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REGISTERED NUMBER: SC504926 (Scotland)















Financial Statements for the Year Ended 31 May 2024

for

Far North Fencing Ltd

Far North Fencing Ltd (Registered number: SC504926)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Far North Fencing Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTOR: R Erridge



REGISTERED OFFICE: Achanarras Farm
Halkirk
Thurso
Caithness
KW12 6XA



REGISTERED NUMBER: SC504926 (Scotland)



ACCOUNTANTS: Reid & Fraser
Chartered Accountants
92 High Street
Wick
Caithness
KW1 4LY



BANKERS: Bank of Scotland
18 Bridge Street
Wick
Caithness
KW1 4NG

Far North Fencing Ltd (Registered number: SC504926)

Balance Sheet
31 May 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 1,298 1,298
Tangible assets 5 122,338 79,239
123,636 80,537

CURRENT ASSETS
Debtors 6 59,838 47,452
Cash at bank 2,279 -
62,117 47,452
CREDITORS
Amounts falling due within one year 7 (19,637 ) (44,688 )
NET CURRENT ASSETS 42,480 2,764
TOTAL ASSETS LESS CURRENT
LIABILITIES

166,116

83,301

PROVISIONS FOR LIABILITIES (30,483 ) (14,978 )
NET ASSETS 135,633 68,323

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 135,533 68,223
SHAREHOLDERS' FUNDS 135,633 68,323

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Far North Fencing Ltd (Registered number: SC504926)

Balance Sheet - continued
31 May 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 director and authorised for issue on 23 February 2025 and were signed by:





R Erridge - Director


Far North Fencing Ltd (Registered number: SC504926)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Far North Fencing 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.

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.

Fixed asset investment are being amortised evenly over their estimated useful life of nil years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 25% straight line

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.

Far North Fencing Ltd (Registered number: SC504926)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 June 2023
and 31 May 2024 1,298
NET BOOK VALUE
At 31 May 2024 1,298
At 31 May 2023 1,298

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023 126,419 22,507 1,501 150,427
Additions 64,619 - - 64,619
At 31 May 2024 191,038 22,507 1,501 215,046
DEPRECIATION
At 1 June 2023 62,376 7,311 1,501 71,188
Charge for year 19,302 2,218 - 21,520
At 31 May 2024 81,678 9,529 1,501 92,708
NET BOOK VALUE
At 31 May 2024 109,360 12,978 - 122,338
At 31 May 2023 64,043 15,196 - 79,239

Far North Fencing Ltd (Registered number: SC504926)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Motor
vehicles
£   
COST
Transfer to ownership (18,507 )
At 31 May 2024 (18,507 )
DEPRECIATION
Transfer to ownership (2,006 )
At 31 May 2024 (2,006 )
NET BOOK VALUE
At 31 May 2024 (16,501 )

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 10,566 3,113
Other debtors 49,272 44,339
59,838 47,452

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 7,500
Trade creditors 5,787 20,100
Taxation and social security 13,850 17,088
19,637 44,688

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
R Erridge
Balance outstanding at start of year 27,279 12,572
Amounts advanced 2,350 14,707
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 29,629 27,279

Far North Fencing Ltd (Registered number: SC504926)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued

The director's loan was repaid after the year end.