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Company Registration Number:  SC643927



















GREENGOLD TIMBERLANDS 1 LIMITED
FINANCIAL STATEMENTS
 31 DECEMBER 2023


















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GREENGOLD TIMBERLANDS 1 LIMITED
 
FINANCIAL STATEMENTS
REGISTERED NUMBER: SC643927

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
47,572,573
44,768,709

  
47,572,573
44,768,709

Current assets
  

Debtors: amounts falling due within one year
 5 
262,959
90,240

Cash at bank and in hand
 6 
572,073
62,602

  
835,032
152,842

Creditors: amounts falling due within one year
 7 
(373,063)
(160,687)

Net current assets/(liabilities)
  
 
 
461,969
 
 
(7,845)

Total assets less current liabilities
  
48,034,542
44,760,864

  

Net assets
  
48,034,542
44,760,864


Capital and reserves
  

Called up share capital 
 10 
44,840,140
42,390,140

Capital redemption reserve
  
1,831,708
1,831,708

Profit and loss account
  
1,362,694
539,016

  
48,034,542
44,760,864


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.


The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C S Kling
Director

Date: 2 April 2024

The notes on pages 2 to 10 form part of these financial statements.

Page 1

 
GREENGOLD TIMBERLANDS 1 LIMITED

FINANCIAL STATEMENTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

GreenGold Timberlands 1 Limited is a private company, limited by shares, registered in Scotland. The company's registered number is SC643927 and registered office address is Unit 4, Ancaster Business Centre, Cross Street, Callander, FK17 8EA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations of the next 12 months. The company continues to strengthen its balance sheet and in the 2023 year has returned to a net current assets position. The company meets its obligations through ongoing support from the company's parent entity, GreenGold Group AB, through a mixture of equity and flexible short term lending. GreenGold Group AB will continue to support the company for at least 12 months from the date of signing the financial statements. The directors, therefore, having made an informed judgment, at the time of approving the financial statements, state that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
GREENGOLD TIMBERLANDS 1 LIMITED

FINANCIAL STATEMENTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
GREENGOLD TIMBERLANDS 1 LIMITED

FINANCIAL STATEMENTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
GREENGOLD TIMBERLANDS 1 LIMITED

FINANCIAL STATEMENTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Forestry land
-
No Depreciation
Agricultural land
-
No Depreciation
Motor vehicles
-
25%
Straight-line
Fixtures and fittings
-
25%
Straight-line
Computer equipment
-
25%
Straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
GREENGOLD TIMBERLANDS 1 LIMITED

FINANCIAL STATEMENTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 6

 


 
GREENGOLD TIMBERLANDS 1 LIMITED

FINANCIAL STATEMENTS


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


4.


Tangible fixed assets






Forestry land
Agricultural land
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
44,745,933
-
26,257
1,477
2,631
44,776,298


Additions
2,811,455
-
-
-
-
2,811,455


Transfers between classes
(2,774,137)
2,774,137
-
-
-
-



At 31 December 2023

44,783,251
2,774,137
26,257
1,477
2,631
47,587,753



Depreciation


At 1 January 2023
-
-
6,562
367
660
7,589


Charge for the year on owned assets
-
-
6,564
369
658
7,591



At 31 December 2023

-
-
13,126
736
1,318
15,180



Net book value



At 31 December 2023
44,783,251
2,774,137
13,131
741
1,313
47,572,573



At 31 December 2022
44,745,933
-
19,695
1,110
1,971
44,768,709

The land purchased during the 2022 financial year has been reclassified as agricultural land as opposed to forestry land due to the fact that tree planting has not yet taken place by the balance sheet date.

Page 7

 
GREENGOLD TIMBERLANDS 1 LIMITED

FINANCIAL STATEMENTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
233,915
71,193

Other debtors
8,518
19,047

Prepayments and accrued income
18,457
-

Deferred taxation
2,069
-

262,959
90,240



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
572,073
62,602

572,073
62,602



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
23,666
125,605

Corporation tax
50,689
10,870

Other taxation and social security
96,979
433

Other creditors
584
-

Accruals and deferred income
201,145
23,779

373,063
160,687


Page 8

 
GREENGOLD TIMBERLANDS 1 LIMITED

FINANCIAL STATEMENTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023


£






Charged to profit or loss
2,069



At end of year
2,069

The deferred tax asset is made up as follows:

2023
2022
£
£


Fixed asset timing differences
2,004
-

Short term timing differences
65
-

2,069
-


9.


Secured Debts

The company has granted a Standard Security over the whole of the subjects known as "Todholes Wood" iin favour of Mr Peter Lewis Simpson and Mrs Isobel Rosemary Simpson in respect of all obligations and debts that may become due.
The company has granted a Standard Security over the whole of the subjects known as "Kirtleton North Forest" in favour of The Church Comissioners for England in respect of all obligations and debts that may become due. The charge includes a negative pledge.
The company has granted a Standard Security over the whole of the subjects known as "Kirtleton North Forest" in favour of Gresham House Management Limited in respect of all obligations and debts that may become due.
The company has granted a Standard Security over the whole of the subjects known as "Kirtleton North Forest" in favour of Upm-Kymmene (UK) Limited in respect of all obligations and debts that may become due.
The company has granted a Standard Security over the whole of the subjects known as "Cnoc an Devora" iin favour of Wemyss Forestry Developments Limited in respect of all obligations and debts that may become due.
The company has granted a Standard Security over the whole of the subjects known as "Sworedale Forest" in favour of E Power Limited in respect of all obligations and debts that may become due.

Page 9

 
GREENGOLD TIMBERLANDS 1 LIMITED

FINANCIAL STATEMENTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



19,906,900 (2022 - 17,456,900) Ordinary shares of £1.00 each
19,906,900
17,456,900
30,040,048 (2022 - 30,040,048) Ordinary shares of £0.83 each
24,933,240
24,933,240

44,840,140

42,390,140


2,450,000 Ordinary 1 GBP shares were issued during the period at par leading to a Sterling value of  £2,450,000.


11.


Related party transactions

The company is a subsidiary of GreenGold Group AB, a company registered in Sweden. The company has taken advantage of the exemption under section 33.1A from disclosing related party transactions with group members which are wholly owned. 


12.


Controlling party

The immediate parent and ultimate controlling party is GreenGold Group AB, a company registered in Sweden. The largest group in which the results of the company are included is that headed by GreenGold Group AB.

13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 2 April 2024 by Andrew Shaw (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.

Page 10