Caseware UK (AP4) 2023.0.135 2023.0.135 Other creditors includes £756,551 (2022: £2,207,338) relating to client balances represented by cash held in a restricted client bank account and debtors. The Company's bank loan is guaranteed by a secured debenture dated 12 October 2016, incorporating a fixed and floating charge over the Company's current and future assets.false2023-01-014139truetrue 07910966 2023-01-01 2023-12-31 07910966 2022-01-01 2022-12-31 07910966 2023-12-31 07910966 2022-12-31 07910966 2022-01-01 07910966 1 2023-01-01 2023-12-31 07910966 d:Director2 2023-01-01 2023-12-31 07910966 c:PlantMachinery 2023-01-01 2023-12-31 07910966 c:PlantMachinery 2023-12-31 07910966 c:PlantMachinery 2022-12-31 07910966 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07910966 c:MotorVehicles 2023-01-01 2023-12-31 07910966 c:MotorVehicles 2023-12-31 07910966 c:MotorVehicles 2022-12-31 07910966 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07910966 c:OfficeEquipment 2023-01-01 2023-12-31 07910966 c:OfficeEquipment 2023-12-31 07910966 c:OfficeEquipment 2022-12-31 07910966 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07910966 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07910966 c:Goodwill 2023-01-01 2023-12-31 07910966 c:Goodwill 2023-12-31 07910966 c:Goodwill 2022-12-31 07910966 c:ComputerSoftware 2023-12-31 07910966 c:ComputerSoftware 2022-12-31 07910966 c:CurrentFinancialInstruments 2023-12-31 07910966 c:CurrentFinancialInstruments 2022-12-31 07910966 c:Non-currentFinancialInstruments 2023-12-31 07910966 c:Non-currentFinancialInstruments 2022-12-31 07910966 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 07910966 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 07910966 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 07910966 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 07910966 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-12-31 07910966 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-12-31 07910966 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 07910966 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-12-31 07910966 c:ShareCapital 2023-01-01 2023-12-31 07910966 c:ShareCapital 2023-12-31 07910966 c:ShareCapital 2022-01-01 2022-12-31 07910966 c:ShareCapital 2022-12-31 07910966 c:ShareCapital 2022-01-01 07910966 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07910966 c:RetainedEarningsAccumulatedLosses 2023-12-31 07910966 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07910966 c:RetainedEarningsAccumulatedLosses 2022-12-31 07910966 c:RetainedEarningsAccumulatedLosses 2022-01-01 07910966 d:OrdinaryShareClass1 2023-01-01 2023-12-31 07910966 d:OrdinaryShareClass1 2023-12-31 07910966 d:OrdinaryShareClass1 2022-12-31 07910966 d:FRS102 2023-01-01 2023-12-31 07910966 d:Audited 2023-01-01 2023-12-31 07910966 d:FullAccounts 2023-01-01 2023-12-31 07910966 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07910966 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07910966 c:Goodwill c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 07910966 c:ComputerSoftware c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 07910966 c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 07910966 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07910966 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07910966 c:OtherDeferredTax 2023-12-31 07910966 c:OtherDeferredTax 2022-12-31 07910966 c:Goodwill c:OwnedIntangibleAssets 2023-01-01 2023-12-31 07910966 c:ComputerSoftware c:OwnedIntangibleAssets 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure





07910966
31/12/2023














Fountains Forestry UK Limited
Registered number: 07910966
Audited financial statements
 
Information for filing with the Registrar

For the year ended 31 December 2023

 
 07910966
31 December 2023
Fountains Forestry UK Limited
Registered number: 07910966

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
100,588
121,275

Tangible assets
 6 
59,127
59,299

  
159,715
180,574

Current assets
  

Debtors: amounts falling due within one year
 7 
4,147,192
4,631,078

Cash at bank and in hand
 8 
856,809
1,471,806

  
5,004,001
6,102,884

Creditors: amounts falling due within one year
 9 
(1,839,941)
(3,249,092)

Net current assets
  
 
 
3,164,060
 
 
2,853,792

Total assets less current liabilities
  
3,323,775
3,034,366

Creditors: amounts falling due after more than one year
 10 
(15,132)
(25,002)

Provisions for liabilities
  

Deferred tax
 12 
(3,212)
(7,488)

  
 
 
(3,212)
 
 
(7,488)

Net assets
  
3,305,431
3,001,876


Capital and reserves
  

Called up share capital 
 13 
700,001
700,001

Profit and loss account
  
2,605,430
2,301,875

  
3,305,431
3,001,876


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

The Company has opted not to file the statement of comprehensive income 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: 



Mr J Murray
Director
Page 1

 
 07910966
31 December 2023
Fountains Forestry UK Limited
Registered number: 07910966
    
Balance Sheet (continued)
As at 31 December 2023


Date: 24 October 2024

Page 2

 
 07910966
31 December 2023
Fountains Forestry UK Limited
 

Statement of Changes in Equity
For the Year Ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
700,001
1,609,077
2,309,078


Comprehensive income for the year

Profit for the year
-
692,798
692,798


Total transactions with owners
-
-
-



At 1 January 2023
700,001
2,301,875
3,001,876


Comprehensive income for the year

Profit for the year
-
303,555
303,555


Total transactions with owners
-
-
-


At 31 December 2023
700,001
2,605,430
3,305,431


The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
 07910966
31 December 2023
Fountains Forestry UK Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

Fountains Forestry UK Limited is a private company limited by shares, incorporated in England and Wales under the Companies Act and domiciled in England. 
The address of the registered office is Court Barn Highfield Farm, Clyst Road, Topsham, Exeter, EX3 0BY and the registered number is 07910966. 
The principal activity of the company throughout the year continued to be that of the provision of forestry management service.
The accounts are prepared in Sterling, which is considered to be the functional currency of the company, and are rounded to the nearest £1.

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 ("FRS 102"), the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors are satisfied that the Company has adequate resources for its foreseeable needs given current forecasts and availability of liquid resources. The Company will also receive on-going financial support from the parent company.

Escalating inflation is a concern for the Company and our clients however, increasing demand for both timber and forestry property provide strong indicators for the stability of the industry. 
In view of the above the directors believe that it is appropriate to prepare the financial statements on
a going concern basis.

Page 4

 
 07910966
31 December 2023
Fountains Forestry UK Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
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 Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

Page 5

 
 07910966
31 December 2023
Fountains Forestry UK Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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

Turnover 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 turnover 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

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
 07910966
31 December 2023
Fountains Forestry UK Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

Page 7

 
 07910966
31 December 2023
Fountains Forestry UK Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

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.

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:

Plant and machinery
-
3 - 5 years straight line
Motor vehicles
-
5 years straight line
Office equipment
-
5 years 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.

 
2.12

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.

Page 8

 
 07910966
31 December 2023
Fountains Forestry UK Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Page 9

 
 07910966
31 December 2023
Fountains Forestry UK Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results in the future could differ from these estimates. The directors confirm there are no estimates and assumptions, other than Going Concern, the directors' views on which are outlined at Note 2.2, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


4.


Employees

The average monthly number of employees, including directors, during the year was 41 (2022 - 39).


5.


Intangible assets




Software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
117,900
622,043
739,943


Additions
11,727
-
11,727



At 31 December 2023

129,627
622,043
751,670



Amortisation


At 1 January 2023
81,081
537,587
618,668


Charge for the year 
19,625
12,789
32,414



At 31 December 2023

100,706
550,376
651,082



Net book value



At 31 December 2023
28,921
71,667
100,588



At 31 December 2022
36,819
84,456
121,275


Page 10

 
 07910966
31 December 2023
Fountains Forestry UK Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023
 
           5.Intangible assets (continued)



6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost 


At 1 January 2023
4,276
14,370
112,138
130,784


Additions
6,019
-
17,436
23,455


Disposals
-
-
(890)
(890)



At 31 December 2023

10,295
14,370
128,684
153,349



Depreciation


At 1 January 2023
2,364
6,677
62,444
71,485


Charge for the year on owned assets
468
2,874
19,440
22,782


Disposals
-
-
(45)
(45)



At 31 December 2023

2,832
9,551
81,839
94,222



Net book value



At 31 December 2023
7,463
4,819
46,845
59,127



At 31 December 2022
1,912
7,693
49,694
59,299


7.


Debtors

2023
2022
£
£


Trade debtors
1,088,057
1,628,476

Amounts owed by group undertakings
2,245,085
2,084,085

Other debtors
73,767
295,632

Prepayments and accrued income
740,283
622,885

4,147,192
4,631,078


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Page 11

 
 07910966
31 December 2023
Fountains Forestry UK Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
856,809
1,471,806

856,809
1,471,806



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,648
10,648

Trade creditors
589,116
242,696

Corporation tax
17,376
159,257

Other taxation and social security
122,232
272,383

Other creditors
965,319
2,456,598

Accruals and deferred income
135,250
107,510

1,839,941
3,249,092


Other creditors includes £756,551 (2022: £2,207,338) relating to client balances represented by cash held in a restricted client bank account and debtors. 


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,132
25,002

15,132
25,002


Page 12

 
 07910966
31 December 2023
Fountains Forestry UK Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,648
10,648

Amounts falling due 1-2 years

Bank loans
10,648
10,648

Amounts falling due 2-5 years

Bank loans
4,484
14,354


25,780
35,650


The Company's bank loan is guaranteed by a secured debenture dated 12 October 2016, incorporating a fixed and floating charge over the Company's current and future assets.


12.


Deferred taxation




2023


£






At beginning of year
(7,488)


Charged to profit or loss
4,276



At end of year
(3,212)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(12,542)
(14,600)

Short term timing differences
9,330
7,112

(3,212)
(7,488)

Page 13

 
 07910966
31 December 2023
Fountains Forestry UK Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



700,001 (2022 - 700,001) Ordinary shares of £1.00 each
700,001
700,001



14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.


15.


Related party transactions

The company has taken advantage of the exemption conferred by Financial Reporting Standard 102 "Related party disclosures" not to disclose transactions with members of the Group headed by F&W Forestry Services, Inc.


16.


Post balance sheet events

There are no significant events after the year-end.


17.


Immediate and ultimate parent undertaking and controlling party

The immediate and ultimate parent undertaking and controlling party is F&W Forestry Services, Inc. Copies of the financial statements of F&W Forestry Services, Inc are available from 1310 West Oakridge Drive, Albany, GA 31707.


18.


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 24 October 2024 by Jonathan Marchant (Senior Statutory Auditor) on behalf of Forvis Mazars LLP.

Page 14