IRIS Accounts Production v24.3.2.46 SC527814 Board of Directors 1.6.23 31.5.24 31.5.24 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5278142023-05-31SC5278142024-05-31SC5278142023-06-012024-05-31SC5278142022-05-31SC5278142022-06-012023-05-31SC5278142023-05-31SC527814ns15:Scotland2023-06-012024-05-31SC527814ns14:PoundSterling2023-06-012024-05-31SC527814ns10:Director12023-06-012024-05-31SC527814ns10:PrivateLimitedCompanyLtd2023-06-012024-05-31SC527814ns10:SmallEntities2023-06-012024-05-31SC527814ns10:AuditExempt-NoAccountantsReport2023-06-012024-05-31SC527814ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-31SC527814ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-31SC527814ns10:FullAccounts2023-06-012024-05-31SC527814ns10:Director22023-06-012024-05-31SC527814ns10:Director32023-06-012024-05-31SC527814ns10:RegisteredOffice2023-06-012024-05-31SC527814ns5:CurrentFinancialInstruments2024-05-31SC527814ns5:CurrentFinancialInstruments2023-05-31SC527814ns5:ShareCapital2024-05-31SC527814ns5:ShareCapital2023-05-31SC527814ns5:FurtherSpecificReserve3ComponentTotalEquity2024-05-31SC527814ns5:FurtherSpecificReserve3ComponentTotalEquity2023-05-31SC527814ns5:RetainedEarningsAccumulatedLosses2024-05-31SC527814ns5:RetainedEarningsAccumulatedLosses2023-05-31SC527814ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-06-012024-05-31SC527814ns5:FurnitureFittings2023-06-012024-05-31SC527814ns5:MotorVehicles2023-06-012024-05-31SC527814ns5:LandBuildings2023-05-31SC527814ns5:FurnitureFittings2023-05-31SC527814ns5:MotorVehicles2023-05-31SC527814ns5:LandBuildings2023-06-012024-05-31SC527814ns5:LandBuildings2024-05-31SC527814ns5:FurnitureFittings2024-05-31SC527814ns5:MotorVehicles2024-05-31SC527814ns5:LandBuildings2023-05-31SC527814ns5:FurnitureFittings2023-05-31SC527814ns5:MotorVehicles2023-05-31SC527814ns5:CostValuation2023-05-31SC527814ns5:WithinOneYearns5:CurrentFinancialInstruments2024-05-31SC527814ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-31SC527814ns5:DeferredTaxation2023-05-31SC527814ns5:DeferredTaxation2023-06-012024-05-31SC527814ns5:DeferredTaxation2024-05-31SC527814ns5:FurtherSpecificReserve3ComponentTotalEquity2023-05-31SC5278143ns10:Director32023-05-31SC5278143ns10:Director32022-05-31SC5278143ns10:Director32023-06-012024-05-31SC5278143ns10:Director32022-06-012023-05-31SC5278143ns10:Director32024-05-31SC5278143ns10:Director32023-05-31SC527814ns10:Director222023-05-31SC527814ns10:Director222022-05-31SC527814ns10:Director222023-06-012024-05-31SC527814ns10:Director222022-06-012023-05-31SC527814ns10:Director222024-05-31SC527814ns10:Director222023-05-31
REGISTERED NUMBER: SC527814 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

FCE GROUP LTD

FCE GROUP LTD (REGISTERED NUMBER: SC527814)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FCE GROUP LTD

COMPANY INFORMATION
for the year ended 31 May 2024







DIRECTORS: J Rintoul
N Rintoul
R Rintoul





REGISTERED OFFICE: Taylor Stiles Building
Methilhaven Road
Leven
Fife
KY8 3LA





REGISTERED NUMBER: SC527814 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Viewforth House
189 Nicol Street
Kirkcaldy
Fife
KY1 1PF

FCE GROUP LTD (REGISTERED NUMBER: SC527814)

STATEMENT OF FINANCIAL POSITION
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 655,689 618,335
Investments 5 200 200
Investment property 6 4,702,210 3,231,000
5,358,099 3,849,535

CURRENT ASSETS
Debtors 7 122,709 315,644
Cash at bank 526,923 460,432
649,632 776,076
CREDITORS
Amounts falling due within one year 8 708,752 62,656
NET CURRENT (LIABILITIES)/ASSETS (59,120 ) 713,420
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,298,979

4,562,955

PROVISIONS FOR LIABILITIES 9 144,168 124,935
NET ASSETS 5,154,811 4,438,020

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable reserve 10 362,803 431,977
Retained earnings 4,791,908 4,005,943
5,154,811 4,438,020

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

FCE GROUP LTD (REGISTERED NUMBER: SC527814)

STATEMENT OF FINANCIAL POSITION - continued
31 May 2024


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.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:





J Rintoul - Director


FCE GROUP LTD (REGISTERED NUMBER: SC527814)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2024

1. STATUTORY INFORMATION

FCE Group Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

At the period end the company had net current liabilities of £59,120 (2023 - net current assets of £713,420). The company continues to be supported by related parties who provide funding for operations. The operational funding support is expected to continue for a period of at least one year after the date of signing the financial statements.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about FCE Group Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

RELATED PARTY EXEMPTION
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Heritable property - 2% per annum on cost
Fixtures and fittings - 10% per annum on cost
Motor vehicles - 25% per annum reducing balance and 10% on reducing balance

The carrying values of tangible fixed assets are reviewed for impairment on an annual basis.

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.

FCE GROUP LTD (REGISTERED NUMBER: SC527814)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

INCOME RECOGNITION
Rental income is recognised in the period in which it is due to be received from various commercial and private tenants. Income is reported excluding Value Added Tax.

Income from group undertakings is recorded in the period in which it is received.

FCE GROUP LTD (REGISTERED NUMBER: SC527814)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
Heritable and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 June 2023 676,503 43,035 150,000 869,538
Additions - - 190,000 190,000
Disposals - - (150,000 ) (150,000 )
At 31 May 2024 676,503 43,035 190,000 909,538
DEPRECIATION
At 1 June 2023 203,441 21,518 26,244 251,203
Charge for year 13,530 4,303 11,057 28,890
Eliminated on disposal - - (26,244 ) (26,244 )
At 31 May 2024 216,971 25,821 11,057 253,849
NET BOOK VALUE
At 31 May 2024 459,532 17,214 178,943 655,689
At 31 May 2023 473,062 21,517 123,756 618,335

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 200
NET BOOK VALUE
At 31 May 2024 200
At 31 May 2023 200

FCE GROUP LTD (REGISTERED NUMBER: SC527814)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

6. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 June 2023 3,231,000
Additions 1,471,210
At 31 May 2024 4,702,210
NET BOOK VALUE
At 31 May 2024 4,702,210
At 31 May 2023 3,231,000

Cost or valuation at 31 May 2024 is represented by:
£   
Valuation in 2023 464,254
Cost 4,237,956
4,702,210

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,766,746 2,766,746

Investment property was valued on an open market basis on 31 May 2024 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings - 220,000
Other debtors 122,709 95,644
122,709 315,644

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 399,572 -
Taxation and social security 55,483 180
Other creditors 253,697 62,476
708,752 62,656

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 144,168 124,935

FCE GROUP LTD (REGISTERED NUMBER: SC527814)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 June 2023 124,935
Charge to Income Statement during year 19,233
Balance at 31 May 2024 144,168

10. RESERVES
Non-distributable
reserve
£   
At 1 June 2023 431,977
Transfer of revaluation gain on investment
property

(50,000

)

Deferred tax on potential capital gains -
transfer between reserves

(19,174

)


At 31 May 2024 362,803

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
R Rintoul
Balance outstanding at start of year 3,100 14,076
Amounts advanced 100,889 59,024
Amounts repaid (70,048 ) (70,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 33,941 3,100

N Rintoul
Balance outstanding at start of year 59,621 30,068
Amounts advanced 80,456 79,553
Amounts repaid (100,116 ) (50,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 39,961 59,621

Interest has been charged at 2.25% on any overdrawn balance over £10,000. No fixed terms of repayment have been agreed.

FCE GROUP LTD (REGISTERED NUMBER: SC527814)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of section 35AC of the Financial Reporting Standard 102 1a 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.