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Unaudited Financial Statements for the Year Ended 31st March 2022 |
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FASSFERN FORESTRY LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31st March 2022 |
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for |
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FASSFERN FORESTRY LIMITED |
FASSFERN FORESTRY LIMITED (REGISTERED NUMBER: 06508591) |
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Contents of the Financial Statements |
for the Year Ended 31st March 2022 |
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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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FASSFERN FORESTRY LIMITED |
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Company Information |
for the Year Ended 31st March 2022 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
41 St Thomas's Road |
Chorley |
Lancashire |
PR7 1JE |
FASSFERN FORESTRY LIMITED (REGISTERED NUMBER: 06508591) |
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Balance Sheet |
31st March 2022 |
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31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
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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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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
FASSFERN FORESTRY LIMITED (REGISTERED NUMBER: 06508591) |
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Balance Sheet - continued |
31st March 2022 |
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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 director and authorised for issue on
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FASSFERN FORESTRY LIMITED (REGISTERED NUMBER: 06508591) |
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Notes to the Financial Statements |
for the Year Ended 31st March 2022 |
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1. | STATUTORY INFORMATION |
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Fassfern Forestry Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable and represents amounts received for services rendered, stated net of discounts and of Value Added Tax. |
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Tangible fixed assets |
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Plant and machinery | - |
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Computer equipment | - |
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Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
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If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
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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' of FRS 102 to all its financial instruments. |
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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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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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FASSFERN FORESTRY LIMITED (REGISTERED NUMBER: 06508591) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2022 |
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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 the shorter. |
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The interest element of these obligations is charged to profit or loss 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 profit or loss on a straight line basis over the period of the lease. |
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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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Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
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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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4. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1st April 2021 |
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Additions |
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Disposals | ( |
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At 31st March 2022 |
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DEPRECIATION |
At 1st April 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31st March 2022 |
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NET BOOK VALUE |
At 31st March 2022 |
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At 31st March 2021 |
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FASSFERN FORESTRY LIMITED (REGISTERED NUMBER: 06508591) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2022 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1st April 2021 |
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Additions |
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Disposals | ( |
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Transfer to ownership | (58,243 | ) |
At 31st March 2022 |
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DEPRECIATION |
At 1st April 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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Transfer to ownership | (20,022 | ) |
At 31st March 2022 |
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NET BOOK VALUE |
At 31st March 2022 |
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At 31st March 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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Directors' current accounts | 10,915 | 10,929 |
Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans and overdrafts (see note 8) |
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Hire purchase contracts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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FASSFERN FORESTRY LIMITED (REGISTERED NUMBER: 06508591) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2022 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans (see note 8) |
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Hire purchase contracts |
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8. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.3.22 | 31.3.21 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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The bank loan is a "Bounce Back" loan. |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.22 | 31.3.21 |
£ | £ |
Hire purchase contracts | 17,691 | 46,978 |
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HP liabilities are secured against the assets to which they relate. |
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10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31st March 2022 and 31st March 2021: |
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31.3.22 | 31.3.21 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Interest of £221 (2021: £472) has been charged on the overdrawn balance. This represents an annual interest rate of 2% (2021: 2.5%.) which is considered to be at the market rate. |
FASSFERN FORESTRY LIMITED (REGISTERED NUMBER: 06508591) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2022 |
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11. | ULTIMATE CONTROLLING PARTY |
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During the current period, the company has been controlled by Mr N Wilson (director), by virtue of their holding 100% of the issued ordinary share capital. |