Company Registration No. 07815087 (England and Wales)
THIRLWELL FORESTRY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
THIRLWELL FORESTRY LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
THIRLWELL FORESTRY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 October 2023.

Principal activities
The principal activity of the company continued to be that of Forestry Contractors.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A W Thirlwell
L J Thirlwell
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
L J Thirlwell
Director
30 January 2024
THIRLWELL FORESTRY LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
42,079
55,111
Current assets
Debtors
5
14,604
10,009
Cash at bank and in hand
7,924
10,356
22,528
20,365
Creditors: amounts falling due within one year
6
(26,687)
(46,961)
Net current liabilities
(4,159)
(26,596)
Total assets less current liabilities
37,920
28,515
Provisions for liabilities
(10,200)
(10,215)
Net assets
27,720
18,300
Capital and reserves
Called up share capital
7
20
20
Profit and loss reserves
27,700
18,280
Total equity
27,720
18,300

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 January 2024 and are signed on its behalf by:
L J Thirlwell
Director
Company Registration No. 07815087
THIRLWELL FORESTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Thirlwell Forestry Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Bankside, The Watermark, Gateshead, Tyne and Wear, NE11 9SY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% Reducing balance
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
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 current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

THIRLWELL FORESTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
THIRLWELL FORESTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 November 2022
20,333
71,894
92,227
Additions
749
-
0
749
At 31 October 2023
21,082
71,894
92,976
Depreciation and impairment
At 1 November 2022
11,778
25,338
37,116
Depreciation charged in the year
2,141
11,640
13,781
At 31 October 2023
13,919
36,978
50,897
Carrying amount
At 31 October 2023
7,163
34,916
42,079
At 31 October 2022
8,555
46,556
55,111
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
12,420
8,142
Other debtors
2,184
1,867
14,604
10,009
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,072
13,491
Corporation tax
16,134
2,898
Other taxation and social security
4,927
5,250
Other creditors
4,554
25,322
26,687
46,961
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20
20
20
20
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