Green Lane Forestry LLP OC427394 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is support services to forestry. Digita Accounts Production Advanced 6.30.9574.0 OC427394 2022-06-01 2023-05-31 OC427394 2023-05-31 OC427394 core:CurrentFinancialInstruments 2023-05-31 OC427394 core:MotorVehicles 2023-05-31 OC427394 core:PlantMachinery 2023-05-31 OC427394 bus:SmallEntities 2022-06-01 2023-05-31 OC427394 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 OC427394 bus:FullAccounts 2022-06-01 2023-05-31 OC427394 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 OC427394 bus:RegisteredOffice 2022-06-01 2023-05-31 OC427394 bus:PartnerLLP1 2022-06-01 2023-05-31 OC427394 bus:PartnerLLP2 2022-06-01 2023-05-31 OC427394 bus:LimitedLiabilityPartnershipLLP 2022-06-01 2023-05-31 OC427394 core:MotorVehicles 2022-06-01 2023-05-31 OC427394 core:PlantMachinery 2022-06-01 2023-05-31 OC427394 countries:AllCountries 2022-06-01 2023-05-31 OC427394 2022-05-31 OC427394 core:MotorVehicles 2022-05-31 OC427394 core:PlantMachinery 2022-05-31 OC427394 2021-06-01 2022-05-31 OC427394 2022-05-31 OC427394 core:CurrentFinancialInstruments 2022-05-31 OC427394 core:MotorVehicles 2022-05-31 OC427394 core:PlantMachinery 2022-05-31 iso4217:GBP xbrli:pure

Registration number: OC427394

Prepared for the registrar

Green Lane Forestry LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Green Lane Forestry LLP

Contents

Limited liability partnership information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Green Lane Forestry LLP

Limited liability partnership information

Designated members

Andrew Lane

Henry Lane

Registered office

The Coach House
2 Pen-Y-Worlod Farm Barns
Rowlestone
Hereford
England
HR2 0DS

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Green Lane Forestry LLP

(Registration number: OC427394)
Balance Sheet as at 31 May 2023

Note

2023
 £

2022
 £

           

Fixed assets

   

 

Tangible assets

4

 

125,749

 

144,678

Current assets

   

 

Debtors

47,731

 

25,111

 

Cash and short-term deposits

 

3,478

 

7,076

 

 

51,209

 

32,187

 

Creditors: Amounts falling due within one year

6

(57,490)

 

(85,193)

 

Net current liabilities

   

(6,281)

 

(53,006)

Net assets attributable to members

   

119,468

 

91,672

Represented by:

   

 

Loans and other debts due to members

   

 

Members' capital classified as a liability

 

119,468

 

91,672

 
     

119,468

 

91,672

Total members' interests

   

 

Loans and other debts due to members

 

119,468

 

91,672

 
     

119,468

 

91,672

For the year ending 31 May 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.

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

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

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Green Lane Forestry LLP (registered number OC427394) were approved by the members and authorised for issue on 21 February 2024. They were signed on behalf of the LLP by:

.........................................
Andrew Lane
Designated member

 

Green Lane Forestry LLP

Notes to the Financial Statements for the Year Ended 31 May 2023

1

General information

The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.

The address of the registered office is:
The Coach House
2 Pen-Y-Worlod Farm Barns
Rowlestone
Hereford
England
HR2 0DS

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Judgements

In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

Fee income represents the fair value of services provided during the year on client assignments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT. Income is recognised as contract activity progresses and the right to consideration is secured, expect where the final outcome cannot be assessed with reasonable certainty.

Income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and collectability of the fee is assured.

Unbilled income on individual client assignments is included as amounts recoverable on contracts within debtors.

Members' remuneration and division of profits

The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.

A member's share of the profit or loss for the year is accounted for as an allocation of profits.

Taxation

The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

 

Green Lane Forestry LLP

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

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

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost of valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

20% reducing balance

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 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 LLP 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

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 LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and Measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Green Lane Forestry LLP

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Impairment of financial assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Green Lane Forestry LLP

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Derivative financial instruments and hedging

Derivatives
The limited liability partnership uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The limited liability partnership does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.


Hedging
The limited liability partnership designates certain derivatives as hedging instruments in respect of variable interest rate risk of the cash flows associated with recognised debt instruments measured at amortised cost and in respect of foreign exchange risk in firm commitments and highly probable forecast transactions.

At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with the clear identification of the risk in the hedged item that is being hedged by the hedging instrument. Furthermore, at the inception of the hedge and on an ongoing basis, the limited liability partnership assesses whether the hedging instrument is highly effective in offsetting the designated hedged risk.

The effective portion of changes in the fair value of the designated hedging instrument is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods in which the hedged item affects profit or loss or when the hedging relationship ends.

Hedge accounting is discontinued when the limited liability partnership revokes the hedging relationship, the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time is reclassified to profit or loss when the hedged item is recognised in profit or loss. When a forecast transaction is no longer expected to occur, any gain or loss that was recognised in other comprehensive income is reclassified immediately to profit or loss.

Current versus non-current classification

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

3

Particulars of employees

The average number of persons employed by the LLP during the year was 0 (2022 - 0).

 

Green Lane Forestry LLP

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

4

Tangible fixed assets

Plant and machinery
£

Motor vehicles
£

Total
£

Cost

At 1 June 2022

171,533

30,107

201,640

Additions

4,395

-

4,395

At 31 May 2023

175,928

30,107

206,035

Depreciation

At 1 June 2022

46,124

10,838

56,962

Charge for the year

19,470

3,854

23,324

At 31 May 2023

65,594

14,692

80,286

Net book value

At 31 May 2023

110,334

15,415

125,749

At 31 May 2022

125,409

19,269

144,678

5

Debtors

2023
 £

2022
 £

Trade debtors

15,218

6,000

Other debtors

32,513

19,111

47,731

25,111

6

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Trade creditors

7,088

4,807

Other creditors

46,502

72,886

Accruals and deferred income

3,900

7,500

57,490

85,193

7

Control

The ultimate controlling party is the same as the controlling party.