REGISTERED NUMBER: |
SMERDON TREE SERVICES (STS) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
SMERDON TREE SERVICES (STS) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
SMERDON TREE SERVICES (STS) LIMITED (REGISTERED NUMBER: 04934812) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SMERDON TREE SERVICES (STS) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Limited liability partnership in England & Wales |
Registered number OC312313 |
Elfed House |
Oak Tree Court |
Cardiff Gate Business Park |
CARDIFF |
County of Cardiff |
CF23 8RS |
SMERDON TREE SERVICES (STS) LIMITED (REGISTERED NUMBER: 04934812) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SMERDON TREE SERVICES (STS) LIMITED (REGISTERED NUMBER: 04934812) |
BALANCE SHEET - continued |
31 MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
SMERDON TREE SERVICES (STS) LIMITED (REGISTERED NUMBER: 04934812) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Smerdon Tree Services (STS) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The company's functional and presentational currency in the financial statements is the Sterling (£), rounded to the nearest pound. |
The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There have been no material departures from Financial Reporting Standard 102 Section 1A. |
Going Concern |
As at 31 March 2024 there were net liabilities of £2,314,279. The director considers the going concern basis adopted for these financial statements to be appropriate, based upon his continued support and that of group companies. |
Grants |
Grants towards revenue expenditure are credited to income in the period to which they relate. |
Turnover |
Turnover represents amounts invoiced and to be invoiced in respect of forestry and logging services provided during the year, excluding value added tax. |
Tangible fixed assets |
Tangible fixed assets are initially recorded at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter. |
Land and buildings | - | 2% on cost |
Plant and machinery | - | 10% - 25% per annum on cost |
Fixtures and fittings | - | 25% on cost |
Motor vehicles | - | 12.5% on cost |
Race horses | - | 33% on cost |
Investment properties |
Investment property is included at fair value. Gains are recognised in the profit and loss statement. Deferred taxation is provided on these gains at the rate expected to apply when the asset is sold. |
Taxation |
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. |
SMERDON TREE SERVICES (STS) LIMITED (REGISTERED NUMBER: 04934812) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
Employer financed retirement benefit scheme |
In previous years the company made contributions into The Smerdon Tree Services (STS) Limited Employer Financed Retirement Benefit Scheme ("The Scheme") for the benefit of its officers, employees and their wider families. |
In accordance with Financial Reporting Standard 102 Section 1A the company does not include the assets and liabilities of The Scheme on its balance sheet to the extent that it considers that it will not retain any economic benefit from the assets of The Scheme and will not have control of the rights or other access to those present economic benefits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SMERDON TREE SERVICES (STS) LIMITED (REGISTERED NUMBER: 04934812) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Race |
machinery | Fittings | vehicles | horses | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 April 2023 |
Revaluations |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
£ |
Valuation in 2024 | 720,000 |
The investment property was valued on a fair value basis at 31 March 2024 by the director who does not have a formal valuation qualification. In valuing the property the director has considered the potential sales values. |
6. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Social security and other tax | 9,339 | - |
Prepayments and accrued income |
SMERDON TREE SERVICES (STS) LIMITED (REGISTERED NUMBER: 04934812) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | DEBTORS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Deferred tax | 102,043 | 85,272 |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Hire purchase contracts and finance leases |
Trade creditors |
Social security and other taxes |
VAT | 574,020 | 408,703 |
Other creditors |
Director's current account | 200,000 | 200,000 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Hire purchase contracts and finance leases |
Other creditors - 2-5 years |
Other creditors due >5 years | 2,528,467 | 2,458,466 |
Director's loan account | 1,693,478 | 1,245,242 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts and finance leases | 42,570 | 216,465 |
The NatWest business interruption loan is secured on a fixed and floating charge over freehold property, Old School, Commercial Street, Bedlinog, Treharris, an asset held by another group company. |
Hire purchase contracts and finance leases are secured on the asset to which they relate. |
SMERDON TREE SERVICES (STS) LIMITED (REGISTERED NUMBER: 04934812) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
11. | OTHER FINANCIAL COMMITMENTS |
The company has operating lease commitments regarding property rental of £49,645 (2023: £69,395) and regarding equipment rental of £2,030 (2023: £2,870). |