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Registration number: SC470385

Fernhaul Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Fernhaul Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Fernhaul Limited

Company Information

Directors

Mr R J Balloch

Mrs S J Balloch

Registered office

 

Unit 13a
Greendykes Industrial Estate
Broxburn
West Lothian
EH52 6PG

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Fernhaul Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fernhaul Limited for the year ended 31 March 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Fernhaul Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Fernhaul Limited and state those matters that we have agreed to state to the Board of Directors of Fernhaul Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fernhaul Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Fernhaul Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Fernhaul Limited. You consider that Fernhaul Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Fernhaul Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

25 March 2025

 

Fernhaul Limited

(Registration number: SC470385)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

12,527

15,659

Tangible assets

5

209,609

148,249

 

222,136

163,908

Current assets

 

Debtors

6

133,682

232,709

Cash at bank and in hand

 

39,984

49,254

 

173,666

281,963

Creditors: Amounts falling due within one year

7

(185,594)

(250,245)

Net current (liabilities)/assets

 

(11,928)

31,718

Total assets less current liabilities

 

210,208

195,626

Provisions for liabilities

(52,403)

(28,168)

Net assets

 

157,805

167,458

Capital and reserves

 

Called up share capital

8

101

101

Retained earnings

157,704

167,357

Shareholders' funds

 

157,805

167,458

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Fernhaul Limited

(Registration number: SC470385)
Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 March 2025 and signed on its behalf by:
 

.........................................
Mrs S J Balloch
Director

 

Fernhaul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit 13a
Greendykes Industrial Estate
Broxburn
West Lothian
EH52 6PG

These financial statements were authorised for issue by the Board on 25 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration derived from road haulage. Turnover is shown net of
sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

Fernhaul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% straight line

Motor vehicles

20% reducing balance

Other tangible assets

20% straight line

 

Fernhaul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

20% reducing balance

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 7 (2023 - 8).

 

Fernhaul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

100,000

100,000

At 31 March 2024

100,000

100,000

Amortisation

At 1 April 2023

84,341

84,341

Amortisation charge

3,132

3,132

At 31 March 2024

87,473

87,473

Carrying amount

At 31 March 2024

12,527

12,527

At 31 March 2023

15,659

15,659

 

Fernhaul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

11,460

366,049

917

378,426

Additions

-

146,550

-

146,550

Disposals

(3,645)

(90,174)

-

(93,819)

At 31 March 2024

7,815

422,425

917

431,157

Depreciation

At 1 April 2023

9,704

220,290

183

230,177

Charge for the year

938

52,061

184

53,183

Eliminated on disposal

(3,645)

(58,167)

-

(61,812)

At 31 March 2024

6,997

214,184

367

221,548

Carrying amount

At 31 March 2024

818

208,241

550

209,609

At 31 March 2023

1,756

145,759

734

148,249

6

Debtors

2024
£

2023
£

Trade debtors

129,588

232,709

Prepayments

3,904

-

Other debtors

190

-

133,682

232,709

 

Fernhaul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

52,592

79,094

Other creditors

133,002

171,151

185,594

250,245

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

1

1

1

1

101

101

101

101

9

Related party transactions

The company operates a loan account with the directors, Mr R J Balloch and Mrs S J Balloch.
During the year, the company repaid loans totalling £40,020 to the directors. At the year end, the balance due to the directors was £130,435 (2023 - £170,455). This loan is unsecured, interest free and has no fixed repayment terms.