Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Derek Ronald Cowie 18/03/2019 Daisy Jean Dunnett 18/03/2019 Dorothy Janette Dunnett 21/11/2022 John Harrison 18/03/2019 04 December 2024 The principal activity of the Company during the financial year continued to be that of forestry contracting. SC624112 2024-03-31 SC624112 bus:Director1 2024-03-31 SC624112 bus:Director2 2024-03-31 SC624112 bus:Director3 2024-03-31 SC624112 bus:Director4 2024-03-31 SC624112 2023-03-31 SC624112 core:CurrentFinancialInstruments 2024-03-31 SC624112 core:CurrentFinancialInstruments 2023-03-31 SC624112 core:ShareCapital 2024-03-31 SC624112 core:ShareCapital 2023-03-31 SC624112 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC624112 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC624112 core:PlantMachinery 2023-03-31 SC624112 core:Vehicles 2023-03-31 SC624112 core:FurnitureFittings 2023-03-31 SC624112 core:PlantMachinery 2024-03-31 SC624112 core:Vehicles 2024-03-31 SC624112 core:FurnitureFittings 2024-03-31 SC624112 core:CostValuation 2023-03-31 SC624112 core:CostValuation 2024-03-31 SC624112 bus:OrdinaryShareClass1 2024-03-31 SC624112 2023-04-01 2024-03-31 SC624112 bus:FilletedAccounts 2023-04-01 2024-03-31 SC624112 bus:SmallEntities 2023-04-01 2024-03-31 SC624112 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC624112 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC624112 bus:Director1 2023-04-01 2024-03-31 SC624112 bus:Director2 2023-04-01 2024-03-31 SC624112 bus:Director3 2023-04-01 2024-03-31 SC624112 bus:Director4 2023-04-01 2024-03-31 SC624112 core:PlantMachinery 2023-04-01 2024-03-31 SC624112 core:Vehicles 2023-04-01 2024-03-31 SC624112 core:FurnitureFittings 2023-04-01 2024-03-31 SC624112 2022-04-01 2023-03-31 SC624112 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC624112 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC624112 (Scotland)

FASQUE FORESTRY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

FASQUE FORESTRY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

FASQUE FORESTRY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
FASQUE FORESTRY LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 65,429 41,437
Investments 4 50 50
65,479 41,487
Current assets
Stocks 16,077 176,906
Debtors 5 919,410 769,210
Cash at bank and in hand 69,224 184,119
1,004,711 1,130,235
Creditors: amounts falling due within one year 6 ( 1,820,283) ( 1,775,589)
Net current liabilities (815,572) (645,354)
Total assets less current liabilities (750,093) (603,867)
Net liabilities ( 750,093) ( 603,867)
Capital and reserves
Called-up share capital 7 112 112
Profit and loss account ( 750,205 ) ( 603,979 )
Total shareholders' deficit ( 750,093) ( 603,867)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Fasque Forestry Limited (registered number: SC624112) were approved and authorised for issue by the Board of Directors on 04 December 2024. They were signed on its behalf by:

Daisy Jean Dunnett
Director
FASQUE FORESTRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
FASQUE FORESTRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fasque Forestry Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Fasque Estate Office, Balnakettle Farm, Fettercairn, AB30 1DS, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £750,093. The Company is supported through loans from a partnership in which the directors have an interest. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for sawmill goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 10 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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).

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs .

Basic financial liabilities
Basic financial liabilities including creditors, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 8

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 34,339 14,720 970 50,029
Additions 31,449 0 0 31,449
At 31 March 2024 65,788 14,720 970 81,478
Accumulated depreciation
At 01 April 2023 7,968 427 197 8,592
Charge for the financial year 4,521 2,859 77 7,457
At 31 March 2024 12,489 3,286 274 16,049
Net book value
At 31 March 2024 53,299 11,434 696 65,429
At 31 March 2023 26,371 14,293 773 41,437

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 50 50
At 31 March 2024 50 50
Carrying value at 31 March 2024 50 50
Carrying value at 31 March 2023 50 50

5. Debtors

2024 2023
£ £
Trade debtors 787,572 645,189
Other debtors 131,838 124,021
919,410 769,210

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,050,488 943,502
Other taxation and social security 28,580 34,858
Other creditors 741,215 797,229
1,820,283 1,775,589

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
112 Ordinary shares of £ 1.00 each 112 112

8. Related party transactions

Other related party transactions

2024 2023
£ £
Amounts due to entities in which the directors have an interest (1,560,499) (1,572,939)
Amounts due from entities in which the directors have an interest 655,567 614,867

The above related party balances are unsecured, interest free and have no fixed terms of repayment.