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 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

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

-

-

Tangible assets

4

921,948

928,248

921,948

928,248

CURRENT ASSETS

Stocks

750,143

469,713

Debtors

5

149,704

71,570

Cash at bank and in hand

201,218

143,430

1,101,065

684,713

CREDITORS

Amounts falling due within one year

6

725,044

695,520

NET CURRENT ASSETS/(LIABILITIES)

376,021

(10,807

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,297,969

917,441

CREDITORS

Amounts falling due after more than one year

7

(99,446

)

(164,648

)

PROVISIONS FOR LIABILITIES

(33,742

)

(39,919

)

NET ASSETS

1,164,781

712,874

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

1,164,771

712,864

1,164,781

712,874

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 6 June 2022 and were signed by:

P Rushent - 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.

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.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - 19 ).

3.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 February 2021

and 31 January 2022

16,920

AMORTISATION

At 1 February 2021

and 31 January 2022

16,920

NET BOOK VALUE

At 31 January 2022

-

At 31 January 2021

-

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 February 2021

747,139

24,038

112,261

Additions

-

42,000

3,734

Disposals

-

-

-

At 31 January 2022

747,139

66,038

115,995

DEPRECIATION

At 1 February 2021

41,090

2,210

38,775

Charge for year

14,945

483

15,119

Eliminated on disposal

-

-

-

At 31 January 2022

56,035

2,693

53,894

NET BOOK VALUE

At 31 January 2022

691,104

63,345

62,101

At 31 January 2021

706,049

21,828

73,486

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 February 2021

26,072

174,869

7,126

1,091,505

Additions

14,099

-

-

59,833

Disposals

-

(11,478

)

(829

)

(12,307

)

At 31 January 2022

40,171

163,391

6,297

1,139,031

DEPRECIATION

At 1 February 2021

14,680

62,510

3,992

163,257

Charge for year

5,965

27,836

759

65,107

Eliminated on disposal

-

(10,452

)

(829

)

(11,281

)

At 31 January 2022

20,645

79,894

3,922

217,083

NET BOOK VALUE

At 31 January 2022

19,526

83,497

2,375

921,948

At 31 January 2021

11,392

112,359

3,134

928,248

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

141,537

51,689

Other debtors

8,167

19,881

149,704

71,570

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

52,003

45,333

Hire purchase contracts

17,024

17,024

Trade creditors

473,554

511,431

Taxation and social security

174,763

111,791

Other creditors

7,700

9,941

725,044

695,520

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

76,747

124,925

Hire purchase contracts

22,699

39,723

99,446

164,648

8.	CAPITAL COMMITMENTS

2022

2021

£

£

Contracted but not provided for in the

financial statements

51,250

-