Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-311The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseForestry contractors2023-01-011truetrue 07383936 2023-01-01 2023-12-31 07383936 2022-01-01 2022-12-31 07383936 2023-12-31 07383936 2022-12-31 07383936 c:Director1 2023-01-01 2023-12-31 07383936 d:PlantMachinery 2023-01-01 2023-12-31 07383936 d:PlantMachinery 2023-12-31 07383936 d:PlantMachinery 2022-12-31 07383936 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07383936 d:MotorVehicles 2023-01-01 2023-12-31 07383936 d:MotorVehicles 2023-12-31 07383936 d:MotorVehicles 2022-12-31 07383936 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07383936 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07383936 d:Goodwill 2023-01-01 2023-12-31 07383936 d:Goodwill 2023-12-31 07383936 d:Goodwill 2022-12-31 07383936 d:CurrentFinancialInstruments 2023-12-31 07383936 d:CurrentFinancialInstruments 2022-12-31 07383936 d:Non-currentFinancialInstruments 2023-12-31 07383936 d:Non-currentFinancialInstruments 2022-12-31 07383936 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07383936 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07383936 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07383936 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07383936 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 07383936 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 07383936 d:ShareCapital 2023-12-31 07383936 d:ShareCapital 2022-12-31 07383936 d:RetainedEarningsAccumulatedLosses 2023-12-31 07383936 d:RetainedEarningsAccumulatedLosses 2022-12-31 07383936 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 07383936 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 07383936 c:FRS102 2023-01-01 2023-12-31 07383936 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07383936 c:FullAccounts 2023-01-01 2023-12-31 07383936 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07383936 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 07383936 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 07383936 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 07383936 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 07383936 2 2023-01-01 2023-12-31 07383936 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 07383936 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 07383936 d:LeasedAssetsHeldAsLessee 2023-12-31 07383936 d:LeasedAssetsHeldAsLessee 2022-12-31 07383936 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 07383936 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 07383936









SHERWOOD FORESTRY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SHERWOOD FORESTRY LIMITED
REGISTERED NUMBER: 07383936

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
20,000
25,000

Tangible assets
 5 
1,322,149
903,897

  
1,342,149
928,897

Current assets
  

Stocks
 6 
102,000
99,500

Debtors: amounts falling due within one year
 7 
70,159
18,388

Cash at bank and in hand
 8 
36,030
49,414

  
208,189
167,302

Creditors: amounts falling due within one year
 9 
(506,786)
(436,899)

Net current liabilities
  
 
 
(298,597)
 
 
(269,597)

Total assets less current liabilities
  
1,043,552
659,300

Creditors: amounts falling due after more than one year
 10 
(610,778)
(477,557)

  

Net assets
  
432,774
181,743


Capital and reserves
  

Called up share capital 
  
50,100
50,100

Profit and loss account
  
382,674
131,643

  
432,774
181,743


Page 1

 
SHERWOOD FORESTRY LIMITED
REGISTERED NUMBER: 07383936
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 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 on 21 November 2024.





................................................
Toby Sherwood
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
SHERWOOD FORESTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Sherwood Forestry Limited is a private company limited by shares, incorporated in England and Wales. The principal activity of the Company is that of forestry contractors.

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

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.

Page 3

 
SHERWOOD FORESTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

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

 
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.

Page 4

 
SHERWOOD FORESTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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 income and retained earnings 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.

 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% reducing balance
Motor vehicles
-
20% reducing balance

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

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
SHERWOOD FORESTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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 6

 
SHERWOOD FORESTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

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

Page 7

 
SHERWOOD FORESTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
50,000



At 31 December 2023

50,000



Amortisation


At 1 January 2023
25,000


Charge for the year on owned assets
5,000



At 31 December 2023

30,000



Net book value



At 31 December 2023
20,000



At 31 December 2022
25,000



Page 8

 
SHERWOOD FORESTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 January 2023
1,699,366
66,265
1,765,631


Additions
725,076
8,241
733,317


Disposals
(379,508)
-
(379,508)



At 31 December 2023

2,044,934
74,506
2,119,440



Depreciation


At 1 January 2023
812,731
49,003
861,734


Charge for the year on owned assets
144,639
5,100
149,739


Disposals
(214,182)
-
(214,182)



At 31 December 2023

743,188
54,103
797,291



Net book value



At 31 December 2023
1,301,746
20,403
1,322,149



At 31 December 2022
886,635
17,262
903,897

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
947,948
608,290

947,948
608,290

Page 9

 
SHERWOOD FORESTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2023
2022
£
£

Work in progress
43,000
38,000

Stock in hand
59,000
61,500

102,000
99,500



7.


Debtors

2023
2022
£
£


Trade debtors
66,741
6,442

Other debtors
855
1,251

Prepayments and accrued income
2,563
10,695

70,159
18,388



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
36,030
49,414

36,030
49,414


Page 10

 
SHERWOOD FORESTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
56,564
56,564

Payments received on account
19,039
20,514

Trade creditors
109,041
86,822

Other taxation and social security
70,504
37,851

Obligations under finance lease and hire purchase contracts
200,852
170,899

Other creditors
48,541
62,139

Accruals and deferred income
2,245
2,110

506,786
436,899


The following liabilities were secured:

2023
2022
£
£



Hire purchase
200,852
170,899

200,852
170,899

Barclays Bank PLC are entitled to a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.
Obligations under finance lease and hire purchase contracts are secured on the relevant assets. 

Page 11

 
SHERWOOD FORESTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
41,449
98,013

Net obligations under finance leases and hire purchase contracts
568,901
379,116

Other creditors
428
428

610,778
477,557


The following liabilities were secured:

2023
2022
£
£



Hire purchase
568,901
379,116

Bank Loan
41,449
98,013

610,350
477,129

Details of security provided:

Barclays Bank PLC are entitled to a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.
The bank loan has a Government CBIL guarantee.
Obligations under finance lease and hire purchase contracts are secured on the relevant assets. 


11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
56,564
56,564

Amounts falling due 1-2 years

Bank loans
41,449
98,013



98,013
154,577


Page 12

 
SHERWOOD FORESTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
200,852
170,899

Between 1-5 years
568,901
379,116

769,753
550,015


13.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
36,030
49,414




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand. 


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. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,623 (2022 - £6,355). Contributions totalling £nil (2022 - £2,149) were payable to the fund at the balance sheet date.


15.


Controlling party

The Company is controlled by the director Toby Sherwood and his wife, Vanessa Sherwood, by virtue of their shareholding, as described in the Director's report. 

 
Page 13