CSP_FORESTRY_LIMITED - Accounts

CSP FORESTRY LIMITED - Company Information

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Company Registration No. SC250956 (Scotland)

CSP FORESTRY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2016

CSP FORESTRY LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

CSP FORESTRY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 JUNE 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

8,000

12,000

Tangible assets

3,116,832

2,851,911

3,124,832

2,863,911

Current assets

Stocks

85,000

81,000

Debtors

512,597

766,742

Cash at bank and in hand

318,187

915,784

847,742

Creditors: amounts falling due within one year

(1,185,460)

(1,007,298)

Net current liabilities

(269,676)

(159,556)

Total assets less current liabilities

2,855,156

2,704,355

Creditors: amounts falling due after more than one year

(1,185,703)

(1,379,122)

Provisions for liabilities

(248,123)

(251,426)

1,421,330

1,073,807

Capital and reserves

Called up share capital

100

Profit and loss account

1,421,230

1,073,707

Shareholders' funds

1,421,330

1,073,807

CSP FORESTRY LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 JUNE 2016

- 2 -

For the financial year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 24 January 2017

Charles Paterson

Director

Company Registration No. SC250956

CSP FORESTRY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

Turnover represents amounts receivable from forestry harvesting and extraction services, net of VAT. Turnover is recognised as the timber is felled.

1.3

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 15 years.

1.4

Tangible fixed assets and depreciation

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

- 20% reducing balance

Motor vehicles

- 20% reducing balance

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

Deferred taxation

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.

CSP FORESTRY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2016

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 July 2015

60,000

4,996,406

5,056,406

Additions

1,471,254

Disposals

(1,090,998)

At 30 June 2016

60,000

5,376,662

5,436,662

Depreciation

At 1 July 2015

48,000

2,144,495

2,192,495

On disposals

(663,875)

Charge for the year

4,000

779,210

783,210

At 30 June 2016

52,000

2,259,830

2,311,830

Net book value

At 30 June 2016

8,000

3,116,832

3,124,832

At 30 June 2015

12,000

2,851,911

2,863,911

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £775,958 (2015 - £649,187).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £885,703 (2015 - £929,122).

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100