Registered number
SC683119
Fairlie Woodfuels Limited
Filleted Accounts
31 December 2024
Fairlie Woodfuels Limited
Registered number: SC683119
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 700,677 247,056
Current assets
Stocks 91,895 62,055
Debtors 4 16,926 4,383
Cash at bank and in hand 27,597 22,468
136,418 88,906
Creditors: amounts falling due within one year 5 (340,813) (102,151)
Net current liabilities (204,395) (13,245)
Total assets less current liabilities 496,282 233,811
Creditors: amounts falling due after more than one year 6 (439,116) (151,049)
Net assets 57,166 82,762
Capital and reserves
Called up share capital 10 10
Profit and loss account 57,156 82,752
Shareholders' funds 57,166 82,762
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Graeme Donaldson
Director
Approved by the board on 29 January 2025
Fairlie Woodfuels Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
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).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 17,423 289,787 22,942 330,152
Additions 33,134 456,180 - 489,314
At 31 December 2024 50,557 745,967 22,942 819,466
Depreciation
At 1 January 2024 - 72,645 10,451 83,096
Charge for the year - 32,571 3,122 35,693
At 31 December 2024 - 105,216 13,573 118,789
Net book value
At 31 December 2024 50,557 640,751 9,369 700,677
At 31 December 2023 17,423 217,142 12,491 247,056
No depreciation charged on additions to plant and machinery bought in the year as this hasn’t
yet been brought into use.
4 Debtors 2024 2023
£ £
Trade debtors 3,672 4,383
Other debtors 13,254 -
16,926 4,383
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 146,874 43,025
Obligations under finance lease and hire purchase contracts 113,111 34,120
Trade creditors 7,605 16,723
Taxation and social security costs 5,434 4,906
Other creditors 67,789 3,377
340,813 102,151
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 81,673 40,915
Obligations under finance lease and hire purchase contracts 357,443 110,134
439,116 151,049
7 Controlling party
The controlling party is Graeme Donaldson who owns 80% of the issued share capital of the company.
8 Other information
Fairlie Woodfuels Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
93 Keppenburn Avenue
Fairlie
KA29 0BA
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