2022-08-012023-07-312023-07-31falseSC704607FOGHOUSE SPIRITS 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FOGHOUSE SPIRITS LTD

Registered Number
SC704607
(Scotland)

Unaudited Financial Statements for the Year ended
31 July 2023

FOGHOUSE SPIRITS LTD
Company Information
for the year from 1 August 2022 to 31 July 2023

Director

STUART, Michael Greg

Registered Address

Unit A Burnside
Burn Lane
Inverurie
AB51 3RY

Registered Number

SC704607 (Scotland)
FOGHOUSE SPIRITS LTD
Balance Sheet as at
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets370127
70127
Current assets
Stocks42,2041,543
Debtors52,274426
Cash at bank and on hand6,7014,037
11,1796,006
Creditors amounts falling due within one year6(56,326)(46,995)
Net current assets (liabilities)(45,147)(40,989)
Total assets less current liabilities(45,077)(40,862)
Net assets(45,077)(40,862)
Capital and reserves
Called up share capital100100
Profit and loss account(45,177)(40,962)
Shareholders' funds(45,077)(40,862)
The financial statements were approved and authorised for issue by the Director on 30 July 2024, and are signed on its behalf by:
STUART, Michael Greg
Director
Registered Company No. SC704607
FOGHOUSE SPIRITS LTD
Notes to the Financial Statements
for the year ended 31 July 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The director, having made due and careful enquiry, is of the opinion that the company has adequate working capital with support of the director to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment3
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year11
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 August 22173173
At 31 July 23173173
Depreciation and impairment
At 01 August 224646
Charge for year5757
At 31 July 23103103
Net book value
At 31 July 237070
At 31 July 22127127
4.Stocks

2023

2022

££
Finished goods2,2041,543
Total2,2041,543
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables2,274426
Total2,274426
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables6,1872,951
Bank borrowings and overdrafts48,75941,759
Taxation and social security1,3452,250
Accrued liabilities and deferred income3535
Total56,32646,995
7.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
STUART, Michael Greg36041,6003,46438,496
36041,6003,46438,496