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REGISTERED NUMBER: SC399132 (Scotland)











Unaudited Financial Statements for the Year Ended 30th May 2024

for

Wood Fuel Co-operative

Wood Fuel Co-operative (Registered number: SC399132)






Contents of the Financial Statements
for the Year Ended 30th May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5

Report of the Accountants 6

Wood Fuel Co-operative

Company Information
for the Year Ended 30th May 2024







DIRECTORS: R L F Parke
Ms A Parke
Mrs S Taylor





REGISTERED OFFICE: Heathhall Industrial Estate
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3PH





REGISTERED NUMBER: SC399132 (Scotland)





ACCOUNTANTS: Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ

Wood Fuel Co-operative (Registered number: SC399132)

Balance Sheet
30th May 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 9,587 9,000

CURRENT ASSETS
Stocks 115,491 115,020
Debtors 5 126,965 113,640
Cash at bank and in hand 2,825 11,948
245,281 240,608
CREDITORS
Amounts falling due within one year 6 (190,699 ) (166,203 )
NET CURRENT ASSETS 54,582 74,405
TOTAL ASSETS LESS CURRENT
LIABILITIES

64,169

83,405

CREDITORS
Amounts falling due after more than one year 7 (2,771 ) (27,341 )

PROVISIONS FOR LIABILITIES (1,580 ) (1,468 )
NET ASSETS 59,818 54,596

RESERVES
Income and expenditure account 59,818 54,596
59,818 54,596

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th May 2024 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 surplus or deficit 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 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 7th August 2024 and were signed on its behalf by:





R L F Parke - Director


Wood Fuel Co-operative (Registered number: SC399132)

Notes to the Financial Statements
for the Year Ended 30th May 2024

1. STATUTORY INFORMATION

Wood Fuel Co-operative is a private company, limited by guarantee , 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 from net invoiced sales of wood, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Amounts written off each asset over the estimated useful life represent cost less residual value. The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company makes contributions into a recognised UK defined contribution pension scheme. Contributions payable to this scheme are charged to the income statement in the period to which they relate.

Wood Fuel Co-operative (Registered number: SC399132)

Notes to the Financial Statements - continued
for the Year Ended 30th May 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Borrowings
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 31st May 2023 1,273 94,940 96,213
Additions - 8,281 8,281
Disposals - (4,500 ) (4,500 )
At 30th May 2024 1,273 98,721 99,994
DEPRECIATION
At 31st May 2023 - 87,213 87,213
Charge for year - 7,694 7,694
Eliminated on disposal - (4,500 ) (4,500 )
At 30th May 2024 - 90,407 90,407
NET BOOK VALUE
At 30th May 2024 1,273 8,314 9,587
At 30th May 2023 1,273 7,727 9,000

Wood Fuel Co-operative (Registered number: SC399132)

Notes to the Financial Statements - continued
for the Year Ended 30th May 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,142 2,991
Other debtors 125,823 110,649
126,965 113,640

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 48,376 30,409
Trade creditors 72,489 63,927
Taxation and social security 3,956 4,884
Other creditors 65,878 66,983
190,699 166,203

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 2,771 27,341

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 21,174 40,341

The bank loan is secured against Carnsalloch Market Garden, a property owned by Nith Valley Bees Partnership.

9. RELATED PARTY DISCLOSURES

At 30th May 2024, the company owed the sum of £7,640 (2023 - £7,640) to R L F Parke, by way of a director's loan. Also at this date the company was owed the sum of £117,582 (2023 - £100,000) by Nith Valley Bees Partnership of which the directors in the company are all partners. These amounts are repayable on demand and no interest is charged on the sums advanced.

Wood Fuel Co-operative

Report of the Accountants to the Directors of
Wood Fuel Co-operative

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.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30th May 2024 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ


7th August 2024