Company registration number 05106049 (England and Wales)
FOREST DRAINAGE PRODUCTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
FOREST DRAINAGE PRODUCTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
FOREST DRAINAGE PRODUCTS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
FIXED ASSETS
Tangible assets
4
193,527
206,076
CURRENT ASSETS
Stocks
262,627
250,340
Debtors
5
531,209
529,362
Cash at bank and in hand
1,571,993
1,247,767
2,365,829
2,027,469
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
6
(590,331)
(390,688)
NET CURRENT ASSETS
1,775,498
1,636,781
TOTAL ASSETS LESS CURRENT LIABILITIES
1,969,025
1,842,857
PROVISIONS FOR LIABILITIES
(23,469)
(44,461)
NET ASSETS
1,945,556
1,798,396
CAPITAL AND RESERVES
Called up share capital
70
70
Share premium account
31,000
31,000
Capital redemption reserve
20
20
Profit and loss reserves
1,914,466
1,767,306
TOTAL EQUITY
1,945,556
1,798,396
FOREST DRAINAGE PRODUCTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 1 April 2025 and are signed on its behalf by:
Martin Donohue
Director
Company registration number 05106049 (England and Wales)
FOREST DRAINAGE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
ACCOUNTING POLICIES
Company information

Forest Drainage Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Ramsdale Road, Gloucester, England, GL2 5FE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

 

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents, trademarks & licences
20% straight line
FOREST DRAINAGE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 4 -

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

1.4
Tangible fixed 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 is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% straight line
Plant and machinery
10% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
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.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

FOREST DRAINAGE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 5 -

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

 

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

FOREST DRAINAGE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

FOREST DRAINAGE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 7 -
1.11
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 balance sheet 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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

1.12
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.

 

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Foreign exchange

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

2
EMPLOYEES

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
12
15
FOREST DRAINAGE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
3
INTANGIBLE FIXED ASSETS
Patents, trademarks & licences
£
Cost
At 1 October 2023 and 30 September 2024
12,230
Amortisation and impairment
At 1 October 2023 and 30 September 2024
12,230
Carrying amount
At 30 September 2024
-
0
At 30 September 2023
-
0
4
TANGIBLE FIXED ASSETS
Leasehold improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
141,064
345,835
37,034
523,933
Additions
-
0
7,574
-
0
7,574
Disposals
-
0
(121,023)
-
0
(121,023)
At 30 September 2024
141,064
232,386
37,034
410,484
Depreciation and impairment
At 1 October 2023
28,874
253,739
35,244
317,857
Depreciation charged in the year
14,106
4,227
1,790
20,123
Eliminated in respect of disposals
-
0
(121,023)
-
0
(121,023)
At 30 September 2024
42,980
136,943
37,034
216,957
Carrying amount
At 30 September 2024
98,084
95,443
-
0
193,527
At 30 September 2023
112,190
92,096
1,790
206,076
FOREST DRAINAGE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
5
DEBTORS
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
484,860
383,179
Other debtors
46,349
146,183
531,209
529,362
6
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Trade creditors
305,927
142,173
Corporation tax
158,486
142,931
Other taxation and social security
74,045
60,454
Other creditors
51,873
45,130
590,331
390,688
7
RELATED PARTY TRANSACTIONS
Transactions with related parties

During the year the company charged management charges of £60,000 to the related company Forest Safety Products Limited. In the prior year the company charged management charges of £160,000 to Forest Safety Products Limited. These charges are considered to be under normal market conditions.

2024-09-302023-10-01falsefalsefalse09 April 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityPeter BellJulie BoonMartin DonohueChristopher PriceJulie Boon051060492023-10-012024-09-30051060492024-09-30051060492023-09-3005106049core:LeaseholdImprovements2024-09-3005106049core:PlantMachinery2024-09-3005106049core:MotorVehicles2024-09-3005106049core:LeaseholdImprovements2023-09-3005106049core:PlantMachinery2023-09-3005106049core:MotorVehicles2023-09-3005106049core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3005106049core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3005106049core:ShareCapital2024-09-3005106049core:ShareCapital2023-09-3005106049core:SharePremium2024-09-3005106049core:SharePremium2023-09-3005106049core:CapitalRedemptionReserve2024-09-3005106049core:CapitalRedemptionReserve2023-09-3005106049core:RetainedEarningsAccumulatedLosses2024-09-3005106049core:RetainedEarningsAccumulatedLosses2023-09-3005106049bus:Director22023-10-012024-09-3005106049core:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3005106049core:PatentsTrademarksLicencesConcessionsSimilar2023-10-012024-09-3005106049core:LeaseholdImprovements2023-10-012024-09-3005106049core:PlantMachinery2023-10-012024-09-3005106049core:MotorVehicles2023-10-012024-09-30051060492022-10-012023-09-3005106049core:PatentsTrademarksLicencesConcessionsSimilar2023-09-3005106049core:PatentsTrademarksLicencesConcessionsSimilar2024-09-3005106049core:PatentsTrademarksLicencesConcessionsSimilar2023-09-3005106049core:LeaseholdImprovements2023-09-3005106049core:PlantMachinery2023-09-3005106049core:MotorVehicles2023-09-30051060492023-09-3005106049core:CurrentFinancialInstruments2024-09-3005106049core:CurrentFinancialInstruments2023-09-3005106049core:WithinOneYear2024-09-3005106049core:WithinOneYear2023-09-3005106049bus:PrivateLimitedCompanyLtd2023-10-012024-09-3005106049bus:SmallCompaniesRegimeForAccounts2023-10-012024-09-3005106049bus:FRS1022023-10-012024-09-3005106049bus:AuditExemptWithAccountantsReport2023-10-012024-09-3005106049bus:Director12023-10-012024-09-3005106049bus:Director32023-10-012024-09-3005106049bus:Director42023-10-012024-09-3005106049bus:CompanySecretary12023-10-012024-09-3005106049bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP