Silverfin false 31/03/2023 01/04/2022 31/03/2023 Duncan Bruce Wallace Mary Ann Wallace Stuart Duncan Wallace 10/01/1994 Mary Ann Wallace 17 October 2023 The principal activity of the Company during the financial year was the import and distribution of timber based products. SC101451 2023-03-31 SC101451 bus:Director3 2023-03-31 SC101451 2022-03-31 SC101451 core:CurrentFinancialInstruments 2023-03-31 SC101451 core:CurrentFinancialInstruments 2022-03-31 SC101451 core:Non-currentFinancialInstruments 2023-03-31 SC101451 core:Non-currentFinancialInstruments 2022-03-31 SC101451 core:ShareCapital 2023-03-31 SC101451 core:ShareCapital 2022-03-31 SC101451 core:RevaluationReserve 2023-03-31 SC101451 core:RevaluationReserve 2022-03-31 SC101451 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC101451 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC101451 core:LandBuildings 2022-03-31 SC101451 core:PlantMachinery 2022-03-31 SC101451 core:Vehicles 2022-03-31 SC101451 core:FurnitureFittings 2022-03-31 SC101451 core:LandBuildings 2023-03-31 SC101451 core:PlantMachinery 2023-03-31 SC101451 core:Vehicles 2023-03-31 SC101451 core:FurnitureFittings 2023-03-31 SC101451 core:CurrentFinancialInstruments core:Secured 2023-03-31 SC101451 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 SC101451 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-03-31 SC101451 core:MoreThanFiveYears 2023-03-31 SC101451 core:MoreThanFiveYears 2022-03-31 SC101451 2021-03-31 SC101451 bus:OrdinaryShareClass1 2023-03-31 SC101451 bus:OrdinaryShareClass2 2023-03-31 SC101451 bus:OrdinaryShareClass3 2023-03-31 SC101451 2022-04-01 2023-03-31 SC101451 bus:FullAccounts 2022-04-01 2023-03-31 SC101451 bus:SmallEntities 2022-04-01 2023-03-31 SC101451 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC101451 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC101451 bus:Director1 2022-04-01 2023-03-31 SC101451 bus:Director2 2022-04-01 2023-03-31 SC101451 bus:Director3 2022-04-01 2023-03-31 SC101451 bus:CompanySecretary1 2022-04-01 2023-03-31 SC101451 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 SC101451 core:PlantMachinery core:TopRangeValue 2022-04-01 2023-03-31 SC101451 core:Vehicles 2022-04-01 2023-03-31 SC101451 core:FurnitureFittings core:TopRangeValue 2022-04-01 2023-03-31 SC101451 2021-04-01 2022-03-31 SC101451 core:LandBuildings 2022-04-01 2023-03-31 SC101451 core:PlantMachinery 2022-04-01 2023-03-31 SC101451 core:FurnitureFittings 2022-04-01 2023-03-31 SC101451 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC101451 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC101451 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC101451 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC101451 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC101451 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 SC101451 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 SC101451 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC101451 (Scotland)

CORE PRODUCTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

CORE PRODUCTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

CORE PRODUCTS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
CORE PRODUCTS LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,235,032 2,297,333
2,235,032 2,297,333
Current assets
Stocks 4 1,683,937 1,879,198
Debtors 5 184,448 104,893
Cash at bank and in hand 6 119,319 2,890
1,987,704 1,986,981
Creditors: amounts falling due within one year 7 ( 961,751) ( 903,262)
Net current assets 1,025,953 1,083,719
Total assets less current liabilities 3,260,985 3,381,052
Creditors: amounts falling due after more than one year 8 ( 38,678) ( 61,679)
Provision for liabilities 9, 10 ( 256,794) ( 270,809)
Net assets 2,965,513 3,048,564
Capital and reserves
Called-up share capital 11 206,550 206,550
Revaluation reserve 1,486,499 1,505,302
Profit and loss account 1,272,464 1,336,712
Total shareholders' funds 2,965,513 3,048,564

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Core Products Limited (registered number: SC101451) were approved and authorised for issue by the Director on 17 October 2023. They were signed on its behalf by:

Duncan Bruce Wallace
Director
CORE PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
CORE PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Core Products Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Unit 3, Arran House, Arran Road, North Muirton Industrial Estate, PH1 3DZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Turnover

Turnover represents amounts receivable for the sale of timber based products net of VAT and trade discounts.

Revenue is recognised on the despatch of goods from the company's premises.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 4 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under hire purchase contracts, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 20 22

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2022 2,240,000 467,426 69,115 140,405 2,916,946
Additions 0 7,969 0 0 7,969
At 31 March 2023 2,240,000 475,395 69,115 140,405 2,924,915
Accumulated depreciation
At 01 April 2022 0 443,526 45,281 130,806 619,613
Charge for the financial year 44,800 15,260 5,958 4,252 70,270
At 31 March 2023 44,800 458,786 51,239 135,058 689,883
Net book value
At 31 March 2023 2,195,200 16,609 17,876 5,347 2,235,032
At 31 March 2022 2,240,000 23,900 23,834 9,599 2,297,333

Revaluation of tangible assets

If revalued assets were stated on a historical cost bases rather than a fair value basis, the total amounts included would have been as follows:

2023 2022
£ £
Historical cost 739,825 739,825
Accumulated depreciation (293,999) (279,202)
Carrying value 445,826 460,623

The freehold property was valued by Smart & Co Surveyors & Property Consultants at £2,240,000 in January 2022 and the directors confirm this is still a fair representation of the market value at 31.03.23.

4. Stocks

2023 2022
£ £
Stocks 1,683,937 1,879,198

5. Debtors

2023 2022
£ £
Trade debtors 164,418 75,205
Other debtors 20,030 29,688
184,448 104,893

The company uses an invoice factoring agent who secures their advances over the company's trade debtors.

At the balancing sheet date, amounts due to the factoring agent of £168,246 (2022 - £173,926) have been deducted from the company's trade debtors.

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 119,319 2,890
Less: Bank overdrafts 0 ( 84,057)
119,319 (81,167)

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured £ 21,491) 23,195 105,560
Trade creditors 84,106 210,852
Amounts owed to related parties 545,000 281,500
Taxation and social security 185,563 238,621
Other creditors 123,887 66,729
961,751 903,262

Bank loans and overdrafts of £21,491 (2022 - £103,856) are secured by a bond and floating charge over the whole of the company's property and undertakings.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 38,678 61,679

The bank loans of £29,874 (2022 - £51,171) are secured by a bond and floating charge over the whole of the company's property and undertakings.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (repayable by instalments) 1,988 3,692

9. Provision for liabilities

2023 2022
£ £
Deferred tax 256,794 270,809

10. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 270,809) ( 62,525)
Credited/(charged) to the Profit and Loss Account 14,015 ( 208,284)
At the end of financial year ( 256,794) ( 270,809)

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
82,620 Ordinary shares of £ 1.00 each 82,620 82,620
68,165 Ordinary "A" Class shares of £ 1.00 each 68,165 68,165
55,765 Ordinary "B" Class shares of £ 1.00 each 55,765 55,765
206,550 206,550