Blacklock Harvesting Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 12

Blacklock Harvesting Limited

Balance Sheet

28 December 2024

	Note	28 December 2024 £	30 December 2023 £
Fixed assets
Intangible assets	4	199,150	189,140
Tangible assets	5	11,339,310	9,776,053
		11,538,460	9,965,193
Current assets
Stocks	6	611,723	608,129
Debtors	7	1,553,102	1,854,402
		2,164,825	2,462,531
Creditors: Amounts falling due within one year	8	(6,516,498)	(7,207,837)
Net current liabilities		(4,351,673)	(4,745,306)
Total assets less current liabilities		7,186,787	5,219,887
Creditors: Amounts falling due after more than one year	8	(4,890,238)	(3,873,014)
Provisions for liabilities		(1,621,455)	(948,217)
Net assets		675,094	398,656
Capital and reserves
Called up share capital	10	100	100
Profit and loss account		674,994	398,556
Shareholders' funds		675,094	398,656

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:
 

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

Company Registration Number: 06799426

Blacklock Harvesting Limited

Notes to the Financial Statements

Period from 31 December 2023 to 28 December 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:
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.

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

The directors have considered a period of 12 months from approval of these accounts, including appropriate forecasts, and are satisfied that the going concern basis continues to be appropriate.

Despite the net current liabilities shown in these accounts, the directors consider Blacklock Harvesting Limited to be a going concern as it has the backing of the parent company and the hire purchase finance is secured on assets. There is equity in the machinery and fixed assets we have, coupled with a strong second hand market for that machinery.

Blacklock Harvesting Limited

Notes to the Financial Statements

Period from 31 December 2023 to 28 December 2024

Key sources of estimation uncertainty

Depreciation (plant and machinery):
Harvesters and forwarders are depreciated to a residual value on a straight line basis by machine hour (previously 15% reducing balance). The directors believe depreciation by the hour better aligns the asset value to the usage of the machine. The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if there is an indication of a significant change since the last reporting date. The change in the depreciation estimate did not result in a material difference to the depreciation charge.

Conversion factors (accrued income):
The conversion factor of a crop of work is considered when pricing a job and a lot of factors impact this assessment which is done on a forest compartment by compartment basis. The main factors considered are age of crop, species, amount of windblow, snap or check. The directors believe whilst there was an issue with this resulting in a significant adjustment in the 2023 accounts, we now have a better control and appreciation for conversion factors.

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.

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.

Blacklock Harvesting Limited

Notes to the Financial Statements

Period from 31 December 2023 to 28 December 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
Land and buildings	10% Straight line
Plant and machinery (P&M)	15% Reducing balance
P&M - Forwarders and Harvesters	Machine hours
Other plant and machinery	10%-20% Straight line
Motor vehicles	25% Straight line
Office equipment	33% Straight line
Caravans	20% Straight line

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any 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:

Asset class	Amortisation method and rate
Goodwill	10% Straight line
Computer software (asset under construction)	Not yet amortised

Stocks

Stocks consist of parts and consumables and 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.

Blacklock Harvesting Limited

Notes to the Financial Statements

Period from 31 December 2023 to 28 December 2024

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.

Blacklock Harvesting Limited

Notes to the Financial Statements

Period from 31 December 2023 to 28 December 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank and other 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 and other 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 period, was 24 (2023 - 24).

Blacklock Harvesting Limited

Notes to the Financial Statements

Period from 31 December 2023 to 28 December 2024

4	Intangible assets

	Goodwill  £	Computer software (asset under construction) £	Total £
Cost or valuation
At 31 December 2023	106,500	149,140	255,640
Additions acquired separately	-	20,010	20,010
At 28 December 2024	106,500	169,150	275,650
Amortisation
At 31 December 2023	66,500	-	66,500
Amortisation charge	10,000	-	10,000
At 28 December 2024	76,500	-	76,500
Carrying amount
At 28 December 2024	30,000	169,150	199,150
At 30 December 2023	40,000	149,140	189,140