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REGISTERED NUMBER: SC442314 (Scotland)

Unaudited Financial Statements for the Year Ended 28 February 2026

for

STEWART TIMBER (2012) LTD

STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)

Contents of the Financial Statements

for the Year Ended 28 February 2026

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Chartered Accountants' Report | 13 |

STEWART TIMBER (2012) LTD

Company Information

for the Year Ended 28 February 2026

| DIRECTOR: | K Maguire

| SECRETARY: | K Maguire

| REGISTERED OFFICE: | 5B Mid Road

| Blairlinn Industrial Estate

| Cumbernauld

| G67 2TT

| REGISTERED NUMBER: | SC442314 (Scotland)

| ACCOUNTANTS: | McAllisters

| Paxton House

| 11 Woodside Crescent

| Charing Cross

| Glasgow

| G3 7UL

STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)

Balance Sheet

28 February 2026

| 28.2.26 | 28.2.25 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 704,994 |  | 754,369 |  |

704,994 |  | 754,369 |  |

CURRENT ASSETS

Stocks | 457,361 |  | 394,027 |  |

Debtors | 6 | 119,769 |  | 155,516 |  |

Cash at bank and in hand | 234,829 |  | 252,993 |  |

811,959 |  | 802,536 |  |

CREDITORS

Amounts falling due within one year | 7 | 173,329 |  | 309,387 |  |

NET CURRENT ASSETS | 638,630 |  | 493,149 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,343,624 |  | 1,247,518 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (152,363 | ) | (42,963 | ) |

PROVISIONS FOR LIABILITIES | 11 | (60,701 | ) | (64,169 | ) |

NET ASSETS | 1,130,560 |  | 1,140,386 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 100 |  | 100 |  |

Undistributable reserves | 13 | 53,052 |  | 53,052 |  |

Retained earnings | 13 | 1,077,408 |  | 1,087,234 |  |

SHAREHOLDERS' FUNDS | 1,130,560 |  | 1,140,386 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2026 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)

Balance Sheet - continued

28 February 2026

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 July 2026 and were signed by:

K Maguire - Director

STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)

Notes to the Financial Statements

for the Year Ended 28 February 2026

1. | STATUTORY INFORMATION

| Stewart Timber (2012) Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

| Stewart Timber (2012) Ltd is a wholly owned subsidiary of Stewart Timber (Holdings) Ltd which has it's registered office at 5b Mid Road, Cumbernauld, Glasgow, G67 2TT.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Significant judgements and estimates

| The preparation of the financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, net of discount and value added taxes. Turnover includes revenue earned from the sale of goods.

| Sale of goods

| Turnover from the sale of timber is recognised when the significant risks and rewards of ownership of the timber has transferred to the buyer. This is usually at the point that the customer has signed for the delivery or receipt of the timber.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Computer software is being amortised evenly over its estimated useful life of five years.

STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)

Notes to the Financial Statements - continued

for the Year Ended 28 February 2026

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Depreciation is charged to profit and loss over the estimated useful economic lives, as follows:

| Improvements to property |  | 20% on cost |  |

| Plant and machinery |  | 25% on reducing balance |  |

| Fixtures and fittings |  | 15% on reducing balance |  |

| Motor vehicles |  | 25% on reducing balance |  |

| Computer equipment |  | 33% on cost |  |

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use.

| Any impairment loss is recognised immediately as an expense within profit and loss.

| In line with this policy, computer equipment comprising the Biztrack and Epicore software package is no longer fit for purpose and has therefore been written down to a value of £nil.

| Freehold property is shown at its most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.

| Fair value is arrived at by considering the amount that the property could be sold for between knowledgable, willing parties at arms length.

| Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)

Notes to the Financial Statements - continued

for the Year Ended 28 February 2026

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Basic financial instruments

| Trade and other debtors/creditors

| Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

| Cash and cash equivalents

| Cash and cash equivalents comprise cash balances and call deposits.

| Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or loss.

| For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount that the company would receive for the asset f it were to be sold at the balance sheet date.

| Provisions

| A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. The only provisions recognised in the year relate to deferred tax

STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)

Notes to the Financial Statements - continued

for the Year Ended 28 February 2026

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 18 (2025 - 20 ) .

4. | INTANGIBLE FIXED ASSETS

| Computer

| software

£ |

| COST

| At 1 March 2025

| and 28 February 2026 | 24,710 |  |

| AMORTISATION

| At 1 March 2025

| and 28 February 2026 | 24,710 |  |

| NET BOOK VALUE

| At 28 February 2026 | - |  |

| At 28 February 2025 | - |  |

5. | TANGIBLE FIXED ASSETS

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | machinery

£ | £ | £ |

| COST OR VALUATION

| At 1 March 2025 | 450,000 |  | 21,897 |  | 524,704 |  |

| Additions | - |  | - |  | 12,468 |  |

| Disposals | - |  | - |  | - |  |

| At 28 February 2026 | 450,000 |  | 21,897 |  | 537,172 |  |

| DEPRECIATION

| At 1 March 2025 | - |  | 21,897 |  | 302,060 |  |

| Charge for year | - |  | - |  | 52,163 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 28 February 2026 | - |  | 21,897 |  | 354,223 |  |

| NET BOOK VALUE

| At 28 February 2026 | 450,000 |  | - |  | 182,949 |  |

| At 28 February 2025 | 450,000 |  | - |  | 222,644 |  |

STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)

Notes to the Financial Statements - continued

for the Year Ended 28 February 2026

5. | TANGIBLE FIXED ASSETS - continued

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 March 2025 | 15,808 |  | 236,315 |  | 80,935 |  | 1,329,659 |  |

| Additions | - |  | 22,647 |  | - |  | 35,115 |  |

| Disposals | - |  | (10,703 | ) | - |  | (10,703 | ) |

| At 28 February 2026 | 15,808 |  | 248,259 |  | 80,935 |  | 1,354,071 |  |

| DEPRECIATION

| At 1 March 2025 | 10,545 |  | 162,099 |  | 78,689 |  | 575,290 |  |

| Charge for year | 789 |  | 22,267 |  | 1,244 |  | 76,463 |  |

| Eliminated on disposal | - |  | (2,676 | ) | - |  | (2,676 | ) |

| At 28 February 2026 | 11,334 |  | 181,690 |  | 79,933 |  | 649,077 |  |

| NET BOOK VALUE

| At 28 February 2026 | 4,474 |  | 66,569 |  | 1,002 |  | 704,994 |  |

| At 28 February 2025 | 5,263 |  | 74,216 |  | 2,246 |  | 754,369 |  |

| Included in cost or valuation of land and buildings is freehold land of £ 135,000 (2025 - £ 135,000 ) which is not depreciated.

| Cost or valuation at 28 February 2026 is represented by:

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | machinery

£ | £ | £ |

| Valuation in 2022 | 65,496 |  | - |  | - |  |

| Cost | 384,504 |  | 21,897 |  | 537,172 |  |

450,000 |  | 21,897 |  | 537,172 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| Valuation in 2022 | - |  | - |  | - |  | 65,496 |  |

| Cost | 15,808 |  | 248,259 |  | 80,935 |  | 1,288,575 |  |

15,808 |  | 248,259 |  | 80,935 |  | 1,354,071 |  |

STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)

Notes to the Financial Statements - continued

for the Year Ended 28 February 2026

5. | TANGIBLE FIXED ASSETS - continued

| If the property had not been revalued it would have been included at the following historical cost:

| 28.2.26 |  | 28.2.25

£ | £ |

| Cost | 384,503 |  | 384,503 |  |

| Value of land in freehold land and buildings | 135,000 |  | 135,000 |  |

| Freehold property was valued on an open market basis on 1 November 2022 by DM Hall .

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 March 2025

| and 28 February 2026 | 37,963 |  | 124,249 |  | 162,212 |  |

| DEPRECIATION

| At 1 March 2025 | 9,491 |  | 71,832 |  | 81,323 |  |

| Charge for year | 7,118 |  | 9,828 |  | 16,946 |  |

| At 28 February 2026 | 16,609 |  | 81,660 |  | 98,269 |  |

| NET BOOK VALUE

| At 28 February 2026 | 21,354 |  | 42,589 |  | 63,943 |  |

| At 28 February 2025 | 28,472 |  | 52,417 |  | 80,889 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 28.2.26 |  | 28.2.25

£ | £ |

| Trade debtors | 32,016 |  | 69,981 |  |

| Amounts owed by group undertakings | 13,901 |  | 11,507 |  |

| Other debtors | 43,616 |  | 56,778 |  |

| VAT | 5,171 |  | - |  |

| Prepayments | 25,065 |  | 17,250 |  |

119,769 |  | 155,516 |  |

STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)

Notes to the Financial Statements - continued

for the Year Ended 28 February 2026

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 28.2.26 |  | 28.2.25

£ | £ |

| Bank loans and overdrafts | 2,589 |  | - |  |

| Other loans | 25,000 |  | - |  |

| Hire purchase contracts (see note 9) | 39,526 |  | 26,591 |  |

| Trade creditors | 89,064 |  | 259,990 |  |

| Tax | 6,071 |  | - |  |

| Social security and other taxes | 3,879 |  | 9,356 |  |

| VAT | - |  | 6,074 |  |

| Accrued expenses | 7,200 |  | 7,376 |  |

173,329 |  | 309,387 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 28.2.26 |  | 28.2.25

£ | £ |

| Other loans - 2-5 years | 118,750 |  | - |  |

| Hire purchase contracts (see note 9) | 33,613 |  | 42,963 |  |

152,363 |  | 42,963 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

| 28.2.26 |  | 28.2.25 |

£ | £ |

| Gross obligations repayable:

| Within one year | 46,378 |  | 29,187 |  |

| Between one and five years | 40,377 |  | 51,007 |  |

86,755 |  | 80,194 |  |

| Finance charges repayable:

| Within one year | 6,852 |  | 2,596 |  |

| Between one and five years | 6,764 |  | 8,044 |  |

13,616 |  | 10,640 |  |

| Net obligations repayable:

| Within one year | 39,526 |  | 26,591 |  |

| Between one and five years | 33,613 |  | 42,963 |  |

73,139 |  | 69,554 |  |

STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)

Notes to the Financial Statements - continued

for the Year Ended 28 February 2026

9. | LEASING AGREEMENTS - continued

| Non-cancellable |

| operating leases |

| 28.2.26 |  | 28.2.25

£ | £ |

| Within one year | 6,514 |  | - |  |

| Between one and five years | 10,856 |  | - |  |

17,370 |  | - |  |

10. | SECURED DEBTS

| The following secured debts are included within creditors:

| 28.2.26 |  | 28.2.25

£ | £ |

| Hire purchase contracts | 73,139 |  | 69,554 |  |

| The hire purchase balance is secured over the financed asset.

| The company has an overdraft facility and this is secured by a Bond and Floating Charge between the company and the Clydesdale Bank PLC as security for sums due to the bank. The charge covers the whole of the property of the company.

11. | PROVISIONS FOR LIABILITIES

| 28.2.26 |  | 28.2.25

£ | £ |

| Deferred tax | 60,701 |  | 64,169 |  |

| Deferred |

| tax |

£ |

| Balance at 1 March 2025 | 64,169 |  |

| reduction in deferred tax. | (3,468 | ) |

| Balance at 28 February 2026 | 60,701 |  |

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 28.2.26 |  | 28.2.25

| value: | £ | £ |

| 1,000 | Ordinary | £0.10 | 100 |  | 100 |  |

STEWART TIMBER (2012) LTD (REGISTERED NUMBER: SC442314)

Notes to the Financial Statements - continued

for the Year Ended 28 February 2026

13. | RESERVES

| Retained |  | Undistributable |

| earnings |  | reserves |  | Totals

£ | £ | £ |

| At 1 March 2025 | 1,087,234 |  | 53,052 |  | 1,140,286 |  |

| Profit for the year | 10,174 |  | 10,174 |  |

| Dividends | (20,000 | ) | (20,000 | ) |

| At 28 February 2026 | 1,077,408 |  | 53,052 |  | 1,130,460 |  |

14. | ULTIMATE CONTROLLING PARTY

| The company is a wholly owned subsidiary of Stewart Timber Holdings Limited.

| Kenneth Maguire is the sole director of the parent company and he owns 46.5% of the share capital of the parent company. He is considered to be the ultimate controlling party.

Chartered Accountants' Report to the Director

on the Unaudited Financial Statements of

Stewart Timber (2012) Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stewart Timber (2012) Ltd for the year ended 28 February 2026 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the director of Stewart Timber (2012) Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Stewart Timber (2012) Ltd and state those matters that we have agreed to state to the director of Stewart Timber (2012) Ltd in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Stewart Timber (2012) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Stewart Timber (2012) Ltd. You consider that Stewart Timber (2012) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Stewart Timber (2012) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

21 July 2026