DAF Timber Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02160203 (England and Wales)

Financial Statements

for the Year Ended 31 May 2019

for

DAF Timber Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D A French

Mrs L French

SECRETARY:

Mrs L French

REGISTERED OFFICE:

Coundon Industrial Estate

Bishop Auckland

Co. Durham

DL14 8NR

REGISTERED NUMBER:

02160203 (England and Wales)

ACCOUNTANTS:

Slater Anderson Limited

Salters House

Salters Lane

Sedgefield

Co. Durham

TS21 3EE

FIXED ASSETS

Tangible assets

4

516,801

506,765

CURRENT ASSETS

Stocks

115,802

69,357

Debtors

5

719,934

501,044

Cash at bank

14,029

20,693

849,765

591,094

CREDITORS

Amounts falling due within one year

6

908,981

821,125

NET CURRENT LIABILITIES

(59,216

)

(230,031

)

TOTAL ASSETS LESS CURRENT LIABILITIES

457,585

276,734

CREDITORS

Amounts falling due after more than one year

7

(270,534

)

(97,167

)

PROVISIONS FOR LIABILITIES

(98,192

)

(96,285

)

NET ASSETS

88,859

83,282

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

87,859

82,282

SHAREHOLDERS' FUNDS

88,859

83,282

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 26 February 2020 and were signed on its behalf by:

D A French - Director

1.	STATUTORY INFORMATION

DAF 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.

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

value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

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.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and

depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are

included in creditors net of the finance charge allocated to future periods. The finance element of the rental

payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net

obligation in each period.

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.

Factoring of trade debts

In accordance with the provisions of Financial Reporting Standard No. 5, the gross amount of factored debts is

included in debtors and the liability in respect of the advance proceeds received from the factor was included in

creditors due within one year.

The interest element of the factor's charges is recognised as it accrues and included in the profit and loss account

with other interest charges. Other factoring costs are similarly accrued.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2018 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 June 2018

1,316,968

38,077

326,299

752

1,682,096

Additions

122,605

-

17,750

-

140,355

Disposals

(94,304

)

-

-

-

(94,304

)

At 31 May 2019

1,345,269

38,077

344,049

752

1,728,147

DEPRECIATION

At 1 June 2018

968,686

37,066

169,170

409

1,175,331

Charge for year

73,167

114

41,855

183

115,319

Eliminated on disposal

(79,304

)

-

-

-

(79,304

)

At 31 May 2019

962,549

37,180

211,025

592

1,211,346

NET BOOK VALUE

At 31 May 2019

382,720

897

133,024

160

516,801

At 31 May 2018

348,282

1,011

157,129

343

506,765

The net book value of motor vehicles and plant and machinery includes £225,072 (2018 - £237,552) in respect

of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets

amounted to £56,645 (2018 - £65,433) for the year.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Trade debtors

714,549

495,677

Other debtors

5,385

5,367

719,934

501,044

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Hire purchase contracts

63,997

82,347

Trade creditors

304,975

152,941

Taxation and social security

85,642

82,671

Other creditors

454,367

503,166

908,981

821,125

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.19

31.5.18

£

£

Hire purchase contracts

93,648

97,167

Other creditors

176,886

-

270,534

97,167

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.19

31.5.18

£

£

Hire purchase contracts

157,645

179,514

The bank overdraft is secured by a fixed and floating charge over the assets and undertaking of the company.

Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

The debtor finance account is secured by a fixed charge on the company's book debts.