| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE PERIOD 29 AUGUST 2023 TO 31 DECEMBER 2024 |
| FOR |
| HOGLAND UK LTD |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE PERIOD 29 AUGUST 2023 TO 31 DECEMBER 2024 |
| FOR |
| HOGLAND UK LTD |
| HOGLAND UK LTD (REGISTERED NUMBER: 15102987) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 29 AUGUST 2023 TO 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Income Statement | 9 |
| Other Comprehensive Income | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Notes to the Financial Statements | 13 |
| HOGLAND UK LTD |
| COMPANY INFORMATION |
| FOR THE PERIOD 29 AUGUST 2023 TO 31 DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 3 Warners Mill |
| Silks Way |
| Braintree |
| Essex |
| CM7 3GB |
| HOGLAND UK LTD (REGISTERED NUMBER: 15102987) |
| STRATEGIC REPORT |
| FOR THE PERIOD 29 AUGUST 2023 TO 31 DECEMBER 2024 |
| The Directors are pleased to present their report and the financial statements of the company for the period ended 31 December 2024. |
| REVIEW OF BUSINESS |
| In its first year of trading, the directors of Hogland UK are pleased to report a strong performance despite the difficult trading conditions. |
| The rising cost of living, higher interest rates and an uncertain economy proved to be particularly challenging in the reported year. However, following a slow start, the customer base was quickly built up and volumes increased throughout the year. In an increasingly competitive market, Hogland UK concentrated on providing excellent products and service for truss rafter manufacturers, timber frame house manufacturers and merchant customers. With a settled and ever-increasing customer base and a good supply of timber from the Swedish parent company, expectations are that 2025 will be better still. |
| The Government still need to encourage more house building to meet demand as the UK aims for Carbon Zero, and the new UK Government has indicated they fully intend to stick to their election pledges to meet their build targets. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Market risk: The company is affected by the relative availability of timber, but the Hogland Timber Group have committed to supply the UK with appropriate volumes of excellent quality timber from sustainable forests in Sweden. The Hogland Group manages currency fluctuations and exposure. Consumption depends on the UK need for new housing and renovations, this could be affected by the current higher interest rates, but with inflation now returning to target levels, we would hope to see further reductions in interest rates thus stimulating mortgage borrowing. |
| Legislative and regulatory risks: The Directors remain alert to the impact of regulatory and legislative changes on the company's operations. |
| Actions of competitors: The Directors continue to monitor its competitors and take appropriate steps to continue to improve the Company's service to its customers. |
| Debtor risk: The Directors carefully manages its debt risk with credit insurance instruments, and vigilant controls over any credit granted. |
| KEY PERFORMANCE INDICATORS |
| The company reviews Key Performance Indicators (KPIs) monthly through its management reporting systems including analysis of turnover, gross margin and profit before tax. |
| ON BEHALF OF THE BOARD: |
| HOGLAND UK LTD (REGISTERED NUMBER: 15102987) |
| REPORT OF THE DIRECTORS |
| FOR THE PERIOD 29 AUGUST 2023 TO 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company for the period 29 August 2023 to 31 December 2024. |
| INCORPORATION |
| The company was incorporated on 29 August 2023 . |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the period under review was that of the import and sale of timber. |
| DIVIDENDS |
| No dividends will be distributed for the period ended 31 December 2024. |
| FUTURE DEVELOPMENTS |
| The Directors are not aware of any future events that may affect the Company. |
| POST BALANCE SHEET EVENTS |
| There have been no significant events affecting the company since the year end. |
| DIRECTORS |
| The directors who have held office during the period from 29 August 2023 to the date of this report are as follows: |
| STREAMLINED ENERGY AND CARBON REPORTING |
| As the company consumed less than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emission , energy consumption or energy efficiency activities. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| HOGLAND UK LTD (REGISTERED NUMBER: 15102987) |
| REPORT OF THE DIRECTORS |
| FOR THE PERIOD 29 AUGUST 2023 TO 31 DECEMBER 2024 |
| AUDITORS |
| The auditors, Lambert Chapman LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| HOGLAND UK LTD |
| Opinion |
| We have audited the financial statements of Hogland UK LTD (the 'company') for the period ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the period then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
| We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| HOGLAND UK LTD |
| Matters on which we are required to report by exception |
| In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - the financial statements are not in agreement with the accounting records and returns; or |
| - certain disclosures of directors' remuneration specified by law are not made; or |
| - we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| HOGLAND UK LTD |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
| - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment and health and safety legislation; |
| - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
| - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by; |
| - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
| - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
| To address the risk of fraud through management bias and override of controls, we: |
| - performed analytical procedures to identify any unusual or unexpected relationships; |
| - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
| - investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| - agreeing financial statement disclosures to underlying supporting documentation; and |
| - enquiring of management as to actual and potential litigation and claims. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| HOGLAND UK LTD |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| 3 Warners Mill |
| Silks Way |
| Braintree |
| Essex |
| CM7 3GB |
| HOGLAND UK LTD (REGISTERED NUMBER: 15102987) |
| INCOME STATEMENT |
| FOR THE PERIOD 29 AUGUST 2023 TO 31 DECEMBER 2024 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 570,588 |
| OPERATING LOSS and |
| LOSS BEFORE TAXATION | ( |
) |
| Tax on loss | 6 |
| LOSS FOR THE FINANCIAL PERIOD | ( |
) |
| HOGLAND UK LTD (REGISTERED NUMBER: 15102987) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE PERIOD 29 AUGUST 2023 TO 31 DECEMBER 2024 |
| Notes | £ |
| LOSS FOR THE PERIOD | ( |
) |
| OTHER COMPREHENSIVE INCOME | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
| HOGLAND UK LTD (REGISTERED NUMBER: 15102987) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| Notes | £ |
| CURRENT ASSETS |
| Stocks | 7 |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT LIABILITIES | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings | 12 | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| HOGLAND UK LTD (REGISTERED NUMBER: 15102987) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE PERIOD 29 AUGUST 2023 TO 31 DECEMBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Changes in equity |
| Issue of share capital | - |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2024 | ( |
) | ( |
) |
| HOGLAND UK LTD (REGISTERED NUMBER: 15102987) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 29 AUGUST 2023 TO 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Hogland UK LTD is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are rounded to the nearest pound sterling. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows; |
| • | the requirement of paragraph 3.17(d); |
| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
| • | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
| • | the requirements of paragraphs 29.28(b) and 29.29; |
| • | the requirement of paragraph 33.7. |
| This information is included in the consolidated financial statements of AB Höglandbolagen as at 31/12/2024 and these financial statements may be obtained from Bolagsverket, the Swedish Companies Registration Office. |
| Significant judgements and estimates |
| In applying the Company's accounting policies, the directors are required to make judgements, estimates, and assumptions in determining the carrying amounts of assets and liabilities. The directors judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
| The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
| The directors do not believe that there have been judgements made in the process of applying the below accounting policies that have had a significant effect on amounts recognised in the financial statements. Furthermore, the directors considers that there are no areas of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year. |
| Turnover |
| Revenue is recognised at the fair value of the consideration received or receivable taking into account trade discounts, prompt settlement discounts and volume rebates. |
| Accrued volume rebates repayable to customers are presented as a current liability, included in accruals. |
| Accrued volume rebates that reduce amounts receivable are presented as a reduction to trade debtors where there is a customer balance outstanding at the year end. |
| HOGLAND UK LTD (REGISTERED NUMBER: 15102987) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 29 AUGUST 2023 TO 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Financial instruments |
| Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price. Such assets are subsequently carried at amortised cost using the effective interest method |
| Basic financial liabilities, including trade and other payables, are initially recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest method. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| 3. | TURNOVER |
| The turnover and loss before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business is given below: |
| £ |
| An analysis of turnover by geographical market is given below: |
| £ |
| United Kingdom |
| HOGLAND UK LTD (REGISTERED NUMBER: 15102987) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 29 AUGUST 2023 TO 31 DECEMBER 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| There were no staff costs for the period ended 31 December 2024. |
| £ |
| Directors' remuneration |
| 5. | OPERATING LOSS |
| The operating loss is stated after charging: |
| £ |
| Auditors' remuneration |
| Foreign exchange differences |
| Operating leases |
| 6. | TAXATION |
| Analysis of the tax charge |
| No liability to UK corporation tax arose for the period. |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| £ |
| Loss before tax | ( |
) |
| Loss multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Losses carried forward |
| Total tax charge |
| No deferred tax asset has been recognised in respect of the trading losses carried forward. |
| 7. | STOCKS |
| £ |
| Finished goods |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| £ |
| Trade debtors |
| Prepayments |
| HOGLAND UK LTD (REGISTERED NUMBER: 15102987) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 29 AUGUST 2023 TO 31 DECEMBER 2024 |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| Accrued expenses |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| £ |
| Within one year |
| Between one and five years |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal |
| value: | £ |
| Ordinary | £1 |
| Each share ranks equally and without preference with respect of voting rights and rights to dividends. |
| 12. | RESERVES |
| Retained |
| earnings |
| £ |
| Deficit for the period | ( |
) |
| At 31 December 2024 | ( |
) |
| 13. | ULTIMATE PARENT COMPANY |
| AB Höglandbolagen (incorporated in |
| The registered address of AB Höglandbolagen is: |
| Gamla Riksvägen 52 |
| 891 50 Örnsköldsvik |
| Sweden |
| Hogland UK Ltd is include in the consolidated financial statements for AB Höglandbolagen which forms the smallest and largest group of undertakings for which consolidated accounts have been drawn up. |
| The consolidated financial statements for AB Höglandbolagen are publicly available and can be obtained from Bolagsverket, the Swedish Companies Registration Office. |
| HOGLAND UK LTD (REGISTERED NUMBER: 15102987) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 29 AUGUST 2023 TO 31 DECEMBER 2024 |
| 14. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| The Company has recharged overheads to QP Timber Ltd of £15,068, and incurred management fees from QP Timber Ltd of £355,298. QP Timber Ltd is under the control of Robert Svensson, a Director of Hogland UK Ltd. |
| 15. | POST BALANCE SHEET EVENTS |
| There have been no significant events affecting the company since the year end. |
| 16. | ULTIMATE CONTROLLING PARTY |
| The company, and its holding company, are not under the control of any one person. |