Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-272024-06-27The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-08-0164falseNo description of principal activity65falsetruefalse SC194842 2023-08-01 2024-06-27 SC194842 2022-08-01 2023-07-31 SC194842 2024-06-27 SC194842 2023-07-31 SC194842 c:Director1 2023-08-01 2024-06-27 SC194842 c:Director2 2023-08-01 2024-06-27 SC194842 c:Director3 2023-08-01 2024-06-27 SC194842 c:Director4 2023-08-01 2024-06-27 SC194842 c:Director5 2023-08-01 2024-06-27 SC194842 c:Director6 2023-08-01 2024-06-27 SC194842 c:Director6 2024-06-27 SC194842 c:Director7 2023-08-01 2024-06-27 SC194842 c:Director8 2023-08-01 2024-06-27 SC194842 c:Director9 2023-08-01 2024-06-27 SC194842 c:Director9 2024-06-27 SC194842 c:Director10 2023-08-01 2024-06-27 SC194842 c:Director10 2024-06-27 SC194842 c:Director11 2023-08-01 2024-06-27 SC194842 c:Director11 2024-06-27 SC194842 c:RegisteredOffice 2023-08-01 2024-06-27 SC194842 d:Buildings 2023-08-01 2024-06-27 SC194842 d:Buildings 2024-06-27 SC194842 d:Buildings 2023-07-31 SC194842 d:Buildings d:OwnedOrFreeholdAssets 2023-08-01 2024-06-27 SC194842 d:PlantMachinery 2023-08-01 2024-06-27 SC194842 d:PlantMachinery 2024-06-27 SC194842 d:PlantMachinery 2023-07-31 SC194842 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-06-27 SC194842 d:MotorVehicles 2023-08-01 2024-06-27 SC194842 d:MotorVehicles 2024-06-27 SC194842 d:MotorVehicles 2023-07-31 SC194842 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-08-01 2024-06-27 SC194842 d:FurnitureFittings 2023-08-01 2024-06-27 SC194842 d:FurnitureFittings 2024-06-27 SC194842 d:FurnitureFittings 2023-07-31 SC194842 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-08-01 2024-06-27 SC194842 d:OfficeEquipment 2023-08-01 2024-06-27 SC194842 d:OfficeEquipment 2024-06-27 SC194842 d:OfficeEquipment 2023-07-31 SC194842 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-06-27 SC194842 d:OwnedOrFreeholdAssets 2023-08-01 2024-06-27 SC194842 d:Goodwill 2024-06-27 SC194842 d:Goodwill 2023-07-31 SC194842 d:CurrentFinancialInstruments 2024-06-27 SC194842 d:CurrentFinancialInstruments 2023-07-31 SC194842 d:Non-currentFinancialInstruments 2024-06-27 SC194842 d:Non-currentFinancialInstruments 2023-07-31 SC194842 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-27 SC194842 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 SC194842 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-27 SC194842 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 SC194842 d:ShareCapital 2024-06-27 SC194842 d:ShareCapital 2023-07-31 SC194842 d:CapitalRedemptionReserve 2024-06-27 SC194842 d:CapitalRedemptionReserve 2023-07-31 SC194842 d:RetainedEarningsAccumulatedLosses 2024-06-27 SC194842 d:RetainedEarningsAccumulatedLosses 2023-07-31 SC194842 c:OrdinaryShareClass1 2023-08-01 2024-06-27 SC194842 c:OrdinaryShareClass1 2024-06-27 SC194842 c:OrdinaryShareClass1 2023-07-31 SC194842 c:OrdinaryShareClass2 2023-08-01 2024-06-27 SC194842 c:OrdinaryShareClass2 2023-07-31 SC194842 c:OrdinaryShareClass3 2023-08-01 2024-06-27 SC194842 c:OrdinaryShareClass3 2023-07-31 SC194842 c:OrdinaryShareClass4 2023-08-01 2024-06-27 SC194842 c:OrdinaryShareClass4 2023-07-31 SC194842 c:OrdinaryShareClass5 2023-08-01 2024-06-27 SC194842 c:OrdinaryShareClass5 2023-07-31 SC194842 c:FRS102 2023-08-01 2024-06-27 SC194842 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-06-27 SC194842 c:FullAccounts 2023-08-01 2024-06-27 SC194842 c:PrivateLimitedCompanyLtd 2023-08-01 2024-06-27 SC194842 d:WithinOneYear 2024-06-27 SC194842 d:WithinOneYear 2023-07-31 SC194842 d:BetweenOneFiveYears 2024-06-27 SC194842 d:BetweenOneFiveYears 2023-07-31 SC194842 d:MoreThanFiveYears 2024-06-27 SC194842 d:MoreThanFiveYears 2023-07-31 SC194842 e:PoundSterling 2023-08-01 2024-06-27 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC194842










FIFE AUTO CENTRE LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 JUNE 2024

 
FIFE AUTO CENTRE LTD
 

COMPANY INFORMATION


Directors
Mr G D Baisley 
Mr R Forrester 
Mrs G M Fraser 
Mr B T Meechan 
Mr C Meechan 
Mrs E M Meechan (resigned 27 June 2024)
Mr S Meechan 
Mr J I G McKinnon 
Mr A D Rann (appointed 27 June 2024)
Mr C S Bond (appointed 27 June 2024, resigned 30 July 2024)
Mr S Christian (appointed 27 June 2024, resigned 30 July 2024)




Registered number
SC194842



Registered office
3 Blackwood Road
Eastfield Industrial Estate

Glenrothes

KY7 4NP




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
FIFE AUTO CENTRE LTD
REGISTERED NUMBER: SC194842

STATEMENT OF FINANCIAL POSITION
AS AT 27 JUNE 2024

27 June
31 July
2024
2023
£
£

Fixed assets
  

Tangible assets
 5 
252,877
255,565

  
252,877
255,565

Current assets
  

Stocks
  
85,428
48,525

Debtors: amounts falling due within one year
 6 
158,316
179,624

Cash at bank and in hand
  
1,227,593
1,068,862

  
1,471,337
1,297,011

Creditors: amounts falling due within one year
 7 
(1,164,736)
(1,070,701)

Net current assets
  
 
 
306,601
 
 
226,310

Total assets less current liabilities
  
559,478
481,875

Creditors: amounts falling due after more than one year
 8 
(49,348)
(106,647)

Provisions for liabilities
  

Deferred tax
  
(31,214)
(28,874)

  
 
 
(31,214)
 
 
(28,874)

Net assets
  
478,916
346,354


Capital and reserves
  

Called up share capital 
 9 
1,000
71,800

Capital redemption reserve
  
100,800
30,000

Profit and loss account
  
377,116
244,554

  
478,916
346,354


Page 1

 
FIFE AUTO CENTRE LTD
REGISTERED NUMBER: SC194842

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 27 JUNE 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 period 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 18 March 2025.




Mr B T Meechan
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
FIFE AUTO CENTRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 JUNE 2024

1.


General information

Fife Auto Centre Ltd is a private company, limited by shares, registered in Scotland. The company's registered number is SC194842 and registered office address is 3 Blackwood Road, Eastfield Industrial Estate, Glenrothes, Scotland, KY7 4NP.
During the period, the company changed its accounting reference date to 27 June, and as such, the period covered by these financial statements is for the period 1 August 2023 to 27 June 2024.
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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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

Revenue 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 revenue 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 AUTO CENTRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 JUNE 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
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 period 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.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
FIFE AUTO CENTRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 JUNE 2024

2.Accounting policies (continued)

 
2.7

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, on a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Property improvements
-
15%
reducing balance
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
33%
reducing balance
Fixtures and fittings
-
20%
straight line
Office equipment
-
20%
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.

 
2.8

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.

 
2.9

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 64 (2023 - 65).

Page 5

 
FIFE AUTO CENTRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 JUNE 2024

4.


Intangible assets






Goodwill

£



Cost


At 1 August 2023
394,980



At 27 June 2024

394,980



Amortisation


At 1 August 2023
394,980



At 27 June 2024

394,980



Net book value



At 27 June 2024
-



At 31 July 2023
-



Page 6
 


 
FIFE AUTO CENTRE LTD


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 JUNE 2024


5.


Tangible fixed assets









Property improve-    ments
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 August 2023
87,566
1,097,113
194,573
6,357
17,337
1,402,946


Additions
-
59,884
-
2,125
6,956
68,965



At 27 June 2024

87,566
1,156,997
194,573
8,482
24,293
1,471,911



Depreciation


At 1 August 2023
66,468
968,509
90,403
6,357
15,644
1,147,381


Charge for the period on owned assets
2,901
35,692
31,511
106
1,443
71,653



At 27 June 2024

69,369
1,004,201
121,914
6,463
17,087
1,219,034



Net book value



At 27 June 2024
18,197
152,796
72,659
2,019
7,206
252,877



At 31 July 2023
21,098
128,604
104,170
-
1,693
255,565

Page 7
 
FIFE AUTO CENTRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 JUNE 2024

6.


Debtors

27 June
31 July
2024
2023
£
£


Trade debtors
119,020
146,484

Prepayments and accrued income
39,296
33,140

158,316
179,624



7.


Creditors: Amounts falling due within one year

27 June
31 July
2024
2023
£
£

Bank loans
30,000
30,000

Trade creditors
601,331
638,923

Other taxation and social security
322,848
322,032

Obligations under finance lease and hire purchase contracts
37,138
43,004

Other creditors
14,402
23,097

Accruals and deferred income
159,017
13,645

1,164,736
1,070,701


Bank loans are secured.
Hire purchase liabilities are secured over the assets to which they relate.


8.


Creditors: Amounts falling due after more than one year

27 June
31 July
2024
2023
£
£

Bank loans
35,000
60,000

Net obligations under finance leases and hire purchase contracts
14,348
46,647

49,348
106,647


Bank loans are secured.
Hire purchase liabilities are secured over the assets to which they relate.

Page 8

 
FIFE AUTO CENTRE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 JUNE 2024

9.


Share capital

27 June
31 July
2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000
0 (2023 - 100) B shares of £1.00 each
-
100
0 (2023 - 100) C shares of £1.00 each
-
100
0 (2023 - 100) D shares of £1.00 each
-
100
0 (2023 - 100) E shares of £1.00 each
-
100
0 (2023 - 100) F shares of £1.00 each
-
100
0 (2023 - 100) G shares of £1.00 each
-
100
0 (2023 - 100) H shares of £1.00 each
-
100
0 (2023 - 100) I shares of £1.00 each
-
100
0 (2023 - 70,000) Non redeemable preference shares of £1.00 each
-
70,000

1,000

71,800

On 28 September 2023, 20,000 non-redeemable preference shares were bought back and cancelled.
On 26 June 2024, 100 Ordinary B Shares, 100 Ordinary C Shares, 100 Ordinary D Shares, 100 Ordinary E Shares, 100 Ordinary F Shares, 100 Ordinary G Shares, 100 Ordinary H Shares, 100 Ordinary I Shares and 50,000 non-redeemable preference shares were bought back and cancelled. 



10.


Commitments under operating leases

At 27 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

27 June
31 July
2024
2023
£
£


Not later than 1 year
166,917
213,113

Later than 1 year and not later than 5 years
491,466
556,419

Later than 5 years
51,333
133,271

709,716
902,803


11.


Controlling party

On 27 June 2024, the Company became a wholly owned subsidiary of R & R C Bond Wholesale (Scotland) Ltd, a Company registered in Scotland.
The ultimate controlling party is R & R C Bond (Holdings) Limited, a Company registered in England. 


Page 9