2 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP SC177999 2021-01-01 2021-12-31 SC177999 2021-12-31 SC177999 2020-01-01 2020-12-31 SC177999 2020-12-31 SC177999 core:PlantMachinery 2021-01-01 2021-12-31 SC177999 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 SC177999 bus:Director2 2021-01-01 2021-12-31 SC177999 core:LandBuildings 2021-12-31 SC177999 core:PlantMachinery 2021-12-31 SC177999 core:WithinOneYear 2021-12-31 SC177999 core:WithinOneYear 2020-12-31 SC177999 core:ShareCapital 2021-12-31 SC177999 core:ShareCapital 2020-12-31 SC177999 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC177999 core:RetainedEarningsAccumulatedLosses 2020-12-31 SC177999 core:LandBuildings 2020-12-31 SC177999 bus:SmallEntities 2021-01-01 2021-12-31 SC177999 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 SC177999 bus:FullAccounts 2021-01-01 2021-12-31 SC177999 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 SC177999 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 SC177999 bus:OrdinaryShareClass1 2021-12-31 SC177999 bus:OrdinaryShareClass1 2020-12-31 SC177999 core:KeyManagementIndividualGroup1 2021-01-01 2021-12-31
COMPANY REGISTRATION NUMBER: SC177999
Ardmarnock Forestry Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
Ardmarnock Forestry Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
845,000
845,000
Current assets
Debtors
6
2,120,564
2,359,613
Cash at bank and in hand
77,173
55,315
------------
------------
2,197,737
2,414,928
Creditors: amounts falling due within one year
7
360,985
397,906
------------
------------
Net current assets
1,836,752
2,017,022
------------
------------
Total assets less current liabilities
2,681,752
2,862,022
Provisions
Taxation including deferred tax
7,250
------------
------------
Net assets
2,681,752
2,854,772
------------
------------
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
2,681,750
2,854,770
------------
------------
Shareholder funds
2,681,752
2,854,772
------------
------------
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.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 August 2022 , and are signed on behalf of the board by:
L Foghsgaard
Director
Company registration number: SC177999
Ardmarnock Forestry Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Princes Exchange, 1 Earl Grey Street, Edinburgh, EH3 9EE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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 and loss . The financial statements are prepared in sterling, which is the functional currency of the entity . Going concern The financial statements have been prepared on a going concern basis. The director has assessed the Company's ability to continue as a going concern and has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, thus continues to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts for the rental of properties and subsidies, is recognised when the company has entitlement to the income, it is probably that the income will be received, and the amount receivable can be reliably measured, and is stated net of discounts and of Value Added Tax.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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. Deferred tax assets are only recognised to the extent that they are regarded as recoverable.
Foreign currencies
All monetary assets and liabilities denominated in a foreign currency are translated using the exchange rate ruling at the balance sheet date. Any gain or loss arising on this translation is charged to the profit and loss account in the year.
Tangible assets
Tangible assets are initially recorded at cost, and 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. All fixed assets are depreciated except freehold land.
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:
Plant & machinery
-
20% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
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.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash and bank balances, 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. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transactions price, unless the arrangement constitutes a financing transactions, where it is recognised at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. 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 are 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 .
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
Heritable property & improvements
Plant & machinery
Total
£
£
£
Cost or valuation
At 1 January 2021 and 31 December 2021
845,000
54,000
899,000
---------
--------
---------
Depreciation
At 1 January 2021 and 31 December 2021
54,000
54,000
---------
--------
---------
Carrying amount
At 31 December 2021
845,000
845,000
---------
--------
---------
At 31 December 2020
845,000
845,000
---------
--------
---------
The director is of the opinion that the value of the investment property at the year end remains appropriate, and therefore no further revaluation has been carried out.
6. Debtors
2021
2020
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,116,084
2,355,667
Other debtors
4,480
3,946
------------
------------
2,120,564
2,359,613
------------
------------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
9,714
8,165
Amounts owed to group undertakings and undertakings in which the company has a participating interest
289,084
325,017
Other creditors
62,187
64,724
---------
---------
360,985
397,906
---------
---------
8. Deferred tax
Capital gains/losses
£
Liability at 31 December 2020
7,250
Charged/(credited) to profit or loss
(7,250)
-------
Liability at 31 December 2021
-------
Deferred tax has been provided for in these accounts at 25%. The deferred tax liability relates to capital gains on fair value adjustments.The net reversal of deferred tax liabilities in 2022 is not possible to quantify at this stage but this is not expected to be significant. If the company's land and buildings were sold at their revalued amount at 31 December 2021, a tax liability of £nil (2020: £7,250) would arise.
9. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. Related party transactions
The company has taken advantage of the exemptions available to wholly owned subsidiaries under FRS 102. Accordingly, disclosure is not made of related party transactions with other group companies. In addition, Lars Foghsgaard was charged rent of £ 7,200 (2020: £7,200) for the use of Brunt House. At the year end, £nil was outstanding (2020: £nil).
11. Controlling party
The immediate parent company is L Foghsgaard International ApS , a company incorporated in Denmark. Lars Foghsgaard Holding ApS is the parent undertaking of the smallest group within which Ardmarnock Forestry Limited belongs and for which group financial statements are prepared. The registered office address is Skovbrinken 5, 2920 Charlottenlund, Denmark . FOX3 ApS is the ultimate parent undertaking, and parent undertaking of the largest group within which Ardmarnock Forestry limited belongs and for which group financial statements are prepared. The registered office address is Skovbrinken 5, 2920 Charlottenlund, Denmark . No one individual has ultimate control of FOX3 ApS.