Company registration number SC228249 (Scotland)
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
COMPANY INFORMATION
Directors
Ian Millward
Christopher Inglis
Jemma S Bargery
Stuart Goodall
Secretary
Ian Millward
Company number
SC228249
Registered office
22 LG1 Forth Street
Edinburgh
EH1 3LH
Auditor
Greaves West & Ayre
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
Business address
Vernon Cottage
Hazeldene Road
Liphook
Hampshire
GU30 7PH
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Notes to the financial statements
9 - 15
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of organising and promoting the biennial APF International Forest Machinery Exhibition, and any other connected exhibitions and events.

It is a wholly owned subsidiary of The Confederation of Forest Industries (UK) Limited (Confor).

Results

The company does not intend to pay any dividends.

Directors

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

Ian Millward
Christopher Inglis
Jemma S Bargery
Stuart Goodall
Statement of disclosure to auditor

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 directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

By order of the board
Ian Millward
Secretary
9 June 2026
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are 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. They are 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.

APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
- 3 -
Opinion

We have audited the financial statements of APF International Forest Machinery Exhibition Ltd. (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the balance sheet 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 section 1A 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 December 2025 and of its loss for the year 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 the provisions available for small entities, in the circumstances set out in note 14 to the financial statements, 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 directors' 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 directors 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 directors are 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 directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD. (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport. 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 directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD. (CONTINUED)
- 5 -
The extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the woodland and forestry sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as the Companies Act 2006, taxation legislation and employment legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

- identified laws and regulations of particular relevance were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, including any fraud associated with revenue recognition, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- traced a sample of exhibitor bookings from exhibitor listings to nominal ledgers and agreed to confirmations from the exhibitors.

- evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business

APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD. (CONTINUED)
- 6 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance; and

- enquiring of management as to actual and potential litigation and claims against the company.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Colin Frame CA (Senior Statutory Auditor)
For and on behalf of Greaves West & Ayre, Statutory Auditor
Chartered Accountants
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
29 June 2026
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
-
1,055,954
Cost of sales
(5,919)
(750,892)
Gross (loss)/profit
(5,919)
305,062
Administrative expenses
(50,881)
(221,035)
Other operating income
-
0
907
Operating (loss)/profit
(56,800)
84,934
Interest receivable and similar income
3
26,496
16,906
(Loss)/profit before taxation
(30,304)
101,840
Tax on (loss)/profit
(7,082)
(16,241)
(Loss)/profit for the financial year
(37,386)
85,599

The profit and loss account has been prepared on the basis that all operations are continuing operations.

APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,127
2,892
Tangible assets
5
3,437
4,812
Investments
6
220,448
166,669
225,012
174,373
Current assets
Debtors
7
237,223
30,035
Cash at bank and in hand
225,137
94,798
462,360
124,833
Creditors: amounts falling due within one year
8
(481,137)
(60,929)
Net current (liabilities)/assets
(18,777)
63,904
Total assets less current liabilities
206,235
238,277
Provisions for liabilities
(14,297)
(8,953)
Net assets
191,938
229,324
Capital and reserves
Called up share capital
9
1,000
1,000
Other reserves
10
56,144
42,027
Profit and loss reserves
11
134,794
186,297
Total equity
191,938
229,324

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 June 2026 and are signed on its behalf by:
Ian Millward
Christopher Inglis
Director
Director
Stuart Goodall
Director
Company registration number SC228249 (Scotland)
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
1
Accounting policies
Company information

APF International Forest Machinery Exhibition Ltd. is a private company limited by shares incorporated in Scotland. The registered office is 22 LG1 Forth Street, Edinburgh, EH1 3LH.

1.1
Basis of preparation

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments at fair value. The principal accounting policies adopted are set out below.

1.2
Revenue

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.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue represents exhibitor fees, ticket fees, sponsorship and catering income for the bi e nn i al exhibition held by the company. As all revenue relate s to the exhibition, revenue in relation to this exhibition is recognised when the exhibition takes place. As such, revenue received in relation to the income during a non-exhibition period is deferred until the exhibition period.

Other income

Income from investments, including dividends, interest and other income types, is recognised as follows:

Dividend income from investments is recognised when the shareholder's right to receive payment has been established.

Interest and other income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
33% straight-line
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 10 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Plant and equipment
25% straight-line
Computer Equipment
33% straight-line

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.

1.5
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised through the profit and loss account. Transaction costs are expensed to the profit and loss account as they are incurred.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of 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). 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.

Recoverable amount is the higher of fair value less costs to sell and 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.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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, when applicable, are shown within borrowings in current liabilities.

APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -
1.8
Financial instruments

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

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.

Classification of financial liabilities

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

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 paymen ts 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. A m ounts 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.

1.9
Equity instruments

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.

1.10
Taxation

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

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.

APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
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.

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.

1.11
Employee benefits

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.

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.

2
Employees

The average monthly number of persons employed by the company during the year was:

2025
2024
Number
Number
Total
5
5
3
Interest receivable and similar income
2025
2024
£
£
Interest receivable and similar income includes the following:
Income from other fixed asset investments
26,496
16,906
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
4
Intangible fixed assets
Other
£
Cost
At 1 January 2025 and 31 December 2025
5,350
Amortisation and impairment
At 1 January 2025
2,458
Amortisation charged for the year
1,766
At 31 December 2025
4,224
Carrying amount
At 31 December 2025
1,126
At 31 December 2024
2,892
5
Tangible fixed assets
Plant and Equipment
£
Cost
At 1 January 2025 and 31 December 2025
7,846
Depreciation and impairment
At 1 January 2025
3,034
Depreciation charged in the year
1,375
At 31 December 2025
4,409
Carrying amount
At 31 December 2025
3,437
At 31 December 2024
4,812
6
Fixed asset investments
2025
2024
£
£
Other investments other than loans
220,448
166,669
Fixed asset investments revalued

Fixed asset investments are included at market value. The historic cost of the investment portfolio is £162,791 (2024: £1 18,900).

APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Fixed asset investments
(Continued)
- 14 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2025
166,669
Additions
61,668
Valuation changes
19,805
Disposals
(27,694)
At 31 December 2025
220,448
Carrying amount
At 31 December 2025
220,448
At 31 December 2024
166,669
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
237,223
11,745
Other debtors
-
0
18,290
237,223
30,035
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,366
40,575
Corporation tax
-
0
7,288
Other taxation and social security
23,448
1,018
Other creditors
456,323
12,048
481,137
60,929
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
1,000
1,000
1,000
1,000
APF INTERNATIONAL FOREST MACHINERY EXHIBITION LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
10
Other reserves
£
At the beginning of the prior year
43,645
Transfer to/from retained earnings
(1,618)
At the end of the prior year
42,027
Transfer to/from retained earnings
14,117
At the end of the current year
56,144

A transfer has been made from the profit and loss reserves to the other reserve s during the year to separately demonstrate the revaluation gain from the investment portfolio. The deferred tax movement at the year-end was a debit of £5,344.

11
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
186,297
99,080
(Loss)/profit for the year
(37,386)
85,599
Transfer to reserves
(14,117)
1,618
At the end of the year
134,794
186,297
12
Financial commitments, guarantees and contingent liabilities

The company has entered into a purchase agreement relating to the hosting of 2 future shows which will cost the company £93,000 in total.

13
Parent company

The company is a wholly owned subsidiary of The Confederation of Forest Industries (UK) Limited, (Confor), a UK registered company.

Consolidated accounts are produced by the parent, showing the results of the group as a whole, and are available from the company's registered office at 22 lg1, Forth Street, Edinburgh, Scotland, EH1 3LH.

Confor is the ultimate controlling party as it controls 100% of the company's share capital.

14
Non-audit services provided by auditor

In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

In common with many other businesses of our size and nature we use ou r auditor to provide tax advice and manage our investment portfolio.

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