0 3 Forest Commercial Services Limited 03174277 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is that of the property ownership, leasing out of property and management. Digita Accounts Production Advanced 6.30.9574.0 true 03174277 2023-09-01 2024-08-31 03174277 2024-08-31 03174277 bus:OrdinaryShareClass1 2024-08-31 03174277 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-08-31 03174277 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-08-31 03174277 core:CurrentFinancialInstruments 2024-08-31 03174277 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 03174277 core:Non-currentFinancialInstruments 2024-08-31 03174277 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 03174277 core:FurnitureFittingsToolsEquipment 2024-08-31 03174277 core:OtherPropertyPlantEquipment 2024-08-31 03174277 bus:SmallEntities 2023-09-01 2024-08-31 03174277 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 03174277 bus:FilletedAccounts 2023-09-01 2024-08-31 03174277 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 03174277 bus:RegisteredOffice 2023-09-01 2024-08-31 03174277 bus:Director1 2023-09-01 2024-08-31 03174277 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 03174277 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 03174277 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 03174277 core:MotorVehicles 2023-09-01 2024-08-31 03174277 core:OfficeEquipment 2023-09-01 2024-08-31 03174277 core:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 03174277 core:PlantMachinery 2023-09-01 2024-08-31 03174277 1 2023-09-01 2024-08-31 03174277 countries:EnglandWales 2023-09-01 2024-08-31 03174277 2023-08-31 03174277 core:FurnitureFittingsToolsEquipment 2023-08-31 03174277 core:OtherPropertyPlantEquipment 2023-08-31 03174277 2022-09-01 2023-08-31 03174277 2023-08-31 03174277 bus:OrdinaryShareClass1 2023-08-31 03174277 core:CurrentFinancialInstruments 2023-08-31 03174277 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 03174277 core:Non-currentFinancialInstruments 2023-08-31 03174277 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 03174277 core:FurnitureFittingsToolsEquipment 2023-08-31 03174277 core:OtherPropertyPlantEquipment 2023-08-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 03174277

Forest Commercial Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Forest Commercial Services Limited

(Registration number: 03174277)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

136,160

92,201

Investment property

5

6,951,373

6,938,873

Other financial assets

6

-

285,000

 

7,087,533

7,316,074

Current assets

 

Stocks

7

1,549,590

1,449,708

Debtors

8

1,985,679

2,074,466

Investments

9

1

1

Cash at bank and in hand

 

304,343

308,672

 

3,839,613

3,832,847

Creditors: Amounts falling due within one year

10

(378,351)

(967,905)

Net current assets

 

3,461,262

2,864,942

Total assets less current liabilities

 

10,548,795

10,181,016

Creditors: Amounts falling due after more than one year

10

(1,573,084)

(1,106,493)

Provisions for liabilities

(183,849)

(192,796)

Net assets

 

8,791,862

8,881,727

Capital and reserves

 

Called up share capital

13

20

20

Revaluation reserve

606,232

606,232

Retained earnings

8,185,610

8,275,475

Shareholders' funds

 

8,791,862

8,881,727

 

Forest Commercial Services Limited

(Registration number: 03174277)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board for issue on 28 August 2025 and signed on its behalf by:
 

.........................................

S R Smith

Director

 

Forest Commercial Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Kilthorpe Grange
Barrowden Road
Ketton
Stamford
Rutland
PE9 3RL

2

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.

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.

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.

 

Forest Commercial Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

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:

Asset class

Depreciation method and rate

Plant and machinery

20% / 15 years straight line basis

Office equipment

33% straight line basis

Motor vehicles

25% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments are carried at fair value, derived from the current market prices for comparable assets. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition. Changes in fair value are recognised in profit and loss.

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.

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.

 

Forest Commercial Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 3).

 

Forest Commercial Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

17,944

990,593

1,008,537

Additions

-

82,298

82,298

Disposals

-

(105,885)

(105,885)

At 31 August 2024

17,944

967,006

984,950

Depreciation

At 1 September 2023

17,399

898,937

916,336

Charge for the year

545

20,093

20,638

Eliminated on disposal

-

(88,184)

(88,184)

At 31 August 2024

17,944

830,846

848,790

Carrying amount

At 31 August 2024

-

136,160

136,160

At 31 August 2023

545

91,656

92,201

 

Forest Commercial Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

5

Investment properties

2024
£

At 1 September

6,938,873

Additions

12,500

At 31 August

6,951,373

The properties are measured at fair value by the directors and any gain or loss arising is charged to the profit and loss account.

There has been no valuation of investment property by an independent valuer.

6

Other investment assets (current and non-current)

Investments at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 September 2023

285,000

-

285,000

Disposals

-

(285,000)

(285,000)

At 31 August 2024

285,000

(285,000)

-

Carrying amount

At 31 August 2024

285,000

(285,000)

-

7

Stocks

2024
£

2023
£

Work in progress

1,549,590

1,449,708

 

Forest Commercial Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

8

Debtors

Current

2024
£

2023
£

Trade debtors

28,915

25,465

Prepayments

9,883

7,677

Other debtors

1,946,881

2,041,324

 

1,985,679

2,074,466

9

Current asset investments

2024
£

2023
£

Other investments

1

1

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

18,611

330,126

Amounts owed to related parties

317,168

589,748

Taxation and social security

 

2,142

4,474

Other creditors

 

40,430

43,557

 

378,351

967,905

Due after one year

 

Loans, borrowings and finance creditors

11

1,573,084

1,106,493

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

1,573,084

1,106,493

 

Forest Commercial Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

11

Secured creditors

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,423,084

1,106,493

Other borrowings

150,000

-

1,573,084

1,106,493

Bank loans and finance lease liabilities

The bank loans and bank overdraft are secured by a fixed charge on the company's fixed assets. The finance lease liabilities are secured on the assets financed.

12

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 £Nil (2023 - £40,000). The commitments are in respect of rental yard / property.

13

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

20

20

20

20