J Norman Forestry Ltd SC699610 false 2021-05-24 2022-05-31 2022-05-31 The principal activity of the company is forestry Digita Accounts Production Advanced 6.30.9574.0 true SC699610 2021-05-24 2022-05-31 SC699610 2022-05-31 SC699610 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-05-31 SC699610 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC699610 core:ShareCapital 2022-05-31 SC699610 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-05-31 SC699610 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-05-31 SC699610 core:CurrentFinancialInstruments 2022-05-31 SC699610 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 SC699610 core:Non-currentFinancialInstruments 2022-05-31 SC699610 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 SC699610 core:Goodwill 2022-05-31 SC699610 core:MotorVehicles 2022-05-31 SC699610 core:OtherPropertyPlantEquipment 2022-05-31 SC699610 bus:SmallEntities 2021-05-24 2022-05-31 SC699610 bus:AuditExemptWithAccountantsReport 2021-05-24 2022-05-31 SC699610 bus:FullAccounts 2021-05-24 2022-05-31 SC699610 bus:SmallCompaniesRegimeForAccounts 2021-05-24 2022-05-31 SC699610 bus:RegisteredOffice 2021-05-24 2022-05-31 SC699610 bus:Director1 2021-05-24 2022-05-31 SC699610 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2021-05-24 2022-05-31 SC699610 bus:PrivateLimitedCompanyLtd 2021-05-24 2022-05-31 SC699610 bus:Agent1 2021-05-24 2022-05-31 SC699610 core:Goodwill 2021-05-24 2022-05-31 SC699610 core:MotorVehicles 2021-05-24 2022-05-31 SC699610 core:OtherPropertyPlantEquipment 2021-05-24 2022-05-31 SC699610 core:PlantMachinery 2021-05-24 2022-05-31 SC699610 countries:Scotland 2021-05-24 2022-05-31 SC699610 2021-05-23 SC699610 core:Goodwill 2021-05-23 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC699610

J Norman Forestry Ltd

Annual Report and Unaudited Financial Statements

for the Period from 24 May 2021 to 31 May 2022

 

J Norman Forestry Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

J Norman Forestry Ltd

Company Information

Director

J Norman

Registered office

19 Ruberslaw Road
Hawick
TD9 8EY

Accountants

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Borders
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
J Norman Forestry Ltd for the Period Ended 31 May 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J Norman Forestry Ltd for the period ended 31 May 2022 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of J Norman Forestry Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of J Norman Forestry Ltd and state those matters that we have agreed to state to the Board of Directors of J Norman Forestry Ltd, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J Norman Forestry Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that J Norman Forestry Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of J Norman Forestry Ltd. You consider that J Norman Forestry Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of J Norman Forestry Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Borders
TD9 9BD

10 August 2022

 

J Norman Forestry Ltd

(Registration number: SC699610)
Balance Sheet as at 31 May 2022

Note

2022
£

Fixed assets

 

Intangible assets

4

9,000

Tangible assets

5

23,171

 

32,171

Current assets

 

Debtors

6

25,587

Cash at bank and in hand

 

13,439

 

39,026

Creditors: Amounts falling due within one year

7

(24,197)

Net current assets

 

14,829

Total assets less current liabilities

 

47,000

Creditors: Amounts falling due after more than one year

7

(9,189)

Provisions for liabilities

(4,402)

Net assets

 

33,409

Capital and reserves

 

Called up share capital

8

2

Retained earnings

33,407

Shareholders' funds

 

33,409

For the financial period ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 10 August 2022
 

.........................................
J Norman
Director

 

J Norman Forestry Ltd

Notes to the Unaudited Financial Statements for the Period from 24 May 2021 to 31 May 2022

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
19 Ruberslaw Road
Hawick
TD9 8EY

The principal place of business is:
19 Ruberslaw Road
Hawick
TD9 8EY

These financial statements were authorised for issue by the director on 10 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The accounts are presented in £GBP and are rounded to the nearest £1.

 

J Norman Forestry Ltd

Notes to the Unaudited Financial Statements for the Period from 24 May 2021 to 31 May 2022

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% straight line

PLant and machinery

20% straight line

 

J Norman Forestry Ltd

Notes to the Unaudited Financial Statements for the Period from 24 May 2021 to 31 May 2022

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

4 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

J Norman Forestry Ltd

Notes to the Unaudited Financial Statements for the Period from 24 May 2021 to 31 May 2022

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 2.

 

J Norman Forestry Ltd

Notes to the Unaudited Financial Statements for the Period from 24 May 2021 to 31 May 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 24 May 2021

12,000

12,000

At 31 May 2022

12,000

12,000

Amortisation

Amortisation charge

3,000

3,000

At 31 May 2022

3,000

3,000

Carrying amount

At 31 May 2022

9,000

9,000

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

Additions

8,150

18,052

26,202

At 31 May 2022

8,150

18,052

26,202

Depreciation

Charge for the period

1,563

1,468

3,031

At 31 May 2022

1,563

1,468

3,031

Carrying amount

At 31 May 2022

6,587

16,584

23,171

6

Debtors

Current

2022
£

Trade debtors

25,287

Prepayments

300

 

25,587

 

J Norman Forestry Ltd

Notes to the Unaudited Financial Statements for the Period from 24 May 2021 to 31 May 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

Due within one year

 

Loans and borrowings

9

3,467

Trade creditors

 

(828)

Taxation and social security

 

15,008

Accruals and deferred income

 

900

Other creditors

 

5,650

 

24,197

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,467.

Creditors: amounts falling due after more than one year

Note

2022
£

Due after one year

 

Loans and borrowings

9

9,189

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £2,689.

8

Share capital

Allotted, called up and fully paid shares

 

2022

 

No.

£

Ordinary Shares of £1 each

2

2

     

9

Loans and borrowings

2022
£

Non-current loans and borrowings

Bank borrowings

6,500

Hire purchase contracts

2,689

9,189

 

J Norman Forestry Ltd

Notes to the Unaudited Financial Statements for the Period from 24 May 2021 to 31 May 2022

2022
£

Current loans and borrowings

Bank borrowings

2,000

Hire purchase contracts

1,467

3,467