Laggan Forest Trust Forestry Company Ltd - Limited company accounts 20.1

REGISTERED NUMBER: SC189326 (Scotland)

Report of the Directors and

Unaudited Financial Statements For The Year Ended 30th September 2020

for

THE LAGGAN FOREST TRUST

FORESTRY COMPANY LTD.

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

Directors:

D L Narro

G I Hall

J I G Menzies

I R Ash

Registered office:

Laggan Forest Office

Strathmashie

Laggan

Newtonmore

Inverness-shire

PH20 1BU

Registered number:

SC189326 (Scotland)

Accountants:

Goldwells

15-17 High Street

Kingussie

Inverness-Shire

PH21 1HS

The directors present their report with the financial statements of the company for the year ended 30th September 2020.

Principal activity

The principal activity of the company in the year under review was that of encouraging the recreational use of the Strathmashie Forest including the development and maintenance of footpaths and other amenities for the benefit of both visitors and local people.

Directors

The directors shown below have held office during the whole of the period from 1st October 2019 to the date of this report.

D L Narro

G I Hall

J I G Menzies

Other changes in directors holding office are as follows:

I R Ash - appointed 7th April 2020

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:

I R Ash - Director

15th May 2021

Turnover

49,461

109,626

Cost of sales

13,707

34,274

Gross profit

35,754

75,352

Administrative expenses

65,763

65,929

(30,009

)

9,423

Other operating income

34,604

600

Operating profit

4

4,595

10,023

Interest payable and similar expenses

127

487

Profit before taxation

4,468

9,536

Tax on profit

-

-

Profit for the financial year

4,468

9,536

Fixed assets

Tangible assets

5

450,790

452,057

Current assets

Stocks

2,200

2,500

Debtors

6

202

48

Cash at bank

1,334

18

3,736

2,566

Creditors

Amounts falling due within one year

7

17,456

21,160

Net current liabilities

(13,720

)

(18,594

)

Total assets less current liabilities

437,070

433,463

Accruals and deferred income

8

6,030

6,891

Net assets

431,040

426,572

Capital and reserves

Called up share capital

2

2

Other reserves

472,593

472,593

Retained earnings

(41,555

)

(46,023

)

431,040

426,572

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The 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 15th May 2021 and were signed on its behalf by:

I R Ash - Director

1.	Statutory information

The Laggan Forest Trust Forestry Company Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

in accordance with the property

Improvements to Property

-

5% on cost

Fixtures and fittings

-

25% on reducing balance

Plant & machinery

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	Employees and directors

The average number of employees during the year was 4 (2019 - 5 ) .

4.	Operating profit

The operating profit is stated after charging:

2020

2019

£

£

Depreciation - owned assets

2,512

2,764

5.	Tangible fixed assets

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1st October 2019

431,506

53,644

485,150

Additions

-

1,245

1,245

At 30th September 2020

431,506

54,889

486,395

Depreciation

At 1st October 2019

-

33,093

33,093

Charge for year

-

2,512

2,512

At 30th September 2020

-

35,605

35,605

Net book value

At 30th September 2020

431,506

19,284

450,790

At 30th September 2019

431,506

20,551

452,057

6.

Debtors: amounts falling due after more than one year

2020

2019

£

£

Other debtors

202

48

7.

Creditors: amounts falling due within one year

2020

2019

£

£

Bank loans and overdrafts

-

768

Other loans

9,513

6,390

Trade creditors

2,755

3,169

Social security and other taxes

400

434

VAT

754

4,683

Amounts owed to Laggan Forest

Trust

2,784

2,784

Accruals and deferred income

-

250

Accrued expenses

1,250

2,682

17,456

21,160

8.	Accruals and deferred income

The balance of £6,030 relates to the capital grant for the EV charger point being depreciated over its useful life of 10 years.