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Registered Number: SC546544
Scotland

 

 

 

FIFE POWDERCOATINGS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
Directors Faezan Ali
Susan Gallacher
Registered Number SC546544
Registered Office 68 Cavendish Way
Glenrothes
Fife
KY6 2SB
1
  2023   2022
    £ £   £ £
Called up share capital not paid   1      1 
Fixed assets   8,876      12,719 
Current assets 9,233      22,211   
Creditors: amount falling due within one year (34,239)     (38,906)  
Net current liabilities   (25,006)     (16,695)
Total assets less current liabilities   (16,129)     (3,975)
Creditors: amount falling due after more than one year   (72,543)     (61,946)
Net liabilities   (88,672)     (65,921)
 

         
Capital and reserves   (88,672)     (65,921)
 
NOTES TO THE ACCOUNTS

General Information
FIFE POWDERCOATINGS LIMITED is a private company, limited by shares, registered in Scotland, registration number SC546544, registration address 68 Cavendish Way, Glenrothes, Fife, KY6 2SB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 105 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 April 2022 27,770    5,180    689    33,639 
Additions      
Disposals      
At 31 March 2023 27,770    5,180    689    33,639 
Depreciation
At 01 April 2022 19,869    785    266    20,920 
Charge for year 1,976    1,761    106    3,843 
On disposals      
At 31 March 2023 21,845    2,546    372    24,763 
Net book values
Closing balance as at 31 March 2023 5,925    2,634    317    8,876 
Opening balance as at 01 April 2022 7,901    4,395    423    12,719 


3.

Average number of employees

Average number of employees during the year was 1 (2022 : 1).


For the year ended 31 March 2023 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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and FRS 105, the Financial Reporting Standard applicable to the micro-entities regime. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 22 August 2023 and were signed on its behalf by:


--------------------------------
Faezan Ali
Director
2