Silverfin false false 30/09/2024 01/10/2023 30/09/2024 David Wilmer 02/07/2010 James Wilmer 02/07/2010 15 May 2025 The principal activity of the company continued to be that of timber harvesting. SC381371 2024-09-30 SC381371 bus:Director1 2024-09-30 SC381371 bus:Director2 2024-09-30 SC381371 2023-09-30 SC381371 core:CurrentFinancialInstruments 2024-09-30 SC381371 core:CurrentFinancialInstruments 2023-09-30 SC381371 core:Non-currentFinancialInstruments 2024-09-30 SC381371 core:Non-currentFinancialInstruments 2023-09-30 SC381371 core:ShareCapital 2024-09-30 SC381371 core:ShareCapital 2023-09-30 SC381371 core:RetainedEarningsAccumulatedLosses 2024-09-30 SC381371 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC381371 core:LandBuildings 2023-09-30 SC381371 core:OtherPropertyPlantEquipment 2023-09-30 SC381371 core:LandBuildings 2024-09-30 SC381371 core:OtherPropertyPlantEquipment 2024-09-30 SC381371 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2024-09-30 SC381371 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-09-30 SC381371 core:CurrentFinancialInstruments core:Secured 2024-09-30 SC381371 2023-10-01 2024-09-30 SC381371 bus:FilletedAccounts 2023-10-01 2024-09-30 SC381371 bus:SmallEntities 2023-10-01 2024-09-30 SC381371 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC381371 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC381371 bus:Director1 2023-10-01 2024-09-30 SC381371 bus:Director2 2023-10-01 2024-09-30 SC381371 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 SC381371 2022-10-01 2023-09-30 SC381371 core:LandBuildings 2023-10-01 2024-09-30 SC381371 core:CurrentFinancialInstruments 2023-10-01 2024-09-30 SC381371 core:Non-currentFinancialInstruments 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Company No: SC381371 (Scotland)

JIM WILMER & SONS TIMBER HARVESTING LTD

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

JIM WILMER & SONS TIMBER HARVESTING LTD

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

JIM WILMER & SONS TIMBER HARVESTING LTD

COMPANY INFORMATION

For the financial year ended 30 September 2024
JIM WILMER & SONS TIMBER HARVESTING LTD

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
DIRECTORS David Wilmer
James Wilmer
SECRETARY James Wilmer
REGISTERED OFFICE Rosell Workshop
4 Dalquharran
Dailly
KA26 9QJ
United Kingdom
COMPANY NUMBER SC381371 (Scotland)
ACCOUNTANT Dains
Ellersley House
30 Miller Road
Ayr
KA7 2AY
BANKERS Royal Bank of Scotland
14 Dalrymple Street
Girvan
KA26 9AF
SOLICITORS The McKinstry Company
Queen Court House
39 Sandgate
Ayr
KA7 1BE
JIM WILMER & SONS TIMBER HARVESTING LTD

BALANCE SHEET

As at 30 September 2024
JIM WILMER & SONS TIMBER HARVESTING LTD

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 3,757,491 5,635,045
3,757,491 5,635,045
Current assets
Stocks 5 26,250 25,000
Debtors 6 2,990,544 903,873
Cash at bank and in hand 107,117 492,541
3,123,911 1,421,414
Creditors: amounts falling due within one year 7 ( 2,172,715) ( 2,432,365)
Net current assets/(liabilities) 951,196 (1,010,951)
Total assets less current liabilities 4,708,687 4,624,094
Creditors: amounts falling due after more than one year 8 ( 463,582) ( 989,461)
Provision for liabilities ( 804,444) ( 633,122)
Net assets 3,440,661 3,001,511
Capital and reserves
Called-up share capital 10,000 10,000
Profit and loss account 3,430,661 2,991,511
Total shareholder's funds 3,440,661 3,001,511

For the financial year ending 30 September 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 Jim Wilmer & Sons Timber Harvesting Ltd (registered number: SC381371) were approved and authorised for issue by the Board of Directors on 15 May 2025. They were signed on its behalf by:

James Wilmer
Director
David Wilmer
Director
JIM WILMER & SONS TIMBER HARVESTING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
JIM WILMER & SONS TIMBER HARVESTING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

Jim Wilmer & Sons 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 Rosell Workshop, 4 Dalquharran, Dailly, KA26 9QJ, 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 £.

Foreign currency

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Turnover

Turnover represents amounts receivable in the period for timber harvesting and related services, net of VAT.

Revenue is recognised when the risk of loss transfers to the purchaser, being the date on which the quantity of timber harvested is both determined and accepted by the purchaser as meeting instructed specification. At that point, it is probable that economic benefit will arise to the company and income can be reliably measured.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting 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:

Land and buildings depreciated over the life of the lease
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 Profit and Loss Account 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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the #tErmh1 as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the #tErm5 to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of #tErm5 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 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 current liabilities.

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.

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, 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 32 31

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 October 2023 426,140 11,045,248 11,471,388
Additions 0 1,052,112 1,052,112
Disposals ( 426,140) ( 5,575,302) ( 6,001,442)
At 30 September 2024 0 6,522,058 6,522,058
Accumulated depreciation
At 01 October 2023 45,455 5,790,888 5,836,343
Charge for the financial year 8,523 791,454 799,977
Disposals ( 53,978) ( 3,817,775) ( 3,871,753)
At 30 September 2024 0 2,764,567 2,764,567
Net book value
At 30 September 2024 0 3,757,491 3,757,491
At 30 September 2023 380,685 5,254,360 5,635,045

5. Stocks

2024 2023
£ £
Stocks 26,250 25,000

6. Debtors

2024 2023
£ £
Trade debtors 987,784 639,067
Amounts owed by Group undertakings 1,680,106 0
Amounts owed by connected companies 116,600 0
Other debtors 206,054 264,806
2,990,544 903,873

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 45,227 58,680
Trade creditors 660,522 526,971
Amounts owed to Group undertakings 0 307,394
Taxation and social security 481,703 306,608
Obligations under finance leases and hire purchase contracts (secured) 863,211 1,126,850
Other creditors 122,052 105,862
2,172,715 2,432,365

The bank loan is secured by a floating charge over the assets of the company.

Obligations under finance leases are secured on the assets being purchased.

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

2024 2023
£ £
Bank loans (secured) 0 39,887
Obligations under finance leases and hire purchase contracts (secured) 463,582 949,574
463,582 989,461

Obligations under finance leases are secured on the assets being purchased.

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Owed by/(to) Jim Wilmer & Sons (Holdings) Ltd 1,680,106 (307,395)
Owed by Jim Wilmer Equestrian Ltd 116,600 0

Amounts due from/(to) related parties are repayable on demand and carry no interest.