Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31No description of principal activity5false2023-06-01false5truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC280444 2023-06-01 2024-05-31 SC280444 2022-06-01 2023-05-31 SC280444 2024-05-31 SC280444 2023-05-31 SC280444 c:CompanySecretary1 2023-06-01 2024-05-31 SC280444 c:Director1 2023-06-01 2024-05-31 SC280444 c:Director2 2023-06-01 2024-05-31 SC280444 c:Director3 2023-06-01 2024-05-31 SC280444 c:Director4 2023-06-01 2024-05-31 SC280444 c:Director4 2024-05-31 SC280444 c:Director5 2023-06-01 2024-05-31 SC280444 c:Director5 2024-05-31 SC280444 c:RegisteredOffice 2023-06-01 2024-05-31 SC280444 d:PlantMachinery 2023-06-01 2024-05-31 SC280444 d:PlantMachinery 2024-05-31 SC280444 d:PlantMachinery 2023-05-31 SC280444 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC280444 d:FreeholdInvestmentProperty 2023-06-01 2024-05-31 SC280444 d:FreeholdInvestmentProperty 2024-05-31 SC280444 d:FreeholdInvestmentProperty 2023-05-31 SC280444 d:CurrentFinancialInstruments 2024-05-31 SC280444 d:CurrentFinancialInstruments 2023-05-31 SC280444 d:Non-currentFinancialInstruments 2024-05-31 SC280444 d:Non-currentFinancialInstruments 2023-05-31 SC280444 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 SC280444 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 SC280444 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 SC280444 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 SC280444 d:ShareCapital 2024-05-31 SC280444 d:ShareCapital 2023-05-31 SC280444 d:SharePremium 2024-05-31 SC280444 d:SharePremium 2023-05-31 SC280444 d:InvestmentPropertiesRevaluationReserve 2024-05-31 SC280444 d:InvestmentPropertiesRevaluationReserve 2023-05-31 SC280444 d:RetainedEarningsAccumulatedLosses 2024-05-31 SC280444 d:RetainedEarningsAccumulatedLosses 2023-05-31 SC280444 c:OrdinaryShareClass1 2023-06-01 2024-05-31 SC280444 c:OrdinaryShareClass1 2024-05-31 SC280444 c:OrdinaryShareClass1 2023-05-31 SC280444 c:FRS102 2023-06-01 2024-05-31 SC280444 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 SC280444 c:FullAccounts 2023-06-01 2024-05-31 SC280444 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC280444 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC280444










FIFE AIRPORT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

 
FIFE AIRPORT LIMITED
 

COMPANY INFORMATION


Directors
Mr R Purvis 
Mr R M Garmory 
Mrs J J Hepburn 
Mr C D Millar (resigned 1 March 2024)
Mrs L M Purvis (resigned 1 March 2024)




Company secretary
Mr R M Garmory



Registered number
SC280444



Registered office
New Thistle House
The Avenue

Lochgelly

Fife

KY5 9HG




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
FIFE AIRPORT LIMITED
REGISTERED NUMBER: SC280444

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
1,999
2,999

Investment property
 5 
2,309,836
2,250,000

  
2,311,835
2,252,999

Current assets
  

Debtors: amounts falling due within one year
 6 
30,771
188,651

Cash at bank and in hand
  
68,530
37,177

  
99,301
225,828

Creditors: amounts falling due within one year
 7 
(39,779)
(30,051)

Net current assets
  
 
 
59,522
 
 
195,777

Total assets less current liabilities
  
2,371,357
2,448,776

Creditors: amounts falling due after more than one year
 8 
(10,756)
(21,032)

Provisions for liabilities
  

Deferred tax
  
(426,430)
(426,434)

  
 
 
(426,430)
 
 
(426,434)

Net assets
  
1,934,171
2,001,310


Capital and reserves
  

Called up share capital 
 9 
400,000
400,000

Share premium account
  
150,000
150,000

Non-distributable profit and loss reserve
  
1,385,389
1,385,389

Profit and loss account
  
(1,218)
65,921

  
1,934,171
2,001,310


Page 1

 
FIFE AIRPORT LIMITED
REGISTERED NUMBER: SC280444

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

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 on 31 October 2024.




Mr R Purvis
Mrs J J Hepburn
Director
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
FIFE AIRPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

The Company is limited by shares and incorporated in Scotland; Registration Number: SC268901. The registered office address is New Thistle House, The Avenue, Lochgelly, Fife, KY5 9HG.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.3

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 3

 
FIFE AIRPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and Equipment
-
25% straight line

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.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

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 5 (2023 - 5).

Page 4

 
FIFE AIRPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Plant and Equipment

£



Cost or valuation


At 1 June 2023
50,619



At 31 May 2024

50,619



Depreciation


At 1 June 2023
47,620


Charge for the year on owned assets
1,000



At 31 May 2024

48,620



Net book value



At 31 May 2024
1,999



At 31 May 2023
2,999


5.


Investment property


Freehold investment property

£



Valuation


At 1 June 2023
2,250,000


Additions at cost
59,836



At 31 May 2024
2,309,836

The valuations were made by the directors, on an open market value basis for existing use.






Page 5

 
FIFE AIRPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Debtors

2024
2023
£
£


Trade debtors
4,601
19,051

Other debtors
18,000
162,000

Prepayments and accrued income
8,170
7,600

30,771
188,651



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
113
338

Other taxation and social security
2,799
850

Other creditors
19,108
11,523

Accruals and deferred income
7,759
7,340

39,779
30,051



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,756
21,032



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



400,000 (2023 - 400,000) Ordinary shares of £1.00 each
400,000
400,000



Page 6