Far North Fencing Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC504926 (Scotland)

Financial Statements for the Year Ended 31 May 2022

for

Far North Fencing Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R Erridge

REGISTERED OFFICE:

Achanarras Farm

Halkirk

Thurso

Caithness

KW12 6XA

REGISTERED NUMBER:

SC504926 (Scotland)

ACCOUNTANTS:

Reid & Fraser

Chartered Accountants

92 High Street

Wick

Caithness

KW1 4LY

BANKERS:

Bank of Scotland

18 Bridge Street

Wick

Caithness

KW1 4NG

FIXED ASSETS

Intangible assets

4

1,298

1,298

Tangible assets

5

92,445

59,601

93,743

60,899

CURRENT ASSETS

Debtors

6

30,699

21,597

Cash at bank

1,946

17,240

32,645

38,837

CREDITORS

Amounts falling due within one year

7

(23,590

)

(16,091

)

NET CURRENT ASSETS

9,055

22,746

TOTAL ASSETS LESS CURRENT LIABILITIES

102,798

83,645

CREDITORS

Amounts falling due after more than one year

8

(32,858

)

(27,000

)

PROVISIONS FOR LIABILITIES

(17,565

)

(10,786

)

NET ASSETS

52,375

45,859

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

52,275

45,759

SHAREHOLDERS' FUNDS

52,375

45,859

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 February 2023 and were signed by:

R Erridge - Director

1.	STATUTORY INFORMATION

Far North Fencing 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Fixed asset investment are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% reducing balance

Motor vehicles

-

25% reducing balance

Computer equipment

-

25% straight line

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 June 2021

and 31 May 2022

1,298

NET BOOK VALUE

At 31 May 2022

1,298

At 31 May 2021

1,298

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2021

95,130

4,000

1,501

100,631

Additions

30,586

21,007

-

51,593

Disposals

-

(2,500

)

-

(2,500

)

At 31 May 2022

125,716

22,507

1,501

149,724

DEPRECIATION

At 1 June 2021

37,898

1,631

1,501

41,030

Charge for year

13,179

3,070

-

16,249

At 31 May 2022

51,077

4,701

1,501

57,279

NET BOOK VALUE

At 31 May 2022

74,639

17,806

-

92,445

At 31 May 2021

57,232

2,369

-

59,601

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

Motor

vehicles

£

COST

Additions

18,507

At 31 May 2022

18,507

DEPRECIATION

Charge for year

2,776

At 31 May 2022

2,776

NET BOOK VALUE

At 31 May 2022

15,731

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

8,002

960

Other debtors

22,697

20,637

30,699

21,597

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

3,952

-

Trade creditors

3,184

1,687

Taxation and social security

12,504

13,537

Other creditors

3,950

867

23,590

16,091

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

21,662

27,000

Hire purchase contracts

11,196

-

32,858

27,000

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2022 and 31 May 2021:

2022

2021

£

£

R Erridge

Balance outstanding at start of year

15,410

3,935

Amounts advanced

9,457

11,475

Amounts repaid

(12,295

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

12,572

15,410

The director's loan was repaid after the year end.