Stewart Timber (2012) Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: SC442314 (Scotland)

Unaudited Financial Statements for the Year Ended 28 February 2026

for

STEWART TIMBER (2012) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

13

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

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

Undistributable reserves

13

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.

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

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.

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.

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

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

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

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

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

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

Value of land in freehold land and buildings

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

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

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

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

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.

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