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Financial Statements for the Period 1 August 2019 to 30 September 2020 |
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Drayson & Sons (Timber Merchants) |
Limited |
REGISTERED NUMBER:
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Financial Statements for the Period 1 August 2019 to 30 September 2020 |
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for |
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Drayson & Sons (Timber Merchants) |
Limited |
Drayson & Sons (Timber Merchants) |
Limited (Registered number: 01825620) |
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Contents of the Financial Statements |
for the Period 1 August 2019 to 30 September 2020 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 2 |
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Drayson & Sons (Timber Merchants) |
Limited (Registered number: 01825620) |
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Balance Sheet |
30 September 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Drayson & Sons (Timber Merchants) |
Limited (Registered number: 01825620) |
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Notes to the Financial Statements |
for the Period 1 August 2019 to 30 September 2020 |
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1. | STATUTORY INFORMATION |
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Drayson & Sons (Timber Merchants) Limited is a
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Registered number: | 01825620 |
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Registered office: | 400 Huddersfield Road |
Ravensthorpe |
Dewsbury |
West Yorkshire |
WF13 3EL |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Land & buildings | - |
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Plant & machinery etc | - |
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Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the period 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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Drayson & Sons (Timber Merchants) |
Limited (Registered number: 01825620) |
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Notes to the Financial Statements - continued |
for the Period 1 August 2019 to 30 September 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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 period end and that are expected to apply to the reversal of the timing difference. |
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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. |
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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. |
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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. |
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Transfer of ownership |
On the 5th March 2020 the company was purchased by Myers Building Supplies Ltd. On 30th June 2020, the business was fully transferred over to Myers and all balances at that date were treated as intercompany balances. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | TANGIBLE FIXED ASSETS |
Plant & |
Land & | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 August 2019 |
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Additions |
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Disposals |
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Transfer to ownership | (19,982 | ) | (116,263 | ) | (136,245 | ) |
At 30 September 2020 |
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DEPRECIATION |
At 1 August 2019 |
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Charge for period |
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Eliminated on disposal |
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Charge written back | - | (4,603 | ) | (4,603 | ) |
Transfer to ownership | (19,982 | ) | (71,655 | ) | (91,637 | ) |
At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 31 July 2019 |
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Drayson & Sons (Timber Merchants) |
Limited (Registered number: 01825620) |
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Notes to the Financial Statements - continued |
for the Period 1 August 2019 to 30 September 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Other taxation & social security |
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Other creditors |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 65,000 | 65,000 |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was qualified on the following basis: |
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Basis for qualified opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We were not appointed as auditor of the company until after 1 August 2019 and thus did not observe the counting of physical inventories at 31st July 2019. We were unable to satisfy ourselves by alternative means concerning the inventory quantities at this date. Consequently we were unable to determine whether any adjustment to this amount was necessary. In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit. |
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for and on behalf of
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9. | OFF-BALANCE SHEET ARRANGEMENTS |
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As at 30th September 2020 the company had no financial commitments (2019 £93,169). |
Drayson & Sons (Timber Merchants) |
Limited (Registered number: 01825620) |
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Notes to the Financial Statements - continued |
for the Period 1 August 2019 to 30 September 2020 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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There were no directors loan account at the end of the year. In 2019 £149,667 due to the director, this amount carried no interest and was payable on demand. |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate control party are Isaac Timmins Ltd. |