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COMPANY REGISTRATION NUMBER: 08936744
Forest Specialities Limited
Filleted Unaudited Financial Statements
31 March 2019
Forest Specialities Limited
Statement of Financial Position
31 March 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
4
75
2,025
Current assets
Stocks
8,680
8,680
Debtors
5
122
312
-------
-------
8,802
8,992
Creditors: amounts falling due within one year
6
32,992
30,232
--------
--------
Net current liabilities
24,190
21,240
--------
--------
Total assets less current liabilities
( 24,115)
( 19,215)
Creditors: amounts falling due after more than one year
7
6,353
6,353
--------
--------
Net liabilities
( 30,468)
( 25,568)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 30,568)
( 25,668)
--------
--------
Shareholders deficit
( 30,468)
( 25,568)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Forest Specialities Limited
Statement of Financial Position (continued)
31 March 2019
These financial statements were approved by the board of directors and authorised for issue on 28 October 2019 , and are signed on behalf of the board by:
Mr N C Mustow
Director
Company registration number: 08936744
Forest Specialities Limited
Notes to the Financial Statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Midway House, Herrick Way, Staverton Technology Park, Staverton, Cheltenham, Gloucestershire, GL51 6TQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
1 Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2 Going concern
The company enjoys the financial support of its Director and hence the accounts are drawn up on a Going Concern basis.
3 Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
4 Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
5 Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
6 Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
7 Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2018 and 31 March 2019
7,800
7,800
-------
-------
Depreciation
At 1 April 2018
5,775
5,775
Charge for the year
1,950
1,950
-------
-------
At 31 March 2019
7,725
7,725
-------
-------
Carrying amount
At 31 March 2019
75
75
-------
-------
At 31 March 2018
2,025
2,025
-------
-------
5. Debtors
2019
2018
£
£
Other debtors
122
312
----
----
6. Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
3,655
3,549
Trade creditors
4,680
3,840
Other creditors
24,657
22,843
--------
--------
32,992
30,232
--------
--------
7. Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
6,353
6,353
-------
-------
8. Related party transactions
The company was under the control of Mr N Mustow and Mr D Price throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under FRSSE.