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Registered number: SC020182










KIRKCALDY ICE RINK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

 
KIRKCALDY ICE RINK LIMITED
 

COMPANY INFORMATION


Directors
T Muir 
E Q Melville 
B R Wright 
L J Stevenson (resigned 30 October 2023)




Registered number
SC020182



Registered office
Fife Ice Arena
Rosslyn Street

Kirkcaldy

Fife

KY1 3HS




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
KIRKCALDY ICE RINK LIMITED
REGISTERED NUMBER: SC020182

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
305,494
338,376

  
305,494
338,376

Current assets
  

Stocks
  
3,781
3,484

Debtors: amounts falling due within one year
 5 
34,969
76,831

Cash at bank and in hand
  
201,307
187,316

  
240,057
267,631

Creditors: amounts falling due within one year
 6 
(38,890)
(102,495)

Net current assets
  
 
 
201,167
 
 
165,136

Total assets less current liabilities
  
506,661
503,512

Provisions for liabilities
  

Deferred tax
  
(4,454)
(1,776)

  
 
 
(4,454)
 
 
(1,776)

Net assets
  
502,207
501,736


Capital and reserves
  

Called up share capital 
 8 
90,000
90,000

Share premium account
  
327
327

Revaluation reserve
  
238,892
249,792

Profit and loss account
  
172,988
161,617

  
502,207
501,736


Page 1

 
KIRKCALDY ICE RINK LIMITED
REGISTERED NUMBER: SC020182

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 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 by: 




B R Wright
T Muir
Director
Director


Date: 24 January 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
KIRKCALDY ICE RINK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Kirkcaldy Ice Rink Limited is a limited liability company incorporated in Scotland, registration number SC020182. The registered office address is Fife Ice Arena, Rosslyn Street, Kirkcaldy, Fife, KY1 3HS.
The principal activity of the company during the year was the provision of facilities for curling, skating and ice hockey, and the provision of premises for public entertainment, indoor games and exhibitions.
The financial statements are presented in sterling which is the functional currency of the company and 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 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:

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.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Page 3

 
KIRKCALDY ICE RINK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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 and reducing balance methods.

Depreciation is provided on the following basis:

Heritable property
-
2% straight line
Plant and machinery
-
5% to 25% reducing balance and 10% straight line
Motor vehicles
-
25%% reducing balance
Fixtures and fittings
-
10% to 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.

Page 4

 
KIRKCALDY ICE RINK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Revaluation of tangible fixed assets

In accordance with the transitional provisions of FRS102-1a, the value of the Heritable property reflects deemed cost without revaluation. 

 
2.7

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.
At each balance sheet 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.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 11).

Page 5

 
KIRKCALDY ICE RINK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Heritable property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
551,489
475,655
20,000
49,100
1,096,244


Additions
-
386
-
-
386



At 30 April 2024

551,489
476,041
20,000
49,100
1,096,630



Depreciation


At 1 May 2023
296,640
412,740
417
48,071
757,868


Charge for the year on owned assets
11,030
17,196
4,896
146
33,268



At 30 April 2024

307,670
429,936
5,313
48,217
791,136



Net book value



At 30 April 2024
243,819
46,105
14,687
883
305,494



At 30 April 2023
254,849
62,915
19,583
1,029
338,376


5.


Debtors

2024
2023
£
£


Trade debtors
34,969
69,167

Other debtors
-
7,664

34,969
76,831


Page 6

 
KIRKCALDY ICE RINK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
7,526
8,583

Other creditors
2,000
3,247

Other taxation and social security
8,860
12,256

Government grants received
-
2,521

Accruals and deferred income
20,504
75,888

38,890
102,495



7.


Government Grants

A standard security over the company's property has been granted in favour of The Scottish Sports Council (trading as sportscotland) in respect of £100,000 grant receivable, fully amortised in the year (2023 - £2,521).
The grant received from sportscotland is subject to conditions laid down in the offer letter. Should any of these conditions be breached then the full amount of the grant may become repayable.


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



90,000 (2023 - 90,000) Ordinary shares of £1.00 each
90,000
90,000



Page 7