Witham Timber (Boston) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06096041 (England and Wales)

WITHAM TIMBER (BOSTON) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D S Atkinson

N J Pettitt

SECRETARY:

REGISTERED OFFICE:

Lealand Way, Off Marsh Lane

Riverside Industrial Estate

Boston

Lincolnshire

PE21 7SW

REGISTERED NUMBER:

06096041 (England and Wales)

ACCOUNTANTS:

Dexter & Sharpe

Chartered Certified Accountants

10/12 The Terrace

Spilsby

Lincolnshire

PE23 5JR

FIXED ASSETS

Intangible assets

3

1,596

1,813

Tangible assets

4

458,064

476,933

459,660

478,746

CURRENT ASSETS

Stocks

464,654

313,012

Debtors

5

96,945

96,467

Cash at bank and in hand

63,207

52,549

624,806

462,028

CREDITORS

Amounts falling due within one year

6

512,516

430,695

NET CURRENT ASSETS

112,290

31,333

TOTAL ASSETS LESS CURRENT LIABILITIES

571,950

510,079

CREDITORS

Amounts falling due after more than one year

7

(149,293

)

(186,600

)

PROVISIONS FOR LIABILITIES

(9,571

)

(9,571

)

NET ASSETS

413,086

313,908

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

413,076

313,898

413,086

313,908

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2019 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 24 July 2019 and were signed on its behalf by:

N J Pettitt - Director

1.	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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Freehold property

-

2% on cost

Improvements to property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

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

moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2018 - 12 ) .

3.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 February 2018

and 31 January 2019

16,920

AMORTISATION

At 1 February 2018

15,107

Amortisation for year

217

At 31 January 2019

15,324

NET BOOK VALUE

At 31 January 2019

1,596

At 31 January 2018

1,813

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 February 2018

415,827

16,000

37,713

At 31 January 2019

415,827

16,000

37,713

DEPRECIATION

At 1 February 2018

16,467

1,163

14,484

Charge for year

7,987

322

4,648

At 31 January 2019

24,454

1,485

19,132

NET BOOK VALUE

At 31 January 2019

391,373

14,515

18,581

At 31 January 2018

399,360

14,837

23,229

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 February 2018

21,780

37,200

3,116

531,636

Additions

553

-

3,135

3,688

At 31 January 2019

22,333

37,200

6,251

535,324

DEPRECIATION

At 1 February 2018

6,746

14,072

1,771

54,703

Charge for year

3,050

5,782

768

22,557

At 31 January 2019

9,796

19,854

2,539

77,260

NET BOOK VALUE

At 31 January 2019

12,537

17,346

3,712

458,064

At 31 January 2018

15,034

23,128

1,345

476,933

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

96,945

94,230

Other debtors

-

2,237

96,945

96,467

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

42,000

42,000

Trade creditors

324,201

227,966

Taxation and social security

78,260

64,418

Other creditors

68,055

96,311

512,516

430,695

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

149,293

186,600

Amounts falling due in more than five years:

Repayable by instalments

Barclays Commercial Mortgage

-

18,600

8.	OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £28575 (2017 - £39352)