Kingan Forestry Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC253581 (Scotland)

Financial Statements for the Year Ended 31st July 2019

for

Kingan Forestry Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

Report of the Accountants

6

DIRECTOR:

D S Kingan

SECRETARY:

D S Kingan

REGISTERED OFFICE:

Townhead Sawmill

New Abbey

Dumfries

DG2 8DU

REGISTERED NUMBER:

SC253581 (Scotland)

ACCOUNTANTS:

Farries Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

FIXED ASSETS

Tangible assets

4

17,375

15,438

CURRENT ASSETS

Debtors

5

514,578

535,078

Cash at bank

398,319

172,899

912,897

707,977

CREDITORS

Amounts falling due within one year

6

(414,569

)

(383,307

)

NET CURRENT ASSETS

498,328

324,670

TOTAL ASSETS LESS CURRENT LIABILITIES

515,703

340,108

PROVISIONS FOR LIABILITIES

(3,301

)

(2,933

)

NET ASSETS

512,402

337,175

CAPITAL AND RESERVES

Called up share capital

1

1

Capital redemption reserve

1

1

Retained earnings

512,400

337,173

512,402

337,175

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 29th October 2019 and were signed by:

D S Kingan - Director

1.	STATUTORY INFORMATION

Kingan Forestry Limited 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 represents net invoiced sales from timber contracting, excluding value added tax.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.

The assets residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained

Earnings, 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.

Pension costs and other post-retirement benefits

The company makes contributions into a recognised UK defined contribution pension scheme. Contributions payable to this

scheme are charged to the income statement in the period to which they relate.

Financial instruments

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are

readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of

business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged

to customers, including any amounts charged on for third parties.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from

suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the

reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an

unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current

liabilities.

Borrowings

Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are

subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount

due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is

probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be

estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st August 2018

25,729

Additions

6,625

At 31st July 2019

32,354

DEPRECIATION

At 1st August 2018

10,291

Charge for year

4,688

At 31st July 2019

14,979

NET BOOK VALUE

At 31st July 2019

17,375

At 31st July 2018

15,438

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

514,578

535,078

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

304,600

107,691

Taxation and social security

106,969

72,021

Other creditors

3,000

203,595

414,569

383,307

7.	RELATED PARTY DISCLOSURES

At 31st July 2019, the company owed the sum of £NIL (2018 - £200,000) to D.Kingan by way of a director's loan account.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited

financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet.

Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not

required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st July 2019 set out on pages three to seven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Farries Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

29th October 2019