Silverfin false false 28/02/2026 01/04/2025 28/02/2026 Mr M Duffy 30 March 2026 The principal activity of the company continued to be that of timber felling, harvesting and other forestry works until the company ceased to trade on 29 August 2025. SC600526 2026-02-28 SC600526 2025-03-31 SC600526 core:CurrentFinancialInstruments 2026-02-28 SC600526 core:CurrentFinancialInstruments 2025-03-31 SC600526 core:Non-currentFinancialInstruments 2026-02-28 SC600526 core:Non-currentFinancialInstruments 2025-03-31 SC600526 core:ShareCapital 2026-02-28 SC600526 core:ShareCapital 2025-03-31 SC600526 core:RetainedEarningsAccumulatedLosses 2026-02-28 SC600526 core:RetainedEarningsAccumulatedLosses 2025-03-31 SC600526 core:Goodwill 2025-03-31 SC600526 core:Goodwill 2026-02-28 SC600526 core:PlantMachinery 2025-03-31 SC600526 core:Vehicles 2025-03-31 SC600526 core:FurnitureFittings 2025-03-31 SC600526 core:ComputerEquipment 2025-03-31 SC600526 core:PlantMachinery 2026-02-28 SC600526 core:Vehicles 2026-02-28 SC600526 core:FurnitureFittings 2026-02-28 SC600526 core:ComputerEquipment 2026-02-28 SC600526 bus:OrdinaryShareClass1 2026-02-28 SC600526 bus:OrdinaryShareClass2 2026-02-28 SC600526 2025-04-01 2026-02-28 SC600526 bus:FilletedAccounts 2025-04-01 2026-02-28 SC600526 bus:SmallEntities 2025-04-01 2026-02-28 SC600526 bus:AuditExemptWithAccountantsReport 2025-04-01 2026-02-28 SC600526 bus:PrivateLimitedCompanyLtd 2025-04-01 2026-02-28 SC600526 bus:Director1 2025-04-01 2026-02-28 SC600526 core:Goodwill core:TopRangeValue 2025-04-01 2026-02-28 SC600526 core:Goodwill 2025-04-01 2026-02-28 SC600526 core:PlantMachinery 2025-04-01 2026-02-28 SC600526 core:Vehicles 2025-04-01 2026-02-28 SC600526 core:FurnitureFittings 2025-04-01 2026-02-28 SC600526 core:ComputerEquipment 2025-04-01 2026-02-28 SC600526 2024-04-01 2025-03-31 SC600526 core:Non-currentFinancialInstruments 2025-04-01 2026-02-28 SC600526 bus:OrdinaryShareClass1 2025-04-01 2026-02-28 SC600526 bus:OrdinaryShareClass1 2024-04-01 2025-03-31 SC600526 bus:OrdinaryShareClass2 2025-04-01 2026-02-28 SC600526 bus:OrdinaryShareClass2 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC600526 (Scotland)

# DUFFY SKYLINING LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 01 APRIL 2025 TO 28 FEBRUARY 2026
PAGES FOR FILING WITH THE REGISTRAR

DUFFY SKYLINING LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 APRIL 2025 TO 28 FEBRUARY 2026

Contents

DUFFY SKYLINING LIMITED

## BALANCE SHEET

AS AT 28 FEBRUARY 2026
DUFFY SKYLINING LIMITED

## BALANCE SHEET (continued)

AS AT 28 FEBRUARY 2026

| Note | 28.02.2026 |  | 31.03.2025
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 3 | 0 |  | 66,567
Tangible assets | 4 | 0 |  | 1,578,364
|  | 0 |  | 1,644,931
Current assets |  |  |  |
Stocks |  | 0 |  | 85,000
Debtors | 5 | 1,158,904 |  | 615,264
Cash at bank and in hand |  | 1,084,419 |  | 128,654
|  | 2,243,323 |  | 828,918
Creditors: amounts falling due within one year | 6 | ( 21,304) |  | ( 491,771)
Net current assets |  | 2,222,019 |  | 337,147
Total assets less current liabilities |  | 2,222,019 |  | 1,982,078
Creditors: amounts falling due after more than one year | 7 | 0 |  | ( 218,749)
Provision for liabilities |  | 0 |  | ( 385,976)
Net assets |  | 2,222,019 |  | 1,377,353
Capital and reserves |  |  |  |
Called-up share capital | 8 | 105 |  | 105
Profit and loss account |  | 2,221,914 |  | 1,377,248
Total shareholders' funds |  | 2,222,019 |  | 1,377,353

For the financial period ending 28 February 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial period in accordance with section 476;
- The director acknowledges 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 Duffy Skylining Limited (registered number: SC600526) were approved and authorised for issue by the Director on 30 March 2026. They were signed on its behalf by:

Mr M Duffy Director |

DUFFY SKYLINING LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 APRIL 2025 TO 28 FEBRUARY 2026
DUFFY SKYLINING LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 APRIL 2025 TO 28 FEBRUARY 2026

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Duffy Skylining 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 C/O Johnston Carmichael, 227 West George Street, Glasgow, G2 2ND, 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 £.

##### Going concern

On 29 August 2025 the directors sold the entirety of the trade and assets to Tilhill Forestry Limited. The directors consider this to have resulted in the cessation of the company's trading activities at that point and the accounts are therefore prepared on a basis other than going concern.

##### Reporting period length

The financial statements have been prepared for a shortened accounting period covering the period from 01 April 2025 to 28 February 2026. The shortened period reflects a change in the company’s year end due to the company ceasing to trade. As a result, the amounts presented in the financial statements and related notes are not entirely comparable with those of the prior year.

##### 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 except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### 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 any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

##### 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

###### Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

##### 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:

Plant and machinery | 15 - 20 % reducing balance
Vehicles | 15 % reducing balance
Fixtures and fittings | 10 % reducing balance
Computer equipment | 20 % 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

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 and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

##### 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 stocks to their present location and condition.
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.
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.

##### 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

| Period from 01.04.2025 to 28.02.2026 |  | Year ended 31.03.2025
| Number |  | Number
Monthly average number of persons employed by the Company during the period, including the director | 6 |  | 7

#### 3. Intangible assets

| Goodwill |  | Total
| £ |  | £
Cost |  |  |
At 01 April 2025 | 133,133 |  | 133,133
Disposals | ( 133,133) |  | ( 133,133)
At 28 February 2026 | 0 |  | 0
Accumulated amortisation |  |  |
At 01 April 2025 | 66,566 |  | 66,566
Charge for the financial period | 5,547 |  | 5,547
Disposals | ( 72,113) |  | ( 72,113)
At 28 February 2026 | 0 |  | 0
Net book value |  |  |
At 28 February 2026 | 0 |  | 0
At 31 March 2025 | 66,567 |  | 66,567

#### 4. Tangible assets

| Plant and machinery |  | Vehicles |  | Fixtures and fittings |  | Computer equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 April 2025 | 1,965,203 |  | 468,518 |  | 9,979 |  | 10,757 |  | 2,454,457
Additions | 12,500 |  | 106,709 |  | 0 |  | 0 |  | 119,209
Disposals | ( 1,977,703) |  | ( 575,227) |  | ( 9,979) |  | ( 10,757) |  | ( 2,573,666)
At 28 February 2026 | 0 |  | 0 |  | 0 |  | 0 |  | 0
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 April 2025 | 677,001 |  | 193,448 |  | 3,129 |  | 2,515 |  | 876,093
Charge for the financial period | 197,423 |  | 47,210 |  | 628 |  | 1,511 |  | 246,772
Disposals | ( 874,424) |  | ( 240,658) |  | ( 3,757) |  | ( 4,026) |  | ( 1,122,865)
At 28 February 2026 | 0 |  | 0 |  | 0 |  | 0 |  | 0
Net book value |  |  |  |  |  |  |  |  |
At 28 February 2026 | 0 |  | 0 |  | 0 |  | 0 |  | 0
At 31 March 2025 | 1,288,202 |  | 275,070 |  | 6,850 |  | 8,242 |  | 1,578,364

#### 5. Debtors

| 28.02.2026 |  | 31.03.2025
| £ |  | £
Trade debtors | 30,231 |  | 398,558
Corporation tax | 157,056 |  | 0
Other debtors | 971,617 |  | 216,706
| 1,158,904 |  | 615,264

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

| 28.02.2026 |  | 31.03.2025
| £ |  | £
Bank loans | 0 |  | 7,392
Trade creditors | 0 |  | 14,967
Taxation and social security | 6,982 |  | 236,481
Obligations under finance leases and hire purchase contracts | 0 |  | 221,201
Other creditors | 14,322 |  | 11,730
| 21,304 |  | 491,771

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

| 28.02.2026 |  | 31.03.2025
| £ |  | £
Obligations under finance leases and hire purchase contracts | 0 |  | 218,749

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

#### 8. Called-up share capital

| 28.02.2026 |  | 31.03.2025
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100 Ordinary "A" Class shares of £ 1.00 each | 100 |  | 100
5 Ordinary "C" Class shares of £ 1.00 each | 5 |  | 5
| 105 |  | 105

#### 9. Related party transactions

Transactions with the entity's director

| 28.02.2026 |  | 31.03.2025
| £ |  | £
Amounts owed by key management personel | 494,544 |  | 80,218

Interest is charged at 2.25% and the loan is repayable on demand.

Other related party transactions

| 28.02.2026 |  | 31.03.2025
| £ |  | £
Amounts owed by related parties | 0 |  | 121,489

The loan is interest free and repayable on demand.