Olsson Forest Limited - Accounts to registrar (filleted) - small 18.1
Olsson Forest Limited - Accounts to registrar (filleted) - small 18.1
| REGISTERED NUMBER: |
| OLSSON FOREST LIMITED |
| AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
| OLSSON FOREST LIMITED (REGISTERED NUMBER: SC335154) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 | to | 4 |
| OLSSON FOREST LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Redwood |
| 19 Culduthel Road |
| Inverness |
| IV2 4AA |
| SOLICITORS: |
| 50 Lothian Road |
| Festival Square |
| Edinburgh |
| EH3 9WJ |
| OLSSON FOREST LIMITED (REGISTERED NUMBER: SC335154) |
| BALANCE SHEET |
| 31 December 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Allotted, called up and |
| fully paid share capital |
| Profit and loss account - |
| distributable |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| OLSSON FOREST LIMITED (REGISTERED NUMBER: SC335154) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2017 |
| 1. | STATUTORY INFORMATION |
| Olsson Forest Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in sterling, which is the functional currency of the entity. |
| Fundamental accounting concept |
| The company has net current liabilities amounting to £563,946 at the balance sheet date. However, the |
| holding company have agreed to make funds available to meet the company's liabilities as they fall due |
| and therefore the directors consider the going concern basis of preparing the accounts to be appropriate. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
| 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
| party transactions with its parent company. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost, being purchase price, less depreciation. Woodlands, however, |
| is not depreciated. |
| Other income |
| Other income relates to income arising from the sale of timber and forestry related grants. This income |
| is incidental to the long term strategy of the company and therefore is not considered to be turnover. |
| This income is recognised as it becomes receivable. |
| Debtors/creditors receivable/payable within one year |
| Debtors and creditors with no stated interest and receivable or payable within one year are recorded at |
| transaction price. Any losses arising from impairment are recognised in the profit and loss account in |
| other administrative expenses. |
| 3. | TANGIBLE FIXED ASSETS |
| Land |
| £ |
| COST |
| At 1 January 2017 |
| and 31 December 2017 |
| NET BOOK VALUE |
| At 31 December 2017 |
| At 31 December 2016 |
| Woodlands comprise Strathconon Forest, Muir of Ord, Ross-shire, which is not depreciated. |
| OLSSON FOREST LIMITED (REGISTERED NUMBER: SC335154) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2017 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 7. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
| In common with many other businesses of our size and nature we use our auditors to prepare and submit |
| returns to the tax authorities and assist with the preparation of the financial statements. |
| 8. | ULTIMATE PARENT COMPANY |
| Terminalleasing i Goteborg AB (incorporated in Sweden) is regarded by the directors as being the |
| company's ultimate parent company. |