Somerscales_Timber_Merchants_Limited_31_Dec_2024_companies_house_set_of

Somerscales (Timber Merchants) Limited

Report to the board of directors on the preparation of the unaudited statutory financial statements of Somerscales (Timber Merchants) Limited

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

financial statements

Somerscales (Timber Merchants) Limited

for the year ended

31 December 2024

which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Members/Doc/rule/2018-rulebook.pdf.

This report is made solely to the Board of Directors of

Somerscales (Timber Merchants) Limited

, as a body. Our work has been undertaken solely to prepare for your approval the

financial statements

Somerscales (Timber Merchants) Limited

and state those matters that we have agreed to state to the Board of Directors of

Somerscales (Timber Merchants) Limited

, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than

Somerscales (Timber Merchants) Limited

and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that

Somerscales (Timber Merchants) Limited

has kept adequate accounting records and to prepare statutory

financial statements

that give a true and fair view of the assets, liabilities, financial position and profit of

Somerscales (Timber Merchants) Limited

. You consider that

Somerscales (Timber Merchants) 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 financial statements of Somerscales (Timber Merchants) 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 financial statements.

A G Smith & Co Ltd

Chartered Certified Accountants

Unit 8 Laceby Business Park

Laceby Business Park

Laceby

North East Lincolnshire

DN37 7DP

United Kingdom

Date:

18 September 2025

Somerscales (Timber Merchants) Limited

Statement of Financial Position

31 December 2024

		2024		2023
	Note	£		£
Fixed assets
Tangible assets	5	621,961		722,685
Current assets
Stocks		9,239		11,020
Debtors	6	121,841		136,341
Investments	7	499,811		-
Cash at bank and in hand		348,899		869,511
		979,790		1,016,872
Creditors: amounts falling due within one year	8	(160,743	)	(229,612	)
Net current assets		819,047		787,260
Total assets less current liabilities		1,441,008		1,509,945
Provisions for liabilities		(73,913	)	(104,210	)
Net assets		1,367,095		1,405,735
Capital and reserves
Called up share capital		500		500
Other reserves		500		500
Profit and loss account		1,366,095		1,404,735
Shareholders funds		1,367,095		1,405,735

For the 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 financial statements for the year in question in accordance with section 476;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These

financial statements

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

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

These

financial statements

were approved by the board of directors and authorised for issue on

18 September 2025

, and are signed on behalf of the board by:

T Somerscales

Director

Company registration number:

01696336

Somerscales (Timber Merchants) Limited

Notes to the Financial Statements

Year ended

31 December 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is

Newstead Farm, Stallingborough

Road, Keelby

Grimsby

North East Lincolnshire

DN41 8JD

, .

2 Statement of compliance

These

financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The

financial statements

have been prepared on the historical cost basis.

The

financial statements

are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures, fittings and equipment	25% reducing balance, 15% reducing balance
Motor vehicles	25% reducing balance
Office equipment	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was

(2023:

7.00

5 Tangible assets

	Land and buildings	Plant and machinery etc.		Total
	£	£		£
Cost
At 1 January 2024	305,847	1,499,652		1,805,499
Additions	-	90,636		90,636
Disposals	-	(250,200	)	(250,200	)
At 31 December 2024	305,847	1,340,088		1,645,935
Depreciation
At 1 January 2024	-	1,082,814		1,082,814
Charge	-	108,033		108,033
Disposals	-	(166,873	)	(166,873	)
At 31 December 2024	-	1,023,974		1,023,974
Carrying amount
At 31 December 2024	305,847	316,114		621,961
At 31 December 2023	305,847	416,838		722,685

6 Debtors

	2024	2023
	£	£
Trade debtors	105,607	114,755
Other debtors	16,234	21,586
	121,841	136,341

7 Investments

	2024		2023
	£		£
Other current asset investments	499,811		-

8 Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	18,179	46,233
Taxation and social security	52,155	95,995
Other creditors	90,409	87,384
	160,743	229,612