| Tetbury Forestry Limited |
| Registered number: |
09560429 |
| Balance Sheet |
| as at 31 December 2016 |
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
58,993 |
|
|
60,368 |
|
| Current assets |
| Stocks |
|
|
4,470 |
|
|
6,180 |
| Debtors |
3 |
|
1,718 |
|
|
4,798 |
| Cash at bank and in hand |
|
|
2,081 |
|
|
9,462 |
|
|
|
8,269 |
|
|
20,440 |
|
| Creditors: amounts falling due within one year |
4 |
|
(1,316) |
|
|
(600) |
|
| Net current assets |
|
|
|
6,953 |
|
|
19,840 |
|
| Total assets less current liabilities |
|
|
|
65,946 |
|
|
80,208 |
|
| Creditors: amounts falling due after more than one year |
5 |
|
|
(77,920) |
|
|
(76,324) |
|
| Provisions for liabilities |
|
|
|
(2,637) |
|
|
(3,650) |
|
|
| Net (liabilities)/assets |
|
|
|
(14,611) |
|
|
234 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
10,000 |
|
|
10,000 |
| Profit and loss account |
|
|
|
(24,611) |
|
|
(9,766) |
|
| Shareholders' funds |
|
|
|
(14,611) |
|
|
234 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
| Geoffrey Turbott |
| Director |
| Approved by the board on 28 September 2017 |
|
| The notes on pages 6 - 8 form part of these financial statements. |
|
| Tetbury Forestry Limited |
| Notes to the Accounts |
| for the year ended 31 December 2016 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
2% straight line |
|
Plant and machinery |
25% straight line |
|
|
No depreciation is provided for on freehold land |
|
|
Stocks |
|
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first out basis. Overheads are charged to the profit and loss account as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. |
|
|
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss accurs. The amount of any reversal of any write-down of stocks is regognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 January 2016 |
42,393 |
|
21,100 |
|
63,493 |
|
Additions |
3,628 |
|
959 |
|
4,587 |
|
At 31 December 2016 |
46,021 |
|
22,059 |
|
68,080 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2016 |
276 |
|
2,849 |
|
3,125 |
|
Charge for the year |
632 |
|
5,330 |
|
5,962 |
|
At 31 December 2016 |
908 |
|
8,179 |
|
9,087 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2016 |
45,113 |
|
13,880 |
|
58,993 |
|
At 31 December 2015 |
42,117 |
|
18,251 |
|
60,368 |
|
|
| 3 |
Debtors |
2016 |
|
2015 |
| £ |
£ |
|
|
Other debtors |
1,718 |
|
4,798 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2016 |
|
2015 |
| £ |
£ |
|
|
Trade creditors |
816 |
|
- |
|
Other creditors |
500 |
|
600 |
|
|
|
|
|
|
1,316 |
|
600 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due after one year |
2016 |
|
2015 |
| £ |
£ |
|
|
Other creditors |
77,920 |
|
76,324 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Related party transactions |
|
|
Loans from director - Geoffrey Turbott |
|
|
Included within other creditors is the following loan from a director. |
|
|
As at the balance sheet date of 31 December 2016 the company owed Geoffrey Turbott, a |
|
director £38,960 (2015 - £38,162). |
|
|
The above loan is unsecured and interest free. |
|
|
Loans from director - Janette Turbott |
|
|
Included within other creditors is the following loan from a director. |
|
|
As at the balance sheet date of 31 December 2016 the company owed Janette Turbott, a |
|
director £38,960 (2015 - £38,162). |
|
|
The above loan is unsecured and interest free. |
|
|
| 7 |
Other information |
|
|
Tetbury Forestry Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Worwell Farm |
|
Ilsom |
|
Tetbury |
|
GL8 8RY |
