Registration number:
Upton Specialised Tree Services Ltd
for the Year Ended 30 November 2024
Upton Specialised Tree Services Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Upton Specialised Tree Services Ltd
Company Information
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Directors |
Mr D Sweet Mrs L Sweet |
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Registered office |
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Accountants |
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Upton Specialised Tree Services Ltd
(Registration number: 07425707)
Balance Sheet as at 30 November 2024
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Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
889,057 |
634,701 |
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Shareholders' funds |
889,157 |
634,801 |
For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
Upton Specialised Tree Services Ltd
(Registration number: 07425707)
Balance Sheet as at 30 November 2024 (continued)
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Upton Specialised Tree Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Upton Specialised Tree Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
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2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
15% reducing balance |
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Fixtures and fittings |
25% reducing balance |
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Motor vehicles |
25% reducing balance |
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Office equipment |
3 years straight line |
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Property improvements |
10 years straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Upton Specialised Tree Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
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2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Upton Specialised Tree Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
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2 |
Accounting policies (continued) |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Upton Specialised Tree Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 December 2023 |
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At 30 November 2024 |
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Amortisation |
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At 1 December 2023 |
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At 30 November 2024 |
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Carrying amount |
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At 30 November 2024 |
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- |
Upton Specialised Tree Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Property improvements |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 December 2023 |
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Additions |
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Disposals |
( |
- |
- |
( |
( |
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At 30 November 2024 |
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Depreciation |
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At 1 December 2023 |
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Charge for the year |
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Eliminated on disposal |
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- |
- |
( |
( |
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At 30 November 2024 |
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Carrying amount |
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At 30 November 2024 |
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At 30 November 2023 |
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Included within the net book value of plant & machinery above are assets under hire purchase of £1,222,081 (2023: £1,089,794 ) and the depreciation charge of £215,165 (2023: £192,317). Included within the net book value of motor vehicles above are assets under hire purchase of £118,107 (2023: £111,795) and the depreciation charge of £34,689 (2023: £28,697).
Upton Specialised Tree Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
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Stocks |
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2024 |
2023 |
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Other inventories |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Upton Specialised Tree Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
- |
9,691 |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Included in Loans and borrowings is £Nil (2023: £Nil) due in over five years.
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Upton Specialised Tree Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
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Loans and borrowings |
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2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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HP and finance lease liabilities |
817,120 |
802,849 |
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2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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HP and finance lease liabilities |
350,651 |
306,160 |
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Dividends |
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2024 |
2023 |
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£ |
£ |
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Interim dividend of £ |
75,000 |
75,000 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
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Related party transactions |
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Transactions with directors |
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2024 |
At 1 December 2023 |
Advances to director |
At 30 November 2024 |
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Directors loan |
- |
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Upton Specialised Tree Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
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13 |
Related party transactions (continued) |
Loans to directors are charged interest at the official rate and repayable on demand.
Directors' remuneration
The directors' remuneration for the year was as follows:
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2024 |
2023 |
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Remuneration |
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Contributions paid to money purchase schemes |
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27,776 |
27,776 |
Summary of transactions with other related parties
During the year:
Sales to Linwood Sawmills Limited amounted to £32,274 (2023: £(20,611)).
Recharges of expenses totalled £27,493 (2023: £nil).
Purchases from Linwood Sawmills Limited amounted to £32,182 (2023: £11,825).
At the year end:
£75,617 (2023: £9,367) was included in trade debtors, due from Linwood Sawmills Limited.
£136,825 (2023: £144,991) was included in other debtors, also due from Linwood Sawmills Limited.
£25,738 (2023: £nil) was included in trade creditors, payable to Linwood Sawmills Limited.
All balances are interest-free, unsecured, and repayable on demand.
Arb Kit Hire Ltd is under the common control of the directors of Upton Specialised Tree Services Ltd and is therefore a related party.
At the year end:
£14,636 (2023: £5,482) was included in other debtors, due from Arb Kit Hire Ltd.
In the opinion of the directors all transactions with related parties were at a market value for the services provided and purchases received.
Upton Specialised Tree Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
14
Prior Period Adjustment
During the year, the company identified that a material wages accrual relating to bonuses declared and payable for the year ended 31 November 2023 had not been recognised in those financial statements. This has been corrected in accordance with FRS 102 1a by restating the comparative amounts.
The effect of this adjustment is to:
Increase accruals as at 31 November 2023 by £63,120.
Increase administrative expenses for the year ended 31 November 2023 by £63,120.
Increase the Deferred Tax liability as at 31 November 2023 by £3,794.
Decrease Retained Earnings carried forward as at 31 November 2023 and brought forward as at 1 December 2023 by £66,914.