European Forest Machinery Limited SC206862 false 2023-10-01 2024-01-31 2024-01-31 The principal activity of the company is specialising in forestry equipment and cranes. Digita Accounts Production Advanced 6.30.9574.0 true true SC206862 2023-10-01 2024-01-31 SC206862 2024-01-31 SC206862 core:CapitalRedemptionReserve 2024-01-31 SC206862 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC206862 core:ShareCapital 2024-01-31 SC206862 core:CurrentFinancialInstruments 2024-01-31 SC206862 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 SC206862 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 SC206862 core:FurnitureFittingsToolsEquipment 2024-01-31 SC206862 core:LandBuildings 2024-01-31 SC206862 core:MotorVehicles 2024-01-31 SC206862 core:OtherPropertyPlantEquipment 2024-01-31 SC206862 bus:SmallEntities 2023-10-01 2024-01-31 SC206862 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-01-31 SC206862 bus:FilletedAccounts 2023-10-01 2024-01-31 SC206862 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-01-31 SC206862 bus:RegisteredOffice 2023-10-01 2024-01-31 SC206862 bus:CompanySecretaryDirector1 2023-10-01 2024-01-31 SC206862 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-01-31 SC206862 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-01-31 SC206862 core:LandBuildings 2023-10-01 2024-01-31 SC206862 core:MotorVehicles 2023-10-01 2024-01-31 SC206862 core:OtherPropertyPlantEquipment 2023-10-01 2024-01-31 SC206862 core:PlantMachinery 2023-10-01 2024-01-31 SC206862 countries:Scotland 2023-10-01 2024-01-31 SC206862 2023-09-30 SC206862 core:FurnitureFittingsToolsEquipment 2023-09-30 SC206862 core:LandBuildings 2023-09-30 SC206862 core:MotorVehicles 2023-09-30 SC206862 core:OtherPropertyPlantEquipment 2023-09-30 SC206862 2022-10-01 2023-09-30 SC206862 2023-09-30 SC206862 core:CapitalRedemptionReserve 2023-09-30 SC206862 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC206862 core:ShareCapital 2023-09-30 SC206862 core:CurrentFinancialInstruments 2023-09-30 SC206862 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 SC206862 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 SC206862 core:FurnitureFittingsToolsEquipment 2023-09-30 SC206862 core:LandBuildings 2023-09-30 SC206862 core:MotorVehicles 2023-09-30 SC206862 core:OtherPropertyPlantEquipment 2023-09-30 iso4217:GBP xbrli:pure

Company Registration number: SC206862

European Forest Machinery Limited

Annual Report and Unaudited
Financial Statements


for the Period from 1 October 2023 to
31 January 2024

 

European Forest Machinery Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 7

 

European Forest Machinery Limited

Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

255,501

266,282

Current assets

 

Stocks

996,265

858,097

Debtors

5

131,160

250,237

Cash at bank and in hand

 

13,763

1,625

 

1,141,188

1,109,959

Creditors: Amounts falling due within one year

6

(929,954)

(890,897)

Net current assets

 

211,234

219,062

Total assets less current liabilities

 

466,735

485,344

Creditors: Amounts falling due after more than one year

6

(74,235)

(84,519)

Net assets

 

392,500

400,825

Capital and reserves

 

Called up share capital

900

900

Capital redemption reserve

100

100

Retained earnings

391,500

399,825

Shareholders' funds

 

392,500

400,825

 

European Forest Machinery Limited

Balance Sheet as at 31 January 2024 (continued)

For the financial period ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 October 2024 and signed on its behalf by:
 

.........................................
Mr W J Wilson
Company secretary and director

Company registration number: SC206862

 

European Forest Machinery Limited

Notes to the financial statements for the Period from 1 October 2023 to 31 January 2024

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit 1
Industrial Site
Coast Road
Dalbeattie
DG5 4QU

These financial statements were authorised for issue by the Board on 15 October 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

 

European Forest Machinery Limited

Notes to the financial statements for the Period from 1 October 2023 to 31 January 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

 

European Forest Machinery Limited

Notes to the financial statements for the Period from 1 October 2023 to 31 January 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line

Plant and machinery

15% reducing balance

Equipment, fixtures and fittings

20% reducing balance

Motor vehicles

33% reducing balance

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the period, was 0 (2023 - 0).

 

European Forest Machinery Limited

Notes to the financial statements for the Period from 1 October 2023 to 31 January 2024 (continued)

4

TANGIBLE ASSETS

Land and buildings
£

Plant and machinery
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

56,365

544,660

16,733

11,174

628,932

At 31 January 2024

56,365

544,660

16,733

11,174

628,932

Depreciation

At 1 October 2023

17,546

320,485

14,174

10,444

362,649

Charge for the period

376

10,155

171

80

10,782

At 31 January 2024

17,922

330,640

14,345

10,524

373,431

Carrying amount

At 31 January 2024

38,443

214,020

2,388

650

255,501

At 30 September 2023

38,819

224,174

2,559

730

266,282

5

DEBTORS

Current

2024
£

2023
£

Trade debtors

14,745

138,646

Prepayments

103,145

86,394

Other debtors

13,270

25,197

 

131,160

250,237

 

European Forest Machinery Limited

Notes to the financial statements for the Period from 1 October 2023 to 31 January 2024 (continued)

6

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

239,682

240,942

Trade creditors

 

503,974

457,659

Taxation and social security

 

480

-

Accruals and deferred income

 

82,556

76,366

Other creditors

 

103,262

115,930

 

929,954

890,897


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £229,682 (2023 - £230,942).

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Loans and borrowings

74,235

84,519


Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £59,218 (2023 - £66,185).