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Registered Number:02229092 ANGLIAN TIMBER LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
ANGLIAN TIMBER LIMITED
COMPANY INFORMATION
Directors | C R Milner-Moore
| Y Jewell
| A R Milner-Moore
Company secretary | Yvonne Jewell
Registered number | 02229092
Registered office | The Sawmill
| Wix
| Manningtree
| Essex
| CO11 2RS
Independent auditor | Sumer Auditco Limited
| Statutory Auditor
| Fitzroy House
| Crown Street
| Ipswich
| Suffolk
| IP1 3LG
Bankers | Lloyds Bank plc
| Lloyds Avenue
| Cornhill
| Ipswich
| Suffolk
| IP1 1DG
Solicitors | Knights Professional Services Limited
| 1 Amphora Place
| 1 Sheepen Road
| Colchester
| Essex
| CO3 3WG
ANGLIAN TIMBER LIMITED
CONTENTS
| Pages
Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditor's Report | 4 - 7
Statement of Comprehensive Income (including Profit and Loss Account) | 8
Balance Sheet | 9 - 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 25
ANGLIAN TIMBER LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025
Business review
The directors are pleased with the performance of the Company for the year, which has been achieved within a challenging marketplace. Gross profit remains strong as can be seen in the key performance indicators below and EBITDA (Earnings before interest, tax, depreciation and amortisation) was £152,736 (2024 - £462,843). The reduction in EBITDA reflects the underlying marketplace and, in particular, increased purchase prices and the pressure these have placed on margins. The Company has remained in a strong cash position and has a significant level of capital and reserves. The Company remains well positioned by virtue of the range of activities performed, which also helps mitigate its exposure to the risk of a downturn in any one specific area of operations.
Financial key performance indicators
The directors regularly review the gross profit margin, EBITDA (as noted above) and the net assets position. These are considered the key performance indicators and, overall, have remained strong during the year: The gross profit margin has remained healthy and was 21.6% during the year (2024 - 24.6%). The Company's net assets have remained strong through a decrease from £3,648,863 at 29 February 2024 to £3,439,928 at 28 February 2025 due to increased costs.
Principal risks and uncertainties
Some of the principal risks and uncertainties facing the Company relate to the supply of raw materials. The directors remain of the opinion that this will not affect their business for the foreseeable future, as they have built very strong relationships with their suppliers. The directors will continue to monitor the situation, and make adjustments to their business strategy if necessary. This report was approved by the board on 18 November 2025 and signed on its behalf.
A R Milner-Moore Director
- 1 -
ANGLIAN TIMBER LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025 The directors present their report and the financial statements for the year ended 28 February 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the company during the year was that of softwood distributors and trussed rafter manufacturers.
Results and dividends
The profit for the year, after taxation, amounted to £66,065 (2024 - £296,799). Interim dividends of £275,000 were paid during the year. No final dividend is proposed (2024 - £nil).
Directors
The directors who served during the year were:
C R Milner-Moore
Y Jewell
A R Milner-Moore
An indemnity policy with respect to all of the directors was in place throughout the year and to the date of this report. - 2 -
ANGLIAN TIMBER LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
In November 25 the decision was made to wind down the Timber Engineering side of the business, with production of these products ceasing on site at the end of 2025. Management believe that this will allow the business to concentrate on the core fencing products we manufacture, with investment planned to increase our production capabilities in this area. Where possible staff will be redeployed to facilitate the additional production capacity that will be required under the expansion plans.
Auditor
The auditor Sumer Auditco Limited, will be proposed reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 18 November 2025 and signed on its behalf.
A R Milner-Moore Director
- 3 -
ANGLIAN TIMBER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLIAN TIMBER LIMITED
Opinion
We have audited the financial statements of Anglian Timber Limited (the 'Company') for the year ended 28 February 2025, which comprise the Statement of Comprehensive Income (including Profit and Loss Account), the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 28 February 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. - 4 -
ANGLIAN TIMBER LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLIAN TIMBER LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report. - 5 -
ANGLIAN TIMBER LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLIAN TIMBER LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors (as required by auditing standards), inspection of the company's regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, the Companies Act 2006, distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, the Environmental Protection Act 1990, the Pollution Prevention and Control Act 1999, Environment Permtting (England and Wales) Regulations 2016, Lifting Operations and Lifting Equipment Regulations 1998 (LOLER), employment law, and GDPR. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. - 6 -
ANGLIAN TIMBER LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLIAN TIMBER LIMITED (CONTINUED) Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing the appropriateness of journal entries and the performance of analytical review procedures to identify any unexpected movements in account balances which may be indicative of fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. John Perry (Senior Statutory Auditor) for and on behalf of Sumer Auditco Limited Statutory Auditor Fitzroy House Crown Street Ipswich Suffolk IP1 3LG 20 November 2025 - 7 -
ANGLIAN TIMBER LIMITED
STATEMENT OF COMPREHENSIVE INCOME (INCLUDING PROFIT AND LOSS ACCOUNT) FOR THE YEAR ENDED 28 FEBRUARY 2025
| 2025 | 2024
Notes | £ | £
Turnover | 4 | 7,161,264 | 7,440,588
Cost of sales |  | (5,617,286) | (5,606,810)
Gross profit |  | 1,543,978 | 1,833,778
Distribution costs |  | (360,967) | (373,157)
Administrative expenses |  | (1,099,599) | (1,072,548)
Operating profit | 5 | 83,412 | 388,073
Interest receivable and similar income |  | 26,821 | 7,536
Profit before tax |  | 110,233 | 395,609
Tax on profit | 9 | (44,168) | (98,810)
Profit for the financial year |  | 66,065 | 296,799
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 12 to 25 form part of these financial statements.
All amounts relate to continuing activities
- 8 -
ANGLIAN TIMBER LIMITED REGISTERED NUMBER:02229092
BALANCE SHEET AS AT 28 FEBRUARY 2025
|  | 2025 |  | 2024
Notes |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 10 |  | 458,297 |  | 285,839
|  |  | 458,297 |  | 285,839
Current assets |  |  |  |  |
Stocks | 11 | 789,466 |  | 759,962 |
Debtors: amounts falling due within one year | 12 | 2,346,789 |  | 1,637,524 |
Cash at bank and in hand | 13 | 765,312 |  | 1,838,433 |
|  | 3,901,567 |  | 4,235,919 |
Creditors: amounts falling due within one year | 14 | (813,702) |  | (810,829) |
Net current assets |  |  | 3,087,865 |  | 3,425,090
Total assets less current liabilities |  |  | 3,546,162 |  | 3,710,929
Provisions for liabilities |  |  |  |  |
Deferred tax | 15 | (106,234) |  | (62,066) |
|  |  | (106,234) |  | (62,066)
Net assets |  |  | 3,439,928 |  | 3,648,863
Capital and reserves |  |  |  |  |
Called up share capital | 16 |  | 100 |  | 100
Profit and loss account |  |  | 3,439,828 |  | 3,648,763
|  |  | 3,439,928 |  | 3,648,863
- 9 -
ANGLIAN TIMBER LIMITED REGISTERED NUMBER:02229092
BALANCE SHEET (CONTINUED) AS AT 28 FEBRUARY 2025 The Company's financial statements have been prepared in accordance with the 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 on 18 November 2025.
A R Milner-Moore
Director
The notes on pages 12 to 25 form part of these financial statements. - 10 -
ANGLIAN TIMBER LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 March 2023 | 100 | 3,351,964 | 3,352,064
Profit for the year | - | 296,799 | 296,799
At 1 March 2024 | 100 | 3,648,763 | 3,648,863
Profit for the year | - | 66,065 | 66,065
Dividends: Equity capital | - | (275,000) | (275,000)
At 28 February 2025 | 100 | 3,439,828 | 3,439,928
| The notes on pages 12 to 25 form part of these financial statements.
- 11 -
ANGLIAN TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. | General information
Anglian Timber Limited is a private company limited by share capital, incorporated in England and Wales, registration number 02229092. The registered office is The Sawmill, Wix, Manningtree, Essex, CO11 2RS. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The financial statements are prepared in sterling and are rounded to the nearest £1. The Company's functional currency is sterling. Forecasting indicates that liabilities will continue to be met as they fall due for a period of at least 12 months following the date of accounts approval. The accounts are therefore prepared on a going concern basis. In forming this opinion on the application of the going concern basis, the directors confirm their view that the Company will continue to trade. The following accounting policies have been consistently applied:
| 2.2 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised: Sale of goods Turnover 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 turnover 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. - 12 -
ANGLIAN TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.3 | 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. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. 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:
|  |  |  | Plant and machinery | - | 10% | on cost
|  |  |  | Motor vehicles | - | 25% | on cost
|  |  |  | Office equipment | - | 33% | on cost
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.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.5 | 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 balance sheet 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.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. - 13 -
ANGLIAN TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.7 | 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.
| 2.8 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.9 | Financial instruments
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. The Company only enters into basic financial instrument 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, loans to related parties and investments in ordinary shares. Financial assets and financial liabilities are recorded at amortised cost.
| 2.10 | 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.
| 2.11 | 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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. - 14 -
ANGLIAN TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.12 | Statement of cash flows
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows. This information is included in the consolidated financial statements of Castlewood Holdings Limited as at 28 February 2025 and these financial statements may be obtained from Castlewood Holdings Limited, The Sawmill, Wix Nr Manningtree, Colchester, Essex, CO11 2RS.
| 2.13 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Preparation of the financial statements requires management to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on experiences and other factors that are considered to be relevant. Actual results may differ from these estimates. The main estimations included within the accounts are stock provisions and debtor provisions. The main judgement is the useful life and resultant depreciation on assets. - 15 -
ANGLIAN TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
4. | Turnover
All turnover during the year was derived from the Company's principal activity which was that of softwood distributors and trussed rafter manufacturers. All turnover arose in the UK. Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 7,161,264 | 7,440,588
|  | 7,161,264 | 7,440,588
5. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 69,324 | 74,770
| Loss/(Profit) on disposal of tangible fixed assets | 2,183 | (350)
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 13,575 | 12,695
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
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ANGLIAN TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,308,359 | 1,275,292
| Social security costs | 119,677 | 120,162
| Cost of defined contribution pension scheme | 50,136 | 44,511
|  | 1,478,172 | 1,439,965
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production | 31 | 32
|  | Administration | 11 | 12
|  | Distribution | 5 | 5
|  | Directors | 3 | 3
|  |  | 50 | 52
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 20,856 | 39,801
| Company contributions to defined contribution pension schemes | 9,857 | 3,793
|  | 30,713 | 43,594
| During the year retirement benefits were accruing to 2 directors (2024 - NIL) in respect of defined contribution pension schemes.
| In addition, directors' remuneration for A R Milner-Moore and C R Milner-Moore is paid by the ultimate parent company, Castlewood Holdings Limited, amounting to £134,893 (2024 - £100,058). The total remuneration recharged by the parent company is disclosed in the related party note.
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ANGLIAN TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | 76,719
|  | - | 76,719
| Total current tax | - | 76,719
| Deferred tax |  |
| Origination and reversal of timing differences | 44,168 | 22,091
| Total deferred tax | 44,168 | 22,091
| Tax on profit | 44,168 | 98,810
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ANGLIAN TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 9.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 110,233 | 395,609
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 27,558 | 96,892
| Effects of: |  |
| Expenses not deductible for tax purposes | 1,370 | 1,469
| Movement in pension fund leading to a change in tax | - | 449
| Group relief/ other reliefs | 15,240 | -
| Total tax charge for the year | 44,168 | 98,810
| Factors that may affect future tax charges
The Finance Act 2021 announced an increase of the main rate of UK corporation tax rate from 19% to 25% from 1 April 2023. This was enacted in June 2021. Accordingly, deferred tax assets and liabilities are stated at 25%. - 19 -
ANGLIAN TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
10. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 March 2024 | 798,876 | 322,034 | 37,647 | 1,158,557
| Additions | 245,565 | - | - | 245,565
| Disposals | (92,007) | (26,500) | - | (118,507)
| At 28 February 2025 | 952,434 | 295,534 | 37,647 | 1,285,615
| Depreciation |  |  |  |
| At 1 March 2024 | 558,471 | 276,600 | 37,647 | 872,718
| Charge for the year on owned assets | 45,514 | 23,810 | - | 69,324
| Disposals | (88,224) | (26,500) | - | (114,724)
| At 28 February 2025 | 515,761 | 273,910 | 37,647 | 827,318
| Net book value |  |  |  |
| At 28 February 2025 | 436,673 | 21,624 | - | 458,297
| At 29 February 2024 | 240,405 | 45,434 | - | 285,839
11. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 789,466 | 759,962
|  | 789,466 | 759,962
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ANGLIAN TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
12. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,041,788 | 1,044,156
| Amounts owed by ultimate parent undertaking | 1,081,097 | 568,500
| Other debtors | 223,904 | 24,868
|  | 2,346,789 | 1,637,524
| The amounts due from the parent undertaking are interest free and repayable on demand.
13. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 765,312 | 1,838,433
|  | 765,312 | 1,838,433
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 602,280 | 554,196
| Corporation tax | - | 76,719
| Other taxation and social security | 80,016 | 93,964
| Other creditors | 10,072 | 9,683
| Accruals and deferred income | 121,334 | 76,267
|  | 813,702 | 810,829
| Included within trade creditors are balances with related parties of £25,550 (2024 - £6,034). These amounts are interest free and repayable on demand.
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ANGLIAN TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
15. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (62,066)
| Charged to profit or loss | (44,168)
| At end of year | (106,234)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 106,234 | 62,066
|  | 106,234 | 62,066
16. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 Ordinary shares of £1.00 each | 100 | 100
17. | Capital commitments
| At 28 February 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | 194,328 | 172,274
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ANGLIAN TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
18. | Pension commitments
The pension cost charge represents contributions payable by the Company and amounted to £50,136 (2024 - £80,511). Contributions totalling £2,726 (2024 - £2,743) were payable to the fund at the balance sheet date and are included in other creditors.
19. | Commitments under operating leases
| At 28 February 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 77,468 | 73,990
| Later than 1 year and not later than 5 years | 167,038 | 230,316
|  | 244,506 | 304,306
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 170,000 | 170,000
|  | 170,000 | 170,000
| The operating lease charge to profit and loss for the year totalled £248,579 (2024 - £256,946).
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ANGLIAN TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
20. | Related party transactions
| Anglian Timber Limited is a wholly owned subsidiary of Castlewood Holdings Limited. Boxley Timber & Fencing Supplies Limited is a joint venture company of Castlewood Holdings Limited. Castlewood Developments Limited is a company under common control. The Castlewood Holdings Limited Retirement Benefits Scheme is a pension scheme of which some of the directors and shareholders of Castlewood Holdings Limited are the beneficiaries. The Chris Milner-Moore 2011 Family Settlement is a shareholder of Castlewood Holdings Limited. Lumberjacks Limited is ultimately owned by the shareholders of Castlewood Holdings Limited. Transactions with the above related parties during the year were: Boxley Timber & Fencing Supplies Limited During the year the Company made sales to Boxley Timber & Fencing Supplies Limited of £122,697 (2024 - £109,509) and purchases of £213 (2024 - £746). At 28 February 2025 the Company was owed a net amount of £18,393 (2024 - £9,619) by Boxley Timber & Fencing Supplies Limited. Castlewood Developments Limited During the year the Company made sales to Castlewood Developments Limited of £24,347 (2024 - £21,540) and purchases of £22,288 (2024 - £19,022). At 28 February 2025, the Company was due to pay a net amount of £2,845 (2024 - owed £103) to Castlewood Developments Limited. During the year, the son of one of the Directors was employed by Castlewood Developments, with remuneration of £15,177. Lumberjacks Limited During the year the Company made sales to Lumberjacks Limited of £291,709 (2024 - £330,133) and purchases of £105,387 (2024 -£62,945). At 28 February 2025 the Company was owed a net amount of £27,122 (2024 - £51,487) by Lumberjacks Limited. Castlewood Holdings Limited Directors remuneration of £210,370 (2024 - £210,778) is included in the amounts recharged by the ultimate parent Company. In accordance with the exemptions permitted by FRS 102, transactions with the ultimate parent Company are not disclosed. At 28 February 2025 the Company was owed a net amount of £1,080,952 by Castlewood Holdings Limited (2024 - £568,500).
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ANGLIAN TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
21. | Post balance sheet events
In November 25 the decision was made to wind down the Timber Engineering side of the business, with production of these products ceasing on site at the end of 2025. Management believe that this will allow the business to concentrate on the core fencing products we manufacture, with investment planned to increase our production capabilities in this area. Where possible staff will be redeployed to facilitate the additional production capacity that will be required under the expansion plans.
22. | Controlling party
The ultimate parent Company is Castlewood Holdings Limited, a Company incorporated in England and Wales. The Milner-Moore family is the ultimate controlling party by virtue of their shareholding in Castlewood Holdings Limited.
- 25 -