2023-02-012024-01-312024-01-31falseNI635651Fiord Wind 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Fiord Wind Ltd

Registered Number
NI635651
(Northern Ireland)

Unaudited Financial Statements for the Year ended
31 January 2024

Fiord Wind Ltd
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

Herron, Nicola Elizabeth
Scott, Rosemary Shaw

Registered Address

32 Lisbarnet Road
Lisbane
Comber
BT23 6AW

Registered Number

NI635651 (Northern Ireland)
Fiord Wind Ltd
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3409,638239,784
409,638239,784
Current assets
Debtors472,316-
Cash at bank and on hand47,6564,748
119,9724,748
Creditors amounts falling due within one year5(147,780)(96,765)
Net current assets (liabilities)(27,808)(92,017)
Total assets less current liabilities381,830147,767
Creditors amounts falling due after one year6(317,239)(5,222)
Net assets64,591142,545
Capital and reserves
Called up share capital5,0005,000
Profit and loss account59,591137,545
Shareholders' funds64,591142,545
The financial statements were approved and authorised for issue by the Board of Directors on 30 October 2024, and are signed on its behalf by:
Scott, Rosemary Shaw
Director
Registered Company No. NI635651
Fiord Wind Ltd
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Northern Ireland. 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.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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)
Plant and machinery25
Office Equipment5
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year01
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 February 23305,15661305,217
Additions415,521-415,521
Disposals(303,656)-(303,656)
At 31 January 24417,02161417,082
Depreciation and impairment
At 01 February 2365,428565,433
Charge for year7,41257,417
On disposals(65,406)-(65,406)
At 31 January 247,434107,444
Net book value
At 31 January 24409,58751409,638
At 31 January 23239,72856239,784
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables72,316-
Total72,316-
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables17,4243,658
Bank borrowings and overdrafts40,67125,191
Taxation and social security12,2191,573
Other creditors75,49464,483
Accrued liabilities and deferred income1,9721,860
Total147,78096,765
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts317,2395,222
Total317,2395,222