Company Registration No. 11081951 (England and Wales)
Newcombe Forestry Limited
Financial statements
for the year ended 31 December 2024
Pages for filing with the registrar
Newcombe Forestry Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
Newcombe Forestry Limited
Statement of financial position
As at 31 December 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
4,226,066
4,160,533
Current assets
Stocks
8
291,441
332,935
Debtors
7
20,164
133,096
Cash at bank and in hand
32,113
201,219
343,718
667,250
Creditors: amounts falling due within one year
9
(3,270,990)
(3,494,243)
Net current liabilities
(2,927,272)
(2,826,993)
Net assets
1,298,794
1,333,540
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
1,298,793
1,333,539
Total equity
1,298,794
1,333,540

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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 20 May 2025 and are signed on its behalf by:
R W Newcombe
Director
Company Registration No. 11081951
Newcombe Forestry Limited
Statement of changes in equity
For the year ended 31 December 2024
2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1
1,322,706
1,322,707
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
10,833
10,833
Balance at 31 December 2023
1
1,333,539
1,333,540
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(34,746)
(34,746)
Balance at 31 December 2024
1
1,298,793
1,298,794
Newcombe Forestry Limited
Notes to the financial statements
For the year ended 31 December 2024
3
1
Accounting policies
Company information

Newcombe Forestry Limited is a private company limited by shares incorporated in England and Wales. The registered office is 50 Marshall Street, London, W1F 9BQ.

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 under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of The Newcombe Estates Company Limited.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of timber 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.

1.3
Tangible fixed assets

Tangible assets comprise of land held for the purpose of commercial forestry. Tangible assets are recognised at purchase cost including legal and other fees. Land is not depreciated, however, impairment reviews are carried out at each year end to determine if the recoverable amount is less than the carrying amount. Any impairment is recognised in the Statement of comprehensive income.

1.4

Biological assets

Biological assets comprise of various maturities of commercial timber and has been accounted for under Section 34 Specialised Activities - Agriculture using the cost model. Biological assets are recognised at purchase cost including legal and other fees. The assets are not depreciated, however, impairment reviews are carried out at each year end to determine if the recoverable amounts is less than the carrying amount. Any impairment is recognised in the Statement of comprehensive income. Biological assets are transferred to stock at cost when the timber is identified to be felled.

Newcombe Forestry Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
4
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

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.

1.6
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.

1.7
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 statement of financial position 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, 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.

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.

Newcombe Forestry Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
5
1.8
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.

1.9
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 income statement 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

Newcombe Forestry Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
6
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock recognition

Biological assets were initially recognised at cost, which is based on a valuation of the forestry assets in 2018, excluding the land and solum value. At the end of each reporting period, the directors and forestry managers prepare a forecast of the woodland expected to be felled in the next 3 years. This is considered held for sale or in the process of production for such sale and as such, is included on the balance sheet as stock and removed from biological assets. The forecast is based on the judgement of the directors and may be affected by fluctuations in market prices and the condition of the forestry. Each year the forecasts are updated and the accounts are updated to reflect these changes prospectively.

3
Auditor's remuneration

Fees payable to Saffery LLP and its associates in respect of both audit and non-audit services are met by the Company's parent.

4
Employees

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

2024
2023
Number
Number
Total
3
3

No remuneration was paid to the directors during the year (2023 - £nil)

Newcombe Forestry Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
7
5
Tangible fixed assets
Land
£
Cost
At 1 January 2024
1,258,139
Additions
13,863
At 31 December 2024
1,272,002
Depreciation and impairment
At 1 January 2024 and 31 December 2024
-
0
Carrying amount
At 31 December 2024
1,272,002
At 31 December 2023
1,258,139
6
Biological assets
Timber
£
Cost
At 1 January 2024
2,902,394
Planted
17,858
Fellings
(7,680)
Reclassified as stock
41,494
At 31 December 2024
2,954,064
Depreciation and impairment
At 1 January 2024 and 31 December 2024
-
0
Carrying amount
At 31 December 2024
2,954,064
At 31 December 2023
2,902,394
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
46,291
Prepayments and accrued income
20,164
86,805
20,164
133,096
Newcombe Forestry Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
8
8
Stocks
2024
2023
£
£
Forestry
291,441
332,935
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
6,159
Amounts owed to group undertakings
3,269,779
3,474,784
Corporation tax
513
76
Other taxation and social security
33
11,695
Accruals and deferred income
665
1,529
3,270,990
3,494,243
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
1 ordinary share of £1 each
1
1
1
1
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Peter Harker
Statutory Auditors:
Saffery LLP
Date of audit report:
21 May 2025
12
Contingent Liabilities

The company is included in a group registration for VAT purposes with its parent and fellow subsidiary companies. All members of the VAT group are jointly and severally liable for the VAT due from the representative member during their periods of membership of the group. The contingent liability in respect of this group registration at the year-end date was £13,406 (2023: £27,837).

13
Related party transactions

The company has taken advantage of the exemption available in FRS 102 section 33.1A from disclosing transactions with the ultimate parent company or any wholly owned subsidiary undertakings of the group.

Newcombe Forestry Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
9
14
Parent company

The immediate and ultimate parent undertaking is The Newcombe Estates Company Limited, a company registered in England.

 

In the opinion of the directors, there is no ultimate controlling party.

 

The smallest and largest group for which the results of the Company are consolidated is that headed by The Newcombe Estates Company Limited, a company incorporated in England and Wales. A copy of the financial statements of The Newcombe Estates Company Limited is available from Companies House.

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