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Unaudited Financial Statements |
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For The Year Ended 30 April 2018 |
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Forest Products Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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For The Year Ended 30 April 2018 |
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for |
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Forest Products Limited |
Forest Products Limited (Registered number: 00218634) |
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Contents of the Financial Statements |
For The Year Ended 30 April 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Forest Products Limited |
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Company Information |
For The Year Ended 30 April 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
Forest Products Limited (Registered number: 00218634) |
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Balance Sheet |
30 April 2018 |
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30.4.18 | 30.4.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Forest Products Limited (Registered number: 00218634) |
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Balance Sheet - continued |
30 April 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Forest Products Limited (Registered number: 00218634) |
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Notes to the Financial Statements |
For The Year Ended 30 April 2018 |
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1. | STATUTORY INFORMATION |
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Forest Products Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Turnover is recognised at the fair value of the consideration received or receivable for goods 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. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of |
the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be |
measured reliably, it is probable that the economic benefits associated with the transaction will flow to |
the entity and the costs incurred or to be incurred in respect of the transaction can be measured |
reliably. |
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Tangible fixed assets |
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Freehold property | - |
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Long leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
Forest Products Limited (Registered number: 00218634) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 April 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, 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. |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset |
expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership |
to another entity. |
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Basic financial liabilities |
Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary |
course of business from suppliers. Trade creditors are classified as current liabilities if payment is due |
within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors |
are recognised initially at transaction price and subsequently measured at amortised cost using the |
effective interest method. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, |
cancelled, or they expire. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Forest Products Limited (Registered number: 00218634) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 April 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is shorter. |
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The interest element of these obligations is charged to the profit and loss account over the relevant period. The |
capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the profit and loss account as incurred. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Non depreciation of investment property |
In accordance with IAS 40 investment properties were revalued annually up to 30 April 2016. The requirement of |
the Companies Act 2006 is to depreciate all properties, but that conflicts with the accounting principle set out in |
IAS 40. The directors consider the property is not held for consumption but for investment and that to depreciate |
would not give a true and fair view. Hence IAS 40 as amended by the Financial Reporting Standard for Smaller |
Entities (effective April 2008) has been adopted. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Forest Products Limited (Registered number: 00218634) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 April 2018 |
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4. | TANGIBLE FIXED ASSETS |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2017 |
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Additions |
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Disposals | ( |
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At 30 April 2018 |
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DEPRECIATION |
At 1 May 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 April 2018 |
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NET BOOK VALUE |
At 30 April 2018 |
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At 30 April 2017 |
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Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2017 |
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Additions |
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Disposals |
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At 30 April 2018 |
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DEPRECIATION |
At 1 May 2017 |
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Charge for year |
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Eliminated on disposal |
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At 30 April 2018 |
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NET BOOK VALUE |
At 30 April 2018 |
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At 30 April 2017 |
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Included in cost or valuation of land and buildings is freehold land of £ 99,632 (2017 - £ 99,632 ) which is not |
depreciated. |
Forest Products Limited (Registered number: 00218634) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 April 2018 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 30 April 2018 is represented by: |
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Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
Valuation in 2016 | 500,000 | - | - |
Cost | 633,403 | 11,868 | 698,235 |
1,133,403 | 11,868 | 698,235 |
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Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Valuation in 2016 | - | - | 500,000 |
Cost | 184,134 | 94,480 | 1,622,120 |
184,134 | 94,480 | 2,122,120 |
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If investment property had not been revalued it would have been included at the following historical cost: |
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30.4.18 | 30.4.17 |
£ | £ |
Cost | 50,721 | 50,721 |
Aggregate depreciation | 7,200 | 7,200 |
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Freehold investment property was valued on an open market valuation basis on 30 April 2016 by the directors. |
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The net book value above includes amounts attributable to assets subject to hire purchase and finance lease |
agreements at 30 April 2018 of £382,328 (2017 : £413,958). |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 May 2017 |
and 30 April 2018 |
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NET BOOK VALUE |
At 30 April 2018 |
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At 30 April 2017 |
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Forest Products Limited (Registered number: 00218634) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 April 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.18 | 30.4.17 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.18 | 30.4.17 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Directors' current accounts | 58,365 | 59,498 |
Accruals and deferred income |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.18 | 30.4.17 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 71,454 | 72,104 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.4.18 | 30.4.17 |
£ | £ |
Bank loans |
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Hire purchase contracts | 298,071 | 342,955 |
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Forest Products Limited (Registered number: 00218634) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 April 2018 |
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10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 May 2017 |
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Reduction in deferred tax |
provision | 477 |
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At 30 April 2018 |
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