Registered number
SC699447
Kodiak Forestry & Groundworks Ltd
Unaudited Filleted Accounts
31 March 2023
Kodiak Forestry & Groundworks Ltd
Registered number: SC699447
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 374,262 362,624
Current assets
Debtors 4 30,584 38,735
Cash at bank and in hand 49,806 32,838
80,390 71,573
Creditors: amounts falling due within one year 5 (197,130) (200,645)
Net current liabilities (116,740) (129,072)
Total assets less current liabilities 257,522 233,552
Creditors: amounts falling due after more than one year 6 (118,167) (141,103)
Net assets 139,355 92,449
Capital and reserves
Called up share capital 10 10
Profit and loss account 139,345 92,439
Shareholder's funds 139,355 92,449
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ross A Black
Director
Approved by the board on 2 November 2023
Kodiak Forestry & Groundworks Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & machinery - various tools over 2 years
Plant & machinery - various tools, plant, machinery & attachments over 5 years
Plant & machinery - various tools (inc. fencing), plant, machinery & attachments over 10 years
Plant & machinery - trailers, fuel tanks, plant, machinery & attachments over 20 years
Office equipment - mobile phone over 5 years
Land & buildings - steel storage container over 20 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land & Buildings Plant & Machinery Office Equipment Total
£ £ £ £
Cost
At 1 April 2022 2,750 379,556 - 382,306
Additions - 82,209 369 82,578
Disposals - (50,000) - (50,000)
At 31 March 2023 2,750 411,765 369 414,884
Depreciation
At 1 April 2022 115 19,567 - 19,682
Charge for the year 137 29,219 44 29,400
On disposals - (8,460) - (8,460)
At 31 March 2023 252 40,326 44 40,622
Net book value
At 31 March 2023 2,498 371,439 325 374,262
At 31 March 2022 2,635 359,989 - 362,624
4 Debtors 2023 2022
£ £
Trade debtors - 12,300
Deferred tax 8,128 11,105
Prepayments & accrued income 13,159 10,774
CIS repayable 9,297 4,556
30,584 38,735
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease 28,292 37,030
Trade creditors 5,808 2,890
Director's loan account 147,884 149,699
Deferred tax 5,168 5,522
Taxation & social security costs 8,828 3,924
Accruals 1,150 1,580
197,130 200,645
6 Creditors: amounts falling due after one year 2023 2022
£ £
Deferred tax 61,212 56,341
Obligations under finance lease 56,955 84,762
118,167 141,103
7 Related party transactions
At the year end the director, Ross Black, was owed £147,884 (2022: £149,699) by the company. This balance includes interest of £14,730 (2022: £6,093), at a rate of 10%, charged to the company on the outstanding balance owed to the director, and expensed to the profit and loss in the year. There is no fixed term of repayment for this loan.
8 Other information
Kodiak Forestry & Groundworks Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Ardmor
Albert Street
Tobermory
Argyll & Bute
PA75 6PJ
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