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Registration number: 07425707

Upton Specialised Tree Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Upton Specialised Tree Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Upton Specialised Tree Services Ltd

Company Information

Directors

Mr D Sweet

Mrs L Sweet

Registered office

Nettle Tree Farm
Horton Heath
Wimborne
Dorset
BH21 7JN

Accountants

Harney & Co Limited
Chartered Certified Accountants
58 Kinson Road
Bournemouth
Dorset
BH10 4AN

 

Upton Specialised Tree Services Ltd

(Registration number: 07425707)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,597,222

1,039,480

Current assets

 

Stocks

6

115,756

10,644

Debtors

7

974,425

732,305

Cash at bank and in hand

 

104,876

247,406

 

1,195,057

990,355

Creditors: Amounts falling due within one year

8

(967,296)

(741,516)

Net current assets

 

227,761

248,839

Total assets less current liabilities

 

1,824,983

1,288,319

Creditors: Amounts falling due after more than one year

8

(957,849)

(707,226)

Provisions for liabilities

(165,419)

(120,350)

Net assets

 

701,715

460,743

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

701,615

460,643

Shareholders' funds

 

701,715

460,743

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 February 2024 and signed on its behalf by:
 

 

Upton Specialised Tree Services Ltd

(Registration number: 07425707)
Balance Sheet as at 30 November 2023 (continued)

.........................................
Mr D Sweet
Director

.........................................
Mrs L Sweet
Director

 
     
 

Upton Specialised Tree Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Nettle Tree Farm
Horton Heath
Wimborne
Dorset
BH21 7JN

These financial statements were authorised for issue by the Board on 6 February 2024.

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 financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises 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.

 

Upton Specialised Tree Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

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

Plant and machinery

15% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

3 years straight line

Property improvements

10 years straight line

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.

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:

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.

 

Upton Specialised Tree Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Upton Specialised Tree Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company has basic financial instruments which are classified, measured and accounted for according to the substance of the contractual arrangement, as financial assets or financial liabilities. The company has not entered into any complex financial instruments.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 34 (2022 - 30).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

86,000

86,000

At 30 November 2023

86,000

86,000

Amortisation

At 1 December 2022

86,000

86,000

At 30 November 2023

86,000

86,000

Carrying amount

At 30 November 2023

-

-

 

Upton Specialised Tree Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Property improvements
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

25,263

270,126

25,913

1,272,524

1,593,826

Additions

7,663

89,534

63,720

775,065

935,982

Disposals

-

(41,035)

-

(149,500)

(190,535)

At 30 November 2023

32,926

318,625

89,633

1,898,089

2,339,273

Depreciation

At 1 December 2022

14,183

140,988

-

399,175

554,346

Charge for the year

7,079

40,587

5,529

237,609

290,804

Eliminated on disposal

-

(17,953)

-

(85,146)

(103,099)

At 30 November 2023

21,262

163,622

5,529

551,638

742,051

Carrying amount

At 30 November 2023

11,664

155,003

84,104

1,346,451

1,597,222

At 30 November 2022

11,080

129,138

25,913

873,349

1,039,480

 

Upton Specialised Tree Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

5

Tangible assets (continued)

Included within the net book value of plant & machinery above are assets under hire purchase of £1,089,794 (2022: £589,083) and the depreciation charge of £192,317 (2022: £78,410). Included within the net book value of motor vehicles above are assets under hire purchase of £111,795 (2022: £86,465) and the depreciation charge of £28,697 (2022: £25,130).

 

Upton Specialised Tree Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

6

Stocks

2023
£

2022
£

Work in progress

-

10,644

Other inventories

115,756

-

115,756

10,644

7

Debtors

Current

2023
£

2022
£

Trade debtors

811,090

608,710

Prepayments

4,362

5,172

Other debtors

158,973

118,423

 

974,425

732,305

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

366,160

250,976

Trade creditors

 

316,254

206,079

Amounts due to related parties

 

9,690

12,765

Taxation and social security

 

178,359

151,762

Accruals and deferred income

 

16,113

60,293

Other creditors

 

80,720

59,641

 

967,296

741,516

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

957,849

707,226

Included in Loans and borrowings is £Nil (2022: £3,339) due in over five years.

 

Upton Specialised Tree Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

155,000

215,000

HP and finance lease liabilities

802,849

492,226

957,849

707,226

2023
£

2022
£

Current loans and borrowings

Bank borrowings

60,000

60,000

HP and finance lease liabilities

306,160

190,976

366,160

250,976

11

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £750.00 (2022 - £994.00) per ordinary share

 

75,000

 

99,400

         

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £485,779 (2022 - £619,448).

 

Upton Specialised Tree Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

13

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

55,401

24,998

Contributions paid to money purchase schemes

2,775

2,775

58,176

27,773

Summary of transactions with other related parties

Linwood Sawmills Limited is under common control of the directors of Upton Specialised Tree Services Ltd. During the year, sales amounted to -£20,611(2022: £33,974) which were made to Linwood Sawmills Limited. In addition, purchases amounted to £11,825 (2022: £7,175) which were made from Linwood Sawmills Limited. As at the year end the amount owed from Linwood Sawmills Limited to the company is £144,991 (2022: £91,982).

Arb Kit Hire Ltd is under common control of one of the directors of Upton Specialised Tree Services Ltd. During the year, sales amounted to £Nil (2022: £7,513) which were made to Arb Kit Hire Ltd. As at the year end the amount owed from Arb Kit Hire Ltd to the company is £5,482 (2022: £16,074).

In the opinion of the directors all transactions with related parties were at a market value for the services provided and purchases received.