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No description of principal activities is disclosed
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Company registration number:
SC192954
A.F.R. (Dunfermline) Limited
Unaudited filleted financial statements
29 February 2024
A.F.R. (Dunfermline) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
A.F.R. (Dunfermline) Limited
Directors and other information
|
|
|
|
Directors |
Marise Sinclair |
|
|
Ian C Sinclair |
|
|
|
|
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|
|
Secretary |
Marise Sinclair |
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Company number |
SC192954 |
|
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|
|
|
Registered office |
Fordell Industrial Estate |
|
|
Broad Street |
|
|
Cowdenbeath |
|
|
Fife |
|
|
KY4 8HJ |
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|
Accountants |
Paterson Boyd & Co |
|
|
18 North Street |
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Glenrothes |
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Fife |
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KY7 5NA |
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|
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|
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|
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|
|
Bankers |
TSB Bank plc |
|
|
Queens Buildings |
|
|
4 Queensferry Road |
|
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Rosyth |
|
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Fife |
|
|
KY11 2RA |
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|
A.F.R. (Dunfermline) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of A.F.R. (Dunfermline) Limited
Year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A.F.R. (Dunfermline) Limited for the year ended 29 February 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of A.F.R. (Dunfermline) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of A.F.R. (Dunfermline) Limited and state those matters that we have agreed to state to the board of directors of A.F.R. (Dunfermline) Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A.F.R. (Dunfermline) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that A.F.R. (Dunfermline) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of A.F.R. (Dunfermline) Limited. You consider that A.F.R. (Dunfermline) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of A.F.R. (Dunfermline) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
28 March 2025
A.F.R. (Dunfermline) Limited
Statement of financial position
29 February 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
442,157 |
|
|
|
448,338 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
442,157 |
|
|
|
448,338 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
112,300 |
|
|
|
143,468 |
|
|
Cash at bank and in hand |
|
|
71,141 |
|
|
|
19,555 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
183,441 |
|
|
|
163,023 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
151,789) |
|
|
|
(
126,538) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
31,652 |
|
|
|
36,485 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
473,809 |
|
|
|
484,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
8,929) |
|
|
|
(
9,613) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
464,880 |
|
|
|
475,210 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
8 |
|
|
2 |
|
|
|
2 |
Profit and loss account |
|
|
|
|
464,878 |
|
|
|
475,208 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholder funds |
|
|
|
|
464,880 |
|
|
|
475,210 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
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|
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
28 March 2025
, and are signed on behalf of the board by:
Marise Sinclair
Director
Company registration number:
SC192954
A.F.R. (Dunfermline) Limited
Notes to the financial statements
Year ended 29 February 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Fordell Industrial Estate, Broad Street, Cowdenbeath, Fife, KY4 8HJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Freehold and leasehold properties |
- |
2 % |
reducing balance |
|
Plant and machinery |
- |
20 % |
reducing balance |
|
Fittings fixtures and equipment |
- |
20 % |
reducing balance |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2023:
4
).
5.
Tangible assets
|
|
Freehold and leasehold properties |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
£ |
£ |
£ |
£ |
£ |
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 March 2023 |
493,123 |
119,094 |
13,083 |
50,771 |
676,071 |
|
|
|
Additions |
7,430 |
8,375 |
549 |
- |
16,354 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 29 February 2024 |
500,553 |
127,469 |
13,632 |
50,771 |
692,425 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 March 2023 |
95,381 |
82,403 |
8,405 |
41,544 |
227,733 |
|
|
|
Charge for the year |
10,011 |
9,012 |
1,204 |
2,308 |
22,535 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 29 February 2024 |
105,392 |
91,415 |
9,609 |
43,852 |
250,268 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 29 February 2024 |
395,161 |
36,054 |
4,023 |
6,919 |
442,157 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 28 February 2023 |
397,742 |
36,691 |
4,678 |
9,227 |
448,338 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
The fair value of investment property has been assessed by the directors, who considered the movement in the local property market over the last 12 months when arriving at fair value.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
|
|
|
|
|
|
|
|
|
|
Freehold and leasehold properties |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
At 29 February 2024 |
|
|
|
|
|
|
|
|
Aggregate cost |
100,662 |
100,662 |
|
|
|
|
|
|
Aggregate depreciation |
(28,103) |
(28,103) |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
72,559 |
72,559 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 28 February 2023 |
|
|
|
|
|
|
|
|
Aggregate cost |
100,662 |
100,662 |
|
|
|
|
|
|
Aggregate depreciation |
(26,622) |
(26,622) |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
74,040 |
74,040 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
112,300 |
119,096 |
|
Other debtors |
|
- |
24,372 |
|
|
|
_______ |
_______ |
|
|
|
112,300 |
143,468 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade creditors |
|
10,949 |
9,179 |
|
Corporation tax |
|
6,352 |
6,352 |
|
Social security and other taxes |
|
8,158 |
307 |
|
Other creditors |
|
126,330 |
110,700 |
|
|
|
_______ |
_______ |
|
|
|
151,789 |
126,538 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares shares of £
1.00 each |
|
2 |
|
2 |
|
2 |
|
2 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
9.
Related party transactions
Included in "Other creditors" is an amount of £76 (2023: £4,537) due to the director from the company. This loan is interest free and has no fixed terms of repayment.At the balance sheet date the company was due £69,943 (2023: £44,651) to Fife Log & Tree Services Ltd, a company which is under common control.