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Company registration number: NI641464
Oakleaf Forestry Ltd
Unaudited filleted financial statements
31 March 2023
Oakleaf Forestry Ltd
Contents
Statement of financial position
Notes to the financial statements
Oakleaf Forestry Ltd
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 968,607 219,426
________ ________
968,607 219,426
Current assets
Stocks 104,000 101,199
Debtors 6 327,984 160,782
Cash at bank and in hand 541,632 439,932
________ ________
973,616 701,913
Creditors: amounts falling due
within one year 7 ( 1,161,886) ( 311,817)
________ ________
Net current (liabilities)/assets ( 188,270) 390,096
________ ________
Total assets less current liabilities 780,337 609,522
Creditors: amounts falling due
after more than one year 8 - ( 1,183)
Provisions for liabilities ( 54,069) ( 37,587)
________ ________
Net assets 726,268 570,752
________ ________
Capital and reserves
Called up share capital 9 1 1
Profit and loss account 726,267 570,751
________ ________
Shareholder funds 726,268 570,752
________ ________
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.
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 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 12 September 2023 , and are signed on behalf of the board by:
Mr Joseph Martin Litter
Director
Company registration number: NI641464
Oakleaf Forestry Ltd
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Barry Thompson & Co, 76-78 Church Street, Portadown, Armagh, BT62 3EU.
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'. and in accordance with the Companies Act 2006.
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 or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
Current tax is recognised on taxable profit for the current and past periods. It is measured at the amount expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. Deferred tax assets and liabilities recognised have not been discounted.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
The tangible fixed assets are recorded at their purchase cost, together with any incidental costs of acquisition less accumulated depreciation and impairment losses.
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % reducing balance
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
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event; it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Financial instruments
The fair values of the company's financial assets, cash and cash equivalents and financial liabilities are assumed to approximate to their book value. The company does not enter into derivative financial instruments.
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 9 (2022: 12 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2022 21,600 318,537 9,627 87,660 437,424
Additions 730,730 90,550 - - 821,280
Disposals - ( 18,421) - - ( 18,421)
________ ________ ________ ________ ________
At 31 March 2023 752,330 390,666 9,627 87,660 1,240,283
________ ________ ________ ________ ________
Depreciation
At 1 April 2022 - 180,052 5,345 32,601 217,998
Charge for the year - 51,134 1,674 13,764 66,572
Disposals - ( 12,894) - - ( 12,894)
________ ________ ________ ________ ________
At 31 March 2023 - 218,292 7,019 46,365 271,676
________ ________ ________ ________ ________
Carrying amount
At 31 March 2023 752,330 172,374 2,608 41,295 968,607
________ ________ ________ ________ ________
At 31 March 2022 21,600 138,485 4,282 55,059 219,426
________ ________ ________ ________ ________
6. Debtors
2023 2022
£ £
Trade debtors 215,188 139,663
Other debtors 112,796 21,119
________ ________
327,984 160,782
________ ________
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 574,969 -
Trade creditors 380,440 88,630
Corporation tax 19,015 45,960
Social security and other taxes 6,521 14,959
Other creditors 180,941 162,268
________ ________
1,161,886 311,817
________ ________
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors - 1,183
________ ________
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary Share shares of £ 1.00 each 1 1 1 1
________ ________ ________ ________
10. Directors advances, credits and guarantees
At the year end the company owed its director £152,003 (2022- £149,653). This loan is interest free and has no fixed date for repayment.
11. Controlling party
The company is controlled by JM Litter who owns 100% of the ordinary share capital.
12. Covid-19 pandemic
In this period of enormous uncertainty it is extremely difficult to make future predictions but the directors consider that the impact of Covid-19 will be a temporary disruption and will ultimately pass. Given the widespread government-led support to businesses, including certain guidance to banks, certain risks are mitigated. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.