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REGISTERED NUMBER: SC095634 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Faithlie Ice Company Limited

Faithlie Ice Company Limited (Registered number: SC095634)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Faithlie Ice Company Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr J L Mitchell
Mr F Reid
Mr B Hutchison
Mr A B Watt
Mr D T Milne
Mr A Watt
Mr I Duthie
Mr M J Watt


REGISTERED OFFICE: 2 Cross Street
Fraserburgh
Aberdeenshire
AB43 9EQ


REGISTERED NUMBER: SC095634 (Scotland)


ACCOUNTANTS: SBP
Accountants
2 Cross Street
Fraserburgh
Aberdeenshire
AB43 9EQ


SOLICITORS: MacRae,Stephen & Co.
57 High Street
Fraserburgh
AB43 9ET

Faithlie Ice Company Limited (Registered number: SC095634)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 304,725 332,400

CURRENT ASSETS
Stocks 6,600 6,600
Debtors 5 77,655 75,603
Cash at bank 557,856 604,579
642,111 686,782
CREDITORS
Amounts falling due within one year 6 22,514 23,450
NET CURRENT ASSETS 619,597 663,332
TOTAL ASSETS LESS CURRENT
LIABILITIES

924,322

995,732

PROVISIONS FOR LIABILITIES (36,576 ) (41,489 )

ACCRUALS AND DEFERRED INCOME (7,753 ) (8,614 )
NET ASSETS 879,993 945,629

CAPITAL AND RESERVES
Called up share capital 590,011 590,011
Share premium 151,374 151,374
Retained earnings 138,608 204,244
SHAREHOLDERS' FUNDS 879,993 945,629

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

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

Faithlie Ice Company Limited (Registered number: SC095634)

Balance Sheet - continued
31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 July 2024 and were signed on its behalf by:





Mr B Hutchison - Director


Faithlie Ice Company Limited (Registered number: SC095634)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Faithlie Ice Company 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 amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property - 2% on cost
Plant and machinery - at variable rates on reducing balance
Office equipment - 25% on reducing balance and 25% 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.

The Office Equipment is fully written down and therefore there was no depreciation charge in the current year.

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.

Faithlie Ice Company Limited (Registered number: SC095634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

Government grants
Government grants for the purchase of fixed assets are treated as deferred income and are credited to the profit and loss account over the same period as the depreciation period for the assets to which they relate.
Revenue grants are credited to the Profit & Loss Account in the period in which they become receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Leasehold Plant and Office
property machinery equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 278,401 1,750,174 4,963 2,033,538
DEPRECIATION
At 1 January 2023 180,511 1,515,664 4,963 1,701,138
Charge for year 5,568 22,107 - 27,675
At 31 December 2023 186,079 1,537,771 4,963 1,728,813
NET BOOK VALUE
At 31 December 2023 92,322 212,403 - 304,725
At 31 December 2022 97,890 234,510 - 332,400

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 22,685 21,888
Other debtors 35,017 33,557
Tax 2,256 -
VAT 5,489 4,683
Prepayments 12,208 15,475
77,655 75,603

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 371 321
Tax - 2,256
Social security and other taxes 3,748 4,104
Other creditors 5,280 1,365
Accrued expenses 13,115 15,404
22,514 23,450