Company Registration No. SC695459 (Scotland)
Forestry ITC Ltd
Unaudited accounts
for the year ended 30 April 2024
Forestry ITC Ltd
Unaudited accounts
Contents
Forestry ITC Ltd
Company Information
for the year ended 30 April 2024
Company Number
SC695459 (Scotland)
Registered Office
Summit House
4-5 Mitchell Street
Edinburgh
EH6 7BD
United Kingdom
Forestry ITC Ltd
Statement of financial position
as at 30 April 2024
Tangible assets
27,964
28,500
Cash at bank and in hand
1,013
3,000
Creditors: amounts falling due within one year
(25,910)
(31,350)
Net current liabilities
(22,624)
(28,350)
Called up share capital
150
150
Profit and loss account
5,190
-
Shareholders' funds
5,340
150
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 January 2025 and were signed on its behalf by
Eloff Groenewald
Director
Company Registration No. SC695459
Forestry ITC Ltd
Notes to the Accounts
for the year ended 30 April 2024
Forestry ITC Ltd is a private company, limited by shares, registered in Scotland, registration number SC695459. The registered office is Summit House, 4-5 Mitchell Street, Edinburgh, EH6 7BD, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
5% - straight line method
Fixtures & fittings
25% - straight line method
Computer equipment
25% - straight line method
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 May 2023
28,500
-
-
28,500
At 30 April 2024
28,500
737
326
29,563
Charge for the year
1,500
68
31
1,599
At 30 April 2024
1,500
68
31
1,599
At 30 April 2024
27,000
669
295
27,964
At 30 April 2023
28,500
-
-
28,500
Forestry ITC Ltd
Notes to the Accounts
for the year ended 30 April 2024
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
2,395
1,660
Loans from directors
22,136
27,924
Allotted, called up and fully paid:
150 Ordinary shares of £1 each
150
150
8
Transactions with related parties
At 30 April 2024, the Company owed the Director £18,665.54 (2023: £27,923.47).
Amounts owed to directors are unsecured, interest-free and have no fixed terms of repayment.
9
Average number of employees
During the year the average number of employees was 1 (2023: 1).