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REGISTERED NUMBER: SC456386 (Scotland)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

FERGUSONS (STORNOWAY) LIMITED

FERGUSONS (STORNOWAY) LIMITED (REGISTERED NUMBER: SC456386)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

FERGUSONS (STORNOWAY) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: N Ferguson
Mrs C Mackinnon



REGISTERED OFFICE: Unit 5
Rigs Road Industrial Estate
Stornoway
Isle of Lewis
HS1 2RF



REGISTERED NUMBER: SC456386 (Scotland)



ACCOUNTANTS: CIB Services
Chartered Accountants
63 Kenneth Street
Stornoway
Isle of Lewis
Western Isles
HS1 2DS



BANKERS: Bank of Scotland
47 Cromwell Street
Stornoway
Isle of Lewis
HS1 2DE

FERGUSONS (STORNOWAY) LIMITED (REGISTERED NUMBER: SC456386)

BALANCE SHEET
31 OCTOBER 2023

31.10.22 31.10.23
£    £    Notes £    £   
FIXED ASSETS
33,000 Intangible assets 4 30,000
15,332 Tangible assets 5 36,545
48,332 66,545

CURRENT ASSETS
10,869 Stocks 12,309
78,789 Debtors 6 43,163
46,003 Cash at bank and in hand 80,812
135,661 136,284
CREDITORS
71,559 Amounts falling due within one year 7 72,693
64,102 NET CURRENT ASSETS 63,591
112,434 TOTAL ASSETS LESS CURRENT
LIABILITIES

130,136

CREDITORS
4,912 Amounts falling due after more than one year 8 20,678
107,522 NET ASSETS 109,458

CAPITAL AND RESERVES
1 Called up share capital 1
107,521 Retained earnings 109,457
107,522 SHAREHOLDERS' FUNDS 109,458

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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.

FERGUSONS (STORNOWAY) LIMITED (REGISTERED NUMBER: SC456386)

BALANCE SHEET - continued
31 OCTOBER 2023


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 29 July 2024 and were signed on its behalf by:





N Ferguson - Director


FERGUSONS (STORNOWAY) LIMITED (REGISTERED NUMBER: SC456386)

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


1. STATUTORY INFORMATION

Fergusons (Stornoway) 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.

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


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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of twenty years.

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.

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 etc - 25% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


FERGUSONS (STORNOWAY) LIMITED (REGISTERED NUMBER: SC456386)

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


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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 60,000
AMORTISATION
At 1 November 2022 27,000
Charge for year 3,000
At 31 October 2023 30,000
NET BOOK VALUE
At 31 October 2023 30,000
At 31 October 2022 33,000

FERGUSONS (STORNOWAY) LIMITED (REGISTERED NUMBER: SC456386)

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


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 49,620
Additions 26,995
At 31 October 2023 76,615
DEPRECIATION
At 1 November 2022 34,288
Charge for year 5,782
At 31 October 2023 40,070
NET BOOK VALUE
At 31 October 2023 36,545
At 31 October 2022 15,332

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

Plant and
machinery
etc
£   
COST
At 1 November 2022 18,043
Additions 26,995
At 31 October 2023 45,038
DEPRECIATION
At 1 November 2022 9,796
Charge for year 3,757
At 31 October 2023 13,553
NET BOOK VALUE
At 31 October 2023 31,485
At 31 October 2022 8,247

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 33,163 58,789
Other debtors 10,000 20,000
43,163 78,789

FERGUSONS (STORNOWAY) LIMITED (REGISTERED NUMBER: SC456386)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Hire purchase contracts 7,315 2,456
Trade creditors 34,940 24,941
Taxation and social security 23,149 35,532
Other creditors 7,289 8,630
72,693 71,559

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Hire purchase contracts 20,678 4,912

9. RELATED PARTY DISCLOSURES

Creditors due within one year includes amounts due to the director of £835 (2022 - £835). This balance does not have any scheduled repayment dates and no interest is payable on the amounts due.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FERGUSONS (STORNOWAY) LIMITED


The following reproduces the text of the report prepared for the directors 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 Directors 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 Fergusons (Stornoway) Limited for the year ended 31 October 2023 which comprise the Income Statement, 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 http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Fergusons (Stornoway) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fergusons (Stornoway) Limited and state those matters that we have agreed to state to the Board of Directors of Fergusons (Stornoway) Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Fergusons (Stornoway) Limited 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 Fergusons (Stornoway) Limited. You consider that Fergusons (Stornoway) Limited 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 Fergusons (Stornoway) Limited. 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.






CIB Services
Chartered Accountants
63 Kenneth Street
Stornoway
Isle of Lewis
Western Isles
HS1 2DS


29 July 2024