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Registration number: SC514076

Cromarty Firth Wireless Networks Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 August 2024

 

Cromarty Firth Wireless Networks Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Cromarty Firth Wireless Networks Ltd

Company Information

Directors

Ms J M Gillwald

Mr M A Hicks

Registered office

Meikle Brae
Agneshill North
Balblair
Dingwall
Ross-shire
IV7 8LE

Accountants

Ardross Accountancy and Tax Services Limited
Accountants and Chartered Tax AdvisersIVtwo
Kintail House
Beechwood Business Park
Inverness
Highlands
IV2 3BW

 

Cromarty Firth Wireless Networks Ltd

(Registration number: SC514076)
Abridged Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

249,963

198,183

Current assets

 

Stocks

5

86,248

81,836

Debtors

6

131,065

56,501

Cash at bank and in hand

 

77,156

109,041

 

294,469

247,378

Prepayments and accrued income

 

8,472

6,414

Creditors: Amounts falling due within one year

(107,279)

(147,510)

Net current assets

 

195,662

106,282

Total assets less current liabilities

 

445,625

304,465

Provisions for liabilities

(47,497)

-

Accruals and deferred income

 

(2,797)

(3,273)

Net assets

 

395,331

301,192

Capital and reserves

 

Called up share capital

7

148

148

Share premium reserve

191,954

191,954

Retained earnings

203,229

109,090

Shareholders' funds

 

395,331

301,192

For the financial year ending 31 August 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and 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.

 

Cromarty Firth Wireless Networks Ltd

(Registration number: SC514076)
Abridged Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 22 April 2025 and signed on its behalf by:
 

.........................................
Mr M A Hicks
Director

 

Cromarty Firth Wireless Networks Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
Meikle Brae
Agneshill North
Balblair
Dingwall
Ross-shire
IV7 8LE

These financial statements were authorised for issue by the Board on 22 April 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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Cromarty Firth Wireless Networks Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

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.

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:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Cromarty Firth Wireless Networks Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 10).

 

Cromarty Firth Wireless Networks Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

21,299

378,999

66,025

466,323

Additions

-

99,310

16,995

116,305

Disposals

-

(3,869)

(16,498)

(20,367)

At 31 August 2024

21,299

474,440

66,522

562,261

Depreciation

At 1 September 2023

539

220,922

46,679

268,140

Charge for the year

104

55,243

6,010

61,357

Eliminated on disposal

-

(3,767)

(13,432)

(17,199)

At 31 August 2024

643

272,398

39,257

312,298

Carrying amount

At 31 August 2024

20,656

202,042

27,265

249,963

At 31 August 2023

20,760

158,077

19,346

198,183

Included within the net book value of land and buildings above is £20,656 (2023 - £20,759) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

15,729

-

Other inventories

70,519

81,836

86,248

81,836

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

Cromarty Firth Wireless Networks Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

2024

2023

No.

£

No.

£

Ordinary of £0.01 each

14,813

148

14,813

148

       

8

Related party transactions

 

Cromarty Firth Wireless Networks Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

15,054

28,396