investments |
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Interest payable and similar expenses |
- |
( |
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Loss before tax |
( |
( |
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Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Timber Development UK Limited
(Registration number: 02515034)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Other financial assets |
1,046,442 |
1,009,388 |
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Current assets |
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Debtors |
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Cash and cash equivalents |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Retained earnings |
1,466,343 |
1,489,760 |
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Shareholders' funds |
1,466,343 |
1,489,760 |
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:
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• |
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• |
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 provisions of FRS 102 section 1A and the provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
Director
Timber Development UK Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Retained earnings |
Total |
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At 1 January 2024 |
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Loss for the year |
( |
( |
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At 31 December 2024 |
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Retained earnings |
Total |
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At 1 January 2023 |
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Loss for the year |
( |
( |
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At 31 December 2023 |
1,489,760 |
1,489,760 |
Timber Development UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a company limited by guarantee incorporated in England and Wales. In the event of the Federation being wound up during the time an individual is a Member, or within one year afterwards, that Member undertakes to contribute an amount not exceeding £100 to the assets of the Federation for payment of the debts and liabilities of the Federation contracted to before the individual ceases to be a Member or expenses relating to the winding up of the Federation.
The address of its registered office and principal place of business is:
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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 for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Statement of cash flows
The company has taken advantage of the exemption in Section 1A.7 of Financial Reporting Standard 102 from the requirement to produce a cash flow statement on the grounds that it is a small company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Timber Development UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Turnover
Turnover mainly represents subscription income received from members excluding value added tax. An audit is conducted to confirm the level of subscription income levied against agents and importer members, which is computed with reference to certified returns. All subscriptions run for a calendar year.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Foreign currency transactions and balances
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 the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Fixtures, fittings and equipment |
33.3% of cost per annum |
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition or development.
Timber Development UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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:
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Asset class |
Amortisation method and rate |
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Digital technical library |
10% of cost per annum |
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Website |
33.3% of cost per annum |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are
initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares
which are not publicly traded and where fair value cannot be measured reliably are measured at cost less
impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method.
Dividends on equity securities are recognised in income when receivable.
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 members for subscriptions or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.
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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Timber Development UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
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Staff numbers |
The average number of persons employed by the company (excluding directors) during the year, was
Timber Development UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Loss before tax |
Arrived at after charging
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2024 |
2023 |
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Depreciation expense |
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Amortisation expense |
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Intangible assets |
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Digital technical library |
Website |
Total |
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Cost |
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At 1 January 2024 |
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Additions |
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- |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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Amortisation charge |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Tangible assets |
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Furniture, fittings and equipment |
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Cost |
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At 1 January 2024 |
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Additions |
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Disposals |
( |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Timber Development UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Other financial assets (current and non-current) |
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Financial assets at fair value through profit and loss |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2024 |
1,009,388 |
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Additions |
3,145 |
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Fair value adjustments |
33,909 |
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Carrying amount |
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At 31 December 2024 |
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The fair value of financial assets has been determined on the basis of the market price in an active market.
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Cash and cash equivalents |
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2024 |
2023 |
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Cash on hand |
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Cash at bank |
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Short-term deposits |
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Creditors |
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Timber Development UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Deferred tax |
Deferred tax assets and liabilities
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2024 |
Liability |
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Capital gains |
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Fixed asset timing differences |
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Tax losses |
( |
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- |
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2023 |
Liability |
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Fixed asset timing differences |
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Short term timing differences |
( |
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Tax losses |
( |
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- |
There are £446,335 of unused tax losses (2023 - £430,577) for which no deferred tax asset is recognised in the balance sheet.
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £57,375 (2023 - £57,375). Included in this, are amounts due within 1 year of £57,375 (2023 - £57,375).
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Related party transactions |
Summary of transactions with related parties
During the year, the company was invoiced membership fees by existing members of the organisation amounting to £20,000 (2023 - £20,000). At the balance sheet date £526 (2023 - £1,482) was owed by these members.
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Financial instruments |
Categorisation of financial instruments
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2024 |
2023 |
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Financial assets measured at fair value through profit or loss |
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Financial assets measured at fair value
Listed investments
Listed investments are valued at the quoted bid price at the reporting date.
The fair value is £1,046,442 (2023 - £1,009,388) and the change in value included in profit or loss is £33,909 (2023 - £33,380).
Items of income, expense, gains or losses
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2024 |
Income |
Expense |
Net gains |
Net losses |
|
Financial assets measured at fair value through profit or loss |
34,709 |
- |
33,909 |
- |
Timber Development UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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2023 |
Income |
Expense |
Net gains |
Net losses |
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Financial assets measured at fair value through profit or loss |
11,339 |
- |
33,380 |
- |