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Pryor & Rickett Silviculture Ltd

Annual Report and Financial Statements
Year Ended 31 December 2024

Registration number: 03499298

 

Pryor & Rickett Silviculture Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 10

 

Pryor & Rickett Silviculture Ltd

Balance Sheet

31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

972,082

1,027,164

Investments

5

2,000

2,000

 

974,082

1,029,164

Current assets

 

Stocks

6

60,311

84,790

Debtors

7

3,206,884

3,000,894

Cash at bank and in hand

 

304,833

168,887

 

3,572,028

3,254,571

Creditors: Amounts falling due within one year

8

(2,977,525)

(2,004,979)

Net current assets

 

594,503

1,249,592

Total assets less current liabilities

 

1,568,585

2,278,756

Creditors: Amounts falling due after more than one year

8

(173,859)

(257,548)

Provisions for liabilities

-

(47,843)

Net assets

 

1,394,726

1,973,365

Capital and reserves

 

Called up share capital

10

16,000

16,000

Capital redemption reserve

4,000

4,000

Profit and loss account

1,374,726

1,953,365

Shareholders' funds

 

1,394,726

1,973,365

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

.........................................
D Symons
Director

Company Registration Number: 03499298

 

Pryor & Rickett Silviculture Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
The Terminal
Aviation Way
Carlisle
CA6 4NZ

These financial statements were authorised for issue by the Board on 23 May 2025.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Group accounts not prepared

The company is a parent company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 May 2025 was Duncan Leslie FCA, who signed for and on behalf of PKF Francis Clark.

Going concern

During 2024 the made a significant adjustment to accrued income following a detailed review of the balance and its ongoing recoverability.

The Directors have considered a period of 12 months from the approval of these accounts, including appropriate forecasts, and are satisfied that the going concern basis continues to be appropriate. Forestry remains a prominent part of a broad UK narrative as a means of mitigating the effects of a warming climate. There is a high level of diversity in the core activities of the business such that we are satisfied that the going concern basis continues to be appropriate.

 

Pryor & Rickett Silviculture Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

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 value added tax, returns, rebates and discounts and after eliminating sales within the company. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in a year, including estimates of amounts not yet invoiced.

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.

Government grants

Government grants of a revenue nature are credited to the Profit and Loss Account so as to match them with the expenditure to which they relate.

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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Freehold property

Nil

Plant and machinery

12.5% - 20% straight line basis

Fixtures and fittings

12.5% straight line basis

Motor vehicles

25% straight line basis

 

Pryor & Rickett Silviculture Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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. 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Pryor & Rickett Silviculture Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 48 (2023 - 46).

 

Pryor & Rickett Silviculture Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2024

262,444

28,186

1,240,330

132,566

1,663,526

Additions

-

4,940

211,177

38,272

254,389

Disposals

-

-

(136,875)

(4,718)

(141,593)

At 31 December 2024

262,444

33,126

1,314,632

166,120

1,776,322

Depreciation

At 1 January 2024

5,249

19,574

532,473

79,066

636,362

Charge for the year

-

2,419

262,498

28,511

293,428

Eliminated on disposal

-

-

(122,506)

(3,044)

(125,550)

At 31 December 2024

5,249

21,993

672,465

104,533

804,240

Carrying amount

At 31 December 2024

257,195

11,133

642,167

61,587

972,082

At 31 December 2023

257,195

8,612

707,857

53,500

1,027,164

 

Pryor & Rickett Silviculture Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

Included within the net book value of land and buildings above is £257,195 (2023 - £257,195) in respect of freehold land and buildings.

Included within the net book value of motor vehicles above is £529,146 (2023 - £469,272) in respect of hire purchase motor vehicles, with the depreciation charge being £194,500 (2023 - £118,884).

5

Investments

2024
£

2023
£

Investments in subsidiaries

2,000

2,000

Subsidiaries

£

Cost or valuation

At 1 January 2024

2,000

Provision

Carrying amount

At 31 December 2024

2,000

At 31 December 2023

2,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Edder Farms Limited

The Terminal
Aviation Way
Carlisle
CA6 4NZ

Ordinary shares

100%

100%

Subsidiary undertakings

Edder Farms Limited

The principal activity of Edder Farms Limited is the acquisition of land for afforestation.

 

Pryor & Rickett Silviculture Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

6

Stocks

2024
£

2023
£

Other inventories

60,311

84,790

7

Debtors

2024
£

2023
£

Trade debtors

1,984,445

1,345,637

Amounts due from group undertakings

780,794

621,854

Other debtors

392,134

949,858

Prepayments

49,511

83,545

3,206,884

3,000,894

8

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

9

227,483

1,309,244

Trade creditors

 

416,161

385,185

Amounts due to group undertakings

1,782,047

-

Corporation tax

-

33,431

Social security and other taxes

 

222,529

163,429

Other creditors

 

116,060

21,039

Accrued expenses

 

213,245

92,651

 

2,977,525

2,004,979

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £227,483 (2023 - £1,309,244).

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

173,859

257,548

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £173,859 (2023 - £257,548).

 

Pryor & Rickett Silviculture Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

173,859

257,548

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

1,100,000

Hire purchase contracts

227,483

209,244

227,483

1,309,244

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share Capital of £1 each

16,000

16,000

16,000

16,000

       

11

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 £19,484 (2023 - £11,759).

12

Off-balance sheet arrangements

Guarantee
Pryor & Rickett Silviculture Limited has provided a guarantee in respect of Edder Farms Limited with regards to the company's borrowing with Clydesdale Bank PLC.

13

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Duncan Leslie FCA, who signed for and on behalf of PKF Francis Clark on 28 May 2025.

 

Pryor & Rickett Silviculture Ltd

Notes to the Financial Statements

Year Ended 31 December 2024

14

Parent and ultimate parent undertaking

The company's immediate parent is Euroforest Holdings Limited, incorporated in England & Wales.

 The ultimate parent is O.F Ahlmark & Co. Eftr. A-B, incorporated in Sweden.

 The most senior parent entity producing publicly available financial statements is O.F Ahlmark & Co. Eftr. A-B.. These financial statements are available upon request from P O 306, S-651 07 Karlstad 1, Sweden.