Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Calum Reid 04/05/2004 Susan Reid 04/05/2004 19 February 2025 The principal activity of the Company during the financial year continued to be that of timber harvesting and extraction. SC267358 2024-05-31 SC267358 bus:Director1 2024-05-31 SC267358 bus:Director2 2024-05-31 SC267358 2023-05-31 SC267358 core:CurrentFinancialInstruments 2024-05-31 SC267358 core:CurrentFinancialInstruments 2023-05-31 SC267358 core:Non-currentFinancialInstruments 2024-05-31 SC267358 core:Non-currentFinancialInstruments 2023-05-31 SC267358 core:ShareCapital 2024-05-31 SC267358 core:ShareCapital 2023-05-31 SC267358 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC267358 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC267358 core:Goodwill 2023-05-31 SC267358 core:Goodwill 2024-05-31 SC267358 core:PlantMachinery 2023-05-31 SC267358 core:Vehicles 2023-05-31 SC267358 core:OfficeEquipment 2023-05-31 SC267358 core:PlantMachinery 2024-05-31 SC267358 core:Vehicles 2024-05-31 SC267358 core:OfficeEquipment 2024-05-31 SC267358 2022-05-31 SC267358 bus:OrdinaryShareClass1 2024-05-31 SC267358 2023-06-01 2024-05-31 SC267358 bus:FilletedAccounts 2023-06-01 2024-05-31 SC267358 bus:SmallEntities 2023-06-01 2024-05-31 SC267358 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC267358 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC267358 bus:Director1 2023-06-01 2024-05-31 SC267358 bus:Director2 2023-06-01 2024-05-31 SC267358 core:Goodwill core:TopRangeValue 2023-06-01 2024-05-31 SC267358 core:PlantMachinery 2023-06-01 2024-05-31 SC267358 core:Vehicles 2023-06-01 2024-05-31 SC267358 core:OfficeEquipment core:TopRangeValue 2023-06-01 2024-05-31 SC267358 2022-06-01 2023-05-31 SC267358 core:Goodwill 2023-06-01 2024-05-31 SC267358 core:OfficeEquipment 2023-06-01 2024-05-31 SC267358 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 SC267358 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC267358 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC267358 (Scotland)

TIMBER FORWARDING LIMITED

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

TIMBER FORWARDING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

TIMBER FORWARDING LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
TIMBER FORWARDING LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 10,800
Tangible assets 4 329,096 363,752
329,096 374,552
Current assets
Debtors 5 222,600 134,355
Cash at bank and in hand 215,978 182,949
438,578 317,304
Creditors: amounts falling due within one year 6 ( 116,687) ( 91,154)
Net current assets 321,891 226,150
Total assets less current liabilities 650,987 600,702
Creditors: amounts falling due after more than one year 7 ( 10,000) ( 20,000)
Provision for liabilities 8 ( 80,600) ( 89,264)
Net assets 560,387 491,438
Capital and reserves
Called-up share capital 9 1,000 1,000
Profit and loss account 559,387 490,438
Total shareholders' funds 560,387 491,438

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Timber Forwarding Limited (registered number: SC267358) were approved and authorised for issue by the Board of Directors on 19 February 2025. They were signed on its behalf by:

Calum Reid
Director
Susan Reid
Director
TIMBER FORWARDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
TIMBER FORWARDING LIMITED

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

Timber Forwarding 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 Willow Lodge Kilmartin, Drumnadrochit, Inverness, IV63 6TN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 short-term employee benefits are recognised during the period in which the employees services are received.

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 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, 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 25 % reducing balance
Office equipment 3 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash at bank.

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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
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 June 2023 108,000 108,000
At 31 May 2024 108,000 108,000
Accumulated amortisation
At 01 June 2023 97,200 97,200
Charge for the financial year 10,800 10,800
At 31 May 2024 108,000 108,000
Net book value
At 31 May 2024 0 0
At 31 May 2023 10,800 10,800

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 June 2023 965,317 93,745 8,661 1,067,723
Additions 0 47,324 0 47,324
At 31 May 2024 965,317 141,069 8,661 1,115,047
Accumulated depreciation
At 01 June 2023 657,883 39,914 6,174 703,971
Charge for the financial year 61,487 19,024 1,469 81,980
At 31 May 2024 719,370 58,938 7,643 785,951
Net book value
At 31 May 2024 245,947 82,131 1,018 329,096
At 31 May 2023 307,434 53,831 2,487 363,752

5. Debtors

2024 2023
£ £
Trade debtors 92,314 52,879
Other debtors 130,286 81,476
222,600 134,355

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 14,434 22,826
Taxation and social security 87,660 53,948
Other creditors 4,593 4,380
116,687 91,154

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 10,000 20,000

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 89,264) ( 107,243)
Credited to the Statement of Income and Retained Earnings 8,664 17,979
At the end of financial year ( 80,600) ( 89,264)

9. Called-up share capital

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

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due from key management personnel 130,286 81,476

Amount due from directors are unsecured, have no fixed terms of repayment and interest is charged at 2.5%. During the year further advances of £48,810 were provided to the companies directors.