Caseware UK (AP4) 2023.0.135 2023.0.135 2024-10-312024-10-312No description of principal activitytrue2023-11-01false2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC747492 2023-11-01 2024-10-31 SC747492 2022-10-17 2023-10-31 SC747492 2024-10-31 SC747492 2023-10-31 SC747492 c:Director1 2023-11-01 2024-10-31 SC747492 c:Director2 2023-11-01 2024-10-31 SC747492 c:RegisteredOffice 2023-11-01 2024-10-31 SC747492 d:PlantMachinery 2023-11-01 2024-10-31 SC747492 d:PlantMachinery 2024-10-31 SC747492 d:PlantMachinery 2023-10-31 SC747492 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 SC747492 d:MotorVehicles 2023-11-01 2024-10-31 SC747492 d:MotorVehicles 2024-10-31 SC747492 d:MotorVehicles 2023-10-31 SC747492 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 SC747492 d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 SC747492 d:CurrentFinancialInstruments 2024-10-31 SC747492 d:CurrentFinancialInstruments 2023-10-31 SC747492 d:Non-currentFinancialInstruments 2024-10-31 SC747492 d:Non-currentFinancialInstruments 2023-10-31 SC747492 d:CurrentFinancialInstruments d:WithinOneYear 2024-10-31 SC747492 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 SC747492 d:Non-currentFinancialInstruments d:AfterOneYear 2024-10-31 SC747492 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 SC747492 d:ShareCapital 2024-10-31 SC747492 d:ShareCapital 2023-10-31 SC747492 d:RetainedEarningsAccumulatedLosses 2024-10-31 SC747492 d:RetainedEarningsAccumulatedLosses 2023-10-31 SC747492 c:OrdinaryShareClass1 2023-11-01 2024-10-31 SC747492 c:OrdinaryShareClass1 2024-10-31 SC747492 c:OrdinaryShareClass1 2023-10-31 SC747492 c:FRS102 2023-11-01 2024-10-31 SC747492 c:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 SC747492 c:FullAccounts 2023-11-01 2024-10-31 SC747492 c:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 SC747492 e:PoundSterling 2023-11-01 2024-10-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC747492










FIFE AIRSOURCE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

 
FIFE AIRSOURCE LTD
 

COMPANY INFORMATION


Directors
Mr P Robson 
Mrs A Robson 




Registered number
SC747492



Registered office
11 Station Brae
Newport-On-Tay

Fife

United Kingdom

DD6 8DQ




Accountants
EQ Accountants Limited
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
FIFE AIRSOURCE LTD
REGISTERED NUMBER: SC747492

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
8,715
1,459

  
8,715
1,459

Current assets
  

Stocks
  
3,000
1,500

Debtors: amounts falling due within one year
 5 
23,955
13,329

Cash at bank and in hand
  
44,748
30,481

  
71,703
45,310

Creditors: amounts falling due within one year
 6 
(11,042)
(10,406)

Net current assets
  
 
 
60,661
 
 
34,904

Total assets less current liabilities
  
69,376
36,363

Creditors: amounts falling due after more than one year
  
(13,049)
(13,049)

Provisions for liabilities
  

Deferred tax
  
(2,179)
(277)

  
 
 
(2,179)
 
 
(277)

Net assets
  
54,148
23,037


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
54,048
22,937

  
54,148
23,037

Page 1

 
FIFE AIRSOURCE LTD
REGISTERED NUMBER: SC747492

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 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 income and retained earnings 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 10 January 2025.




Mr P Robson
Director

The notes on pages 3 to 6 form part of these financial statements.
Page 2

 
FIFE AIRSOURCE LTD
 

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

1.


General information

Fife Airsource Ltd is a private limited company, limited by shares, domiciled in Scotland with registration number SC747492. The registered office is 11 Station Brae, Newport-On-Tay, Fife, United Kingdom, DD6 8DQ.

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

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:

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.

 
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 income 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
Page 3

 
FIFE AIRSOURCE LTD
 

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

2.Accounting policies (continued)


2.3
Current and deferred taxation (continued)

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.

 
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 machinery
-
25%
Motor vehicles
-
25%

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

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable 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.

 
2.6

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.

Page 4

 
FIFE AIRSOURCE LTD
 

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

2.Accounting policies (continued)

 
2.7

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 2 (2023 - 2).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 November 2023
1,946
-
1,946


Additions
-
10,324
10,324



At 31 October 2024

1,946
10,324
12,270



Depreciation


At 1 November 2023
487
-
487


Charge for the year on owned assets
487
2,581
3,068



At 31 October 2024

974
2,581
3,555



Net book value



At 31 October 2024
972
7,743
8,715



At 31 October 2023
1,459
-
1,459


5.


Debtors

2024
2023
£
£


Trade debtors
5,071
6,147

Other debtors
18,884
7,182

23,955
13,329


Page 5

 
FIFE AIRSOURCE LTD
 

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

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
8,387
7,595

Other creditors
-
1,243

Accruals and deferred income
2,655
1,568

11,042
10,406



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
13,049
13,049

13,049
13,049



8.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



Page 6