Company registration number SC195315 (Scotland)
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,726
3,072
Investment property
4
120,000
120,000
121,726
123,072
Current assets
Debtors
5
64,906
51,086
Cash at bank and in hand
62,144
106,176
127,050
157,262
Creditors: amounts falling due within one year
6
(146,577)
(175,293)
Net current liabilities
(19,527)
(18,031)
Total assets less current liabilities
102,199
105,041
Creditors: amounts falling due after more than one year
7
(7,050)
(10,977)
Net assets
95,149
94,064
Reserves
Income and expenditure account
95,149
94,064
Members' funds
95,149
94,064
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Mr G Stapley
Director
Company registration number SC195315 (Scotland)
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Fife Chamber of Commerce & Enterprise Limited is a private company limited by guarantee incorporated in Scotland. The registered office is Office 46 Flexspace, John Smith Business Park, 1 Begg Road, Kirkcaldy, KY2 6HD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet 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. The directors have considered a period of 12 months from the date of approval of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Income and expenditure
Income is recognised when the company has entitlement, any performance conditions attached to the income have been met, it is probable the income will be received and the amount can be measured reliably.
As such, membership income is recognised in the financial statements only so far as to cover the period from the membership commencing until the year end. Membership income received relating to periods after the year end is recognised as a liability.
Sponsorship income, event income and training income are recognised in the financial statements when the events or training have taken place. Any such income received relating to events or training due to take place after the year end is recognised as a liability.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income where the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure relates to costs incurred in the delivery of its activities and services to members.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets include investment properties valued by the directors annually on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% Straight Line
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Legal Status
The company is limited by guarantee. The liability of each member of the company, in the event of its winding up, is limited to £1.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
8
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
14,521
Disposals
(8,732)
At 31 December 2023
5,789
Depreciation and impairment
At 1 January 2023
11,449
Depreciation charged in the year
1,346
Eliminated in respect of disposals
(8,732)
At 31 December 2023
4,063
Carrying amount
At 31 December 2023
1,726
At 31 December 2022
3,072
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
120,000
The investment property was valued by Andrew Reilly Associates on 16 March 2020, on an open market value basis. In the opinion of the directors that remains a fair value as at 31 December 2023. The value of the investment property on an historical cost basis amounts to £78,201. No corporation tax liability would arise if the property were sold for the revalued amount.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
62,249
47,377
Other debtors
2,657
3,709
64,906
51,086
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,259
4,259
Trade creditors
4,674
977
Taxation and social security
15,807
35,241
Other creditors
121,837
134,816
146,577
175,293
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
7,050
10,977
8
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
9
Non-distributable profits reserve
2023
2022
£
£
At the beginning and end of the year
69,854
69,854
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
688
637
On 5 January 2024 a new operating lease was signed commencing 1 February 2024 for a period of one year. The financial commitment of this lease is £8,669 per annum.