Forest Fuels Limited - Period Ending 2015-03-31

 
 
 
 
 
 
 
  Forest Fuels Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 31 March 2015
 
  Company Registration Number: 05735950

Forest Fuels Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Forest Fuels Limited
Abbreviated Balance Sheet
31 March 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets		2			129,074			-
Tangible fixed assets		2			95,169			80,124
					224,243			80,124
Current assets
Stocks					1,319,196			278,420
Debtors					2,747,108			977,686
Cash at bank and in hand					3,788			195,220
					4,070,092			1,451,326
Creditors: Amounts falling due within one year					(3,457,610)			(943,216)
Net current assets					612,482			508,110
Total assets less current liabilities					836,725			588,234
Creditors: Amounts falling due after more than one year					(398,783)			(289,108)
Provisions for liabilities					(7,377)			-
Net assets					430,565			299,126
Capital and reserves
Called up share capital		4			288,600			288,600
Profit and loss account					141,965			10,526
Shareholders' funds					430,565			299,126

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Forest Fuels Limited
Abbreviated Balance Sheet
31 March 2015 ......... continued

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 23 December 2015 and signed on its behalf by:

Mr P J Solly
Director

Company Registration Number: 05735950

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Forest Fuels Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2015 ......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Other grants

Grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the asset to which they relate.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	10% - 25% straight line and 10% - 25% reducing balance
Motor vehicles	25% reducing balance
Office equipment	25% and 33% straight line

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE.

Page 3

Forest Fuels Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2015 ......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		-			167,591			167,591
Additions		143,416			67,731			211,147
Disposals		-			(3,811)			(3,811)
At 31 March 2015		143,416			231,511			374,927
Depreciation
At 1 April 2014		-			87,467			87,467
Charge for the year		14,342			52,686			67,028
Eliminated on disposals		-			(3,811)			(3,811)
At 31 March 2015		14,342			136,342			150,684
Net book value
At 31 March 2015		129,074			95,169			224,243
At 31 March 2014		-			80,124			80,124

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		1,519,525			162,385
Amounts falling due after more than one year		223,783			38,743
Total secured creditors		1,743,308			201,128

Page 4

Forest Fuels Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2015 ......... continued

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		288,600			288,600			288,600			288,600

5

Control

The immediate parent company is Forest Fuels Holdings Limited. Forest Fuels Holdings Limited is a company incorporated and registered in England and Wales .
 

Page 5