2023-03-012024-02-292024-02-29falseSC183096SKAIRFIELD 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SKAIRFIELD LIMITED

Registered Number
SC183096
(Scotland)

Unaudited Financial Statements for the Year ended
29 February 2024

SKAIRFIELD LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Directors

JARDINE-PATERSON, James Michael
JOHNSTONE, David Patrick Wentworth Hope, Lord
MOUNSEY-HEYSHAM, Toby Herchard
ROUTLEDGE, Oliver Myles

Registered Address

Armstrong Watson, 51 Rae Street
Dumfries
DG1 1JD

Registered Number

SC183096 (Scotland)
SKAIRFIELD LIMITED
Statement of Financial Position
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets35,362,0905,372,546
Investments5459,707446,857
Investment property4565,000565,000
6,386,7976,384,403
Current assets
Stocks62,480,4262,370,674
Debtors739,619206,292
Cash at bank and on hand1,944,7071,876,488
4,464,7524,453,454
Creditors amounts falling due within one year8(20,078)(48,361)
Net current assets (liabilities)4,444,6744,405,093
Total assets less current liabilities10,831,47110,789,496
Provisions for liabilities9(979,100)(941,000)
Net assets9,852,3719,848,496
Capital and reserves
Called up share capital1,430,0021,430,002
Revaluation reserve4,222,3804,222,380
Profit and loss account4,199,9894,196,114
Shareholders' funds9,852,3719,848,496
The financial statements were approved and authorised for issue by the Board of Directors on 15 August 2024, and are signed on its behalf by:
JARDINE-PATERSON, James Michael
Director
JOHNSTONE, David Patrick Wentworth Hope, Lord
Director

Registered Company No. SC183096
SKAIRFIELD LIMITED
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with FRS 102 requires management to make key judgements that affect the application of policies and reporting amounts of assets, income and expenses. The judgements that have a significant risk of causing a material adjustment are discussed below: Accounting treatment of standing timber Management deem a key area of judgement within these financial statements to be the accounting for standing timber and whether it should be classified as fixed assets or inventory. It is our assessment that based on the nature of this standing timber being held to maturity where it is then consumed, that it is deemed more appropriate to account for this as inventory as opposed to a fixed asset, in line with the definition of fixed assets set out in the Companies Act 2006.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Land and buildings - 10% straight-line/not depreciated Office equipment - 20% straight-line

Straight line (years)
Land and buildings10
Office Equipment5
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Stocks and work in progress
Stocks relate to standing timber and are stated at the lower of cost and net realisable value. The volume of standing timber is assessed at each reporting date by the directors with assistance from independent experts when required. This is compared to the initial volume acquired to determine the extent of any reduction in the period. Where usage of standing timber has exceeded growth leading to a net reduction in volume the Company calculates the volume used as a percentage of the total acquired and calculates a proportionate element of the original cost which is then charged to the profit and loss account. Where the volume of wood at the end of a reporting period exceeds the original volume acquired the Company does not revalue the stock upwards to reflect this increase, in line with the policy of holding stock at cost.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year56
3.Tangible fixed assets

Land & buildings

Office Equipment

Total

£££
Cost or valuation
At 01 March 235,571,9684695,572,437
At 29 February 245,571,9684695,572,437
Depreciation and impairment
At 01 March 23199,423468199,891
Charge for year10,456-10,456
At 29 February 24209,879468210,347
Net book value
At 29 February 245,362,08915,362,090
At 28 February 235,372,54515,372,546
Commercial woodlands held by the company were revalued in 2022 based on external valuations by Scottish Woodlands. The directors believe the valuations attributed are still accurate at 29 February 2024. If commercial woodlands had not been included at valuation they would have been included under the historical cost convention as follows: 2024 £1,435,452 2023 £1,435,452
4.Investment property
The 2022 valuations were made by G M Thomson & Co, on an open market value for existing use basis. The directors believe these valuations are still accurate at 29 February 2024. If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows: 2024 £476,135 2023 £476,135

£
Fair value at 01 March 23565,000
At 29 February 24565,000
5.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 March 23446,857446,857
Additions47,05547,055
Revaluations(13,772)(13,772)
Disposals(20,433)(20,433)
At 29 February 24459,707459,707
Net book value
At 29 February 24459,707459,707
At 28 February 23446,857446,857

Notes

1Other investments other than loans
6.Stocks

2024

2023

££
Other stocks2,480,4262,370,674
Total2,480,4262,370,674
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-197,255
Other debtors3,249-
Prepayments and accrued income36,3709,037
Total39,619206,292
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables208208
Taxation and social security-12,768
Accrued liabilities and deferred income19,87035,385
Total20,07848,361
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)979,100941,000
Total979,100941,000
10.Events after reporting date
It is the directors' policy to retain cash within the company with the intention of purchasing forestry assets in line with the overall company strategy. Following extensive searches, the directors have identified a forestry asset that satisfies their requirements and have started negotiations to purchase it; this is expected to be in quarter 4 of 2024.