TIMBERWORKS JOINERY LIMITED


Directors	POLKINGHORNE, Catherine
	POLKINGHORNE, Robert John


Registered Address	Unit 3 Sowarth Field Industrial Estate
	Settle
	BD24 9AF


Registered Number	13683444 (England and Wales)

Statement of Financial Position
31 March 2026

	Notes	2026		2025
		£	£	£	£
Fixed assets
Intangible assets	3		45,000		52,500
Tangible assets	4		54,063		68,050
			99,063		120,550
Current assets
Stocks	5	38,083		49,470
Debtors	6	16,296		2,474
Cash at bank and on hand		63,391		42,374
		117,770		94,318
Creditors amounts falling due within one year	7	(152,827)		(127,778)
Net current assets (liabilities)			(35,057)		(33,460)
Total assets less current liabilities			64,006		87,090
Creditors amounts falling due after one year	8		(25,000)		(52,348)
Provisions for liabilities	9		(13,500)		(17,000)
Net assets			25,506		17,742
Capital and reserves
Called up share capital			100		100
Profit and loss account			25,406		17,642
Shareholders' funds			25,506		17,742

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 1 October 2026, and are signed on its behalf by:

POLKINGHORNE, Catherine
Director
Registered Company No. 13683444

TIMBERWORKS JOINERY LIMITED

Notes to the Financial Statements
for the year ended 31 March 2026

1.	Accounting policies

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

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

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 obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	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.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	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.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Plant and machinery	20
	Vehicles	25
	Office Equipment	25

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, 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 the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Stocks and work in progress

Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). 

At each date of Statement of Financial Position, 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 the Income Statement.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	5		7

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 April 25	75,000	75,000
At 31 March 26	75,000	75,000
Amortisation and impairment
At 01 April 25	22,500	22,500
Charge for year	7,500	7,500
At 31 March 26	30,000	30,000
Net book value
At 31 March 26	45,000	45,000
At 31 March 25	52,500	52,500

4.	Tangible fixed assets

	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 April 25	96,336	34,500	4,858	135,694
Additions	578	-	-	578
At 31 March 26	96,914	34,500	4,858	136,272
Depreciation and impairment
At 01 April 25	46,428	19,172	2,044	67,644
Charge for year	10,030	3,832	703	14,565
At 31 March 26	56,458	23,004	2,747	82,209
Net book value
At 31 March 26	40,456	11,496	2,111	54,063
At 31 March 25	49,908	15,328	2,814	68,050

5.	Stocks

	2026	2025
	£	£
Raw materials and consumables	38,083	49,470
Total	38,083	49,470

6.	Debtors: amounts due within one year

	2026	2025
	£	£
Trade debtors / trade receivables	16,007	2,474
Other debtors	289	-
Total	16,296	2,474


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

7.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	20,551	26,065
Bank borrowings and overdrafts	27,516	26,147
Amounts owed to related parties	53,235	37,923
Taxation and social security	20,377	25,012
Other creditors	-	249
Accrued liabilities and deferred income	31,148	12,382
Total	152,827	127,778


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank loans are secured on the assets of the company.

8.	Creditors: amounts due after one year

	2026	2025
	£	£
Bank borrowings and overdrafts	-	27,348
Amounts owed to related parties	25,000	25,000
Total	25,000	52,348

9.	Provisions for liabilities

	2026	2025
	£	£
Net deferred tax liability (asset)	13,500	17,000
Total	13,500	17,000