2023-08-012024-07-312024-07-31false06552148M.W. HERDMAN FORESTRY SOLUTIONS 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M.W. HERDMAN FORESTRY SOLUTIONS LIMITED

Registered Number
06552148
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

M.W. HERDMAN FORESTRY SOLUTIONS LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Directors

Miss C A Bisset
Mr M W Herdman

Company Secretary

Mr M W Herdman

Registered Address

Middle Dukesfield
Hexham
Northumberland
NE46 1SQ

Registered Number

06552148 (England and Wales)
M.W. HERDMAN FORESTRY SOLUTIONS LIMITED
Statement of Financial Position
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets43,340,7133,353,392
Investments1,854,5742,067,942
5,195,2875,421,334
Current assets
Stocks4,0004,000
Debtors550,0007,707
Cash at bank and on hand14,31532,374
68,31544,081
Creditors amounts falling due within one year6(855,368)(764,314)
Net current assets (liabilities)(787,053)(720,233)
Total assets less current liabilities4,408,2344,701,101
Creditors amounts falling due after one year7(1,062,991)(1,229,842)
Provisions for liabilities8(204,000)(205,000)
Net assets3,141,2433,266,259
Capital and reserves
Called up share capital100100
Profit and loss account3,141,1433,266,159
Shareholders' funds3,141,2433,266,259
The financial statements were approved and authorised for issue by the Board of Directors on 21 March 2025, and are signed on its behalf by:
Mr M W Herdman
Director
Registered Company No. 06552148
M.W. HERDMAN FORESTRY SOLUTIONS 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.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. 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.
Employee benefits
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 accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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 Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery20-
Fixtures and fittings-3
Vehicles25-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Statement of Income.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
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 and sell. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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 year33
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 August 23145,000145,000
At 31 July 24145,000145,000
Amortisation and impairment
At 01 August 23145,000145,000
At 31 July 24145,000145,000
Net book value
At 31 July 24--
At 31 July 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 August 232,225,2132,515,86027,5132,4014,770,987
Additions-185,93355,671-241,604
Disposals-(67,100)--(67,100)
At 31 July 242,225,2132,634,69383,1842,4014,945,491
Depreciation and impairment
At 01 August 2312,6521,376,43526,1072,4011,417,595
Charge for year1,002217,9492,516-221,467
On disposals-(34,284)--(34,284)
At 31 July 2413,6541,560,10028,6232,4011,604,778
Net book value
At 31 July 242,211,5591,074,59354,561-3,340,713
At 31 July 232,212,5611,139,4251,406-3,353,392
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables50,000-
Other debtors-7,707
Total50,0007,707
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.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables79,67965,703
Bank borrowings and overdrafts59,07657,342
Taxation and social security6,25426,619
Finance lease and HP contracts129,363121,352
Other creditors575,569487,308
Accrued liabilities and deferred income5,4275,990
Total855,368764,314
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. Finance lease and HP contracts are secured on the assets to which they relate.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts859,031917,986
Other creditors203,960311,856
Total1,062,9911,229,842
Finance lease and HP contracts equal to £203,960 (2023 - £311,856), are included within other creditors and are secured against the assets to which they relate.
8.Provisions for liabilities
The provision for deferred tax arises from the fair value adjustment on tangible fixed assets.

2024

2023

££
Net deferred tax liability (asset)204,000205,000
Total204,000205,000
9.Related party transactions
The company operates from premises owned by the directors rent free. The company has a share in "M W Herdman & C A Bissett", a partnership in which the directors are also partners. During the year assets of £216,604 (2023 - £186,690) were acquired by the company for use by the partnership, rent free. The company's bank loan is secured on assets owned by the partnership.