SEAL_FORESTRY_LIMITED - Accounts
SEAL_FORESTRY_LIMITED - Accounts
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
Company Registration No. SC232598 (Scotland)
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Investments
2
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(625 )
(19,524 )
Net current assets
Total assets less current liabilities
Capital and reserves
Called up share capital
3
Profit and loss account
(12,522 )
Shareholders' funds
Directors' responsibilities:
-
-
Approved by the Board for issue on 29 September 2016
Director
Company Registration No. SC232598
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
1.2
Turnover
1.3
Tangible fixed assets and depreciation
Woodlands are not depreciated on the basis that the directors believe their estimated residual values exceed their book cost. Woodlands are reviewed by the directors for impairment at each balance sheet date in accordance with FRS 11 "Impairment of fixed assets", and any adjustment is written off to the profit and loss account.
1.4
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.5
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences are differences between the taxable profits and the results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.
Deferred tax is not recognised when fixed assets are revalued unless by the balance sheet date there is a binding agreement to sell the revalued assets and the asset has been revalued to selling price. Neither is deferred tax recognised when fixed assets are sold and it is more likely than not that the taxable gain will be rolled over, being charged to tax only if and when the replacement assets are sold.
Deferred tax is measured on a non-discounted basis.
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 January 2015 & at 31 December 2015
24,656
116,675
At 31 December 2014
116,675
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Participating interests
5,500
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2015
2015
Principal activity
£
£
Forestry management
461,627
24,432
The figures disclosed above relate to the financial year ended 30 June 2015.
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
4
Ultimate parent company
The ultimate parent company is Bent Alsø A/S, a limited company registered in Denmark.