Silverfin false false 30/06/2023 01/07/2022 30/06/2023 Charles Paterson 11/06/2003 Douglas Charles Paterson 01/05/2015 Susan Jane Paterson 11/06/2003 Susan Jane Paterson 21 February 2024 The principal activity of the Company during the financial year was that of forestry harvesting and extraction services. SC250956 2023-06-30 SC250956 bus:Director1 2023-06-30 SC250956 bus:Director2 2023-06-30 SC250956 bus:Director3 2023-06-30 SC250956 2022-06-30 SC250956 core:CurrentFinancialInstruments 2023-06-30 SC250956 core:CurrentFinancialInstruments 2022-06-30 SC250956 core:Non-currentFinancialInstruments 2023-06-30 SC250956 core:Non-currentFinancialInstruments 2022-06-30 SC250956 core:ShareCapital 2023-06-30 SC250956 core:ShareCapital 2022-06-30 SC250956 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC250956 core:RetainedEarningsAccumulatedLosses 2022-06-30 SC250956 core:LandBuildings 2022-06-30 SC250956 core:PlantMachinery 2022-06-30 SC250956 core:Vehicles 2022-06-30 SC250956 core:ComputerEquipment 2022-06-30 SC250956 core:LandBuildings 2023-06-30 SC250956 core:PlantMachinery 2023-06-30 SC250956 core:Vehicles 2023-06-30 SC250956 core:ComputerEquipment 2023-06-30 SC250956 bus:OrdinaryShareClass1 2023-06-30 SC250956 2022-07-01 2023-06-30 SC250956 bus:FilletedAccounts 2022-07-01 2023-06-30 SC250956 bus:SmallEntities 2022-07-01 2023-06-30 SC250956 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 SC250956 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 SC250956 bus:Director1 2022-07-01 2023-06-30 SC250956 bus:Director2 2022-07-01 2023-06-30 SC250956 bus:Director3 2022-07-01 2023-06-30 SC250956 bus:CompanySecretary1 2022-07-01 2023-06-30 SC250956 core:LandBuildings core:TopRangeValue 2022-07-01 2023-06-30 SC250956 core:PlantMachinery 2022-07-01 2023-06-30 SC250956 core:Vehicles 2022-07-01 2023-06-30 SC250956 core:ComputerEquipment 2022-07-01 2023-06-30 SC250956 2021-07-01 2022-06-30 SC250956 core:LandBuildings 2022-07-01 2023-06-30 SC250956 core:CurrentFinancialInstruments 2022-07-01 2023-06-30 SC250956 core:Non-currentFinancialInstruments 2022-07-01 2023-06-30 SC250956 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 SC250956 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC250956 (Scotland)

CSP FORESTRY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH THE REGISTRAR

CSP FORESTRY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023

Contents

CSP FORESTRY LIMITED

BALANCE SHEET

AS AT 30 JUNE 2023
CSP FORESTRY LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 5,064,351 5,062,169
5,064,351 5,062,169
Current assets
Stocks 62,675 73,350
Debtors 4 970,037 1,207,697
Cash at bank and in hand 582,953 0
1,615,665 1,281,047
Creditors: amounts falling due within one year 5 ( 1,129,871) ( 1,305,800)
Net current assets/(liabilities) 485,794 (24,753)
Total assets less current liabilities 5,550,145 5,037,416
Creditors: amounts falling due after more than one year 6 ( 811,706) ( 1,082,454)
Provision for liabilities 7 ( 794,910) ( 390,327)
Net assets 3,943,529 3,564,635
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 3,943,429 3,564,535
Total shareholders' funds 3,943,529 3,564,635

For the financial year ending 30 June 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 CSP Forestry Limited (registered number: SC250956) were approved and authorised for issue by the Director on 21 February 2024. They were signed on its behalf by:

Charles Paterson
Director
CSP FORESTRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
CSP FORESTRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 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

CSP Forestry 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 Strathdeveron House, Steven Road, Huntly, AB54 8SX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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

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.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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, other than investment property and freehold land, 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 20 % reducing balance
Vehicles 20 % reducing balance
Computer equipment 20 % reducing balance

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 finance leases, hire purchase contracts and other similar arrangements, 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 Statement of Income and Retained Earnings 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.

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 Statement of Income and Retained Earnings as described below.

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. Cost is calculated using the FIFO (first-in, first-out) method. 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 and deposits held at call with banks.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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 trade and other creditors are initially recognised at transaction price.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 21

3. Tangible assets

Land and buildings Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 July 2022 32,674 681,171 7,089,416 1,258 7,804,519
Additions 6,599 33,207 1,714,355 780 1,754,941
Disposals 0 ( 3,260) ( 1,438,189) 0 ( 1,441,449)
At 30 June 2023 39,273 711,118 7,365,582 2,038 8,118,011
Accumulated depreciation
At 01 July 2022 871 411,573 2,329,622 284 2,742,350
Charge for the financial year 761 55,452 1,020,497 260 1,076,970
Disposals 0 ( 1,087) ( 764,573) 0 ( 765,660)
At 30 June 2023 1,632 465,938 2,585,546 544 3,053,660
Net book value
At 30 June 2023 37,641 245,180 4,780,036 1,494 5,064,351
At 30 June 2022 31,803 269,598 4,759,794 974 5,062,169

4. Debtors

2023 2022
£ £
Trade debtors 391,453 679,968
Other debtors 578,584 527,729
970,037 1,207,697

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 0 53,095
Trade creditors 62,703 116,460
Other taxation and social security 208,933 204,576
Obligations under finance leases and hire purchase contracts 825,693 901,835
Other creditors 32,542 29,834
1,129,871 1,305,800

The bank overdraft is secured by a floating charge over all the assets of the company.

Hire purchase obligations are secured by fixed charges over the assets to which they relate to.

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

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 811,706 1,082,454

Hire purchase obligations are secured by fixed charges over the assets to which they relate to.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 794,910 390,327

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Rental amounts paid to key management personnel 12,000 12,000

Advances

As at 1 July 2022 the company was owed £77,067 by key management personnel. During the accounting year, £78,688 has been repaid, a further £17,011 advanced and interest charged of £1,339 (calculated at 2%). As at 30 June 2023, the balance owed by the directors was £16,729.