Smith Bros Timber (East Anglia) Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 02728564 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Smith Bros Timber (East Anglia) Ltd

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

622,839

542,011

Investment property

6

155,000

777,839

697,011

CURRENT ASSETS

Stocks

786,565

793,444

Debtors

12,644,114

11,910,274

Cash at bank and in hand

383,348

564,242

13,814,027

13,267,960

CREDITORS

Amounts falling due within one year

815,963

753,281

NET CURRENT ASSETS

12,998,064

12,514,679

TOTAL ASSETS LESS CURRENT
LIABILITIES

13,775,903

13,211,690

PROVISIONS FOR LIABILITIES

57,640

35,423

NET ASSETS

13,718,263

13,176,267

CAPITAL AND RESERVES

Called up share capital

10,000

Revaluation reserve

8

14,784

Retained earnings

13,693,479

13,151,483

SHAREHOLDERS' FUNDS

13,718,263

13,176,267

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

Mr R G Smith - Director

1.	STATUTORY INFORMATION

Smith Bros Timber (East Anglia) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

02728564

Registered office:

15 Cooke Road

South Lowestoft Industrial Estate

Lowestoft

Suffolk

NR33 7NA

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Improvements to property

-

2% on cost

Plant and machinery

-

15% on reducing balance and 15% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

20% on reducing balance

Office equipment

-

25% on cost and 20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

and 31 December 2024

5,000

AMORTISATION

At 1 January 2024

and 31 December 2024

5,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

1,130,126

Additions

129,936

Disposals

(16,000

)

At 31 December 2024

1,244,062

DEPRECIATION

At 1 January 2024

588,115

Charge for year

49,108

Eliminated on disposal

(16,000

)

At 31 December 2024

621,223

NET BOOK VALUE

At 31 December 2024

622,839

At 31 December 2023

542,011

Included in cost of land and buildings is freehold land of £ 100,000 (2023 - £ 100,000 ) which is not depreciated.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

155,000

NET BOOK VALUE

At 31 December 2024

155,000

At 31 December 2023

155,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2014

15,750

Valuation in 2015

2,625

Valuation in 2016

2,625

Valuation in 2017

(21,000

)

Valuation in 2018

19,712

Cost

135,288

155,000

If investment property had not been revalued it would have been included at the following historical cost:

31.12.24

31.12.23

£

Cost

135,288

Investment property was valued on an open market basis on 31 December 2024 by the directors .

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

Within one year

10,036

-

Between one and five years

32,617

-

42,653

-

8.

RESERVES

Revaluation

reserve

£

At 1 January 2024

and 31 December 2024

14,784