2022-03-012023-02-282023-02-28falseSC183096SKAIRFIELD 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SKAIRFIELD LIMITED

Registered Number
SC183096
(Scotland)

Unaudited Financial Statements for the Year ended
28 February 2023

SKAIRFIELD LIMITED
Company Information
for the year from 1 March 2022 to 28 February 2023

Directors

The Rt Hon the Earl of Annandale and Hartfell
JARDINE-PATERSON, James Michael
JARDINE-PATERSON, Michael John
JOHNSTONE, David Patrick Wentworth Hope, Lord
MOUNSEY-HEYSHAM, Toby Herchard
ROUTLEDGE, Oliver Myles

Registered Address

Armstrong Watson, 51 Rae Street
Dumfries
DG1 1JD

Registered Number

SC183096 (Scotland)
SKAIRFIELD LIMITED
Statement of Financial Position
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets65,372,5465,380,005
Investments7446,857461,403
Investment property8565,000565,000
6,384,4036,406,408
Current assets
Stocks112,370,6742,620,158
Debtors12206,29291,353
Cash at bank and on hand1,876,4881,815,396
4,453,4544,526,907
Creditors amounts falling due within one year13(48,362)(82,396)
Net current assets (liabilities)4,405,0924,444,511
Total assets less current liabilities10,789,49510,850,919
Provisions for liabilities14(941,000)(956,718)
Net assets9,848,4959,894,201
Capital and reserves
Called up share capital1,430,0021,430,002
Revaluation reserve4,222,3804,222,380
Profit and loss account4,196,1134,241,819
Shareholders' funds9,848,4959,894,201
The financial statements were approved and authorised for issue by the Board of Directors on 2 October 2023, and are signed on its behalf by:
JARDINE-PATERSON, James Michael
Director
JOHNSTONE, David Patrick Wentworth Hope, Lord
Director

Registered Company No. SC183096
SKAIRFIELD LIMITED
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Land and buildings - 10% straight-line/not depreciated Office equipment - 20% straight-line
Investment property policy
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Valuation of financial instruments policy
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
4.Critical estimates and judgements
The preparation of financial statements in conformity with FRS 102 requires management to make key judgements that affect the application of policies and reporting amounts of assets, income and expenses. The judgements that have a significant risk of causing a material adjustment are discussed below: Accounting treatment of standing timber Management deem a key area of judgement within these financial statements to be the accounting for standing timber and whether it should be classified as fixed assets or inventory. It is our assessment that based on the nature of this standing timber being held to maturity where it is then consumed, that it is deemed more appropriate to account for this as inventory as opposed to a fixed asset, in line with the definition of fixed assets set out in the Companies Act 2006.
5.Employee information

20232022
Average number of employees during the year66
6.Property, plant and equipment

Land & buildings

Office Equipment

Total

£££
Cost or valuation
At 01 March 225,568,9684695,569,437
Additions3,000-3,000
At 28 February 235,571,9684695,572,437
Depreciation and impairment
At 01 March 22188,966466189,432
Charge for year10,456310,459
At 28 February 23199,422469199,891
Net book value
At 28 February 235,372,546-5,372,546
At 28 February 225,380,00235,380,005
Commercial woodlands held by the company were revalued in 2022 based on external valuations by Scottish Woodlands. The directors believe the valuations attributed are still accurate at 28 February 2023. If commercial woodlands had not been included at valuation they would have been included under the historical cost convention as follows: 2023 £1,435,452 2022 £1,435,452
7.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 March 22461,403461,403
Additions44,77344,773
Revaluations(29,856)(29,856)
Disposals(29,463)(29,463)
At 28 February 23446,857446,857
Net book value
At 28 February 23446,857446,857
At 28 February 22461,403461,403

Notes

1Other investments other than loans
8.Investment property
The 2022 valuations were made by G M Thomson & Co, on an open market value for existing use basis. The directors believe these valuations are still accurate at 28 February 2023. If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows: 2023 £476,135 2022 £476,135

£
Fair value at 01 March 22565,000
At 28 February 23565,000
9.Description of event after reporting date
It is the directors' policy to retain cash within the company with the intention of purchasing forestry assets in line with the overall company strategy. Following extensive searches, the directors have identified a forestry asset that satisfies their requirements and have started negotiations to purchase it; this is expected to be in quarter 4 of 2024.
10.Further information regarding the company's financial position
In respect of these Financial Statements the comparative income statement has had £6,230 moved from investment income to administration expenses, £2,099 moved from value adjustments on fixed assets to administration expenses and £50 moved from administration expenses to interest payable and similar charges, these reclassifications have not affected the reported profit position which remains the same.
11.Stocks
Stocks relate to standing timber and are stated at the lower of cost and net realisable value. The volume of standing timber is assessed at each reporting date by the directors with assistance from independent experts when required. This is compared to the initial volume acquired to determine the extent of any reduction in the period. Where usage of standing timber has exceeded growth leading to a net reduction in volume the Company calculates the volume used as a percentage of the total acquired and calculates a proportionate element of the original cost which is then charged to the profit and loss account. Where the volume of wood at the end of a reporting period exceeds the original volume acquired the Company does not revalue the stock upwards to reflect this increase, in line with the policy of holding stock at cost.

2023

2022

££
Other stocks2,370,6742,620,158
Total2,370,6742,620,158
12.Debtors

2023

2022

££
Trade debtors / trade receivables197,25579,185
Prepayments and accrued income9,03712,168
Total206,29291,353
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
13.Creditors within one year

2023

2022

££
Trade creditors / trade payables208208
Taxation and social security12,76849,443
Accrued liabilities and deferred income35,38632,745
Total48,36282,396
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
14.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)941,000956,718
Total941,000956,718