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COMPANY REGISTRATION NUMBER: 01547475
Highfield Forestry Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2024
Highfield Forestry Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
7,286
11,660
Investments
6
35,000
35,000
--------
--------
42,286
46,660
Current assets
Stocks
6,500
30,347
Debtors
7
1,629,775
1,125,409
Cash at bank and in hand
575,190
1,279,376
------------
------------
2,211,465
2,435,132
Creditors: amounts falling due within one year
8
1,271,186
1,352,286
------------
------------
Net current assets
940,279
1,082,846
---------
------------
Total assets less current liabilities
982,565
1,129,506
Provisions
9
36,604
42,915
---------
------------
Net assets
945,961
1,086,591
---------
------------
Capital and reserves
Called up share capital
11
15,500
15,500
Share premium account
18,975
18,975
Profit and loss account
911,486
1,052,116
---------
------------
Shareholders funds
945,961
1,086,591
---------
------------
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 30 June 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 .
Highfield Forestry Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 21 March 2025 , and are signed on behalf of the board by:
Mr J J Ramsay
Mr F L G Drion
Director
Director
Company registration number: 01547475
Highfield Forestry Limited
Notes to the Financial Statements
Year ended 30 June 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 316a Beulah Hill, London, SE19 3HF, 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
33% straight line
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 15 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 July 2023
25,149
22,924
48,073
Additions
5,413
5,413
--------
--------
--------
At 30 June 2024
30,562
22,924
53,486
--------
--------
--------
Depreciation
At 1 July 2023
20,664
15,749
36,413
Charge for the year
4,056
5,731
9,787
--------
--------
--------
At 30 June 2024
24,720
21,480
46,200
--------
--------
--------
Carrying amount
At 30 June 2024
5,842
1,444
7,286
--------
--------
--------
At 30 June 2023
4,485
7,175
11,660
--------
--------
--------
6. Investments
Shares in participating interests
£
Cost
At 1 July 2023 and 30 June 2024
35,000
--------
Impairment
At 1 July 2023 and 30 June 2024
--------
Carrying amount
At 30 June 2024
35,000
--------
At 30 June 2023
35,000
--------
7. Debtors
2024
2023
£
£
Trade debtors
1,210,162
669,866
Amounts owed by group undertakings and undertakings in which the company has a participating interest
329,139
326,010
Other debtors
90,474
129,533
------------
------------
1,629,775
1,125,409
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,035,827
973,630
Social security and other taxes
86,668
136,378
Other creditors
148,691
242,278
------------
------------
1,271,186
1,352,286
------------
------------
9. Provisions
Deferred tax (note 10)
Loss replacement
Total
£
£
£
At 1 July 2023
2,915
40,000
42,915
Charge against provision
( 1,093)
( 5,218)
( 6,311)
-------
--------
--------
At 30 June 2024
1,822
34,782
36,604
-------
--------
--------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 9)
1,822
2,915
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
1,822
2,915
-------
-------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
15,500
15,500
15,500
15,500
--------
--------
--------
--------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
11,532
25,779
Later than 1 year and not later than 5 years
1,445
12,976
--------
--------
12,977
38,755
--------
--------
13. Other financial commitments
Highfield Forestry Limited have granted security to Wind Estate (UK) Limited as a partner in one of their investments .
14. Related party transactions
The company has chosen to apply the exemption under FRS 102 section 1A from disclosing related party transactions.
15. Controlling party
The company is a wholly owned subsidiary of SSLP Holdings Ltd , a company limited by shares, company registration number SC699567. The registered office address of this parent company is Durn, Isla Road, Perth, Scotland, PH2 7HG .