Fulmor Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC290778 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 September 2021

for

Fulmor Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R G Morrison

Mr W M Fulton

REGISTERED OFFICE:

Broad House

Broad Street

Peterhead

Scotland

AB42 1HY

REGISTERED NUMBER:

SC290778 (Scotland)

ACCOUNTANTS:

SBP

Accountants

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

FIXED ASSETS

Tangible assets

4

-

1,950

Investment property

5

604,041

1,095,040

604,041

1,096,990

CURRENT ASSETS

Stocks

224,024

362,024

Debtors

6

1,047,591

909,051

Investments

7

10,000

10,000

Cash at bank and in hand

497,983

105,647

1,779,598

1,386,722

CREDITORS

Amounts falling due within one year

8

905,627

1,111,175

NET CURRENT ASSETS

873,971

275,547

TOTAL ASSETS LESS CURRENT LIABILITIES

1,478,012

1,372,537

CREDITORS

Amounts falling due after more than one year

9

(216,159

)

(247,046

)

PROVISIONS FOR LIABILITIES

-

(370

)

NET ASSETS

1,261,853

1,125,121

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

1,261,851

1,125,119

SHAREHOLDERS' FUNDS

1,261,853

1,125,121

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2022 and were signed on its behalf by:

Mr R G Morrison - Director

1.	STATUTORY INFORMATION

Fulmor Limited 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.

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.

Turnover

Turnover represents property rental income excluding VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 Income Statement, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 October 2020

4,005

1,326

5,331

Disposals

(4,005

)

(1,326

)

(5,331

)

At 30 September 2021

-

-

-

DEPRECIATION

At 1 October 2020

2,055

1,326

3,381

Charge for year

1

-

1

Eliminated on disposal

(2,056

)

(1,326

)

(3,382

)

At 30 September 2021

-

-

-

NET BOOK VALUE

At 30 September 2021

-

-

-

At 30 September 2020

1,950

-

1,950

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2020

1,095,040

Disposals

(628,999

)

Reclassification/transfer

138,000

At 30 September 2021

604,041

NET BOOK VALUE

At 30 September 2021

604,041

At 30 September 2020

1,095,040

The directors believe that the current value of investment properties as at the year end are as at cost.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Trade debtors

6,037

16,542

Amounts recoverable on contract

15,000

33,000

Other debtors

1,026,554

859,509

1,047,591

909,051

7.	CURRENT ASSET INVESTMENTS

30.9.21

30.9.20

£

£

Unlisted investments

10,000

10,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans and overdrafts

31,831

23,940

Trade creditors

6,684

22,282

Loan - Fulmor One Ltd

531,600

532,392

Tax

61,196

209,887

VAT

-

36,246

Other creditors

271,566

275,632

Directors' current accounts

-

953

Accrued expenses

2,750

9,843

905,627

1,111,175

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans - 1-2 years

186,044

33,281

Bank loans - 2-5 years

30,115

205,432

Bank loans more 5 yr by instal

-

8,333

216,159

247,046

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

8,333

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.21

30.9.20

£

£

Bank loans

247,990

270,986

Bank borrowings are secured by means of a bond and floating charge over the assets of the company.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2021 and 30 September 2020:

30.9.21

30.9.20

£

£

Mr R G Morrison

Balance outstanding at start of year

536,326

482,676

Amounts advanced

-

55,000

Amounts repaid

-

(1,350

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

536,326

Mr W M Fulton

Balance outstanding at start of year

(953

)

(26,683

)

Amounts advanced

-

26,000

Amounts repaid

-

(270

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(953

)

12.	RELATED PARTY DISCLOSURES

Included within Creditors Amounts Falling Due Within One Year is a balance due to Fulmor One Ltd of £531,600 (2020 - £532,392), a company of which R Morrison and W Fulton are directors.

At the balance sheet date there is a balance due to Cock & Bull Country Inns Limited of £20,000 (2020 - £15,100), £100,000 (2020 - £100,000) due to Rodger Morrison Catering Limited, £137,480 (2020 - £137,480) due to Rodger Morrison Holding Limited, £8,146 (2020 - £10,112) due to Davidson Properties Limited, companies of which R Morrison is a director. No interest is being charged and there are no fixed terms of repayment.

At the balance sheet date there is a balance due from Fulton Properties Limited of £259,000 (2020 - £119 ,000), a company of which W Fulton is a director. No interest is being charged and there are no fixed terms of repayment.

13.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors who own 100% of the called up share capital.