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FIFE FLYERS LIMITED

Registered Number
SC167157
(Scotland)

Unaudited Financial Statements for the Year ended
31 July 2023

FIFE FLYERS LIMITED
Company Information
for the year from 1 August 2022 to 31 July 2023

Directors

Thomas Muir
John Alexander Wishart

Registered Address

Fife Ice Arena
Rosslyn Street
Kirkclady
KY1 3HS

Registered Number

SC167157 (Scotland)
FIFE FLYERS LIMITED
Balance Sheet as at
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3-26
-26
Current assets
Debtors418,9396,568
Cash at bank and on hand23,49222,064
42,43128,632
Creditors amounts falling due within one year5(920,500)(610,110)
Net current assets (liabilities)(878,069)(581,478)
Total assets less current liabilities(878,069)(581,452)
Creditors amounts falling due after one year6(28,333)(38,333)
Provisions for liabilities-(5)
Net assets(906,402)(619,790)
Capital and reserves
Called up share capital20,00020,000
Profit and loss account(926,402)(639,790)
Shareholders' funds(906,402)(619,790)
The financial statements were approved and authorised for issue by the Board of Directors on 30 July 2024, and are signed on its behalf by:
Thomas Muir
Director
Registered Company No. SC167157
FIFE FLYERS LIMITED
Notes to the Financial Statements
for the year ended 31 July 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
The financial statements have been prepared on the going concern basis. The directors find it appropriate for the financial statements to be prepared on this basis despite the net liability position of the company. The company is reliant upon the continued support of the directors who have confirmed they will not withdraw their directors loan account to the detriment of other creditors and will continue to support the company as required.
Turnover policy
Turnover represents net invoiced ticket sales and sponsorship monies, excluding value added tax.
Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the companys pension scheme are charged to profit or loss in the period to which they relate.
Current 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 between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment3
Finance leases and hire purchase contracts
Operating lease rentals are charged to the profit and loss account in periods to which they relate. Operating lease commitments are on a season to season basis with no longer term obligations.
2.Average number of employees

20232022
Average number of employees during the year2726
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 August 222,5742,574
At 31 July 232,5742,574
Depreciation and impairment
At 01 August 222,5482,548
Charge for year2626
At 31 July 232,5742,574
Net book value
At 31 July 23--
At 31 July 222626
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables18,010-
Other debtors9296,568
Total18,9396,568
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables46,02825,154
Bank borrowings and overdrafts10,00010,000
Taxation and social security13,58024
Other creditors746,523574,932
Accrued liabilities and deferred income104,369-
Total920,500610,110
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts18,33328,333
Other creditors10,00010,000
Total28,33338,333