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REGISTERED NUMBER: NI047728 (Northern Ireland)















FAIRYWATER PEAT CO. LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






FAIRYWATER PEAT CO. LTD (REGISTERED NUMBER: NI047728)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


FAIRYWATER PEAT CO. LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: J McCaffrey





REGISTERED OFFICE: 51 Leglands Rd
Drumquin
Co. Tyrone
BT78 4TR





REGISTERED NUMBER: NI047728 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly Chartered Accountants
43 Dublin Road
Omagh
Co. Tyrone
BT78 1HE

FAIRYWATER PEAT CO. LTD (REGISTERED NUMBER: NI047728)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Property, plant and equipment 5 162,313 139,748

CURRENT ASSETS
Receivables: amounts falling due within
one year

6

7,620

6,282
Cash at bank 297,534 172,811
305,154 179,093
PAYABLES
Amounts falling due within one year 7 (47,216 ) (48,899 )
NET CURRENT ASSETS 257,938 130,194
TOTAL ASSETS LESS CURRENT
LIABILITIES

420,251

269,942

PROVISIONS FOR LIABILITIES (27,838 ) (23,308 )
NET ASSETS 392,413 246,634

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 392,411 246,632
SHAREHOLDERS' FUNDS 392,413 246,634

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 March 2023 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 21 September 2023 and were signed by:





J McCaffrey - Director


FAIRYWATER PEAT CO. LTD (REGISTERED NUMBER: NI047728)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Fairywater Peat Co. Ltd is a private company, limited by shares , registered in Northern Ireland. 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 (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

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

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% straight line
Plant and machinery - 15% reducing balance

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks.

FAIRYWATER PEAT CO. LTD (REGISTERED NUMBER: NI047728)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued

Share capital
Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Freehold Plant and
property machinery Totals
£ £ £
COST
At 1 April 2022 20,329 435,578 455,907
Additions - 42,800 42,800
At 31 March 2023 20,329 478,378 498,707
DEPRECIATION
At 1 April 2022 5,830 310,329 316,159
Charge for year 813 19,422 20,235
At 31 March 2023 6,643 329,751 336,394
NET BOOK VALUE
At 31 March 2023 13,686 148,627 162,313
At 31 March 2022 14,499 125,249 139,748

6. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
VAT 7,620 6,282

7. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Taxation and social security 38,299 10,689
Other payables 8,917 38,210
47,216 48,899

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
2 ORD 1 2 2