|
|
|
|
|
|
|
Company registration number 02453049
|
|
|
|
FILING FINANCIAL STATEMENTS
|
|
|
|
FOR THE YEAR ENDED 31 DECEMBER 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTENTS
|
|
|
|
|
|
Statement of financial position
|
|
Notes to the financial statements
|
|
|
|
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
D C Forsyth (appointed 1 October 2018)
|
|
|
|
|
|
|
|
|
Moore Stephens (South) LLP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
ENGA LIMITED
REGISTERED NUMBER:02453049
|
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due after more than one year
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit and loss account-non distributable
|
|
|
|
|
|
Profit and loss account-distributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of Section 1A 'Small Entities' of Financial Reporting Standard 102.
2
|
|
|
|
|
ENGA LIMITED
REGISTERED NUMBER:02453049
|
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2018
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
A J M Koskull
|
|
|
|
|
|
|
The notes on pages 4 to 10 form part of these financial statements.
3
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
These financial statements are presented in Pounds Sterling (GBP), as that is the currency in which (the majority of) the company's transactions are denominated. They comprise the financial statements of the company drawn up for the year ended 31 December 2018.
The continuing activities of Enga Limited is the ownership and commercial exploitation of land and forests.
The company is a private company limited by shares and is incorporated in United Kingdom and registered in England. Details of the registered office can be found on the company information page of these financial statements. The company's registered number is 02453049.
2.Accounting policies
The company has a strong balance sheet and funds in the bank and the directors are of the opinion that the company will continue to meet its obligations as they fall due for the foreseeable future.
On this basis the directors consider it appropriate to prepare these financial statements on a going concern basis.
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with applicable law and United Kingdom Accounting Standards including Section 1A 'Small Entities' of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice applicable to Small Entities).
The preparation of financial statements in compliance with Section 1A ‘Small Entities’ of FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company accounting policies.
The following principal accounting policies have been applied:
|
|
|
Foreign currency translation
|
The company's functional and presentation currency is GBP. Foreign currency transactions are translated into the functional currency using the spot exchange rates at the date of the transactions.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Income and Retained Earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
4
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
2.Accounting policies (continued)
|
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost value model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimate useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
|
|
|
|
|
Land & commercial forests
|
|
|
|
|
|
|
|
|
|
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
As permitted under Financial Reporting Standard 102 Section 1A the directors have elected to record land and commercial forests at valuation. These assets will be carried at current year value at the balance sheet date based on valuations carried out at the year-end.
As the company retains the title to salvage the timber the directors are confident that all of the company's assets are insured adequately.
5
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
2.Accounting policies (continued)
Investments are held at cost less impairment.
Investments in subsidiaries are measured at cost less accumulated impairment.
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
Short term debtors are measured at transaction price, less any impairment.
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Financial instruments are recognised in the statement of income and retained earnings when the company becomes a party to the contractual provisions of the instrument. Financial instruments are classified as either 'basic' or 'other' in Chapter 11 of FRS102. The company only enters into basic financial instruments. All financial instruments are initially measured at transaction price. At the end of each reporting period, basic financial instruments are measured at amortised cost.
Short term creditors are measured at the transaction price.
|
|
|
Provisions for liabilities
|
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
|
|
The average monthly number of employees, including directors, during the year was 3 (2017 - 3).
|
6
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
|
|
Dividends paid on ordinary shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The land and commerical forests were valued at the year-end by Gresham House Forestry Limited, advisors in forestry investment and asset management. The historical cost of the land and commercial forests, had they not been revalued, would be £3,258,501.
Biological assets have been disclosed separately as "Commercial Forests" in line with the treatment set out in section 34 of FRS 102.
|
7
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
|
|
Investments in subsidiary companies
|
Investment in joint associations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by joint ventures and associated undertakings
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
8
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The company currently has no secured liabilties.
However, there is a fixed charge secured over the lands and farm at Upper Beoch and Longford and Sandy's Wood in favour of Energiekontour UK Limited, a group company.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charged to Statement of Income and Retained Earnings
|
|
|
|
|
|
|
|
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated capital allowances
|
|
|
|
|
|
|
|
|
|
|
|
|
9
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
Profit and loss account - non-distributable
This represents the revaluation reserve on land and commercial forests.
Profit and loss account - distributable
This represents reserves which can be withdrawn from profits that are made.
|
|
Related party transactions
|
|
|
During the year business expenses totalling £12,707(2017: £16,319) were paid on behalf of the company by A J M Koskull. A total of £12,707 (2017: £15,548) was remitted back to the director during the year. At 31 December 2018, the balance due to Mr Koskull was £56 (2017: £56).
At 31 December 2018 the company owed £1 (2017: £1) to Longford Coal Limited, the company's wholly owned subsidiary. The debt is unsecured, interest-free and has no fixed terms of repayment.
The company has a loan amount outstanding of £196,032 (2017 : £196,032) due from JAK Forestry Limited, an Irish company in which the company owns 30% of the share capital. There was no movement on the loan during the year. The loan is interest free and repayable on demand.
|
The immediate, and ultimate, parent company is Engaholms Forvaltning AB (formerly Engaholms Godsforvaltning AB), a company registered in Sweden. The company was controlled throughout the current and previous year by Mr A J M Koskull, a director, by virtue of his controlling interest in Engaholms Forvaltning AB. The company is exempt from the requirement to prepare group accounts by virtue of section 398 of the Companies Act 2006. These financial statements therefore present information about the company and not about its group.
|
|
Other professional services provided by the auditor
|
In common with other small companies of this size and nature the auditor is employed to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
The audit report for these financial statements was unqualified and did not include any matter to which the auditor drew attention by way of emphasis. The senior statutory auditor who signed the audit report was Michael Harkness and the auditor was Scott-Moncrieff. The report was signed on 18/04/2019.
10
|
|
|
