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REGISTERED NUMBER: SC442314 (Scotland)
















Unaudited Financial Statements for the Year Ended 29 February 2024

for


STEWART TIMBER (2012) LTD


STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)







Contents of the Financial Statements

for the Year Ended 29 February 2024





Page



Company Information  

1



Balance Sheet  

2



Notes to the Financial Statements  

4



Chartered Accountants' Report  

12



STEWART TIMBER (2012) LTD


Company Information

for the Year Ended 29 February 2024









DIRECTOR:

K Maguire







SECRETARY:

K Maguire







REGISTERED OFFICE:

5B Mid Road


Blairlinn Industrial Estate


Cumbernauld


G67 2TT







REGISTERED NUMBER:

SC442314 (Scotland)







ACCOUNTANTS:

McAllisters


Paxton House


11 Woodside Crescent


Charing Cross


Glasgow


G3 7UL


STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)


Balance Sheet

29 February 2024



29.2.24

28.2.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

4

-


2,940



Tangible assets

5

719,263


688,679



719,263


691,619




CURRENT ASSETS

Stocks

308,120


375,217



Debtors

6

109,600


127,828



Cash at bank and in hand

371,320


354,025



789,040


857,070



CREDITORS

Amounts falling due within one year

7

251,504


303,886



NET CURRENT ASSETS

537,536


553,184



TOTAL ASSETS LESS CURRENT

LIABILITIES

1,256,799


1,244,803




CREDITORS

Amounts falling due after more than one

year

8

(36,100

)

(54,150

)



PROVISIONS FOR LIABILITIES

11

(63,770

)

(75,080

)


NET ASSETS

1,156,929


1,115,573




CAPITAL AND RESERVES

Called up share capital

12

100


100



Undistributable reserves

13

53,052


53,052



Retained earnings

13

1,103,777


1,062,421



SHAREHOLDERS' FUNDS

1,156,929


1,115,573




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.  


The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.  


The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.


STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)


Balance Sheet - continued

29 February 2024



The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.  


In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.  


The financial statements were approved by the director and authorised for issue on 16 July 2024 and were signed by:






K Maguire - Director



STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)


Notes to the Financial Statements

for the Year Ended 29 February 2024


1.

STATUTORY INFORMATION



Stewart Timber (2012) Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.


The presentation currency of the financial statements is the Pound Sterling (£).



Stewart Timber (2012) Ltd is a wholly owned subsidiary of Stewart Timber (Holdings) Ltd which has it's registered office at 5b Mid Road, Cumbernauld, Glasgow, G67 2TT.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.    



Significant judgements and estimates

The preparation of the financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements.


Turnover


Turnover is measured at the fair value of the consideration received or receivable, net of discount and value added taxes. Turnover includes revenue earned from the sale of goods.



Sale of goods


Turnover from the sale of timber is recognised when the significant risks and rewards of ownership of the timber has transferred to the buyer. This is usually at the point that the customer has signed for the delivery or receipt of the timber.



Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.


Computer software is being amortised evenly over its estimated useful life of five years.


STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)


Notes to the Financial Statements - continued

for the Year Ended 29 February 2024


2.

ACCOUNTING POLICIES - continued



Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged to profit and loss over the estimated useful economic lives, as follows:

Improvements to property20% on cost
Plant and machinery25% on reducing balance
Fixtures and fittings15% on reducing balance
Motor vehicles25% on reducing balance
Computer equipment33% on cost

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use.

Any impairment loss is recognised immediately as an expense within profit and loss.

In line with this policy, computer equipment comprising the Biztrack and Epicore software package is no longer fit for purpose and has therefore been written down to a value of £nil.

Freehold property is shown at its most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.

Fair value is arrived at by considering the amount that the property could be sold for between knowledgable, willing parties at arms length.

Deferred tax is provided on these gains at the rate expected to apply when the property is sold.


Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)


Notes to the Financial Statements - continued

for the Year Ended 29 February 2024


2.

ACCOUNTING POLICIES - continued


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.


Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.


Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.


Basic financial instruments


Trade and other debtors/creditors



Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.



Cash and cash equivalents



Cash and cash equivalents comprise cash balances and call deposits.



Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or loss.



For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.



For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount that the company would receive for the asset f it were to be sold at the balance sheet date.



Provisions


A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. The only provisions recognised in the year relate to deferred tax


STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)


Notes to the Financial Statements - continued

for the Year Ended 29 February 2024


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 16 (2023 - 20 ) .


4.

INTANGIBLE FIXED ASSETS


Computer


software

£   



COST


At 1 March 2023


and 29 February 2024

24,710




AMORTISATION


At 1 March 2023

21,770




Amortisation for year

2,940




At 29 February 2024

24,710




NET BOOK VALUE


At 29 February 2024

-




At 28 February 2023

2,940




5.

TANGIBLE FIXED ASSETS


Improvements



Freehold


to


Plant and


property


property


machinery

£   

£   

£   



COST OR VALUATION


At 1 March 2023

450,000


21,897


325,726




Additions

-


-


77,835




At 29 February 2024

450,000


21,897


403,561




DEPRECIATION


At 1 March 2023

-


21,897


201,125




Charge for year

-


-


28,531




At 29 February 2024

-


21,897


229,656




NET BOOK VALUE


At 29 February 2024

450,000


-


173,905




At 28 February 2023

450,000


-


124,601




STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)


Notes to the Financial Statements - continued

for the Year Ended 29 February 2024


5.

TANGIBLE FIXED ASSETS - continued



Fixtures



and


Motor


Computer



fittings


vehicles


equipment


Totals

£   

£   

£   

£   



COST OR VALUATION


At 1 March 2023

15,808


214,118


77,201


1,104,750




Additions

-


11,494


734


90,063




At 29 February 2024

15,808


225,612


77,935


1,194,813




DEPRECIATION


At 1 March 2023

7,947


107,901


77,201


416,071




Charge for year

1,276


29,428


244


59,479




At 29 February 2024

9,223


137,329


77,445


475,550




NET BOOK VALUE


At 29 February 2024

6,585


88,283


490


719,263




At 28 February 2023

7,861


106,217


-


688,679





Included in cost or valuation of land and buildings is freehold land of £ 135,000 (2023 - £ 135,000 ) which is not depreciated.



Cost or valuation at 29 February 2024 is represented by:



Improvements



Freehold


to


Plant and


property


property


machinery

£   

£   

£   



Valuation in 2022

65,496


-


-




Cost

384,504


21,897


403,561



450,000


21,897


403,561





Fixtures



and


Motor


Computer



fittings


vehicles


equipment


Totals

£   

£   

£   

£   



Valuation in 2022

-


-


-


65,496




Cost

15,808


225,612


77,935


1,129,317



15,808


225,612


77,935


1,194,813




STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)


Notes to the Financial Statements - continued

for the Year Ended 29 February 2024


5.

TANGIBLE FIXED ASSETS - continued



If the property had not been revalued it would have been included at the following historical cost:



29.2.24


28.2.23

£   

£   



Cost

384,503


384,503





Value of land in freehold land and buildings

135,000


135,000





Freehold property was valued on an open market basis on 1 November 2022 by DM Hall .



Fixed assets, included in the above, which are held under hire purchase contracts are as follows:


Motor


vehicles

£   



COST OR VALUATION


At 1 March 2023


and 29 February 2024

124,249




DEPRECIATION


At 1 March 2023

54,359




Charge for year

17,473




At 29 February 2024

71,832




NET BOOK VALUE


At 29 February 2024

52,417




At 28 February 2023

69,890




6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



29.2.24


28.2.23

£   

£   



Trade debtors

51,787


61,033




Amounts owed by group undertakings

9,251


7,145




Other debtors

28,289


46,439




VAT

3,024


2,160




Prepayments

17,249


11,051



109,600


127,828




7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



29.2.24


28.2.23

£   

£   



Hire purchase contracts  (see note 9)

18,050


18,050




Trade creditors

208,374


160,769




Tax

7,678


38,994




Social security and other taxes

10,456


8,972




Accrued expenses

6,946


77,101



251,504


303,886




STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)


Notes to the Financial Statements - continued

for the Year Ended 29 February 2024


8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR



29.2.24


28.2.23

£   

£   



Hire purchase contracts  (see note 9)

36,100


54,150




9.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Hire purchase contracts



29.2.24


28.2.23


£   

£   



Gross obligations repayable:


Within one year

20,646


20,646




Between one and five years

41,292


61,938



61,938


82,584





Finance charges repayable:


Within one year

2,596


2,596




Between one and five years

5,192


7,788



7,788


10,384





Net obligations repayable:


Within one year

18,050


18,050




Between one and five years

36,100


54,150



54,150


72,200





Non-cancellable operating

leases



29.2.24


28.2.23

£   

£   



Within one year

972


5,830




Between one and five years

-


6,802



972


12,632




10.

SECURED DEBTS



The following secured debts are included within creditors:



29.2.24


28.2.23

£   

£   



Hire purchase contracts

54,150


72,200





The hire purchase balance is secured over the financed asset.



The company has an overdraft facility and this is secured by a Bond and Floating Charge between the company and the Clydesdale Bank PLC as security for sums due to the bank. The charge covers the whole of the property of the company.


STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)


Notes to the Financial Statements - continued

for the Year Ended 29 February 2024


11.

PROVISIONS FOR LIABILITIES


29.2.24


28.2.23

£   

£   



Deferred tax

63,770


75,080





Deferred



tax


£   



Balance at 1 March 2023

75,080




Credit to Statement of Income and Retained Earnings during year

(11,310

)



Balance at 29 February 2024

63,770




12.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

29.2.24


28.2.23


value:

£   

£   



1,000

Ordinary

£0.10

100


100




13.

RESERVES


Retained


Undistributable



earnings


reserves


Totals

£   

£   

£   




At 1 March 2023

1,062,421


53,052


1,115,473




Profit for the year

61,356


61,356




Dividends

(20,000

)

(20,000

)



At 29 February 2024

1,103,777


53,052


1,156,829




14.

DIRECTORS TRANSACTIONS



Remuneration paid to directors totalled £54,890.


15.

ULTIMATE CONTROLLING PARTY



The company is a wholly owned subsidiary of Stewart Timber Holdings Limited.



Kenneth Maguire is a director and owns 46.5% of the share capital of the parent company and Iain Stewart is also a director and holds 5% of that company. Together they are therefore considered to be the ultimate controlling parties.


Chartered Accountants' Report to the Director

on the Unaudited Financial Statements of

Stewart Timber (2012) Ltd


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stewart Timber (2012) Ltd for the year ended 29 February 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.


As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.  


This report is made solely to the director of Stewart Timber (2012) Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Stewart Timber (2012) Ltd and state those matters that we have agreed to state to the director of Stewart Timber (2012) Ltd in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.      


It is your duty to ensure that Stewart Timber (2012) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Stewart Timber (2012) Ltd. You consider that Stewart Timber (2012) Ltd is exempt from the statutory audit requirement for the year.  


We have not been instructed to carry out an audit or a review of the financial statements of Stewart Timber (2012) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.  







McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL



16 July 2024