Maelor Forest Nurseries Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10036038 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

MAELOR FOREST NURSERIES HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M W Harvey

M O'Neill

I Sayyed

A G Milne

SECRETARY:

A G Milne

REGISTERED OFFICE:

Fields Farm

Bronington

Whitchurch

Shropshire

SY13 3HZ

REGISTERED NUMBER:

10036038 (England and Wales)

AUDITORS:

D.R.E. & Co. (Audit) Limited

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

FIXED ASSETS

Tangible assets

5

3,886,506

3,929,558

Investments

6

102

102

3,886,608

3,929,660

CURRENT ASSETS

Debtors

7

346,841

402,865

Cash at bank

1,262,606

1,067,700

1,609,447

1,470,565

CREDITORS

Amounts falling due within one year

8

194,525

166,935

NET CURRENT ASSETS

1,414,922

1,303,630

TOTAL ASSETS LESS CURRENT LIABILITIES

5,301,530

5,233,290

CREDITORS

Amounts falling due after more than one year

9

(2,213,398

)

(2,142,508

)

PROVISIONS FOR LIABILITIES

(4,360

)

(4,145

)

NET ASSETS

3,083,772

3,086,637

CAPITAL AND RESERVES

Called up share capital

11

80

80

Retained earnings

3,083,692

3,086,557

SHAREHOLDERS' FUNDS

3,083,772

3,086,637

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2020 and were signed on its behalf by:

M W Harvey - Director

1.	STATUTORY INFORMATION

Maelor Forest Nurseries Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The accounts are for the individual entity only.

These financial statements are presented in (£) sterling, rounded to the nearest £1.

These are the first set of accounts that have been prepared in accordance with FRS 102 (March 2018). The transition to this standard has had no effect on the company's financial position or accounting policies.

Going concern

The financial statements have been prepared under the going concern basis on the expectation that the company shall continue to operate for the foreseeable future and due to the continued support of the directors and those involved.

Preparation of consolidated financial statements

The financial statements contain information about Maelor Forest Nurseries Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, BSW Timber Ltd, East End,Earlston,Berwickshire,TD4 6JA.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Land and buildings are shown at cost less depreciation.

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

Land and buildings- varying rates between 5% and 99.9% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

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

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

5.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 October 2019

and 30 September 2020

4,073,845

DEPRECIATION

At 1 October 2019

144,287

Charge for year

43,052

At 30 September 2020

187,339

NET BOOK VALUE

At 30 September 2020

3,886,506

At 30 September 2019

3,929,558

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2019

and 30 September 2020

102

NET BOOK VALUE

At 30 September 2020

102

At 30 September 2019

102

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Maelor Forest Nurseries Ltd

Registered office: Registered in United Kingdom

Nature of business: Production of forestry and hedging stock

%

Class of shares:

holding

Ordinary

100.00

30.9.20

30.9.19

£

£

Aggregate capital and reserves

4,484,545

3,042,717

Profit for the year

1,600,546

1,720,161

Forest Seed Orchard Ltd

Registered office: Registered in United Kingdom

Nature of business: Growing and sale of forestry stock

%

Class of shares:

holding

Ordinary

100.00

30.9.20

30.9.19

£

£

Aggregate capital and reserves

(4,900

)

(39,833

)

Profit for the year

43,127

16,522

Maelor Scotland Forest Nurseries Ltd

Registered office: Registered in United Kingdom

Nature of business: Production of forestry and hedging stock

%

Class of shares:

holding

Ordinary

100.00

30.9.20

30.9.19

£

£

Aggregate capital and reserves

(902,929

)

(194,151

)

Loss for the year

(694,850

)

(194,152

)

7.

DEBTORS

30.9.20

30.9.19

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

271,841

177,865

Amounts falling due after more than one year:

Amounts owed by group undertakings

75,000

225,000

Aggregate amounts

346,841

402,865

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans and overdrafts

143,494

126,296

Tax

9,282

10,144

Amounts owed to group undertakings

40,149

27,924

Accruals and deferred income

1,600

2,571

194,525

166,935

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans - 2-5 years

982,268

968,838

Bank loans more 5 yr by instal

1,231,130

1,173,670

2,213,398

2,142,508

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,231,130

1,173,670

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.20

30.9.19

£

£

Bank loans

2,356,892

2,268,804

The bank loans are secured by way of a legal charge over the freehold property at Stimmey Farm, Field Farm, the land lying to the east of Nook Lane, Bronington, the land adjoining Oak View, Chapel Lane, Bronington and the land to the west of Conery Lane, Bronington.

The bank hold a debenture dated 9 February 2017 incorporating a fixed and floating charge.

The company also has floating charge on the undertaking, property and rights of Maelor Forest Nurseries Ltd, a subsidiary of this company.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.20

30.9.19

value:

£

£

80

Ordinary

£1

80

80

The shares have full voting rights, are eligible for dividends and carry the right to participate in a distribution

(including on winding up).

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Aled Davies FCCA (Senior Statutory Auditor)

for and on behalf of D.R.E. & Co. (Audit) Limited

13.	RELATED PARTY DISCLOSURES

Exemption is taken from disclosing group transactions on the grounds that details of the subsidiary are included in publicly available consolidated accounts. These are available from the parent company's registered office at East End, Earlston, Berwickshire, TD4 6JA.

14.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Endless LLP (via Endless Fund IV A LP) by virtue of their majority shareholding in West Moorland 101 Limited.