Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.11No description of principal activity2023-05-01false13truetruefalse SC276436 2023-05-01 2024-04-30 SC276436 2022-05-01 2023-04-30 SC276436 2024-04-30 SC276436 2023-04-30 SC276436 c:CompanySecretary1 2023-05-01 2024-04-30 SC276436 c:Director1 2023-05-01 2024-04-30 SC276436 c:Director2 2023-05-01 2024-04-30 SC276436 c:RegisteredOffice 2023-05-01 2024-04-30 SC276436 d:Buildings 2023-05-01 2024-04-30 SC276436 d:Buildings 2024-04-30 SC276436 d:Buildings 2023-04-30 SC276436 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 SC276436 d:PlantMachinery 2023-05-01 2024-04-30 SC276436 d:PlantMachinery 2024-04-30 SC276436 d:PlantMachinery 2023-04-30 SC276436 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 SC276436 d:MotorVehicles 2023-05-01 2024-04-30 SC276436 d:MotorVehicles 2024-04-30 SC276436 d:MotorVehicles 2023-04-30 SC276436 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 SC276436 d:OfficeEquipment 2023-05-01 2024-04-30 SC276436 d:OfficeEquipment 2024-04-30 SC276436 d:OfficeEquipment 2023-04-30 SC276436 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 SC276436 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 SC276436 d:CurrentFinancialInstruments 2024-04-30 SC276436 d:CurrentFinancialInstruments 2023-04-30 SC276436 d:Non-currentFinancialInstruments 2024-04-30 SC276436 d:Non-currentFinancialInstruments 2023-04-30 SC276436 c:OrdinaryShareClass1 2023-05-01 2024-04-30 SC276436 c:OrdinaryShareClass1 2024-04-30 SC276436 c:OrdinaryShareClass1 2023-04-30 SC276436 c:FRS102 2023-05-01 2024-04-30 SC276436 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 SC276436 c:FullAccounts 2023-05-01 2024-04-30 SC276436 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC276436 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC276436










FIFE ACCIDENT REPAIR CENTRE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

 
FIFE ACCIDENT REPAIR CENTRE LIMITED
 

COMPANY INFORMATION


Directors
Mrs C A Lambie 
Mr P Lambie 




Company secretary
Mr D A Brady



Registered number
SC276436



Registered office
Unit 7 Midfield Road
Mitchelston Industrial Estate

Kirkcaldy

Fife

KY1 3NL




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
FIFE ACCIDENT REPAIR CENTRE LIMITED
REGISTERED NUMBER:SC276436

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
£
£

  

Fixed assets
  

Tangible assets
 4 
592,391
770,544

  
592,391
770,544

Current assets
  

Stocks
  
500
500

Debtors: amounts falling due within one year
 5 
2,239
34,636

Cash at bank and in hand
  
196,794
146,977

  
199,533
182,113

Creditors: amounts falling due within one year
 6 
(132,547)
(142,406)

Net current assets
  
 
 
66,986
 
 
39,707

Total assets less current liabilities
  
659,377
810,251

  

Creditors: amounts falling due after more than one year
 7 
(632,388)
(766,681)

  
26,989
43,570

Provisions for liabilities
  

Deferred taxation
  
(9,423)
(6,456)

  
 
 
(9,423)
 
 
(6,456)

  

Net assets
  
17,566
37,114


Capital and reserves
  

Called up share capital 
 8 
10,000
10,000

Profit and loss account
  
7,566
27,114

  
17,566
37,114

Page 1

 
FIFE ACCIDENT REPAIR CENTRE LIMITED
REGISTERED NUMBER:SC276436

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 on 30 January 2025.




Mr P Lambie
Director

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

Page 2

 
FIFE ACCIDENT REPAIR CENTRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Fife Accident Repair Centre Limited is a Company, limited by shares and incorporated in Scotland, registration number SC276436. The registered office address is Unit 7 Midfield Road, Mitchelston Industrial Estate, Kirkcaldy, Fife KY1 3NL.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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.

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.

Page 3

 
FIFE ACCIDENT REPAIR CENTRE LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.4

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

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 4

 
FIFE ACCIDENT REPAIR CENTRE LIMITED
 

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

2.Accounting policies (continued)

 
2.6

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:

Property improvements
-
10% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
20% to 25% straight line
Equipment
-
20% to 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.

 
2.7

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 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.

 
2.8

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.

 
2.9

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.
Page 5

 
FIFE ACCIDENT REPAIR CENTRE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 11).


4.


Tangible fixed assets





Property improve-ments
Plant and machinery
Motor vehicles
Equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
127,474
192,378
1,097,851
49,785
1,467,488


Additions
-
33,500
-
2,797
36,297



At 30 April 2024

127,474
225,878
1,097,851
52,582
1,503,785



Depreciation


At 1 May 2023
3,323
55,724
612,444
25,453
696,944


Charge for the year on owned assets
113
41,826
166,054
6,457
214,450



At 30 April 2024

3,436
97,550
778,498
31,910
911,394



Net book value



At 30 April 2024
124,038
128,328
319,353
20,672
592,391



At 30 April 2023
124,151
136,654
485,407
24,332
770,544


5.


Debtors

2024
2023
£
£


Trade debtors
2,239
34,636


Page 6

 
FIFE ACCIDENT REPAIR CENTRE 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
8,113
27,405

Other taxation and social security
21,080
16,602

Obligations under finance lease and hire purchase contracts
99,822
95,119

Other creditors
70
-

Accruals and deferred income
3,462
3,280

132,547
142,406


Secured loans
Finance lease and hire purchase liabilities of £99,822 (2023 - £95,119) are secured by the relevant assets.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
107,753
205,962

Other creditors
524,635
560,719

632,388
766,681


Secured loans
Finance lease and hire purchase liabilities of £107,753 (2023- £205,962) secured by the relevant assets.


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £1.00 each
10,000
10,000


Page 7