Highland Woodchip Company Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC535884 (Scotland)

Unaudited Financial Statements

for the Period 19 May 2016 to 30 June 2017

for

Highland Woodchip Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J L Watson

REGISTERED OFFICE:

11 Somerset Place

Glasgow

G3 7JT

REGISTERED NUMBER:

SC535884 (Scotland)

ACCOUNTANTS:

Advantage Accounting (Scotland) Ltd

11 Somerset Place

Glasgow

G3 7JT

FIXED ASSETS

Tangible assets

4

394,149

CURRENT ASSETS

Stocks

10,460

Debtors

5

199,663

Cash at bank

4,392

214,515

CREDITORS

Amounts falling due within one year

6

585,893

NET CURRENT LIABILITIES

(371,378

)

TOTAL ASSETS LESS CURRENT LIABILITIES

22,771

CAPITAL AND RESERVES

Called up share capital

7

10,000

Retained earnings

8

12,771

SHAREHOLDERS' FUNDS

22,771

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2017 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 7 February 2018 and were signed by:

J L Watson - Director

1.	STATUTORY INFORMATION

Highland Woodchip Company Limited 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 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. 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.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance and 10% on 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 period 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 period 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

Additions

408,025

At 30 June 2017

408,025

DEPRECIATION

Charge for period

13,876

At 30 June 2017

13,876

NET BOOK VALUE

At 30 June 2017

394,149

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

10,000

VAT

49,486

Prepayments and accrued income

140,177

199,663

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

241,124

Other creditors

344,769

585,893

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

10,000

Ordinary

£1

10,000

10,000 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

8.

RESERVES

Retained

earnings

£

Profit for the period

12,771

At 30 June 2017

12,771