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FOREST MACHINE SERVICES LIMITED

Registered Number
05878912
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

FOREST MACHINE SERVICES LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Directors

Mr G Johnston
Mr S A Wills

Company Secretary

Mr S A Wills

Registered Address

Milburn House
Hexham Business Park
Burn Lane Hexham
NE46 3RU

Registered Number

05878912 (England and Wales)
FOREST MACHINE SERVICES LIMITED
Statement of Financial Position
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets328,83137,445
28,83137,445
Current assets
Stocks266,296258,563
Debtors4203,097145,899
Cash at bank and on hand17,86828,234
487,261432,696
Creditors amounts falling due within one year5(158,958)(139,135)
Net current assets (liabilities)328,303293,561
Total assets less current liabilities357,134331,006
Creditors amounts falling due after one year6(9,167)(19,167)
Provisions for liabilities7(7,207)(9,451)
Net assets340,760302,388
Capital and reserves
Called up share capital100100
Profit and loss account340,660302,288
Shareholders' funds340,760302,388
The financial statements were approved and authorised for issue by the Board of Directors on 18 February 2025, and are signed on its behalf by:
Mr G Johnston
Director
Mr S A Wills
Director

Registered Company No. 05878912
FOREST MACHINE SERVICES LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery20
Vehicles25
Office Equipment25
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year55
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 August 2341,21851,0091,09593,322
At 31 July 2441,21851,0091,09593,322
Depreciation and impairment
At 01 August 2326,26328,5491,06555,877
Charge for year2,9915,61588,614
At 31 July 2429,25434,1641,07364,491
Net book value
At 31 July 2411,96416,8452228,831
At 31 July 2314,95522,4603037,445
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables203,097145,899
Total203,097145,899
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables39,18310,989
Bank borrowings and overdrafts10,00010,000
Taxation and social security95,90564,938
Other creditors10,77050,336
Accrued liabilities and deferred income3,1002,872
Total158,958139,135
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts9,16719,167
Total9,16719,167
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)7,2079,451
Total7,2079,451
8.Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an administered fund. At the balance sheet date £569 (2023 - £375) was payable.