Company Registration No. 03309271 (England and Wales)
Lowther Forestry Group Limited
Annual report and financial statements
for the year ended 30 September 2024
Lowther Forestry Group Limited
Company information
Directors
James Lowther
David Bliss
Simon Pugh
Daniel Stephens
Antony Stephenson
Secretary
Suzanne Sharp
Company number
03309271
Registered office
Lowther Castle
Lowther
Penrith
Cumbria
CA10 2HH
Independent auditor
Saffery LLP
10 Wellington Place
Leeds
LS1 4AP
Lowther Forestry Group Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 28
Lowther Forestry Group Limited
Strategic report
For the year ended 30 September 2024
1

The directors present the strategic report for the year ended 30 September 2024.

Review of the business

The company’s principal activities are contract landscaping, arboriculture, grounds maintenance forestry and fencing operations to a wide range of commercial organizations throughout the UK. Turnover increased by around 2% on the previous year and was broadly in line with budget expectations for the year. Profit before tax however of £1,370,542 (10.5% margin on turnover) although in line with budget decreased against the prior year due principally to the completion of a particularly profitable contract.

The Directors believe that the strategy implemented over the past ten years, focused on organic, measured, and sustainable growth, continues to be a successful, low-risk approach. We remain open to evaluating opportunities as they arise, ensuring that the potential outcomes align with the company’s objectives. Further development is possible through sensible investment in the resources required for the next phase of business growth.

 

Key performance indicators

Financial Key Performance Indicators monitored by the Board:

2024      2023

Turnover        £13,022,667    £12,745,657

Gross profit        £4,012,880    £4,390,932

Profit before tax        £1,370,542    £1,763,269    

Trade debtors        £2,384,012    £2,504,240

Debtor days        67      72

Principal risks and uncertainties

The continued growth of the business and the execution of the Company’s strategy are subject to several risks. Many of the risks are common in other companies and careful risk management is fundamental to the ability of the business to implement its objectives. The directors believe that the strength of the company’s customer relationship and financial position help mitigate the risk and enable the company to trade successfully.

This diverse range of clients helps mitigate the reliance on a single sector for income, reducing the impact of downturns in any particular area. While the possibility of client failures exists, it is considered manageable and financially viable for the Company to remain active in pursuing capital works in the construction and civil sectors.

The Company has successfully secured medium-term framework agreements with key organisations, including the Environment Agency and United Utilities. The primary work streams continue to be in the highways, construction, and the civil sectors, focusing on soft landscaping works together with fencing and barrier systems.

Geographically, the Company operates throughout the UK. We recognise that we currently have limited business activities within the Southwest and Southeast of England as well as the borders and central belt of Scotland. We envision expanding our presence in the Southwest of England and Scotland in the near future where we believe new opportunities can be developed. There are currently no plans to pursue work in the Southeast of England beyond opportunities linked to our existing key clients.

The company operates an integrated management system (IMS) that helps coordinate all activities compliant with recognized standards of ISO 9001 Quality,18001 Health and safety,14001 Environment. In addition, the company is a member of BALI and complies with a range of Health & Safety bodies such as Achilles verify.

The Company’s employees are fundamental to the success of the business and retention of existing staff and recruitment of new employees is key to continued growth. The resignation of key members of the team could adversely impact on the company’s results and ability to work effectively. This risk is mitigated through a combination of staff training, competitive remuneration packages and succession planning. The directors and senior management team regularly review the companies’ requirements to improve the conditions and wellbeing of all its staff.

The company operates a rigorous credit control procedure to minimize its exposure to bad debt including carrying out regular credit checks, monitoring and reviews of clients and trade press and other media sources.

 

Lowther Forestry Group Limited
Strategic report (continued)
For the year ended 30 September 2024
2
Development and performance

The company has a strong order book for the coming year with a range of commercial clients, a high level of client retention and repeat work being key factors to the continued growth of the business. We continue to look towards widening the customer base and ensuring that good customer services and a quality product continue to be offered.

The intention to expand market share in the South West of the country remains in place but the company has prioritized opportunities within existing operational regions, currently limiting substantial growth in this new geographical area.

Cash reserves have been invested in two freehold properties: a depot and office in Castleford, West Yorkshire, and a facility in Shrewsbury, Shropshire. These purchases have improved access and communication for our regional teams and have helped shield the company from rising rental costs and associated liabilities.

In addition the company plans to establish a dedicated marketing and estimating department providing resource in house and freeing up operational managers to focus on project activities. Additional in house consulting services are also planned to complement the existing arboriculture service including landscape design, environmental consulting and woodland management.

With the overall aim of sustaining organic growth and capitalizing on current and future opportunities the company must maintain staffing levels, enhance training and ensure that the high standards necessary to appeal to existing and new clients is achieved through operational effectiveness.

Financial risk management policies

The group finances its operation through retained profits.

The management’s objectives are to retain sufficient liquid funds to enable it to meet its obligations as they fall due whilst maximizing returns on surplus funds.

The company has no external borrowing and does not consider there are any risks associated with financing.

 

On behalf of the board

James Lowther
Director
10 June 2025
Lowther Forestry Group Limited
Directors' report
For the year ended 30 September 2024
3

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company continued to be that of contract landscaping, forestry and fencing operations.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £472,836. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

James Lowther
David Bliss
Simon Pugh
Daniel Stephens
Antony Stephenson
Auditor

The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
James Lowther
Director
10 June 2025
Lowther Forestry Group Limited
Directors' responsibilities statement
For the year ended 30 September 2024
4

The directors are responsible for preparing the annual report 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:

 

 

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.

Lowther Forestry Group Limited
Independent auditor's report
To the member of Lowther Forestry Group Limited
5
Opinion

We have audited the financial statements of Lowther Forestry Group Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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's 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 directors' 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 financial statements are 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.

 

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Lowther Forestry Group Limited
Independent auditor's report (continued)
To the member of Lowther Forestry Group Limited
6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

Matters on which we are required to report by exception

In the light of the 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 or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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.

Lowther Forestry Group Limited
Independent auditor's report (continued)
To the member of Lowther Forestry Group Limited
7

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. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Lowther Forestry Group Limited
Independent auditor's report (continued)
To the member of Lowther Forestry Group Limited
8
Sally Appleton
Senior Statutory Auditor
For and on behalf of Saffery LLP
13 June 2025
Statutory Auditors
10 Wellington Place
Leeds
LS1 4AP
Lowther Forestry Group Limited
Statement of comprehensive income
For the year ended 30 September 2024
9
2024
2023
Notes
£
£
Turnover
3
13,022,667
12,745,657
Cost of sales
(9,009,787)
(8,354,826)
Gross profit
4,012,880
4,390,831
Administrative expenses
(2,681,805)
(2,667,135)
Other operating income
6,103
-
0
Operating profit
4
1,337,178
1,723,696
Interest receivable and similar income
7
159,667
158,781
Interest payable and similar expenses
8
(126,303)
(119,208)
Profit before taxation
1,370,542
1,763,269
Tax on profit
9
(112,836)
(422,611)
Profit for the financial year
1,257,706
1,340,658
Other comprehensive income
Actuarial loss on defined benefit pension schemes
(378,000)
(153,000)
Total comprehensive income for the year
879,706
1,187,658

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Lowther Forestry Group Limited
Balance sheet
As at 30 September 2024
10
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,476,599
1,446,117
Current assets
Stocks
12
52,005
39,747
Debtors
13
4,213,300
4,441,179
Cash at bank and in hand
1,178,019
2,032,786
5,443,324
6,513,712
Creditors: amounts falling due within one year
14
(2,380,169)
(2,642,046)
Net current assets
3,063,155
3,871,666
Total assets less current liabilities
5,539,754
5,317,783
Provisions for liabilities
Provisions
15
187,960
263,354
Deferred tax liability
16
156,298
267,803
Defined benefit pension liability
17
2,000
-
0
(346,258)
(531,157)
Net assets
5,193,496
4,786,626
Capital and reserves
Called up share capital
18
491,000
491,000
Share premium account
649,000
649,000
Profit and loss reserves
4,053,496
3,646,626
Total equity
5,193,496
4,786,626
The financial statements were approved by the board of directors and authorised for issue on 10 June 2025 and are signed on its behalf by:
James Lowther
Director
Company Registration No. 03309271
Lowther Forestry Group Limited
Statement of changes in equity
For the year ended 30 September 2024
11
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
491,000
649,000
3,552,738
4,692,738
Year ended 30 September 2023:
Profit
-
-
1,340,658
1,340,658
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
(153,000)
(153,000)
Total comprehensive income
-
-
1,187,658
1,187,658
Dividends
10
-
-
(1,093,770)
(1,093,770)
Balance at 30 September 2023
491,000
649,000
3,646,626
4,786,626
Year ended 30 September 2024:
Profit
-
-
1,257,706
1,257,706
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
(378,000)
(378,000)
Total comprehensive income
-
-
879,706
879,706
Dividends
10
-
-
(472,836)
(472,836)
Balance at 30 September 2024
491,000
649,000
4,053,496
5,193,496
Lowther Forestry Group Limited
Notes to the financial statements
For the year ended 30 September 2024
12
1
Accounting policies
Company information

Lowther Forestry Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lowther Castle, Lowther, Penrith, Cumbria, CA10 2HH.

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.

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 £1.

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 company has taken advantage of the exemption conferred by section 33.11 of FRS 102 allowing it not to disclose transactions and balances within its group, on the grounds that those entities are related by virtue of having the same control as defined in 33.11(b).

 

The financial statements of the company are consolidated into the financial statements of Lowther Group Limited. These consolidated financial statements are available from its registered office.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Lowther Forestry Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
13
1.3
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of landscaping services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Freehold land
nil
Long term leasehold buildings
2% straight line
Plant and equipment
10-50% straight line, 33% reducing balance
Fixtures and fittings
16-50% straight line
Motor vehicles
10-33% straight line

No depreciation is charged on freehold or leasehold land.

 

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

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Lowther Forestry Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
14

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

1.7
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, 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.

Lowther Forestry Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
15
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Lowther Forestry Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
16
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. 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.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The costs are recognised as an expense in measuring profit or loss in the period.

Lowther Forestry Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
17

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

Lowther Forestry Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
18
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Revenue recognition and amounts recoverable on long term contracts

The company recognises income on a stage by completion basis. Amounts recoverable on long term contracts is calculated on an input basis where the margins are consistent through the project with revenue matching costs incurred at each stage. Judgement is used when estimating accounts recoverable on long term contracts and the completion of each stage.

Provisions

The company enters into contracts for tree planting containing remediation commitments to replant within a certain period if the trees do not establish satisfactorily. Estimates are made by the directors based on historic experience of the economic outflows that may arise under these contracts.

Provision for doubtful debts

The company makes an estimate of the recoverable value of trade and other debtors. The company uses estimates based on historical experience in determining the level of debts, which the company believes, will not be collected. These estimates include such factors as the credit rating of the debtor, the ageing profile of debtors and historical experience. Any significant change in the level of customers that default on payments or significant improvements that resulted in a change in the level of bad debt provision would have an impact on the operating results. The level of provision required is reviewed on an ongoing basis.

Pension asset/(liability)

The present value of the defined benefit pension liability depends on a number of factors that are determined on an actuarial basis using a number of assumptions, including discount rates. Any changes in these assumptions will impact on the carrying value of the pension liability.

 

When the scheme is estimated to be in surplus, they assess the recoverability of the asset with reference to future deficit contributions. If the actuarial advice is to continue to fund the pension scheme at the same or an increased level, then the directors do not deem the asset recoverable via reduced contributions and do not recognise this in the financial statements.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Forestry contracts
13,015,505
12,738,361
Rental
5,496
5,496
Other
1,666
1,800
13,022,667
12,745,657
2024
2023
£
£
Other revenue
Interest income
159,667
158,781
Lowther Forestry Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
3
Turnover and other revenue (continued)
19

All turnover arose within the United Kingdom.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
13,500
12,000
Depreciation of owned tangible fixed assets
234,087
193,341
Profit on disposal of tangible fixed assets
(18,342)
(31,730)
Operating lease charges
124,718
82,373
5
Employees

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

2024
2023
Number
Number
Directors
3
5
Employees
62
53
Total
65
58

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,346,357
2,378,145
Social security costs
344,821
346,475
Pension costs
228,196
125,350
2,919,374
2,849,970
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
340,599
331,897
Company pension contributions to defined contribution schemes
25,533
28,658
366,132
360,555
Lowther Forestry Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
6
Directors' remuneration (continued)
20
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
127,000
135,000
Company pension contributions to defined contribution schemes
13,500
15,600
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
23,667
24,781
Interest on the net defined benefit asset
136,000
134,000
Total income
159,667
158,781
8
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
-
208
Net interest on the net defined benefit liability
116,000
119,000
Other interest
10,303
-
0
126,303
119,208
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
224,341
292,798
Adjustments in respect of prior periods
-
0
4,965
Total current tax
224,341
297,763
Deferred tax
Origination and reversal of timing differences
(111,505)
102,868
Adjustment in respect of prior periods
-
0
21,980
Total deferred tax
(111,505)
124,848
Total tax charge
112,836
422,611
Lowther Forestry Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
9
Taxation (continued)
21

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,370,542
1,763,269
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
342,636
388,096
Tax effect of expenses that are not deductible in determining taxable profit
2,569
1,230
Tax effect of income not taxable in determining taxable profit
-
0
(6,998)
Adjustments in respect of prior years
-
0
4,965
Group relief
(11,175)
(1,325)
Permanent capital allowances in excess of depreciation
-
0
(54,479)
Under/(over) provided in prior years
(30,500)
-
0
Deferred tax adjustments in respect of prior years
(126,694)
124,848
Adjustment is respect of DB pension scheme
(64,000)
(33,660)
Other tax adjustment
-
0
(66)
Taxation charge for the year
112,836
422,611
10
Dividends
2024
2023
£
£
Final paid
222,836
193,770
Interim paid
250,000
900,000
472,836
1,093,770
Lowther Forestry Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
22
11
Tangible fixed assets
Freehold land
Long term leasehold buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
273,235
535,188
1,162,094
91,283
1,134,034
3,195,834
Additions
1,009,479
-
0
176,882
4,472
73,736
1,264,569
Disposals
-
0
-
0
(29,950)
-
0
(20,250)
(50,200)
At 30 September 2024
1,282,714
535,188
1,309,026
95,755
1,187,520
4,410,203
Depreciation and impairment
At 1 October 2023
-
0
87,288
754,626
78,163
829,640
1,749,717
Depreciation charged in the year
-
0
13,801
100,519
6,540
113,227
234,087
Eliminated in respect of disposals
-
0
-
0
(29,950)
-
0
(20,250)
(50,200)
At 30 September 2024
-
0
101,089
825,195
84,703
922,617
1,933,604
Carrying amount
At 30 September 2024
1,282,714
434,099
483,831
11,052
264,903
2,476,599
At 30 September 2023
273,235
447,900
407,468
13,120
304,394
1,446,117
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
52,005
39,747
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,384,011
2,504,240
Gross amounts owed by contract customers
1,118,551
724,265
Corporation tax recoverable
-
0
66,827
Amounts owed by group undertakings
80,000
100,587
Amounts owed by undertakings in which the company has a participating interest
177,556
625,000
Other debtors
289,040
210,424
Prepayments and accrued income
108,249
73,374
4,157,407
4,304,717
Lowther Forestry Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
13
Debtors (continued)
23
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
55,893
136,462
Total debtors
4,213,300
4,441,179
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
827,714
947,832
Amounts owed to group undertakings
1,362
11,929
Corporation tax
134,889
263,716
Other taxation and social security
98,791
182,158
Other creditors
43,666
55,196
Accruals and deferred income
1,273,747
1,181,215
2,380,169
2,642,046
15
Provisions for liabilities
2024
2023
£
£
Remediation provision
187,960
263,354
Movements on provisions:
Remediation provision
£
At 1 October 2023
263,354
Other movements
(75,394)
At 30 September 2024
187,960

The company enters into contracts for tree planting containing remediation commitments to replant within a certain period if the trees do not establish satisfactorily. Estimates are made based on historic experience of the economic outflows that may arise under these contracts.

Lowther Forestry Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
24
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
156,298
267,803
2024
Movements in the year:
£
Liability at 1 October 2023
267,803
Credit to profit or loss
(111,505)
Liability at 30 September 2024
156,298
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
130,196
52,350
Lowther Forestry Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
17
Retirement benefit schemes (continued)
25
Defined benefit schemes

The company operates a defined benefit scheme.

 

Pension arrangements for the Company's directors and senior employees are managed by the 'Lakeland Investments Limited (1976) Retirement Fund'. Up to 1 June 2016 this fund was a multi employer scheme under the provisions of Financial Reporting Standard 17 'Retirement Benefits'.

 

The individual company's pension obligations under the fund of defined benefits regulated by statute, with members making fixed percentage contributions of their remuneration. Employer contributions are set by the fund's consulting actuary at a sufficient level to cover the balance of the cost and are charged to the accounts annually.

 

The fund is subject to a triennial actuarial valuation. The last triennial actuarial valuation was as at 31 May 2021. At that date, there was a surplus in the funding of £860,000 on the Statutory Funding Objective (SFO) basis. This represented a funding level of 111%.

 

Following completion of the 2015 valuation, the Scheme actuary recommended monthly contributions amounting to £200,000 per annum, to be paid by the participating Employers from 1 June 2016 to 31 May 2021. During the period it was agreed by the employers within the group plan to split the shortfall in funding on a revised basis so that contributions are as follows:

 

 

The split of total contributions between the participating Employers may differ to those set out above providing that the total combined contributions are no less that £200,000 per annum.

 

Due to the agreement to make contributions as above under the provisions of FRS 102 this constitutes a group pension plan.

 

The total contributions of £200,000 per annum comprise of £100,000 in respect of the shortfall in funding calculated in accordance with the Recovery Plan dated 22 April 2016, £70,000 per annum in respect of assumed ongoing Scheme expenses and an allowance of £30,000 in respect of the assumed PPF levy.

 

The employers can make contributions in excess of those given above at any time.

The following key assumptions are applied to the defined benefit scheme as a whole.

2024
2023
Key assumptions
%
%
Discount rate
5.1
5.5
Expected rate of increase of pensions in payment
3.1
3.3
Expected rate of salary increases
2.5
2.6
Proportion of employees opting for early retirement
3.1
3.3
Inflation assumption
2.5
2.6
Lowther Forestry Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
17
Retirement benefit schemes (continued)
26
Mortality assumptions
2024
2023
Years
Years
For a male or female aged 65 now
- Males
21.4
21.4
- Females
23.9
23.9
At 65 for a male or female aged 45 now
- Males
22.6
22.6
- Females
25.3
25.3
The following figures and balances relate to Lowther Forestry Group Limited's portion of the assets and liabilities included within the defined benefit scheme.
2024
2023

Amounts recognised in the profit and loss account

£
£
Net interest on net defined benefit liability/(asset)
(20,000)
(15,000)
Other costs and income
98,000
73,000
Total costs
78,000
58,000
2024
2023
£
£
Actual return on scheme assets
188,000
134,000
Less: calculated interest element
136,000
134,000
Return on scheme assets excluding interest income
324,000
268,000
Actuarial changes related to obligations
54,000
(115,000)
Total costs
378,000
153,000

As the directors did not deem the 2023 pension scheme asset of £185,000 to be recoverable, the actual return on scheme assets was restricted by the movement on the unrecognised asset £21,000 to bring the overall position of the pension scheme to £nil on the prior period balance sheet.

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2024
2023
£
£
Present value of defined benefit obligations
2,235,000
2,156,000
Fair value of plan assets
(2,233,000)
(2,156,000)
Deficit in scheme
2,000
-
Lowther Forestry Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
17
Retirement benefit schemes (continued)
27
2024

Movements in the present value of defined benefit obligations

£
Liabilities at 1 October 2023
2,156,000
Benefits paid
(91,000)
Actuarial gains and losses
54,000
Interest cost
116,000
At 30 September 2024
2,235,000

The defined benefit obligations arise from plans which are wholly or partly funded.

2024
£
Fair value of assets at 1 October 2023
2,156,000
Interest income
136,000
Return on plan assets (excluding amounts included in net interest)
(324,000)
Benefits paid
(91,000)
Contributions by the employer
454,000
Other
(98,000)
At 30 September 2024
2,233,000

The actual return on plan assets was £188,000 (2023: 134,000).

2024
2023
£
£
LDI/cash
49,000
72,000
Buy-out aware funds
-
2,084,000
Annuities
2,184,000
-
2,233,000
2,156,000
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares - A of £1 each
321,000
321,000
321,000
321,000
Ordinary shares - B of £1 each
170,000
170,000
170,000
170,000
491,000
491,000
491,000
491,000
Lowther Forestry Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
28
19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
23,056
42,356
Between two and five years
37,522
56,830
60,578
99,186
20
Related party transactions

The following amounts were outstanding at the reporting end date:

Other information

As the company is a wholly owned subsidiary of a company whose consolidated accounts include the results of the subsidiary and are publicly available, the company has taken advantage of FRS 102 section 33.1A exemption from disclosing transactions with group undertakings where 100% of the voting rights are held within the group.

 

During the year sales totalling £Nil (2023: £569,433) and purchases totalling £222,836 (2023: £34,396) were made between Lowther Forestry Group Limited and Lowther Estate Trust. At the year end £Nil (2023: £298) was owed by Lowther Estate Trust.

 

During the year sales totalling £1,084,720 (2023: £563,538) and purchases totalling £379,483 (2023: £6,547) were made between Lowther Forestry Group Limited and Lowther Farming Partnership. At the year end £117,056 (2023: £552,989) was owed by and £564 (2023: £3,747) owed to Lowther Farming Partnership.

 

Additionally, £60,500 (2023: £625,000) was owed from Lowther Farming Partnerships in respect of a loan which was originally in place with Lowther Park Farms, previously a 100% group company, and has subsequently transferred to Lowther Farming Partnerships.

21
Directors' transactions

During the year, purchases totalling £4,672 were made between the company and Simon Pugh. At the year end a balance of £249 was owed to Simon Pugh.

22
Ultimate controlling party

The company is a wholly owned subsidiary of Lowther Group Limited which is the immediate parent company.  The share capital of Lowther Group Limited is registered in the name of L.E.T. Nominees 1 Limited, which holds the shares as nominee for the Lowther Estate (1992) Trust.

The smallest group for which consolidated financial statements are drawn up of which the small entity is a member is Lowther Group Limited. The address of the parent’s registered office is Lowther Castle, Lowther, Penrith, Cumbria, CA10 2HH.

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