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REGISTERED NUMBER: SC251673 (Scotland)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

FIFTH GEAR LIMITED

FIFTH GEAR LIMITED (REGISTERED NUMBER: SC251673)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


FIFTH GEAR LIMITED (REGISTERED NUMBER: SC251673)

BALANCE SHEET
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 940,336 844,169
Investment property 5 215,000 215,000
1,155,336 1,059,169

CURRENT ASSETS
Stocks 6 278,781 345,563
Debtors 7 - 12,888
Cash at bank 125,012 31,125
403,793 389,576
CREDITORS
Amounts falling due within one year 8 1,506,968 1,432,335
NET CURRENT LIABILITIES (1,103,175 ) (1,042,759 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

52,161

16,410

CREDITORS
Amounts falling due after more than one
year

9

(102,841

)

(160,258

)

PROVISIONS FOR LIABILITIES (166,611 ) (73,223 )
NET LIABILITIES (217,291 ) (217,071 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (217,293 ) (217,073 )
SHAREHOLDERS' FUNDS (217,291 ) (217,071 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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 applicable to companies subject to the small companies regime.

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

FIFTH GEAR LIMITED (REGISTERED NUMBER: SC251673)

BALANCE SHEET - continued
30 June 2023



The financial statements were approved by the director and authorised for issue on 26 March 2024 and were signed by:





P M Parker - Director


FIFTH GEAR LIMITED (REGISTERED NUMBER: SC251673)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Fifth Gear Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC251673

Registered office: 20B Blairhill Street
Coatbridge
Glasgow
ML5 1PG

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 been prepared under the historical cost convention.

Turnover and revenue recognition
Turnover represents net invoiced sales of goods and services, excluding VAT. Revenue is recognised when goods and services are provided to the customer.

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 - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 year 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 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.

FIFTH GEAR LIMITED (REGISTERED NUMBER: SC251673)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 July 2022 285,050 1,117,959 51,000 1,454,009
Additions - 362,562 - 362,562
Disposals - (77,759 ) - (77,759 )
At 30 June 2023 285,050 1,402,762 51,000 1,738,812
DEPRECIATION
At 1 July 2022 72,973 502,300 34,567 609,840
Charge for year 4,561 191,845 3,286 199,692
Eliminated on disposal - (11,056 ) - (11,056 )
At 30 June 2023 77,534 683,089 37,853 798,476
NET BOOK VALUE
At 30 June 2023 207,516 719,673 13,147 940,336
At 30 June 2022 212,077 615,659 16,433 844,169

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 215,000
NET BOOK VALUE
At 30 June 2023 215,000
At 30 June 2022 215,000

6. STOCKS
30.6.23 30.6.22
£    £   
Stocks 278,781 345,563

FIFTH GEAR LIMITED (REGISTERED NUMBER: SC251673)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
VAT - 12,888

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Other loans 335,036 273,409
Hire purchase contracts 116,576 91,848
Trade creditors 9,243 19,584
Tax - 1,976
Social security and other taxes 10,004 24,670
VAT 17,184 -
Other creditors 469 -
Directors' current accounts 990,216 1,005,962
Accrued expenses 28,240 14,886
1,506,968 1,432,335

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Hire purchase contracts 102,841 160,258

10. SECURED DEBTS

The Royal Bank of Scotland hold a standard security over the property held at 30 Stirling Road, Airdrie in relation to a bank overdraft.

11. RELATED PARTY DISCLOSURES

The company operates a loan with the director, Paul Parker.

During the year the company repaid £15,745 to the directors. The balance due to the director at 30 June 2023 was £990,216 (£1,005,962)

12. ULTIMATE CONTROLLING PARTY

The Director owns and controls the company.