The director presents the strategic report for the period ended 31 March 2025.

In what has been challenging trading conditions, the company has seen revenues during the eighteen month period of £9,931,256 (2023 - £8,490,242 for 12 months). However operating profit margin reduced to 5.6% (2023 – 20.4%) as the company faced increases across its cost base, coupled with an adverse shift in product mix. Tight control was maintained over discretionary expenditure resulting in a profit before tax of £358,198 (2023 - £1,754,172). Net assets have increased accordingly to £4,850,688 (2023 - £4,525,059).

The company has continued to see demand for its products and services, in particular in the building and home improvement markets. Since the balance sheet date, the financial position has improved and the company is outperforming the projections set at the beginning of the period. This better performance is underpinned by a new management team, utilising enhanced operating practices and sustained development of strategic relationships with customers and suppliers.

Subsequent to the period end on 30th September 2025, the company repaid in full the existing bank loans and entered into a new financing arrangement on improved terms, comprising a working capital finance facility and a cashflow loan (see note 24 below).

Company strategy

The company's success is based upon the ongoing management of the company, building a customer base whilst developing existing customer relationships. We believe it is important to retain a diversified portfolio of products in order to achieve maximum profitability in a competitive marketplace. The company will continue to consolidate its position and concentrate its efforts on achieving growth in its existing market segments.

The director continually assesses the risks the company is exposed to and aims to reduce these risks where they cannot be eradicated.

The principal risks and uncertainties facing the company include global economic slowdown simultaneously affecting a number of the group's key markets, geopolitical uncertainties such as the war in Ukraine and significantly inflating costs of materials and other costs of manufacture such as power. The director considers the risk of price inflation to be mitigated with buying strategies, by monitoring markets and by increasing efficiencies as well as regular reviews of customer pricing.

The long-term marketing and business processes continue to identify strategic actions required to minimise these risks. The company has carried out risk assessments and put in place additional measures to protect its employees, secure its supply chain and reduce where possible any further potential impacts of the energy crisis.

The company has a number of key performance indicators which include turnover, gross profitability and operating profitability before taxation. The company also closely monitors productivity, which is a key indicator of efficiency.

Future developments

The company continues to be profitable and financially strong. Whilst continuing to operate in key market areas with its loyal customers the company will look to expand its customer base in existing markets whilst at the same time continue investigations into new markets and new product areas. Investigations into new processing technologies will continue, and where appropriate investment decisions will be made to improve efficiencies and reduce energy consumption.

Going concern

At 31 March 2025 the company has a strong balance sheet showing net assets of £4,829,163. Taking this and the expected future trading of the company into consideration there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The accounts have therefore been prepared on a going concern basis.

On behalf of the board

The director presents his annual report and financial statements for the period ended 31 March 2025.

The principal activity of the company continued to be that of the design, manufacture and distribution of timber-based products.

The results for the period are set out on page 9.

No dividends (2023 - £318,069) were paid during the period. The director does not recommend payment of a final dividend.

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

The company has made qualifying third party indemnity provisions for the benefit of its director during the period. These provisions remain in force at the reporting date.

The director acknowledges the importance of effective financial risk management to the success of the company. The primary financial risks faced by the company include market price risk, credit risk, liquidity risk, and cash flow risk. The company's overall risk management strategy is designed to safeguard its financial stability and protect shareholder value.

Market price risk

The company is exposed to market price risk arising from fluctuations in interest rates and commodity prices. To manage this risk, the company regularly monitors market conditions.

Credit risk

Credit risk is the risk that a counterparty will be unable to fulfill its contractual obligations, resulting in financial loss to the company. The company manages credit risk through a comprehensive credit assessment process for customers and suppliers. Credit limits are set based on the assessment of the counterparty's creditworthiness, and ongoing monitoring is performed to ensure compliance.

Liquidity risk

Liquidity risk is the risk that the company may encounter difficulty in meeting its short-term financial obligations. The company maintains sufficient liquidity through a combination of cash reserves, committed credit facilities, and ongoing cash flow management. The director regularly reviews and approves the liquidity risk management strategy.

Cash flow risk

Cash flow risk is the risk that the company may face disruptions in its cash flows, impacting its ability to fund operations and meet financial commitments. The company mitigates cash flow risk by maintaining a diversified customer base, managing working capital efficiently, and closely monitoring cash flow forecasts.

The auditors, DJH Audit Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business; and

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The following information is not shown in the Report of the Director as it is shown in the Strategic Report in accordance with S414C(11) of the Companies Act 2006:

- an indication of likely future developments in the business of the company.

- details of post balance sheet events of the company.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the director has taken all the necessary steps that they ought to have taken as a director in order to make themselves aware of all relevant audit information and to establish that a company’s auditor is aware of that information.

We have audited the financial statements of Shaw Timber Limited (the 'company') for the period ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of director's remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of designing our audit, we determined materiality and assessed the risk of material misstatement in the financial statements, whether due to fraud or error, and then designed and performed audit procedures responsive to those risks. In particular, we looked at where the director made subjective judgements such as making assumptions on significant accounting estimates.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our planning procedures included:

• Gaining an understanding of the entity and its environment including the entity's legal and regulatory framework, any fraud indicators and internal control system via both discussions amongst the engagement team and with management;

• Enquiring of management whether there was any known, suspected or alleged fraud;

• Evaluating management's incentives and opportunities for fraudulent manipulation of the financial statements including the risk of override of controls; and

• The engagement partner ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

Based on our understanding of the company and its industry, the key laws and regulations we considered included the UK Companies Act and relevant tax legislation.

Audit procedures performed by the engagement team included but were not limited to:

• Evaluating and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;

• Discussing with management the policies and procedures in place regarding identifying and complying with laws and regulations and whether they were aware of any instances of noncompliance;

• Enquiring of management as to actual and potential litigation and claims;

• Reviewing relevant meeting minutes;

• Identifying and testing journal entries;

• Agreeing financial statement disclosures to underlying supporting documentation;

• Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; and

• Reviewing and testing the accounting estimates to minimise potential bias.

The primary responsibility for the prevention and detection of irregularities including fraud rests with both those charged with governance and management. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements the less likely we would become aware of such noncompliance. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, intentional misrepresentations or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements report the results for the period from 01 October 2023 to 31 March 2025. The comparative period relates to the period from 01 October 2022 to 30 September 2023. The change in year end was made to align all group companies with the parent company's reporting period.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

All turnover is from the sale of goods in the UK.

Revenue comprises sales of goods provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts.

Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (this is usually at the point that the customer has signed for the delivery 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.

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

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 stocks to their present location and condition. Stocks are valued using the first-in, first-out (FIFO) method.

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.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 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.

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 issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the period. 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 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. Gains and losses arising on translation in the period are included in profit or loss.

Company information

Shaw Timber Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bridge St, Slaithwaite, Huddersfield, HD7 5JN. The company's registered number is 01271632.

In the application of the company’s accounting policies, the director is 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.

There are no key judgements requiring disclosure.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets, which are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated sales of finished goods and future usage of raw materials.

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment, management considers factors including the ageing profile and recent correspondence with the debtors and historical experience.

The average monthly number of persons (including directors) employed by the company during the period was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under money purchase schemes amounted to 2 (2023 - 2).

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

Raw materials are stated after provisions for impairment of £113,245 (2023 - £149,300).

The write-down of stocks to net realisable value, which are included within raw materials and consumables, amounted to £113,245 (2023 - £149,300).

Included in the above are bank loans of £875,000, for which covenants attached to the loans were breached during the 2025 financial period in relation to EBITDA ratio requirements and no formal waiver of this breach was obtained. Therefore the loan has been classified as due in less than one year.

The covenants were not breached in the prior year.

A prior year adjustment has been processed to reclassify £647,818 of costs from other operating expenses to other external expenses to ensure this is in line with the Companies Act 2006 requirements for the profit and loss account.

Another prior year adjustment has been processed of £396,552 which represents amounts drawn under an invoice discounting facility. This was previously net off trade debtors which has been reclassified as bank loans which more accurately represents the nature of the balance, as it reflects amounts advanced by the finance provider that are repayable by the company. Trade debtors has therefore been restated from £935,378 to £1,331,930 and bank loans due in less than one year from £250,000 to £646,552.

Bank loans of £1,181,938 (2023 - £1,646,552) are secured by a fixed and floating charge over the company's assets. Included within bank loans is £875,000 (2023 - £1,250,000) on which interest is charged at 5.5% above the Bank of England base rate.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The amount of the net reversal of deferred tax expected to occur next year is £11,100 (2023 - £10,500), relating to the reversal of accelerated capital allowances.

The company has given a cross company guarantee on behalf of a fellow group company against loans to the value of £99,999 (2023 - £99,999). These loans are secured by a fixed and floating charge over the company's assets.

The company has also provided a guarantee on behalf of directors during the year against loan notes to the value of £2,000,000 (2023 - £2,000,000). These loans are secured by a fixed and floating charge over the company's assets.

The maximum potential liability under these guarantees at 31 March 2025 is £2,099,999.

No liability has been recognised in these financial statements as the director considers that the likelihood of any payment being required under these guarantees is not probable.

The Ordinary shares carry no restrictions on the distribution of dividends or the repayment of capital.

Other reserves - relating to capital redemption for the nominal value of shares previously repurchased by the company.

Profit & loss reserves - includes all current and prior period retained profits and losses, less dividends.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Subsequent to the period end on 30th September 2025, the company repaid in full the existing bank loans and entered into a new financing arrangement on improved terms, comprising a working capital finance facility and a cashflow loan.

The cashflow loan of £0.5m is repayable in monthly instalments up to September 2029, with an interest rate of 4.50% over the Bank of England base rate.

The working capital facility of £1.5m expires in September 2027, with an interest rate of 2.25% over the Bank of England base rate

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned group companies.

During the period the company entered into the following transactions with related parties:

Key management personnel

During the period, the total remuneration paid to key management personnel was £355,119 (2023 - £137,817).

Other related parties

Other related parties relate to companies which are significantly influenced by key management personnel or share the same ultimate parent company.

During the period, there were sales to related parties of £32,248 (2023 - £Nil) and receipts from related parties of £12,152 (2023 - £Nil).

Furthermore, there were purchases from related parties of £652,732 (2023 - £179,860) and payments to related parties of £684,068 (2023 - £140,241). There were also recharges from related parties of £63,773 (2023 - £Nil).

Amounts due to related parties at the period end are £54,115 (2023 - £39,619).

As detailed in note 19, the company has provided a guarantee on behalf of directors during the period against loan notes to the value of £2,000,000 (2023 - £2,000,000).

The maximum liability of the company is £2,000,000 (2023 - £2,000,000). There have been no amounts paid in respect of the loan notes during the period.

OVM Holdings Limited, a company registered in England and Wales, is regarded by the director as being the company's ultimate parent company and prepares consolidated financial statements, copies of which can be obtained from Companies House. The registered office of OVM Holdings Limited is 19 Leyden Street, London, E1 7LE.

Shaw Timber (Holdings) Limited is regarded by the director as being the immediate parent company, copies of the financial statements can be obtained from Companies House. The address of the parent's registered office is Bridge Street, Slaithwaite, Huddersfield, HD7 5JN.

The ultimate controlling party is J K Wooster.