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Company No: SC385309 (Scotland)

MCGLADE FORESTRY LIMITED

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

MCGLADE FORESTRY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

MCGLADE FORESTRY LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
MCGLADE FORESTRY LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 7,054 8,403
Investment property 5 528,431 372,564
535,485 380,967
Current assets
Debtors 6 3,570 117,349
Cash at bank and in hand 36,628 67,277
40,198 184,626
Creditors: amounts falling due within one year 7 ( 26,229) ( 118,721)
Net current assets 13,969 65,905
Total assets less current liabilities 549,454 446,872
Provision for liabilities 8 ( 32,734) ( 869)
Net assets 516,720 446,003
Capital and reserves
Called-up share capital 9 2 2
Revaluation reserve 123,665 0
Profit and loss account 393,053 446,001
Total shareholders' funds 516,720 446,003

For the financial year ending 31 December 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 McGlade Forestry Limited (registered number: SC385309) were approved and authorised for issue by the Board of Directors on 19 August 2024. They were signed on its behalf by:

John McGlade
Director
MCGLADE FORESTRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
MCGLADE FORESTRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 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

McGlade 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 Clava House, Cradlehall Business Park, Inverness, IV2 5GH, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
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 20 years straight line
Plant and machinery 25 % reducing balance
Fixtures and fittings 5 years straight line

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.

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.

Investment property

Investment property , which is held to earn rentals and/or capital appreciation is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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. 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 10,000 10,000
At 31 December 2023 10,000 10,000
Accumulated amortisation
At 01 January 2023 10,000 10,000
At 31 December 2023 10,000 10,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2023 8,719 13,115 1,262 23,096
Additions 0 708 0 708
Disposals 0 ( 7,557) 0 ( 7,557)
At 31 December 2023 8,719 6,266 1,262 16,247
Accumulated depreciation
At 01 January 2023 2,761 10,726 1,206 14,693
Charge for the financial year 436 700 21 1,157
Disposals 0 ( 6,657) 0 ( 6,657)
At 31 December 2023 3,197 4,769 1,227 9,193
Net book value
At 31 December 2023 5,522 1,497 35 7,054
At 31 December 2022 5,958 2,389 56 8,403

5. Investment property

Investment property
£
Valuation
As at 01 January 2023 372,564
Fair value movement 155,867
As at 31 December 2023 528,431

At 31 December 2023 the company's investment properties were valued by the directors at an open market value of £528,431. The original cost of the investment properties was £372,564,

6. Debtors

2023 2022
£ £
Trade debtors 3,570 26,869
Other debtors 0 90,480
3,570 117,349

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 2,322 90,122
Corporation tax 13,620 11,201
Other taxation and social security 3,031 993
Other creditors 7,256 16,405
26,229 118,721

8. Provision for liabilities

2023 2022
£ £
Deferred tax 32,734 869
Deferred taxation Total
£ £
At 01 January 2023 869 869
Charged to the Statement of Income and Retained Earnings 31,865 31,865
At 31 December 2023 32,734 32,734

Deferred tax

2023 2022
£ £
Accelerated capital allowances 532 869
Other timing differences 32,202 0
Provision for deferred tax 32,734 869

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to key management personnel (creditor) 1,277 7,768