Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Ann Ettles 16/01/2017 Peter Ettles 12/06/2003 Peter Roderick James Ettles Jnr 12/06/2003 Ann Ettles 07 November 2024 The principal activity of the Company during the financial year was timber harvesting. SC251041 2024-05-31 SC251041 bus:Director1 2024-05-31 SC251041 bus:Director2 2024-05-31 SC251041 bus:Director3 2024-05-31 SC251041 2023-05-31 SC251041 core:CurrentFinancialInstruments 2024-05-31 SC251041 core:CurrentFinancialInstruments 2023-05-31 SC251041 core:ShareCapital 2024-05-31 SC251041 core:ShareCapital 2023-05-31 SC251041 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC251041 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC251041 core:PlantMachinery 2023-05-31 SC251041 core:Vehicles 2023-05-31 SC251041 core:ComputerEquipment 2023-05-31 SC251041 core:PlantMachinery 2024-05-31 SC251041 core:Vehicles 2024-05-31 SC251041 core:ComputerEquipment 2024-05-31 SC251041 bus:OrdinaryShareClass1 2024-05-31 SC251041 2023-06-01 2024-05-31 SC251041 bus:FilletedAccounts 2023-06-01 2024-05-31 SC251041 bus:SmallEntities 2023-06-01 2024-05-31 SC251041 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC251041 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC251041 bus:Director1 2023-06-01 2024-05-31 SC251041 bus:Director2 2023-06-01 2024-05-31 SC251041 bus:Director3 2023-06-01 2024-05-31 SC251041 bus:CompanySecretary1 2023-06-01 2024-05-31 SC251041 core:PlantMachinery 2023-06-01 2024-05-31 SC251041 core:Vehicles core:TopRangeValue 2023-06-01 2024-05-31 SC251041 core:ComputerEquipment 2023-06-01 2024-05-31 SC251041 2022-06-01 2023-05-31 SC251041 core:Vehicles 2023-06-01 2024-05-31 SC251041 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC251041 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC251041 (Scotland)

P & A ETTLES & SON TIMBER HARVESTING LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

P & A ETTLES & SON TIMBER HARVESTING LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

P & A ETTLES & SON TIMBER HARVESTING LTD.

BALANCE SHEET

AS AT 31 MAY 2024
P & A ETTLES & SON TIMBER HARVESTING LTD.

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,011,146 933,661
1,011,146 933,661
Current assets
Stocks 3,201 3,049
Debtors 4 214,529 245,579
Cash at bank and in hand 444,906 513,151
662,636 761,779
Creditors: amounts falling due within one year 5 ( 84,638) ( 73,990)
Net current assets 577,998 687,789
Total assets less current liabilities 1,589,144 1,621,450
Provision for liabilities 6 ( 248,404) ( 177,002)
Net assets 1,340,740 1,444,448
Capital and reserves
Called-up share capital 7 1,000 1,000
Profit and loss account 1,339,740 1,443,448
Total shareholders' funds 1,340,740 1,444,448

For the financial year ending 31 May 2024 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 P & A Ettles & Son Timber Harvesting Ltd. (registered number: SC251041) were approved and authorised for issue by the Board of Directors on 07 November 2024. They were signed on its behalf by:

Peter Ettles
Director
P & A ETTLES & SON TIMBER HARVESTING LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
P & A ETTLES & SON TIMBER HARVESTING LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
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

P & A Ettles & Son Timber Harvesting Ltd. (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 C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, 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 represents amounts received in relation to timber harvesting and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passes to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

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:

Plant and machinery 20 % reducing balance
Vehicles 4 years straight line
Computer equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 as described below.

Financial 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 Profit and Loss Account as described below.

An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

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.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

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.

Basic financial liabilities
Basic financial liabilities, including creditors, 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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Plant and machinery Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 June 2023 1,338,177 34,296 624 1,373,097
Additions 309,569 27,995 0 337,564
Disposals ( 225,000) 0 0 ( 225,000)
At 31 May 2024 1,422,746 62,291 624 1,485,661
Accumulated depreciation
At 01 June 2023 422,024 17,148 264 439,436
Charge for the financial year 187,816 14,990 72 202,878
Disposals ( 167,799) 0 0 ( 167,799)
At 31 May 2024 442,041 32,138 336 474,515
Net book value
At 31 May 2024 980,705 30,153 288 1,011,146
At 31 May 2023 916,153 17,148 360 933,661

4. Debtors

2024 2023
£ £
Trade debtors 21,878 36,815
Other debtors 192,651 208,764
214,529 245,579

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 9,778 11,263
Corporation tax 0 4,872
Other taxation and social security 50,944 34,638
Other creditors 23,916 23,217
84,638 73,990

6. Provision for liabilities

2024 2023
£ £
Deferred tax 248,404 177,002

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary Shares shares of £ 1.00 each 1,000 1,000

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due to key management personnel 0 472
Amounts due from key management personnel 60,765 64,492

Advances

At 1 June 2023, the Directors owed the company £64,020 During the year, they were advanced £107,071 and repaid £111,639. Interest was also charged at a rate of 2.25% on a daily basis on this balance, totalling £1,313.