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31/03/2023
2023-03-31
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No description of principal activities is disclosed
2022-04-01
Sage Accounts Production 21.0 - FRS102_2021
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2022-04-01
2023-03-31
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2023-03-31
07781626
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2022-03-31
07781626
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07781626
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07781626
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2023-03-31
Company registration number:
07781626
Forestry Fuels Limited
Unaudited filleted financial statements
31 March 2023
Forestry Fuels Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Forestry Fuels Limited
Directors and other information
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Directors |
Mr J Hull |
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Mrs J Hull |
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Company number |
07781626 |
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Registered office |
33 Church Lane |
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Oakley |
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Bedford |
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MK43 7RP |
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Accountants |
Simpson Accountants Limited |
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5 Border Lane |
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Buckingham |
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MK18 7SE |
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Bankers |
TSB Bank Plc |
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PO Box 373 |
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Leeds |
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LS14 9GQ |
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Forestry Fuels Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Forestry Fuels Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Forestry Fuels Limited for the year ended 31 March 2023 which comprise the statement of financial position and related notes 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Forestry Fuels Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Forestry Fuels Limited and state those matters that we have agreed to state to the board of directors of Forestry Fuels Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Forestry Fuels Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Forestry Fuels Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Forestry Fuels Limited. You consider that Forestry Fuels Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Forestry Fuels Limited. 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 financial statements.
Simpson Accountants Limited
Chartered Accountants
5 Border Lane
Buckingham
MK18 7SE
29 September 2023
Forestry Fuels Limited
Statement of financial position
31 March 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
46,199 |
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46,458 |
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_______ |
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_______ |
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46,199 |
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46,458 |
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Current assets |
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Stocks |
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35,117 |
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24,370 |
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Debtors |
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6 |
4,976 |
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7,572 |
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Cash at bank and in hand |
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4,341 |
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2,366 |
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_______ |
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_______ |
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44,434 |
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34,308 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
150,209) |
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(
142,135) |
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_______ |
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_______ |
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Net current liabilities |
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(
105,775) |
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(
107,827) |
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_______ |
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_______ |
Total assets less current liabilities |
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(
59,576) |
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(
61,369) |
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Creditors: amounts falling due |
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after more than one year |
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8 |
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- |
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(
1,421) |
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_______ |
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_______ |
Net liabilities |
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(
59,576) |
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(
62,790) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Profit and loss account |
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(
59,676) |
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(
62,890) |
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_______ |
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_______ |
Shareholders deficit |
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(
59,576) |
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(
62,790) |
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_______ |
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_______ |
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For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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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;
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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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
29 September 2023
, and are signed on behalf of the board by:
Mr J Hull
Director
Company registration number:
07781626
Forestry Fuels Limited
Notes to the financial statements
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 33 Church Lane, Oakley, Bedford, MK43 7RP.
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'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company reported net liabilities of £105,775 (£107,827 at 31 March 2022). The directors have confirmed their continued support for the company for a period of at least 12 months from the date of approval of these financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling due within the company's ordinary activities.
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.Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.
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:
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Fixtures, fittings and equipment |
- |
10 % |
straight line |
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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.
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.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
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
4
(2022:
4
).
5.
Tangible assets
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Fixtures, fittings and equipment |
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£ |
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Cost |
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At 1 April 2022 |
100,674 |
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Additions |
8,077 |
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_______ |
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At 31 March 2023 |
108,751 |
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_______ |
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Depreciation |
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At 1 April 2022 |
54,216 |
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Charge for the year |
8,336 |
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_______ |
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At 31 March 2023 |
62,552 |
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_______ |
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Carrying amount |
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At 31 March 2023 |
46,199 |
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_______ |
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At 31 March 2022 |
46,458 |
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_______ |
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6.
Debtors
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2023 |
2022 |
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£ |
£ |
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Trade debtors |
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2,220 |
1,690 |
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Other debtors |
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2,756 |
5,882 |
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_______ |
_______ |
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4,976 |
7,572 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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1,420 |
3,410 |
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Trade creditors |
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569 |
- |
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Social security and other taxes |
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1,211 |
974 |
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Other creditors |
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147,009 |
137,751 |
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_______ |
_______ |
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150,209 |
142,135 |
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_______ |
_______ |
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8.
Creditors: amounts falling due after more than one year
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2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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- |
1,421 |
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_______ |
_______ |
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9.
Controlling party
The controlling parties of the company are that of the directors and joint shareholders Mr J and
Mrs J Hull
.