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Company No: SC255170 (Scotland)

SM TIMBER HARVESTING LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

SM TIMBER HARVESTING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

SM TIMBER HARVESTING LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
SM TIMBER HARVESTING LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 1,398,647 1,326,187
1,398,647 1,326,187
Current assets
Stocks 5,400 5,400
Debtors 5 166,210 131,937
Cash at bank and in hand 248,466 196,278
420,076 333,615
Creditors: amounts falling due within one year 6 ( 171,492) ( 159,565)
Net current assets 248,584 174,050
Total assets less current liabilities 1,647,231 1,500,237
Creditors: amounts falling due after more than one year 7 ( 15,000) 0
Provision for liabilities 8 ( 344,425) ( 326,111)
Net assets 1,287,806 1,174,126
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 1,287,706 1,174,026
Total shareholders' funds 1,287,806 1,174,126

For the financial year ending 30 June 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 SM Timber Harvesting Limited (registered number: SC255170) were approved and authorised for issue by the Board of Directors on 27 March 2025. They were signed on its behalf by:

Steven Mutch
Director
SM TIMBER HARVESTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
SM TIMBER HARVESTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 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

SM Timber Harvesting 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 Woodbank, Drumblade, Huntly, AB54 6EP, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

A prior period adjustment has been included in the accounts for a late adjustment to the disposal value of fixed assets as detailed at note 2. The error has been corrected as soon as it came to light.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided from forestry harvesting and extraction services, and is shown net of VAT and other sales related taxes.
Turnover is recognised as the timber is felled.

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.

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.

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 not depreciated
Plant and machinery etc. 15 - 25 % 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.

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.

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.

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.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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 bank balances, are measured at transaction price including transaction costs.

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, are recognised at transaction price. 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. Prior year adjustment

The financial statements to 30 June 2023 have been restated to account for errors in the recording of fixed asset disposals in the year. The impact of adjustments made is summarised below.

As previously reported Adjustment As restated
Year ended 30 June 2023 £ £ £
Retained earnings (1,166,026) (8,000) (1,174,026)
Trade debtors 6,133 9,600 15,733
Taxation and social security (49,288) (1,600) (50,888)

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 5

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 July 2023 21,987 1,783,851 1,805,838
Additions 0 516,601 516,601
Disposals 0 ( 410,840) ( 410,840)
At 30 June 2024 21,987 1,889,612 1,911,599
Accumulated depreciation
At 01 July 2023 0 479,651 479,651
Charge for the financial year 0 239,411 239,411
Disposals 0 ( 206,110) ( 206,110)
At 30 June 2024 0 512,952 512,952
Net book value
At 30 June 2024 21,987 1,376,660 1,398,647
At 30 June 2023 21,987 1,304,200 1,326,187

5. Debtors

2024 2023
£ £
Trade debtors 27,370 15,733
Corporation tax 11,119 8,835
Other debtors 127,721 107,369
166,210 131,937

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 41,368 49,472
Taxation and social security 60,121 50,888
Obligations under finance leases and hire purchase contracts 60,000 49,999
Other creditors 10,003 9,206
171,492 159,565

The hire purchase liability is secured over the assets to which it relates.

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 15,000 0

The hire purchase liability is secured over the assets which it relates.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 344,425 326,111

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due to key management personnel 2,778 2,778

Credit transactions with directors

Amount due from Directors had an opening balance of £17,213 with repayment of £1,000 during the year. Interest of £373 (2.25% interest rate) has been charged during the year. A closing balance of £16,586 as at 30 June 2024. There are no fixed terms of repayment.