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Registered number: 04799473
Optimum Timber Supplies Limited
Unaudited Financial Statements
For The Year Ended 30 June 2020
DEB Chartered Accountants

Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Balance Sheet
Registered number: 04799473
2020 2019
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 181,210 191,986
181,210 191,986
CURRENT ASSETS
Stocks 5 38,229 42,500
Debtors 6 21,011 44,295
Cash at bank and in hand 27,067 32,424
86,307 119,219
Creditors: Amounts Falling Due Within One Year 7 (157,835 ) (205,694 )
NET CURRENT ASSETS (LIABILITIES) (71,528 ) (86,475 )
TOTAL ASSETS LESS CURRENT LIABILITIES 109,682 105,511
Creditors: Amounts Falling Due After More Than One Year 8 (4,125 ) (9,625 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (5,282 ) (5,134 )
NET ASSETS 100,275 90,752
CAPITAL AND RESERVES
Called up share capital 11 4 4
Profit and Loss Account 100,271 90,748
SHAREHOLDERS' FUNDS 100,275 90,752
Page 1
For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
  • The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Peter Adams
Director
22/10/2020
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Turnover
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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 is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Property 2% straight line method
Improvements to Property 25% reducing balance
Plant and Equipment 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
1.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the 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 outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
1.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2019: NIL)
3 -
Page 4
4. Tangible Assets
Land & Property
Freehold Property Improvements to Property Plant and Equipment Motor Vehicles
£ £ £ £
Cost
As at 1 July 2019 191,317 1,750 12,598 35,965
As at 30 June 2020 191,317 1,750 12,598 35,965
Depreciation
As at 1 July 2019 27,129 974 7,458 14,611
Provided during the period 3,826 194 1,285 5,339
As at 30 June 2020 30,955 1,168 8,743 19,950
Net Book Value
As at 30 June 2020 160,362 582 3,855 16,015
As at 1 July 2019 164,188 776 5,140 21,354
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 July 2019 1,825 630 244,085
As at 30 June 2020 1,825 630 244,085
Depreciation
As at 1 July 2019 1,542 385 52,099
Provided during the period 71 61 10,776
As at 30 June 2020 1,613 446 62,875
Net Book Value
As at 30 June 2020 212 184 181,210
As at 1 July 2019 283 245 191,986
5. Stocks
2020 2019
£ £
Stock 38,229 42,500
38,229 42,500
Page 5
6. Debtors
2020 2019
£ £
Due within one year
Trade debtors 16,552 38,254
Prepayments and accrued income 4,459 6,041
21,011 44,295
7. Creditors: Amounts Falling Due Within One Year
2020 2019
£ £
Net obligations under finance lease and hire purchase contracts 5,500 5,500
Trade creditors 33,221 91,244
Bank loans and overdrafts 36,155 26,335
Corporation tax 15,001 6,374
PAYE Creditor 543 336
VAT 19,872 20,042
Other Creditor - Shareholder Loan - 1,654
Pension Control 217 -
Other creditor - 3
Credit Card Control 1,179 5,915
Accruals and deferred income - 3,400
Directors' loan accounts 46,147 44,891
157,835 205,694
8. Creditors: Amounts Falling Due After More Than One Year
2020 2019
£ £
Net obligations under finance lease and hire purchase contracts 4,125 9,625
4,125 9,625
9. Obligations Under Finance Leases and Hire Purchase
2020 2019
£ £
The maturity of these amounts is as follows:
Amounts Payable:
Within one year 5,500 5,500
Between one and five years 4,125 9,625
9,625 15,125
9,625 15,125
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10. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
2020 2019
£ £
Deferred tax 5,282 5,134
5,282 5,134
11. Share Capital
2020 2019
Allotted, Called up and fully paid 4 4
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2019 Amounts advanced Amounts repaid Amounts written off As at 30 June 2020
£ £ £ £ £
Mr Peter Adams 44,890 603 1,037 - -
Mr Jack Adams - 6,764 5,948 - -
Mr Daniel Adams - 7,710 6,835 - -
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
2020 2019
£ £
Mr Peter Adams 3,500 26,000
Mr Jack Adams 5,949 -
Mr Daniel Adams 6,835 -
13. Dividends
2020 2019
£ £
On equity shares:
Interim dividend paid 16,283 26,000
16,283 26,000
14. General Information
Optimum Timber Supplies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04799473 . The registered office is 20 Tennyson Close, Penistone, Barnsley, South Yorkshire, S36 6GY.
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