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REGISTERED NUMBER: SC243182 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2023

for

Fife Regatta Limited

Fife Regatta Limited (Registered number: SC243182)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Fife Regatta Limited

Company Information
for the Year Ended 31 January 2023







DIRECTOR: Ms F M Houston





REGISTERED OFFICE: Unit 3
Centrepoint 61a Montrose Avenue
Glasgow
G52 4LA





REGISTERED NUMBER: SC243182 (Scotland)





ACCOUNTANTS: GMH Chartered Accountants
St James Business Centre
Linwood Road
Paisley
Renfrewshire
PA3 3AT

Fife Regatta Limited (Registered number: SC243182)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 742 29

CURRENT ASSETS
Debtors 5 - 982
Cash at bank 60,433 53,651
60,433 54,633
CREDITORS
Amounts falling due within one year 6 30,097 61,378
NET CURRENT ASSETS/(LIABILITIES) 30,336 (6,745 )
TOTAL ASSETS LESS CURRENT LIABILITIES 31,078 (6,716 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 31,077 (6,717 )
31,078 (6,716 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 February 2024 and were signed by:




Ms F M Houston - Director


Fife Regatta Limited (Registered number: SC243182)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Fife Regatta 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have prepared under the historical cost convention.

Going Concern
In financial year to 31st January 2023 the company made a profit due to the Fife Regatta event taking place following delays due to the pandemic thus enabling the net liability position of the company as at 31st January 2022 to shift to a net asset position.

The director has assessed the ability of the company to meet it's obligations as they fall due and will continue to provide all necessary support should it be required.

The business receives income during a specific time frame which is usually every 5 years when the Fife Regatta event takes place, the last being in 2022 and the next anticipated event being 2027. The director confirms sufficient reserves shall be retained and as such substantiates the decision of adopting the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates of judgements used in the preparation of these financial statements.

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.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

Government grants
Government grants received in respect of expenditure charged to the profit and loss account during the year have been included or released in the same period.

Where Government grants were received in relation to acquiring an asset, the grant has been deducted from the carrying cost of the asset.

Fife Regatta Limited (Registered number: SC243182)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs.

Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit and loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the assets carrying amount and the present value of estimated future cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets carrying amount and the best estimate of the amount that the company would receive for the asset if it were sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Fife Regatta Limited (Registered number: SC243182)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 February 2022 1,558 - 1,558
Additions - 1,083 1,083
At 31 January 2023 1,558 1,083 2,641
DEPRECIATION
At 1 February 2022 1,529 - 1,529
Charge for year 13 357 370
At 31 January 2023 1,542 357 1,899
NET BOOK VALUE
At 31 January 2023 16 726 742
At 31 January 2022 29 - 29

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Prepayments and accrued income - 982

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Tax 11,208 -
VAT 3,789 498
Directors' current accounts 5,452 -
Accruals and deferred income 9,648 60,880
30,097 61,378