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Company No: SC101451 (Scotland)

# CORE PRODUCTS LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH THE REGISTRAR

CORE PRODUCTS LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

Contents

CORE PRODUCTS LIMITED

## BALANCE SHEET

AS AT 31 MARCH 2025
CORE PRODUCTS LIMITED

## BALANCE SHEET (continued)

AS AT 31 MARCH 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 3,095,243 |  | 2,243,353
|  | 3,095,243 |  | 2,243,353
Current assets |  |  |  |
Stocks | 4 | 1,220,031 |  | 1,032,958
Debtors | 5 | 119,059 |  | 572,447
Cash at bank and in hand | 6 | 93,154 |  | 78,626
|  | 1,432,244 |  | 1,684,031
Creditors: amounts falling due within one year | 7 | ( 735,904) |  | ( 874,977)
Net current assets |  | 696,340 |  | 809,054
Total assets less current liabilities |  | 3,791,583 |  | 3,052,407
Creditors: amounts falling due after more than one year | 8 | ( 15,924) |  | ( 30,261)
Provision for liabilities | 9, 10 | ( 473,866) |  | ( 260,249)
Net assets |  | 3,301,793 |  | 2,761,897
Capital and reserves |  |  |  |
Called-up share capital | 11 | 206,550 |  | 206,550
Revaluation reserve |  | 2,119,691 |  | 1,467,695
Profit and loss account |  | 975,552 |  | 1,087,652
Total shareholders' funds |  | 3,301,793 |  | 2,761,897

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Core Products Limited (registered number: SC101451) were approved and authorised for issue by the Board of Directors on 26 September 2025. They were signed on its behalf by:

Duncan Bruce Wallace Director |

CORE PRODUCTS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
CORE PRODUCTS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

##### 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

Core Products 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 Unit 3, Arran House, Arran Road, North Muirton Industrial Estate, PH1 3DZ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties 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 £.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

##### Turnover

Turnover represents amounts receivable for the sale of timber based products net of VAT and trade discounts.
Revenue is recognised on the despatch of goods from the company's premises.

##### 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 Profit and Loss Account 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 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 | 50 years straight line
Plant and machinery | 4 years straight line
Vehicles | 25 % reducing balance
Fixtures and fittings | 4 years straight line

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 hire purchase contracts, 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.
The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised 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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

##### 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. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
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 cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### 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 measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.

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

Deferred tax provisions are recognised when the Company has a present obligation 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.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 19 |  | 18

#### 3. Tangible assets

| Land and buildings |  | Plant and machinery |  | Vehicles |  | Fixtures and fittings |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 April 2024 | 2,240,000 |  | 335,804 |  | 69,115 |  | 139,618 |  | 2,784,537
Additions | 0 |  | 34,575 |  | 0 |  | 0 |  | 34,575
Revaluations | 760,000 |  | 0 |  | 0 |  | 0 |  | 760,000
At 31 March 2025 | 3,000,000 |  | 370,379 |  | 69,115 |  | 139,618 |  | 3,579,112
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 April 2024 | 89,600 |  | 259,003 |  | 55,709 |  | 136,872 |  | 541,184
Charge for the financial year | 44,800 |  | 27,423 |  | 3,352 |  | 1,510 |  | 77,085
Adjustments on revaluations | ( 134,400) |  | 0 |  | 0 |  | 0 |  | ( 134,400)
At 31 March 2025 | 0 |  | 286,426 |  | 59,061 |  | 138,382 |  | 483,869
Net book value |  |  |  |  |  |  |  |  |
At 31 March 2025 | 3,000,000 |  | 83,953 |  | 10,054 |  | 1,236 |  | 3,095,243
At 31 March 2024 | 2,150,400 |  | 76,801 |  | 13,406 |  | 2,746 |  | 2,243,353

Revaluation of tangible assets

If revalued assets were stated on a historical cost bases rather than a fair value basis, the total amounts included would have been as follows:

| 2025 |  | 2024
| £ |  | £
Historical cost | 739,825 |  | 739,825
Accumulated depreciation | (323,591) |  | (308,795)
Carrying value | 416,234 |  | 431,030

The freehold property was valued by Smart & Co Surveyors & Property Consultants at £3,000,000 in February 2025 and the directors confirm this is still a fair representation of the market value at 31.03.25.

#### 4. Stocks

| 2025 |  | 2024
| £ |  | £
Stocks | 1,220,031 |  | 1,032,958

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 102,503 |  | 313,376
Corporation tax | 0 |  | 18,285
Other debtors | 16,556 |  | 240,786
| 119,059 |  | 572,447

The company uses an invoice factoring agent who secures their advances over the company's trade debtors.
At the balancing sheet date, amounts due to the factoring agent of £246,592 (2024 - £55,145) have been deducted from the company's trade debtors.

#### 6. Cash and cash equivalents

| 2025 |  | 2024
| £ |  | £
Cash at bank and in hand | 93,154 |  | 78,626
Less: Bank overdrafts | ( 26,776) |  | 0
| 66,378 |  | 78,626

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans and overdrafts | 38,043 |  | 32,959
Trade creditors | 39,899 |  | 136,751
Amounts owed to related parties | 485,000 |  | 545,000
Other taxation and social security | 133,181 |  | 121,342
Obligations under finance leases and hire purchase contracts | 12,633 |  | 12,633
Other creditors | 27,148 |  | 26,292
| 735,904 |  | 874,977

Bank loans and overdrafts of £36,339 (2024 - £31,255) are secured by a bond and floating charge over the whole of the company's property and undertakings.

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

| 2025 |  | 2024
| £ |  | £
Bank loans | 5,396 |  | 7,100
Obligations under finance leases and hire purchase contracts (secured) | 10,528 |  | 23,161
| 15,924 |  | 30,261

#### 9. Provision for liabilities

| 2025 |  | 2024
| £ |  | £
Deferred tax | 473,866 |  | 260,249

#### 10. Deferred tax

| 2025 |  | 2024
| £ |  | £
At the beginning of financial year | ( 260,249) |  | ( 256,794)
Credited/(charged) to the Profit and Loss Account | 9,983 |  | ( 3,455)
Charged to the Statement of Comprehensive Income | ( 223,600) |  | 0
At the end of financial year | ( 473,866) |  | ( 260,249)

#### 11. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
82,620 Ordinary shares of £ 1.00 each | 82,620 |  | 82,620
68,165 Ordinary "A" Class shares of £ 1.00 each | 68,165 |  | 68,165
55,765 Ordinary "B" Class shares of £ 1.00 each | 55,765 |  | 55,765
| 206,550 |  | 206,550