Witham Timber (Boston) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06096041 (England and Wales)

WITHAM TIMBER (BOSTON) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D S Atkinson

N J Pettitt

SECRETARY:

REGISTERED OFFICE:

Lealand Way, Off Boston Road

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

4

5,197

-

Tangible assets

5

453,378

81,632

458,575

81,632

CURRENT ASSETS

Stocks

214,231

152,562

Debtors

75,319

57,605

Cash at bank

97,778

122,162

387,328

332,329

CREDITORS

Amounts falling due within one year

466,285

349,718

NET CURRENT LIABILITIES

(78,957

)

(17,389

)

TOTAL ASSETS LESS CURRENT LIABILITIES

379,618

64,243

CREDITORS

Amounts falling due after more than one year

6

(219,230

)

-

PROVISIONS FOR LIABILITIES

(2,237

)

-

NET ASSETS

158,151

64,243

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

158,141

64,233

SHAREHOLDERS' FUNDS

158,151

64,243

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 January 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 27 October 2017 and were signed on its behalf by:

D S Atkinson - Director

N J Pettitt - Director

1.	STATUTORY INFORMATION

Witham Timber (Boston) 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 2% 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

Additions

3,800

Reclassification/transfer

13,120

At 31 January 2017

16,920

AMORTISATION

Amortisation for year

3,384

Reclassification/transfer

8,339

At 31 January 2017

11,723

NET BOOK VALUE

At 31 January 2017

5,197

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2016

138,639

Additions

436,118

Disposals

(55,709

)

Reclassification/transfer

96,780

At 31 January 2017

615,828

DEPRECIATION

At 1 February 2016

57,007

Charge for year

41,048

Eliminated on disposal

(42,523

)

Reclassification/transfer

106,918

At 31 January 2017

162,450

NET BOOK VALUE

At 31 January 2017

453,378

At 31 January 2016

81,632

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2017

2016

£

£

Repayable by instalments

Barclays Commercial Mortgage

51,230

-

7.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2017

2016

£

£

Net obligations repayable:

Within one year

-

9,634

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

261,230

-

Legal charge over the land and property of the company at Lealand Way, Boston

9.	OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £39352 (2016 - £ nil)