Mid-Sussex Timber Co Limited 31/12/2020 iXBRL

MID-SUSSEX TIMBER CO LIMITED - Company Information

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Company registration number: 00434862

Mid-Sussex Timber Co Limited

Unaudited filleted financial statements

31 December 2020

Mid-Sussex Timber Co Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Mid-Sussex Timber Co Limited

Directors and other information


	Directors	T T Waters
		S D Waters
		A M Waters


	Secretary	P Hollands


	Company number	00434862


	Registered office	Station Road
		Forest Row
		East Sussex
		RH18 5EL


	Business address	Station Road
		Forest Row
		East Sussex
		RH18 5EL


	Accountants	Maxwell-Gumbleton & Co.
		1 West Street
		Lewes
		East Sussex
		BN7 2NZ




	Bankers	LLoyds Bank PLC
		1-3 London Road
		East Grinstead
		West Sussex
		RH19 AH

Mid-Sussex Timber Co Limited

Statement of financial position

31 December 2020

		2020		2019
	Note	£	£	£	£

Fixed assets
Tangible assets	5	1,234,890		1,262,785
Investments	6	1,250		1,250
		_______		_______
			1,236,140		1,264,035

Current assets
Stocks		1,191,687		1,246,745
Debtors	7	683,194		554,587
Cash at bank and in hand		993,685		161,062
		_______		_______
		2,868,566		1,962,394
Creditors: amounts falling due
within one year	8	( 498,642)		( 506,139)
		_______		_______
Net current assets			2,369,924		1,456,255
			_______		_______
Total assets less current liabilities			3,606,064		2,720,290

Creditors: amounts falling due
after more than one year	9		( 472,667)		( 24,682)

Provisions for liabilities			( 23,652)		-

			_______		_______
Net assets			3,109,745		2,695,608
			_______		_______

Capital and reserves
Called up share capital			7,365		7,365
Profit and loss account			3,102,380		2,688,243
			_______		_______
Shareholders funds			3,109,745		2,695,608
			_______		_______

For the year ending 31 December 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 of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 28 September 2021 , and are signed on behalf of the board by:

T T Waters S D Waters

Director Director

Company registration number: 00434862

Mid-Sussex Timber Co Limited

Notes to the financial statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Station Road, Forest Row, East Sussex, RH18 5EL.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Long leasehold property	-	2 %	straight line
Plant and machinery	-	15 %	straight line
Motor vehicles	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 51 (2019: 51 ).

5. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Aircraft	Total
	£	£	£	£	£
Cost
At 1 January 2020	1,085,021	1,869,510	363,194	128,500	3,446,225
Additions	-	35,554	53,400	-	88,954
Disposals	-	( 841,308)	-	-	( 841,308)
	_______	_______	_______	_______	_______
At 31 December 2020	1,085,021	1,063,756	416,594	128,500	2,693,871
	_______	_______	_______	_______	_______
Depreciation
At 1 January 2020	212,974	1,603,030	238,936	128,500	2,183,440
Charge for the year	21,700	60,432	34,717	-	116,849
Disposals	-	( 841,308)	-	-	( 841,308)
	_______	_______	_______	_______	_______
At 31 December 2020	234,674	822,154	273,653	128,500	1,458,981
	_______	_______	_______	_______	_______
Carrying amount
At 31 December 2020	850,347	241,602	142,941	-	1,234,890
	_______	_______	_______	_______	_______
At 31 December 2019	872,047	266,480	124,258	-	1,262,785
	_______	_______	_______	_______	_______

6. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 January 2020 and 31 December 2020	1,250	1,250
	_______	_______
Impairment
At 1 January 2020 and 31 December 2020	-	-
	_______	_______
Carrying amount
At 31 December 2020	1,250	1,250
	_______	_______
At 31 December 2019	1,250	1,250
	_______	_______

7. Debtors

	2020	2019
	£	£
Trade debtors	506,302	400,807
Other debtors	176,892	153,780
	_______	_______
	683,194	554,587
	_______	_______

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	33,333	-
Trade creditors	142,302	193,043
Corporation tax	55	29
Social security and other taxes	199,528	114,147
Other creditors	123,424	198,920
	_______	_______
	498,642	506,139
	_______	_______

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	466,667	-
Other creditors	6,000	24,682
	_______	_______
	472,667	24,682
	_______	_______

The bank loan is secured by way of a first legal charge from Mid-Sussex Timber Co Ltd over the freehold land and buildings at The Timber Mill, Station Road, Forest Row, East Sussex, RH18 5EL.

Included within creditors: amounts falling due after more than one year is an amount of £ 66,666 (2019 £ - ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Later than 1 year and not later than 5 years	252,896	339,147
	_______	_______

11. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2020
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	T T Waters	( 32,124)	( 6,523)	( 38,647)
	S D Waters	( 22,238)	( 7,391)	( 29,629)
		_______	_______	_______
		( 54,362)	( 13,914)	( 68,276)
		_______	_______	_______

2019
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	T T Waters	( 36,560)	4,436	( 32,124)
	S D Waters	( 16,171)	( 6,067)	( 22,238)
		_______	_______	_______
		( 52,731)	( 1,631)	( 54,362)
		_______	_______	_______

12. Related party transactions

During the year timber was purchased from the directors of £33,600 (2019 - £36,360). Rent was also paid by the company to the directors of £68,000 (2018 - £68,000). Both these transactions were considered to be at commercial rates.