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REGISTERED NUMBER: SC054746 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Ochil Timber Products Limited

Ochil Timber Products Limited (Registered number: SC054746)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Ochil Timber Products Limited (Registered number: SC054746)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 868,966 811,769

CURRENT ASSETS
Stocks 378,352 346,978
Debtors 5 233,523 402,412
Cash at bank and in hand 154,654 181,368
766,529 930,758
CREDITORS
Amounts falling due within one year 6 (388,113 ) (544,092 )
NET CURRENT ASSETS 378,416 386,666
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,247,382

1,198,435

CREDITORS
Amounts falling due after more than one
year

7

(44,240

)

-

PROVISIONS FOR LIABILITIES (52,836 ) (34,353 )
NET ASSETS 1,150,306 1,164,082

CAPITAL AND RESERVES
Called up share capital 1,001 1,001
Retained earnings 1,149,305 1,163,081
SHAREHOLDERS' FUNDS 1,150,306 1,164,082

Ochil Timber Products Limited (Registered number: SC054746)

Balance Sheet - continued
31 January 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

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 Income Statement has not been delivered.

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





Andrew James McAree - Director


Ochil Timber Products Limited (Registered number: SC054746)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Ochil Timber Products Limited is a private company, limited by shares, domiciled in Scotland, registration number SC054746. The registered office is 5 Winchester Avenue, Denny, FK6 6QE.

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.

Turnover
Turnover represents net invoiced sales of goods and services in respect of the manufacture of roof truss supports and joinery products and the supply and erection of roof trusses, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and 10% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Ochil Timber Products Limited (Registered number: SC054746)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is
determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 24 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023 592,950 879,199 1,472,149
Additions - 193,437 193,437
Disposals - (97,832 ) (97,832 )
At 31 January 2024 592,950 974,804 1,567,754
DEPRECIATION
At 1 February 2023 67,742 592,638 660,380
Charge for year 11,859 89,039 100,898
Eliminated on disposal - (62,490 ) (62,490 )
At 31 January 2024 79,601 619,187 698,788
NET BOOK VALUE
At 31 January 2024 513,349 355,617 868,966
At 31 January 2023 525,208 286,561 811,769

Ochil Timber Products Limited (Registered number: SC054746)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS - continued

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

Plant and
machinery
etc
£   
COST
At 1 February 2023 149,787
Additions 142,563
Disposals (65,542 )
Transfer to ownership 18,245
At 31 January 2024 245,053
DEPRECIATION
At 1 February 2023 94,542
Charge for year 21,994
Eliminated on disposal (40,617 )
Transfer to ownership (63,535 )
At 31 January 2024 12,384
NET BOOK VALUE
At 31 January 2024 232,669
At 31 January 2023 55,245

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 232,912 342,145
Other debtors 611 60,267
233,523 402,412

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Hire purchase contracts 37,414 12,997
Trade creditors 178,824 222,274
Taxation and social security 129,621 163,652
Other creditors 42,254 145,169
388,113 544,092

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Hire purchase contracts 44,240 -

Ochil Timber Products Limited (Registered number: SC054746)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Hire purchase contracts 81,654 12,997
Factoring creditor - 139,921
81,654 152,918

The company has given security on the factoring creditor by way of a bond and floating charge in favour of Clydesdale Bank Plc.

Balances due on hire purchase agreements are secured upon the assets to which they relate.