ACCOUNTS - Final Accounts preparation

Hire purchase and finance leases

Minimum lease payments under hire purchase fall due as follows:

Company Registration Number 08232511

	WJ TIMBER TREATMENTS LTD

	UNAUDITED FINANCIAL STATEMENTS

	31 DECEMBER 2024

WJ TIMBER TREATMENTS LTD

REGISTERED NUMBER: 08232511

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	4		3,123		-
Tangible assets	5		892,624		835,600
Investments	6		-		100
			895,747		835,700
Current assets
Stocks		144,737		136,901
Debtors: amounts falling due within one year	7	819,689		1,144,728
Cash at bank and in hand	8	425,079		616,943
		1,389,505		1,898,572
Creditors: amounts falling due within one year	9	(1,156,436)		(1,140,994)
Net current assets			233,069		757,578
Total assets less current liabilities			1,128,816		1,593,278
Creditors: amounts falling due after more than one year	10		(164,278)		(222,607)
Provisions for liabilities
Other provisions		(140,964)		(120,000)
			(140,964)		(120,000)
Net assets			823,574		1,250,671

Capital and reserves
Called up share capital		1	1
Revaluation reserve	13	46,106	46,106
Profit and loss account	13	777,467	1,204,564
		823,574	1,250,671

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WJ TIMBER TREATMENTS LTD

REGISTERED NUMBER: 08232511

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

D J Bullement

Director

Date: 24 September 2025

The notes on pages 4 to 12 form part of these financial statements.

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WJ TIMBER TREATMENTS LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	1	46,106	962,600	1,008,707
Comprehensive income for the year
Profit for the year	-	-	241,964	241,964
Total comprehensive income for the year	-	-	241,964	241,964

At 1 January 2024	1	46,106	1,204,564	1,250,671
Comprehensive income for the year
Profit for the year	-	-	697,968	697,968
Total comprehensive income for the year	-	-	697,968	697,968
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(1,125,065)	(1,125,065)
Total transactions with owners	-	-	(1,125,065)	(1,125,065)
At 31 December 2024	1	46,106	777,467	823,574

The notes on pages 4 to 12 form part of these financial statements.

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WJ TIMBER TREATMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

The company is a private company limited by shares and registered in England and Wales. The registered office address is 3 Burma Drive, Marfleet Industrial Estate, Hull, East Yorkshire, HU9 5SD.
These financial statements have been presented in Pound Sterling ('£') as this is the currency of the primary economic environment in which the company operates and rounded to the nearest pound.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

The directors prepare forecasts and budgets and conclude that the company has sufficient resource to continue for at least 12 months from the signing of these financial statements. Therefore, the accounts have been prepared on a going concern basis.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

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WJ TIMBER TREATMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Development expenditure

years

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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WJ TIMBER TREATMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property improvements	-	4 years straight line
Plant and machinery	-	5 years straight line
Motor vehicles	-	5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.12

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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WJ TIMBER TREATMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 30 (2023 - 21).

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WJ TIMBER TREATMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Intangible assets

		Development expenditure
		£
	Cost
	Additions	3,700
	At 31 December 2024	3,700
	Amortisation
	Charge for the year on owned assets	577
	At 31 December 2024	577
	Net book value
	At 31 December 2024	3,123
	At 31 December 2023	-

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WJ TIMBER TREATMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	Leasehold improvements	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	372,973	1,160,323	259,118	1,792,414
Additions	28,248	131,033	127,130	286,411
At 31 December 2024	401,221	1,291,356	386,248	2,078,825
Depreciation
At 1 January 2024	304,220	619,947	32,647	956,814
Charge for the year on owned assets	26,453	138,403	64,531	229,387
At 31 December 2024	330,673	758,350	97,178	1,186,201
Net book value
At 31 December 2024	70,548	533,006	289,070	892,624
At 31 December 2023	68,753	540,376	226,471	835,600

6.	Fixed asset investments

		Investments in subsidiary companies
		£

	At 1 January 2024	100
	Disposals	(100)
	At 31 December 2024	-

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WJ TIMBER TREATMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	349,575	463,646
Amounts owed by group undertakings	392,811	-
Other debtors	-	625,178
Prepayments and accrued income	77,303	55,904
	819,689	1,144,728

8.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	425,079	616,943
	425,079	616,943

9.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	187,789	186,117
Amounts owed to group undertakings	33,697	100
Corporation tax	184,523	106,150
Other taxation and social security	109,773	17,808
Obligations under finance lease and hire purchase contracts	140,823	129,128
Other creditors	206,327	471,686
Accruals and deferred income	293,504	230,005
	1,156,436	1,140,994

10.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Net obligations under finance leases and hire purchase contracts	164,278	222,607
	164,278	222,607

Page 10

WJ TIMBER TREATMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Within one year	140,823	129,128
Between 1-5 years	164,278	222,607
	305,101	351,735

Finance leases are secured against the assets to which they relate.

12.	Provisions

	Warranty provision	Dilapidations provision	Total
	£	£	£

At 1 January 2024	100,000	20,000	120,000
Charged to profit or loss	20,964	-	20,964
At 31 December 2024	120,964	20,000	140,964

13.

Reserves

Revaluation reserve

The revaluation reserve represents the amount of unrealised surplus created when certain items of plant and machinery were revalued, less any deferred tax provision. The reserve represents non-distributable funds.

Profit and loss account

The profit and loss accounts represents accumulated profits and losses less distributions to shareholders.

14.	Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The charge to profit and loss in the amounted to £27,799 (2023 - £11,160). At the year end £Nil (2023 - £2,593) was outstanding.

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WJ TIMBER TREATMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.

Related party transactions

The company has taken advantage of the exemption contained in Section 33 of the FRS102 'Related Party Disclosures' from disclosing transactions with entities which are part of the group, since 100% of the voting rights in the company are controlled within the group and the company is included within the group accounts.
Included in other creditors are amounts totalling £76,908 due to related companies.

16.	Controlling party

During the year, there was a group restructure resulting in an new ultimate parent company. The immediate parent company continued to be WJTT Holdings Ltd, a company registered in England and Wales. The new ultimate parent company is WJTT Group Ltd, a company registered in England and Wales.

The directors do not consider there to be an ultimate controlling party.

Page 12