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REGISTERED NUMBER: SC622667 (Scotland)















Fear Beag Ltd

Financial Statements For The Year Ended 29 February 2024






Fear Beag Ltd (Registered number: SC622667)






Contents of the Financial Statements
For The Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fear Beag Ltd

Company Information
For The Year Ended 29 February 2024







DIRECTORS: Mrs W Mcmahon
C Mcmahon
M McMahon



REGISTERED OFFICE: First Floor
Robertson House
Shore Street
Inverness
Highland
IV1 1NF



REGISTERED NUMBER: SC622667 (Scotland)



ACCOUNTANTS: The Long Partnership
1st Floor
Robertson House
Shore Street
Inverness
Highland
IV1 1NF



BANKERS: The Royal Bank of Scotland
20 High Street
Nairn
IV12 4AY

Fear Beag Ltd (Registered number: SC622667)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 77,756 91,813
Tangible assets 5 344,285 325,188
422,041 417,001

CURRENT ASSETS
Stocks 8,925 8,950
Debtors 6 3,219 3,981
Cash at bank and in hand 9,926 92,049
22,070 104,980
CREDITORS
Amounts falling due within one year 7 305,401 305,652
NET CURRENT LIABILITIES (283,331 ) (200,672 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

138,710

216,329

CREDITORS
Amounts falling due after more than one
year

8

(255,593

)

(265,784

)

PROVISIONS FOR LIABILITIES - (8,614 )
NET LIABILITIES (116,883 ) (58,069 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (116,983 ) (58,169 )
(116,883 ) (58,069 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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 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.

Fear Beag Ltd (Registered number: SC622667)

Balance Sheet - continued
29 February 2024


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 27 November 2024 and were signed on its behalf by:





M McMahon - Director


Fear Beag Ltd (Registered number: SC622667)

Notes to the Financial Statements
For The Year Ended 29 February 2024

1. STATUTORY INFORMATION

Fear Beag Ltd 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 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 2019, is being amortised evenly over its estimated useful life of ten 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.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings not depreciated
Equipment 20 - 25% reducing balance

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 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.

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.

Fear Beag Ltd (Registered number: SC622667)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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.

Going concern
The directors note that the business has net current liabilities of £283,331( 2023 - £200,672 and net liabilities of £116,883 ( 2023 - £58,069). The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 40 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 140,000 1,437 141,437
AMORTISATION
At 1 March 2023 49,000 624 49,624
Charge for year 14,000 57 14,057
At 29 February 2024 63,000 681 63,681
NET BOOK VALUE
At 29 February 2024 77,000 756 77,756
At 28 February 2023 91,000 813 91,813

Fear Beag Ltd (Registered number: SC622667)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS
Land and
buildings Equipment Totals
£    £    £   
COST
At 1 March 2023 279,041 68,476 347,517
Additions - 30,555 30,555
At 29 February 2024 279,041 99,031 378,072
DEPRECIATION
At 1 March 2023 - 22,329 22,329
Charge for year - 11,458 11,458
At 29 February 2024 - 33,787 33,787
NET BOOK VALUE
At 29 February 2024 279,041 65,244 344,285
At 28 February 2023 279,041 46,147 325,188

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Other debtors 3,219 3,981

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 16,841 23,481
Trade creditors 19,390 21,896
Amounts owed to associates 94,068 88,731
Taxation and social security 4,678 9,658
Other creditors 170,424 161,886
305,401 305,652

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 255,593 265,784

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 191,898 160,563