Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity2626falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC141607 2023-01-01 2023-12-31 SC141607 2022-01-01 2022-12-31 SC141607 2023-12-31 SC141607 2022-12-31 SC141607 c:CompanySecretary1 2023-01-01 2023-12-31 SC141607 c:Director1 2023-01-01 2023-12-31 SC141607 c:Director2 2023-01-01 2023-12-31 SC141607 c:Director3 2023-01-01 2023-12-31 SC141607 c:Director4 2023-01-01 2023-12-31 SC141607 c:Director5 2023-01-01 2023-12-31 SC141607 c:Director6 2023-01-01 2023-12-31 SC141607 c:Director7 2023-01-01 2023-12-31 SC141607 c:Director7 2023-12-31 SC141607 c:RegisteredOffice 2023-01-01 2023-12-31 SC141607 d:Buildings 2023-01-01 2023-12-31 SC141607 d:Buildings 2023-12-31 SC141607 d:Buildings 2022-12-31 SC141607 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC141607 d:PlantMachinery 2023-01-01 2023-12-31 SC141607 d:PlantMachinery 2023-12-31 SC141607 d:PlantMachinery 2022-12-31 SC141607 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC141607 d:MotorVehicles 2023-01-01 2023-12-31 SC141607 d:MotorVehicles 2023-12-31 SC141607 d:MotorVehicles 2022-12-31 SC141607 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC141607 d:FurnitureFittings 2023-01-01 2023-12-31 SC141607 d:FurnitureFittings 2023-12-31 SC141607 d:FurnitureFittings 2022-12-31 SC141607 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC141607 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC141607 d:OtherPropertyPlantEquipment 2023-12-31 SC141607 d:OtherPropertyPlantEquipment 2022-12-31 SC141607 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC141607 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC141607 d:CurrentFinancialInstruments 2023-12-31 SC141607 d:CurrentFinancialInstruments 2022-12-31 SC141607 d:Non-currentFinancialInstruments 2023-12-31 SC141607 d:Non-currentFinancialInstruments 2022-12-31 SC141607 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC141607 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC141607 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 SC141607 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 SC141607 d:ShareCapital 2023-12-31 SC141607 d:ShareCapital 2022-12-31 SC141607 d:SharePremium 2023-12-31 SC141607 d:SharePremium 2022-12-31 SC141607 d:CapitalRedemptionReserve 2023-12-31 SC141607 d:CapitalRedemptionReserve 2022-12-31 SC141607 d:RevaluationReserve 2023-12-31 SC141607 d:RevaluationReserve 2022-12-31 SC141607 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC141607 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC141607 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC141607 c:OrdinaryShareClass1 2023-12-31 SC141607 c:OrdinaryShareClass1 2022-12-31 SC141607 c:FRS102 2023-01-01 2023-12-31 SC141607 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC141607 c:FullAccounts 2023-01-01 2023-12-31 SC141607 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC141607 d:WithinOneYear 2023-12-31 SC141607 d:WithinOneYear 2022-12-31 SC141607 d:BetweenOneFiveYears 2023-12-31 SC141607 d:BetweenOneFiveYears 2022-12-31 SC141607 5 2023-01-01 2023-12-31 SC141607 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC141607










CUPAR MOTORCYCLES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
CUPAR MOTORCYCLES LIMITED
 

COMPANY INFORMATION


Directors
Mr P J Weinberger 
Mr B J Neilson 
Mr R J Lindsay 
Mr A A Lawrie 
Mr A Mackie 
Ms J Rafferty 
Mr N D W Borwell (appointed 13 April 2023, resigned 11 September 2023)




Company secretary
Ms L Hughes



Registered number
SC141607



Registered office
West Port

Cupar

Fife

KY15 4AW




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
CUPAR MOTORCYCLES LIMITED
REGISTERED NUMBER: SC141607

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Tangible fixed assets
  
716,409
582,493

  
716,409
582,493

Current assets
  

Stocks
  
2,084,465
1,694,987

Debtors: amounts falling due within one year
 5 
153,031
144,634

Cash at bank and in hand
  
31,499
210,090

  
2,268,995
2,049,711

Creditors: amounts falling due within one year
 6 
(1,428,613)
(1,117,678)

Net current assets
  
 
 
840,382
 
 
932,033

Total assets less current liabilities
  
1,556,791
1,514,526

Creditors: amounts falling due after more than one year
 7 
-
(136,801)

Provisions for liabilities
  

Deferred tax
  
(43,602)
(12,128)

  
 
 
(43,602)
 
 
(12,128)

Net assets
  
1,513,189
1,365,597


Capital and reserves
  

Called up share capital 
 8 
68,168
68,168

Share premium account
  
31,427
31,427

Revaluation reserve
  
80,000
-

Capital redemption reserve
  
3,840
3,840

Profit and loss account
  
1,329,754
1,262,162

  
1,513,189
1,365,597


Page 1

 
CUPAR MOTORCYCLES LIMITED
REGISTERED NUMBER: SC141607

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 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 comprehensive income 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 by: 




Mr P J Weinberger
Mr B J Neilson
Director
Director


Date: 22 August 2024

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

Page 2

 
CUPAR MOTORCYCLES LIMITED
 

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

1.


General information

Cupar Motorcycles Limited is a private company, limited by shares, incorporated in Scotland with registration number SC141607.  The registered office is Westport, Cupar, Fife, KY15 4AW.
The financial statements are presented in Sterling which is the functional currency of the company 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

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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

Turnover 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 turnover 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.

Page 3

 
CUPAR MOTORCYCLES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.

Page 4

 
CUPAR MOTORCYCLES LIMITED
 

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

2.Accounting policies (continued)

 
2.6

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 basis.

Depreciation is provided on the following basis:

Heritable property
-
Not depreciated
Plant and machinery
-
15% reducing balance/33.33% straight line/30% reducing balance
Motor vehicles
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance

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.

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Stocks

Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks.  Cost comprises direct expenditure and an appropiate proportion of fixed and variable 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.

Page 5

 
CUPAR MOTORCYCLES LIMITED
 

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

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.10

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 26 (2022 - 26).

Page 6

 
CUPAR MOTORCYCLES LIMITED
 

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

4.


Tangible fixed assets





Heritable property
Plant and machinery
Motor vehicles
Fixtures and fittings
Tenant's improve-ments
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
531,223
129,536
79,245
33,407
42,207
815,618


Additions
-
-
73,829
-
-
73,829


Disposals
-
-
(49,619)
-
-
(49,619)


Revaluations
80,000
-
-
-
-
80,000



At 31 December 2023

611,223
129,536
103,455
33,407
42,207
919,828



Depreciation


At 1 January 2023
-
115,454
57,657
20,565
39,449
233,125


Charge for the year on owned assets
-
2,152
5,335
1,926
551
9,964


Disposals
-
-
(39,670)
-
-
(39,670)



At 31 December 2023

-
117,606
23,322
22,491
40,000
203,419



Net book value



At 31 December 2023
611,223
11,930
80,133
10,916
2,207
716,409



At 31 December 2022
531,223
14,082
21,588
12,842
2,758
582,493

Page 7

 
CUPAR MOTORCYCLES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
Cost or valuation at 31 December 2023 is as follows:

Land and buildings
£


At cost
531,223
At valuation:

Valuation at July 23 by DM Hall 
80,000



611,223

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
531,223
531,223

Net book value
531,223
531,223


5.


Debtors

2023
2022
£
£


Trade debtors
23,032
11,663

Other debtors
114,408
117,279

Prepayments and accrued income
15,591
15,692

153,031
144,634


Included within other debtors is a balance due to the company from Mr B Neilson of £NIL (2022 - £251).  

Page 8

 
CUPAR MOTORCYCLES LIMITED
 

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

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
107,370
-

Bank loans
-
90,534

Other loans
100,000
100,000

Trade creditors
983,785
727,430

Other taxation and social security
97,159
86,455

Other creditors
132,313
105,561

Accruals and deferred income
7,986
7,698

1,428,613
1,117,678


Secured Loans
The bank loans are secured by a floating charge over the property and assets of the company. The loans were repaid in full during the year and the security was discharged.
The bank overdraft is secured by a floating charge and standard security over the property and assets of the company. 


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
136,801

-
136,801


Secured Loans
The bank loans are secured by a floating charge over the property and assets of the company. The loans were repaid in full during the year and the security was discharged.

Page 9

 
CUPAR MOTORCYCLES LIMITED
 

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

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



68,168 (2022 - 68,168) Ordinary shares of £1.00 each
68,168
68,168



9.


Commitments under operating leases

At 31 December 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
22,000
22,000

Later than 1 year and not later than 5 years
22,000
44,000

44,000
66,000


Page 10