Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-312022-08-0165falseNo description of principal activity65falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC194842 2022-08-01 2023-07-31 SC194842 2021-08-01 2022-07-31 SC194842 2023-07-31 SC194842 2022-07-31 SC194842 c:CompanySecretary1 2022-08-01 2023-07-31 SC194842 c:Director1 2022-08-01 2023-07-31 SC194842 c:Director2 2022-08-01 2023-07-31 SC194842 c:Director3 2022-08-01 2023-07-31 SC194842 c:Director4 2022-08-01 2023-07-31 SC194842 c:Director5 2022-08-01 2023-07-31 SC194842 c:Director6 2022-08-01 2023-07-31 SC194842 c:Director7 2022-08-01 2023-07-31 SC194842 c:Director8 2022-08-01 2023-07-31 SC194842 c:Director8 2023-07-31 SC194842 c:RegisteredOffice 2022-08-01 2023-07-31 SC194842 d:Buildings 2022-08-01 2023-07-31 SC194842 d:Buildings 2023-07-31 SC194842 d:Buildings 2022-07-31 SC194842 d:Buildings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 SC194842 d:PlantMachinery 2022-08-01 2023-07-31 SC194842 d:PlantMachinery 2023-07-31 SC194842 d:PlantMachinery 2022-07-31 SC194842 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 SC194842 d:MotorVehicles 2022-08-01 2023-07-31 SC194842 d:MotorVehicles 2023-07-31 SC194842 d:MotorVehicles 2022-07-31 SC194842 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 SC194842 d:FurnitureFittings 2022-08-01 2023-07-31 SC194842 d:FurnitureFittings 2023-07-31 SC194842 d:FurnitureFittings 2022-07-31 SC194842 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 SC194842 d:OfficeEquipment 2022-08-01 2023-07-31 SC194842 d:OfficeEquipment 2023-07-31 SC194842 d:OfficeEquipment 2022-07-31 SC194842 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 SC194842 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 SC194842 d:Goodwill 2023-07-31 SC194842 d:Goodwill 2022-07-31 SC194842 d:CurrentFinancialInstruments 2023-07-31 SC194842 d:CurrentFinancialInstruments 2022-07-31 SC194842 d:Non-currentFinancialInstruments 2023-07-31 SC194842 d:Non-currentFinancialInstruments 2022-07-31 SC194842 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 SC194842 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 SC194842 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 SC194842 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 SC194842 d:ShareCapital 2023-07-31 SC194842 d:ShareCapital 2022-07-31 SC194842 d:CapitalRedemptionReserve 2023-07-31 SC194842 d:CapitalRedemptionReserve 2022-07-31 SC194842 d:RetainedEarningsAccumulatedLosses 2023-07-31 SC194842 d:RetainedEarningsAccumulatedLosses 2022-07-31 SC194842 c:OrdinaryShareClass1 2022-08-01 2023-07-31 SC194842 c:OrdinaryShareClass1 2023-07-31 SC194842 c:OrdinaryShareClass1 2022-07-31 SC194842 c:OrdinaryShareClass2 2022-08-01 2023-07-31 SC194842 c:OrdinaryShareClass2 2023-07-31 SC194842 c:OrdinaryShareClass2 2022-07-31 SC194842 c:OrdinaryShareClass3 2022-08-01 2023-07-31 SC194842 c:OrdinaryShareClass3 2023-07-31 SC194842 c:OrdinaryShareClass3 2022-07-31 SC194842 c:OrdinaryShareClass4 2022-08-01 2023-07-31 SC194842 c:OrdinaryShareClass4 2023-07-31 SC194842 c:OrdinaryShareClass4 2022-07-31 SC194842 c:OrdinaryShareClass5 2022-08-01 2023-07-31 SC194842 c:OrdinaryShareClass5 2023-07-31 SC194842 c:OrdinaryShareClass5 2022-07-31 SC194842 c:FRS102 2022-08-01 2023-07-31 SC194842 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 SC194842 c:FullAccounts 2022-08-01 2023-07-31 SC194842 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 SC194842 d:WithinOneYear 2023-07-31 SC194842 d:WithinOneYear 2022-07-31 SC194842 d:BetweenOneFiveYears 2023-07-31 SC194842 d:BetweenOneFiveYears 2022-07-31 SC194842 d:MoreThanFiveYears 2023-07-31 SC194842 d:MoreThanFiveYears 2022-07-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC194842










FIFE AUTO CENTRE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

 
FIFE AUTO CENTRE LTD
 

COMPANY INFORMATION


Directors
Mr G D Baisley 
Mr R Forrester 
Mrs G M Fraser 
Mr B T Meechan 
Mr C Meechan 
Mrs E M Meechan 
Mr S Meechan 
Mr J I G McKinnon (appointed 19 December 2022)




Company secretary
Mrs E M Meechan



Registered number
SC194842



Registered office
3 Blackwood Road
Eastfield Industrial Estate

Glenrothes

KY7 4NP




Accountants
EQ Accountants LLP
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
FIFE AUTO CENTRE LTD
REGISTERED NUMBER: SC194842

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 5 
255,565
243,567

  
255,565
243,567

Current assets
  

Stocks
  
48,525
47,976

Debtors: amounts falling due within one year
 6 
179,624
150,724

Cash at bank and in hand
  
1,068,862
1,009,759

  
1,297,011
1,208,459

Creditors: amounts falling due within one year
 7 
(1,070,701)
(895,404)

Net current assets
  
 
 
226,310
 
 
313,055

Total assets less current liabilities
  
481,875
556,622

Creditors: amounts falling due after more than one year
 8 
(106,647)
(141,669)

Provisions for liabilities
  

Deferred tax
  
(28,874)
(32,338)

  
 
 
(28,874)
 
 
(32,338)

Net assets
  
346,354
382,615


Capital and reserves
  

Called up share capital 
 9 
71,800
101,800

Capital redemption reserve
  
30,000
-

Profit and loss account
  
244,554
280,815

  
346,354
382,615


Page 1

 
FIFE AUTO CENTRE LTD
REGISTERED NUMBER: SC194842

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2023.




Mr B T Meechan
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
FIFE AUTO CENTRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Fife Auto Centre Ltd is a private company, limited by shares, registered in Scotland. The company's registered number is SC194842 and registered office address is 3 Blackwood Road, Eastfield Industrial Estate, Glenrothes, Scotland, KY7 4NP.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

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

Page 3

 
FIFE AUTO CENTRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

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

The current 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
FIFE AUTO CENTRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Property improvements
-
15%
reducing balance
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
33%
reducing balance
Fixtures and fittings
-
20%
straight line
Office equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 65 (2022 - 65).

Page 5

 
FIFE AUTO CENTRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 August 2022
394,980



At 31 July 2023

394,980



Amortisation


At 1 August 2022
394,980



At 31 July 2023

394,980



Net book value



At 31 July 2023
-



At 31 July 2022
-



Page 6

 
FIFE AUTO CENTRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Tangible fixed assets





Property improve-    ments
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 August 2022
87,566
1,079,265
129,703
6,357
15,916


Additions
-
17,848
67,358
-
1,421


Disposals
-
-
(2,488)
-
-



At 31 July 2023

87,566
1,097,113
194,573
6,357
17,337



Depreciation


At 1 August 2022
62,745
927,934
62,859
6,357
15,345


Charge for the year on owned assets
3,723
40,575
30,032
-
299


Disposals
-
-
(2,488)
-
-



At 31 July 2023

66,468
968,509
90,403
6,357
15,644



Net book value



At 31 July 2023
21,098
128,604
104,170
-
1,693



At 31 July 2022
24,821
151,331
66,844
-
571
Page 7

 
FIFE AUTO CENTRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 August 2022
1,318,807


Additions
86,627


Disposals
(2,488)



At 31 July 2023

1,402,946



Depreciation


At 1 August 2022
1,075,240


Charge for the year on owned assets
74,629


Disposals
(2,488)



At 31 July 2023

1,147,381



Net book value



At 31 July 2023
255,565



At 31 July 2022
243,567


6.


Debtors

2023
2022
£
£


Trade debtors
146,484
109,917

Other debtors
-
12,886

Prepayments and accrued income
33,140
27,921

179,624
150,724


Page 8

 
FIFE AUTO CENTRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
30,000
30,000

Trade creditors
638,923
581,892

Other taxation and social security
322,032
231,879

Obligations under finance lease and hire purchase contracts
43,004
27,903

Other creditors
23,097
13,912

Accruals and deferred income
13,645
9,818

1,070,701
895,404


Bank loans are secured.
Hire purchase liabilities are secured over the assets to which they relate.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
60,000
90,000

Net obligations under finance leases and hire purchase contracts
46,647
51,669

106,647
141,669


Bank loans are secured.
Hire purchase liabilities are secured over the assets to which they relate.

Page 9

 
FIFE AUTO CENTRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000
100 (2022 - 100) B shares of £1.00 each
100
100
100 (2022 - 100) C shares of £1.00 each
100
100
100 (2022 - 100) D shares of £1.00 each
100
100
100 (2022 - 100) E shares of £1.00 each
100
100
100 (2022 - 100) F shares of £1.00 each
100
100
100 (2022 - 100) G shares of £1.00 each
100
100
100 (2022 - 100) H shares of £1.00 each
100
100
100 (2022 - 100) I shares of £1.00 each
100
100
70,000 (2022 - 100,000) Non redeemable preference shares of £1.00 each
70,000
100,000

71,800

101,800

On 30 January 2023, 30,000 redeemable preference shares were bought back and cancelled.



10.


Commitments under operating leases

At 31 July 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
213,113
215,524

Later than 1 year and not later than 5 years
556,419
642,607

Later than 5 years
133,271
260,196

902,803
1,118,327


Page 10