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Company No: 04315686 (England and Wales)

LANCEFIELD FORESTRY LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

LANCEFIELD FORESTRY LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

LANCEFIELD FORESTRY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 November 2023
LANCEFIELD FORESTRY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 837,440 837,440
837,440 837,440
Current assets
Debtors 4 7,078 25,254
Cash at bank and in hand 2,403 3,572
9,481 28,826
Creditors: amounts falling due within one year 5 ( 100,063) ( 86,280)
Net current liabilities (90,582) (57,454)
Total assets less current liabilities 746,858 779,986
Net assets 746,858 779,986
Capital and reserves
Called-up share capital 6 3,750 3,750
Profit and loss account 743,108 776,236
Total shareholder's funds 746,858 779,986

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 financial statements of LANCEFIELD FORESTRY LIMITED (registered number: 04315686) were approved and authorised for issue by the Director on 12 January 2024. They were signed on its behalf by:

R D Joy
Director
LANCEFIELD FORESTRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
LANCEFIELD FORESTRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

LANCEFIELD FORESTRY LIMITED (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 19 Pound Lane, Canterbury, CT1 2BZ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Land and buildings not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Land and buildings were valued at 30 July 2020. The valuation was undertaken by William Johnson MA (Oxon) MSc CFA of Tilhill. This has since been reviewed by the directors and determined it represents the fair value of the woodland, on an open market value for existing use basis.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Total
£ £
Cost
At 01 December 2022 837,440 837,440
At 30 November 2023 837,440 837,440
Accumulated depreciation
At 01 December 2022 0 0
At 30 November 2023 0 0
Net book value
At 30 November 2023 837,440 837,440
At 30 November 2022 837,440 837,440

Revaluation of tangible assets

The woodlands were professionally valued by William Johnson MA (Oxon) MSc CFA of Tilhill, an independent valuer, to fair value at 30th July 2020. This has since been reviewed by the directors and determined it represents the fair value of the woodland, on an open market value for existing use basis.

2023 2022
£ £
Historical cost 177,758 177,758
Carrying value 177,758 177,758

4. Debtors

2023 2022
£ £
Prepayments 1,889 1,723
VAT recoverable 5,189 155
Other debtors 0 23,376
7,078 25,254

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 480
Amounts owed to directors 83,800 83,800
Accruals 2,000 2,000
Taxation and social security 1 0
Other creditors 14,262 0
100,063 86,280

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
375,000 Ordinary shares of £ 0.01 each 3,750 3,750

7. Related party transactions

At the year end, the company owed the directors £83,800 (2022: £83,800). This loan is interest free and has no fixed date for repayment.

The company has taken advantage of the exemption available under FRS 102 section 1.A.C 35 to not disclose transactions within a wholly owned group.