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

REGISTERED NUMBER: 02160203 (England and Wales)

Financial Statements

for the Year Ended 31 May 2020

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

573,585

516,801

CURRENT ASSETS

Stocks

132,434

115,802

Debtors

5

905,931

719,934

Cash at bank

20,693

14,029

1,059,058

849,765

CREDITORS

Amounts falling due within one year

6

1,157,380

908,981

NET CURRENT LIABILITIES

(98,322

)

(59,216

)

TOTAL ASSETS LESS CURRENT LIABILITIES

475,263

457,585

CREDITORS

Amounts falling due after more than one year

7

(317,479

)

(270,534

)

PROVISIONS FOR LIABILITIES

(108,981

)

(98,192

)

NET ASSETS

48,803

88,859

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

47,803

87,859

SHAREHOLDERS' FUNDS

48,803

88,859

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 12 May 2021 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 (2019 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 June 2019

1,345,269

38,077

344,049

752

1,728,147

Additions

63,563

8,100

164,923

-

236,586

Disposals

-

-

(175,192

)

-

(175,192

)

At 31 May 2020

1,408,832

46,177

333,780

752

1,789,541

DEPRECIATION

At 1 June 2019

962,549

37,180

211,025

592

1,211,346

Charge for year

71,735

1,039

56,361

92

129,227

Eliminated on disposal

-

-

(124,617

)

-

(124,617

)

At 31 May 2020

1,034,284

38,219

142,769

684

1,215,956

NET BOOK VALUE

At 31 May 2020

374,548

7,958

191,011

68

573,585

At 31 May 2019

382,720

897

133,024

160

516,801

The net book value of motor vehicles and plant and machinery includes £330,908 (2019 - £225,072) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £78,502 (2019 - £56,645) for the year.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Trade debtors

903,223

714,549

Other debtors

2,708

5,385

905,931

719,934

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Hire purchase contracts

107,911

63,997

Trade creditors

398,875

304,975

Taxation and social security

68,913

85,642

Other creditors

581,681

454,367

1,157,380

908,981

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.20

31.5.19

£

£

Hire purchase contracts

163,043

93,648

Other creditors

154,436

176,886

317,479

270,534

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.20

31.5.19

£

£

Hire purchase contracts

270,954

157,645

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.