REGISTERED NUMBER: 00746503 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

FOR

THOROGOOD TIMBER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R P Thorogood

Mr T A M Thorogood

Mr P M Thorogood

Mr D Mayhew

SECRETARY:

Mr R P Thorogood

REGISTERED OFFICE:

Colchester Road

Ardleigh

Colchester

Essex

CO7 7PQ

REGISTERED NUMBER:

00746503 (England and Wales)

ACCOUNTANTS:

Walter Wright

Chartered Accountants

89 High Street

Hadleigh

Ipswich

Suffolk

IP7 5EA

BANKERS:

Barclays Bank plc

9 High Street

Colchester

Essex

CO1 1DD

FIXED ASSETS

Tangible assets

4

1,080,528

1,231,672

CURRENT ASSETS

Stocks

1,861,404

1,546,079

Debtors

5

1,286,384

1,150,321

Cash at bank and in hand

1,421,963

1,621,230

4,569,751

4,317,630

CREDITORS

Amounts falling due within one year

6

840,330

708,716

NET CURRENT ASSETS

3,729,421

3,608,914

TOTAL ASSETS LESS CURRENT LIABILITIES

4,809,949

4,840,586

PROVISIONS FOR LIABILITIES

147,896

182,612

NET ASSETS

4,662,053

4,657,974

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Capital redemption reserve

8

100

100

Retained earnings

8

4,561,953

4,557,874

SHAREHOLDERS' FUNDS

4,662,053

4,657,974

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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.

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 2 October 2025 and were signed on its behalf by:

Mr R P Thorogood - Director

1.	STATUTORY INFORMATION

Thorogood Timber Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is recognised on date of despatch. Total turnover represents deliveries at invoice value less returns, discounts, and allowances, excluding value added tax.

Tangible fixed assets

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

Land and buildings

-

not provided

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

The directors consider that properties, which are owned by the Thorogood family, are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The directors perform annual impairment reviews to ensure that the recoverable amount is not lower than the carrying value.

Stocks

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

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans from / to related parties.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Going concern

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the going concern basis has continued to be used in preparing the accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2024 - 39 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2024

445,269

2,201,054

2,646,323

Additions

-

8,718

8,718

Disposals

-

(48,725

)

(48,725

)

At 31 January 2025

445,269

2,161,047

2,606,316

DEPRECIATION

At 1 February 2024

1,111

1,413,540

1,414,651

Charge for year

1,112

119,101

120,213

Eliminated on disposal

-

(9,076

)

(9,076

)

At 31 January 2025

2,223

1,523,565

1,525,788

NET BOOK VALUE

At 31 January 2025

443,046

637,482

1,080,528

At 31 January 2024

444,158

787,514

1,231,672

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

696,605

884,027

Other debtors

589,779

266,294

1,286,384

1,150,321

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

269,011

2,141

Taxation and social security

314,294

337,354

Other creditors

257,025

369,221

840,330

708,716

7.	LEASING AGREEMENTS

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

2025

2024

£

£

Within one year

150,000

150,000

Between one and five years

600,000

600,000

In more than five years

450,000

600,000

1,200,000

1,350,000

8.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 February 2024

4,557,874

100

4,557,974

Profit for the year

52,079

-

52,079

Dividends

(48,000

)

-

(48,000

)

At 31 January 2025

4,561,953

100

4,562,053

9.	RELATED PARTY DISCLOSURES

The company leases the trading premises from Mr R P Thorogood, Mr P M Thorogood, and Mr T A M Thorogood, directors of the company. The charge is £150,000 p.a. (2024: £150,000)

At the year end the Company was owed an amount of £200,000 from George Bailey Limited, a company which is owned by one of the directors. This loan was on an interest free basis.

At the year end the Company was owed an amount of £200,000 from PJTS Property Ltd, a company which is owned by one of the directors. This loan was on an interest free basis.