Company registration number SC228249 (Scotland)
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
COMPANY INFORMATION
Directors
Ian Millward
Christopher Inglis
Jemma S Bargery
Stuart Goodall
Secretary
Ian Millward
Company number
SC228249
Registered office
3rd Floor
59 George Street
Edinburgh
EH2 2JG
Auditor
Greaves West & Ayre
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
Business address
Vernon Cottage
Hazeldene Road
Liphook
Hampshire
GU30 7PH
Bankers
Lloyds Bank
12 High Street
Haslemere
Surrey
GU27 2JG
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Notes to the financial statements
9 - 15
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that
of organising and promoting the biennial APF International Forest Machinery Exhibition, and any other connected exhibitions and events.
It is a wholly owned subsidiary of The Confederation of Forest Industries (UK) Limited (Confor).
Results and dividends
The company does not intend to pay any dividends.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ian Millward
Christopher Inglis
Mark Steele
(Resigned 13 October 2021)
Jemma S Bargery
Stuart Goodall
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
By order of the board
Ian Millward
Secretary
10 May 2022
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
- 3 -
Opinion
We have audited the financial statements of APF International Forest Machinery Exhibition Ltd. (the 'company') for the year ended 31 December 2021 which comprise the profit and loss account, the balance sheet and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its loss for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 15 to the financial statements
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the directors'
r
eport
. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have
no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
- 5 -
The extent to which the audit was considered capable of detecting irregularities, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non- compliance with applicable laws and regulations;
-
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the
woodland and forestry
sector;
-
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as the Companies Act 2006, taxation legislation and employment legislation
;
-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
-
identified laws and regulations of particular relevance were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations
.
To address the risk of fraud through management bias and override of controls, including any fraud associated with revenue recognition, we:
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
tested journal entries to identify unusual transactions;
-
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
-
traced a sample of
exhibitor bookings
from
exhibitor listings
to nominal ledgers
and agreed to confirmations from the exhibitors. All revenue was then deferred as the income relates to the exhibition due to take place in September 2022.
-
evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
- 6 -
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
agreeing financial statement disclosures to underlying supporting documentation;
-
reading the minutes of meetings of those charged with governance;
and
-
enquiring of management as to actual and potential litigation and claims against the company
.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Colin Frame CA (Senior Statutory Auditor)
For and on behalf of Greaves West & Ayre
13 May 2022
Chartered Accountants
Statutory Auditor
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
2021
2020
Notes
£
£
Turnover
2,888
Cost of sales
(13,719)
(19,192)
Gross loss
(10,831)
(19,192)
Administrative expenses (including 2021: £41,067 loss of earnings payment)
(63,757)
(55,646)
Operating loss
(74,588)
(74,838)
Interest receivable and similar income
5
14,858
37,731
Loss before taxation
(59,730)
(37,107)
Tax on loss
6,492
5,703
Loss for the financial year
(53,238)
(31,404)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 8 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
7
322,312
308,301
Current assets
Debtors
8
46,138
77,318
Cash at bank and in hand
152,311
191,259
198,449
268,577
Creditors: amounts falling due within one year
9
(334,180)
(330,567)
Net current liabilities
(135,731)
(61,990)
Total assets less current liabilities
186,581
246,311
Provisions for liabilities
(6,492)
Net assets
186,581
239,819
Capital and reserves
Called up share capital
10
1,000
1,000
Other reserves
11
95,615
80,069
Profit and loss reserves
12
89,966
158,750
Total equity
186,581
239,819
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 May 2022 and are signed on its behalf by:
Ian Millward
Christopher Inglis
Director
Director
Stuart Goodall
Director
Company Registration No. SC228249
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
1
Accounting policies
Company information
APF International Forest Machinery Exhibition Ltd. is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
3rd Floor, 59 George Street, Edinburgh, EH2 2JG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.
Revenue represents exhibitor fees, ticket fees and sponsorship income for the bi-annual exhibition held by the company. As all revenue relate to the exhibition, revenue in relation to this exhibition is recognised when the exhibition takes place. As such, revenue received in relation to the income during a non-exhibition period is deferred until the exhibition period.
Income from investments, including dividends, interest and other income types, is recognised as follows:
Dividend income from investments is recognised when the shareholder's right to receive payment has been established.
Interest and other income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer Equipment
33% straight-line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 10 -
1.4
Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised through the profit and loss account. Transaction costs are expensed to the profit and loss account as they are incurred.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts
, when applicable,
are shown within borrowings in current liabilities.
1.6
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.
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.
Basic financial assets
Basic financial assets, which include
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.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 11 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
2
Judgements and key sources of estimation uncertainty
(Continued)
- 12 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Fair value of Investments
Listed investments are measured initially at the transaction price and subsequently measured at fair value through profit or loss account. All listed investments are measured at Level 1 fair values with observable market prices. Investment reports are obtained from the investment platforms which include the market prices and valuation of the investments at the year-end date and any movement in fair value of these investments are recognised through profit or loss account based on these third-party reports.
Deferred Income
The APF exhibition takes place biennially
. However
, invoices for exhibitor fees, sponsorship etc. are raised during non-exhibition year
s
in preparation
for
the exhibition in
an
exhibition year. All income related to the exhibition year is deferred and recognised as deferred income in the balance sheet in a non-exhibition year.
3
Administrative expenses - Loss of earnings payment
During the year, the company made a £41,067
"loss of earnings" payment to some members of the Demo Committee.
The loss of earning payments w
ere
approved by the
Board
to compensate the Demo Committee members for
costs incurred
due to
the further
postponement of
the
APF Exhibition f
rom 2021 t
o September 2022.
This was a second cancellation of the show which was originally planned for 2020.
4
Employees
The average monthly number of persons employed by the company during the year was:
2021
2020
Number
Number
Total
3
2
5
Interest receivable and similar income
2021
2020
£
£
Interest receivable and similar income includes the following:
Income from other fixed asset investments
14,858
37,731
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 13 -
6
Tangible fixed assets
Office equipment
£
Cost
At 1 January 2021 and 31 December 2021
2,346
Depreciation and impairment
At 1 January 2021 and 31 December 2021
2,346
Carrying amount
At 31 December 2021
At 31 December 2020
7
Fixed asset investments
2021
2020
£
£
Other investments other than loans
322,312
308,301
Fixed asset investments revalued
Fixed asset investments are included at market value. The historic cost of the investment portfolio is £237,681 (2020: £233,286)
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2021
308,301
Additions
5,806
Valuation changes
9,053
Disposals
(848)
At 31 December 2021
322,312
Carrying amount
At 31 December 2021
322,312
At 31 December 2020
308,301
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
8
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
22,588
52,576
Corporation tax recoverable
4,042
4,042
Other debtors
19,508
20,700
46,138
77,318
9
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
3,544
5,947
Other creditors
330,636
324,620
334,180
330,567
10
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
1,000
1,000
1,000
1,000
11
Other reserves
£
At the beginning of the prior year
46,444
Transfer to/from retained earnings
33,625
At the end of the prior year
80,069
Transfer to/from retained earnings
15,546
At the end of the current year
95,615
A
transfer has been made from
the profit and loss reserves
to other
reserve
s
during the
year to
separately demonstrate the revaluation gain
from the investment portfolio
after crediting £6,492 deferred tax movement to £nil at the year-end.
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 15 -
12
Profit and loss reserves
2021
2020
£
£
At the beginning of the year
158,750
223,779
Loss for the year
(53,238)
(31,404)
Transfer to reserves
(15,546)
(33,625)
At the end of the year
89,966
158,750
13
Related party transactions
Out of the £41,067
payment described as "
loss of earnings
"
disclosed in Note 3, £37,461 (2020 £nil) was paid
as compensation
due to the
further
postponement of the APF Exhibition
from 2021
until September 2022. This
compensation calculation was based upon direct costs and administrative costs incurred by the directors' businesses. The calculation did not include any element for directors fees because directors take no fees for their work as
directors
.
The payment was instead
a contribution towards
the demo administrative services provided to the company
by
the
committee
members.
14
Parent company
The company is a wholly owned subsidiary of The Confederation of Forest Industries (UK) Limited, (Confor), a UK registered company.
Consolidated accounts are produced by the parent, showing the results of the group as a whole, and are available from the company's registered office
at
59 George Street, Edinburgh, EH2 2JG.
Confor is the ultimate controlling party as it controls 100% of the company's share capital.
15
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
In common with many other businesses of our size and nature we use ou
r auditor
to provide tax advice and manage our investment portfolio.
2021-12-31
2021-01-01
false
CCH Software
CCH Accounts Production 2022.100
Christopher Inglis
Mark Steele
Jemma S Bargery
Stuart Goodall
Stuart Goodall
Ian Millward
SC228249
2021-01-01
2021-12-31
SC228249
bus:CompanySecretaryDirector1
2021-01-01
2021-12-31
SC228249
bus:Director1
2021-01-01
2021-12-31
SC228249
bus:Director3
2021-01-01
2021-12-31
SC228249
bus:Director4
2021-01-01
2021-12-31
SC228249
bus:Director2
2021-01-01
2021-12-31
SC228249
bus:Director5
2021-01-01
2021-12-31
SC228249
bus:CompanySecretary1
2021-01-01
2021-12-31
SC228249
bus:RegisteredOffice
2021-01-01
2021-12-31
SC228249
bus:Agent1
2021-01-01
2021-12-31
SC228249
2021-12-31
SC228249
2020-01-01
2020-12-31
SC228249
2020-12-31
SC228249
core:CurrentFinancialInstruments
core:WithinOneYear
2021-12-31
SC228249
core:CurrentFinancialInstruments
core:WithinOneYear
2020-12-31
SC228249
core:CurrentFinancialInstruments
2021-12-31
SC228249
core:CurrentFinancialInstruments
2020-12-31
SC228249
core:ShareCapital
2021-12-31
SC228249
core:ShareCapital
2020-12-31
SC228249
core:OtherMiscellaneousReserve
2021-12-31
SC228249
core:OtherMiscellaneousReserve
2020-12-31
SC228249
core:RetainedEarningsAccumulatedLosses
2021-12-31
SC228249
core:RetainedEarningsAccumulatedLosses
2020-12-31
SC228249
core:RetainedEarningsAccumulatedLosses
2020-12-31
SC228249
core:RetainedEarningsAccumulatedLosses
2019-12-31
SC228249
core:ComputerEquipment
2021-01-01
2021-12-31
SC228249
core:OtherPropertyPlantEquipment
2020-12-31
SC228249
core:OtherPropertyPlantEquipment
2021-12-31
SC228249
core:OtherPropertyPlantEquipment
2020-12-31
SC228249
core:WithinOneYear
2021-12-31
SC228249
core:WithinOneYear
2020-12-31
SC228249
core:RetainedEarningsAccumulatedLosses
2021-01-01
2021-12-31
SC228249
core:OtherReservesSubtotal
2020-01-01
2020-12-31
SC228249
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
SC228249
bus:FRS102
2021-01-01
2021-12-31
SC228249
bus:Audited
2021-01-01
2021-12-31
SC228249
bus:FullAccounts
2021-01-01
2021-12-31
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xbrli:shares
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