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COMPANY REGISTRATION NUMBER: 12015243
Gartlove Plantation Limited
Filleted Unaudited Financial Statements
31 May 2024
Gartlove Plantation Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
540,550
540,550
Current assets
Stocks
102,362
102,362
Debtors
6
1,839
12,885
Cash at bank and in hand
23
317
---------
---------
104,224
115,564
Creditors: amounts falling due within one year
7
452,715
457,085
---------
---------
Net current liabilities
348,491
341,521
---------
---------
Total assets less current liabilities
192,059
199,029
---------
---------
Net assets
192,059
199,029
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
8
192,058
199,028
---------
---------
Shareholders funds
192,059
199,029
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Gartlove Plantation Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
Mr S A Jumani
Mr M D Curtis
Director
Director
Company registration number: 12015243
Gartlove Plantation Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 30 Woodsford Square, Off Addison Road, Holland Park, London, W14 8DP, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Revenue from the sale of timber is recognised when the significant risks and rewards of ownership of the timber have transferred to the buyer, usually on despatch of the timber, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are recorded at historic cost. Freehold land is not depreciated.
Stocks
Stock comprises of trees in the plantation, felled trees and logs, measured at fair value.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment
4. Employee numbers
The average number of persons employed by the company during the year, amounted to Nil.
5. Tangible assets
Freehold land
£
Cost
At 1 June 2023 and 31 May 2024
540,550
---------
Depreciation
At 1 June 2023 and 31 May 2024
---------
Carrying amount
At 31 May 2024
540,550
---------
At 31 May 2023
540,550
---------
6. Debtors
2024
2023
£
£
Trade debtors
300
12,641
Amounts owed by group undertakings
150
Other debtors
1,389
244
-------
--------
1,839
12,885
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
4,861
Other creditors
452,715
452,224
---------
---------
452,715
457,085
---------
---------
8. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included in profit and loss reserve are distributable profits of £89,697 (2023 - £96,667)and non-distributable profits of £102,361 (2023 - £102,361).
9. Related party transactions
Included in creditors due within one year, is a balance of £446,578 (2023 - £447,828) owed to the director. No interest is charged in respect of this balance.