Registration number: 02946605

Bates Timber Merchants Limited

Contents

Company Information	1
Director's Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 10

Bates Timber Merchants Limited

Company Information

Director

Mr Peter John Bates

Company secretary

Ms Suzanna Aris

Registered office

Enterprise House Tenlons Road Nuneaton Warwickshire CV10 7HR

Accountants

Sheridan Accounting Solutions Limited Enterprise House Tenlons Road Nuneaton Warwickshire CV10 7HR

Bates Timber Merchants Limited

Director's Report for the Year Ended 31 December 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director of the company

The director who held office during the year was as follows:

Mr Peter John Bates

Principal activity

The principal activity of the company is Supply, Sawmilling and Planing of wood and associated products

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 and authorised by the director on 24 September 2025
 

......................................... Mr Peter John Bates Director

Bates Timber Merchants Limited

(Registration number: 02946605)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	6	1,592,570	1,666,117
Current assets
Stocks	7	295,480	202,490
Debtors	8	284,555	218,449
Cash at bank and in hand		960,756	1,123,564
		1,540,791	1,544,503
Creditors: Amounts falling due within one year	9	(698,460)	(965,663)
Net current assets		842,331	578,840
Total assets less current liabilities		2,434,901	2,244,957
Creditors: Amounts falling due after more than one year	9	(426,485)	(442,298)
Net assets		2,008,416	1,802,659
Capital and reserves
Called up share capital		100	100
Retained earnings		2,008,316	1,802,559
Shareholders' funds		2,008,416	1,802,659

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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 24 September 2025
 

......................................... Mr Peter John Bates Director

Bates Timber Merchants Limited

Notes to the Unaudited 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 and Wales.

The address of its registered office is:
Enterprise House
Tenlons Road
Nuneaton
Warwickshire
CV10 7HR
England

These financial statements were authorised for issue by the director on 24 September 2025.

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 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 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 current 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.

Bates Timber Merchants Limited

Notes to the Unaudited 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
Plant and Equipment	10 % Straight Line
Office Equipment	25% Straight Line
Fixtures and Fittings	25% Straight Line
Motor Vehicles	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.

Bates Timber Merchants Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Bates Timber Merchants Limited

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

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 22 (2023 - 22).

4	Profit before tax

Arrived at after charging/(crediting)

	2024 £	2023 £
Depreciation expense	99,915	114,643

Bates Timber Merchants Limited

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

5	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	45,500	45,500
At 31 December 2024	45,500	45,500
Amortisation
At 1 January 2024	45,500	45,500
At 31 December 2024	45,500	45,500
Carrying amount
At 31 December 2024	-	-

6	Tangible assets

	Land and buildings £	Fixtures and fittings £	Plant and machinery £	Office equipment £
Cost or valuation
At 1 January 2024	1,298,421	83,312	665,170	39,206
Additions	-	-	2,013	7,456
At 31 December 2024	1,298,421	83,312	667,183	46,662
Depreciation
At 1 January 2024	-	60,863	417,206	39,206
Charge for the year	-	11,634	49,924	1,709
At 31 December 2024	-	72,497	467,130	40,915
Carrying amount
At 31 December 2024	1,298,421	10,815	200,053	5,747
At 31 December 2023	1,298,421	22,449	247,964	-

Bates Timber Merchants Limited

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

	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	232,051	2,318,160
Additions	16,900	26,369
At 31 December 2024	248,951	2,344,529
Depreciation
At 1 January 2024	134,768	652,043
Charge for the year	36,649	99,916
At 31 December 2024	171,417	751,959
Carrying amount
At 31 December 2024	77,534	1,592,570
At 31 December 2023	97,283	1,666,117

Included within the net book value of land and buildings above is £1,298,421 (2023 - £1,298,421) in respect of freehold land and buildings.
 

7

Stocks

	2024 £	2023 £
Raw materials and consumables	295,480	202,490

8

Debtors

Current	2024 £	2023 £
Trade debtors	265,695	264,447
Prepayments	18,860	(65,321)
Other debtors	-	19,323
	284,555	218,449

Bates Timber Merchants Limited

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

9

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	10	55,032	53,088
Trade creditors		411,702	416,389
Taxation and social security		167,612	133,588
Accruals and deferred income		13,744	295,185
Other creditors		50,370	67,413
		698,460	965,663

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	10	426,485	442,298

10	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	426,485	442,298

Current loans and borrowings

	2024 £	2023 £
Bank overdrafts	42,601	-
Hire purchase contracts	12,431	53,088
	55,032	53,088