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REGISTERED NUMBER: 00218634 (England and Wales)










Unaudited Financial Statements

For The Year Ended 30 April 2024

for

Forest Products Limited

Forest Products Limited (Registered number: 00218634)






Contents of the Financial Statements
For The Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Forest Products Limited

Company Information
For The Year Ended 30 April 2024







DIRECTORS: J R Freeman
Mrs H S Freeman
J N Baker
R J Freeman
J J Freeman





SECRETARY: R J Freeman





REGISTERED OFFICE: Lightmoor Works
Cinderford
Gloucester
Gloucestershire
GL14 3HU





REGISTERED NUMBER: 00218634 (England and Wales)





ACCOUNTANTS: Kingscott Dix Limited
Chartered Accountants
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

Forest Products Limited (Registered number: 00218634)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,322,082 1,362,779
Investments 5 1,000 1,000
1,323,082 1,363,779

CURRENT ASSETS
Stocks 712,851 864,901
Debtors 6 206,792 207,006
Cash at bank and in hand 28,459 88,410
948,102 1,160,317
CREDITORS
Amounts falling due within one year 7 369,386 471,394
NET CURRENT ASSETS 578,716 688,923
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,901,798

2,052,702

CREDITORS
Amounts falling due after more than one
year

8

(88,040

)

(154,701

)

PROVISIONS FOR LIABILITIES (149,898 ) (171,597 )
NET ASSETS 1,663,860 1,726,404

CAPITAL AND RESERVES
Called up share capital 35,050 35,050
Revaluation reserve 10 349,114 349,114
Retained earnings 1,279,696 1,342,240
SHAREHOLDERS' FUNDS 1,663,860 1,726,404

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Forest Products Limited (Registered number: 00218634)

Balance Sheet - continued
30 April 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2025 and were signed on its behalf by:





J R Freeman - Director


Forest Products Limited (Registered number: 00218634)

Notes to the Financial Statements
For The Year Ended 30 April 2024

1. STATUTORY INFORMATION

Forest Products 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
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 the shorter.
Freehold property - 2% on cost
Long leasehold - 10% on cost
Plant and machinery - 10% on cost and 5% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Forest Products Limited (Registered number: 00218634)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Forest Products Limited (Registered number: 00218634)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
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 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 as incurred.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Non depreciation of investment property
In accordance with IAS 40 investment properties were revalued annually up to 30 April 2016. The requirement of the Companies Act 2006 is to depreciate all properties, but that conflicts with the accounting principle set out in IAS 40. The directors consider the property is not held for consumption but for investment and that to depreciate would not give a true and fair view. Hence IAS 40 as amended by the Financial Reporting Standard for Smaller Entities (effective April 2008) has been adopted.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 28 ) .

Forest Products Limited (Registered number: 00218634)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 May 2023 1,143,064 11,868 757,153
Additions - - -
Disposals - - (30,425 )
At 30 April 2024 1,143,064 11,868 726,728
DEPRECIATION
At 1 May 2023 129,161 11,868 423,800
Charge for year 11,265 - 35,771
Eliminated on disposal - - (18,255 )
At 30 April 2024 140,426 11,868 441,316
NET BOOK VALUE
At 30 April 2024 1,002,638 - 285,412
At 30 April 2023 1,013,903 - 333,353

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 May 2023 207,072 75,380 2,194,537
Additions - 25,561 25,561
Disposals - (9,999 ) (40,424 )
At 30 April 2024 207,072 90,942 2,179,674
DEPRECIATION
At 1 May 2023 191,549 75,380 831,758
Charge for year 4,496 2,556 54,088
Eliminated on disposal - (9,999 ) (28,254 )
At 30 April 2024 196,045 67,937 857,592
NET BOOK VALUE
At 30 April 2024 11,027 23,005 1,322,082
At 30 April 2023 15,523 - 1,362,779

Included in cost or valuation of land and buildings is freehold land of £ 99,632 (2023 - £ 99,632 ) which is not depreciated.

Forest Products Limited (Registered number: 00218634)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 April 2024 is represented by:

Freehold Long Plant and
property leasehold machinery
£    £    £   
Valuation in 2016 500,000 - -
Cost 643,064 11,868 726,728
1,143,064 11,868 726,728

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2016 - - 500,000
Cost 207,072 90,942 1,679,674
207,072 90,942 2,179,674

If investment property had not been revalued it would have been included at the following historical cost:

30.4.24 30.4.23
£    £   
Cost 50,721 50,721
Aggregate depreciation 7,200 7,200

Freehold investment property was valued on an open market valuation basis on 30 April 2016 by the directors.

The net book value above includes amounts attributable to assets subject to hire purchase and finance lease agreements at 30 April 2024 of £Nil (2023:£227,820).

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 1,000
NET BOOK VALUE
At 30 April 2024 1,000
At 30 April 2023 1,000

Forest Products Limited (Registered number: 00218634)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 158,207 162,334
Other debtors 13,816 -
Prepayments and accrued income 34,769 44,672
206,792 207,006

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 15,594 15,338
Other loans 50,000 50,000
Hire purchase contracts - 37,770
Trade creditors 195,138 125,851
Amounts owed to group undertakings 30,567 52,619
Corporation tax - 13,816
Social security and other taxes 44,494 67,130
Other creditors 8,427 7,968
Directors' current accounts - 54,022
Accruals and deferred income 25,166 46,880
369,386 471,394

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans - 1-2 years 15,994 15,638
Bank loans - 2-5 years 17,879 34,896
Other loans - 1-2 years 50,000 50,000
Other loans - 2-5 years 4,167 54,167
88,040 154,701

9. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank loans 49,467 65,872
Hire purchase contracts - 37,770
49,467 103,642

Forest Products Limited (Registered number: 00218634)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

10. RESERVES
Revaluation
reserve
£   
At 1 May 2023
and 30 April 2024 349,114