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REGISTERED NUMBER: 09553908 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Forwood Production Limited

Forwood Production Limited (Registered number: 09553908)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Forwood Production Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Mr N J Bacon
Mrs I M Bacon
Mrs L Grimwood
Mr J B Thomson
Mr B Thomson
Mr M V C Worrall





REGISTERED OFFICE: Theberton Hall Farm
Theberton
Leiston
Suffolk
IP16 4SE





REGISTERED NUMBER: 09553908 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Forwood Production Limited (Registered number: 09553908)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,771,121 1,943,218

CURRENT ASSETS
Stocks 109,834 36,507
Debtors 5 320,898 401,143
Investments 6 20 20
Cash at bank and in hand 372,297 100,275
803,049 537,945
CREDITORS
Amounts falling due within one year 7 901,943 400,207
NET CURRENT (LIABILITIES)/ASSETS (98,894 ) 137,738
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,672,227

2,080,956

CREDITORS
Amounts falling due after more than one
year

8

(15,286

)

(948,230

)

PROVISIONS FOR LIABILITIES 10 (273,290 ) (295,515 )
NET ASSETS 1,383,651 837,211

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 1,383,551 837,111
SHAREHOLDERS' FUNDS 1,383,651 837,211

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

Forwood Production Limited (Registered number: 09553908)

Balance Sheet - continued
31 July 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 5 February 2025 and were signed on its behalf by:





Mr M V C Worrall - Director


Forwood Production Limited (Registered number: 09553908)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Forwood Production 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.

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

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.
Long leasehold - Straight line over 15 years
Plant and machinery - 25% on reducing balance and Straight line over 15 years
Fixtures and fittings - 20% on reducing balance

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

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.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors, 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


Forwood Production Limited (Registered number: 09553908)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued
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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 4 ) .

Forwood Production Limited (Registered number: 09553908)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 August 2023 610,690 2,582,520 1,827 3,195,037
Additions 16,640 8,898 730 26,268
At 31 July 2024 627,330 2,591,418 2,557 3,221,305
DEPRECIATION
At 1 August 2023 222,247 1,028,699 873 1,251,819
Charge for year 34,231 163,826 308 198,365
At 31 July 2024 256,478 1,192,525 1,181 1,450,184
NET BOOK VALUE
At 31 July 2024 370,852 1,398,893 1,376 1,771,121
At 31 July 2023 388,443 1,553,821 954 1,943,218

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 August 2023
and 31 July 2024 55,500
DEPRECIATION
At 1 August 2023 24,511
Charge for year 6,807
At 31 July 2024 31,318
NET BOOK VALUE
At 31 July 2024 24,182
At 31 July 2023 30,989

The hire purchase creditor is secured over the assets that the hire purchase agreement relates to.

Forwood Production Limited (Registered number: 09553908)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 178,143 222,531
Amounts owed by associates - 1,260
Other debtors 117,151 142,029
VAT 5,689 -
Prepayments and accrued income 19,915 35,323
320,898 401,143

6. CURRENT ASSET INVESTMENTS
31.7.24 31.7.23
£    £   
Unlisted investments 20 20

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 10,315 10,061
Hire purchase contracts 10,000 10,000
Related party balance 83,819 110,554
Trade creditors 121,067 66,706
Amounts owed to group undertakings 349,379 155,738
Tax 215,770 24,932
Social security and other taxes 4,149 3,135
VAT - 4,219
Other creditors 1,837 484
Directors' loan accounts 99,212 -
Accruals and deferred income 6,395 14,378
901,943 400,207

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans - 1-5 years 8,619 18,934
Hire purchase contracts 6,667 16,667
Amounts owed to group undertakings - 468,417
Directors' loan accounts - 444,212
15,286 948,230

Forwood Production Limited (Registered number: 09553908)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bounce Back Loan 18,934 29,054

At the year end the company had an outstanding bounce back loan. The loan is secured by the government over a 5 year repayment period. The loan is repayable by instalments which commenced in June 2021. Interest is charged at 2.5% per annum.

10. PROVISIONS FOR LIABILITIES
31.7.24 31.7.23
£    £   
Deferred tax 273,290 295,515

Deferred
tax
£   
Balance at 1 August 2023 295,515
Accelerated capital allowances (22,225 )
Balance at 31 July 2024 273,290

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
100 Ordinary £1 100 100

Forwood Production Limited (Registered number: 09553908)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

12. RELATED PARTY DISCLOSURES

At the year end the company owed the following balances to related parties:

i) £123,417 (2023: £468,417) due to Thomson Sawmills Ltd, this amount is interest free and repayable after more than one year. £225,962 (2023: £155,738) was also due to Thomson Sawmills Ltd, this amount is interest free and repayable within one year.The company is related to Thomson Sawmills Ltd by virtue of their shareholding in the company and directors in common.

ii) £27,219 (2023: £96,219) due to Mr M Worrall, a director of the company. This amount is interest free and repayable after more than one year.

iii) £71,994 (2023: £347,994) due to Mr Bacon, a director of the company. This amount is interest free and repayable after more than one year.

iv) £6,000 (2023: NIL) due to Mr & Mrs Thomson, owners of Thomson Sawmills Ltd. This amount is interest free and repayable within one year.

v) £75,995 (2023: £77,255) due to Forwood Energy Ltd, this amount is interest free and repayable within one year.The company is related to Forwood Energy Ltd by virtue of their shareholders and directors in common.

vi) £1,824 (2023: £33,299) due to Ward Farming Ltd, this amount is interest free and repayable within one year.The company is related to Ward Farming Ltd by virtue of their shareholder and director in common.