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Registered number: SC102034 CUPAR BEARINGS & TRANSMISSIONS LIMITED FINANCIAL STATEMENTS fOR THE YEAR ENDED 31 DECEMBER 2024
CUPAR BEARINGS & TRANSMISSIONS LIMITED COMPANY INFORMATION
DIRECTORS | M S Maclean
| K A Maclean
| M S Maclean Jnr
COMPANY SECRETARY | M S Maclean
REGISTERED NUMBER | SC102034
REGISTERED OFFICE | CBT Building East Burnside
| Cupar
| Fife
| KY15 4BH
ACCOUNTANTS | EQ Accountants Limited
| Chartered Accountants
| Pentland House
| Saltire Centre
| Glenrothes
| Fife
| KY6 2AH
CUPAR BEARINGS & TRANSMISSIONS LIMITED REGISTERED NUMBER: SC102034 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 4,890 |  | 9,732
|  |  | 4,890 |  | 9,732
Current assets |  |  |  |  |
Stocks |  | 109,653 |  | 105,320 |
Debtors: amounts falling due within one year | 5 | 52,369 |  | 41,023 |
Cash at bank and in hand |  | 193 |  | 170 |
|  | 162,215 |  | 146,513 |
Creditors: amounts falling due within one year | 6 | (125,592) |  | (101,656) |
Net current assets |  |  | 36,623 |  | 44,857
Total assets less current liabilities |  |  | 41,513 |  | 54,589
Creditors: amounts falling due after more than one year | 7 |  | (11,387) |  | (27,897)
Net assets |  |  | 30,126 |  | 26,692
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 6,501 |  | 6,501
Capital redemption reserve |  |  | 7,501 |  | 7,501
Profit and loss account |  |  | 16,124 |  | 12,690
|  |  | 30,126 |  | 26,692
Page 1
CUPAR BEARINGS & TRANSMISSIONS LIMITED REGISTERED NUMBER: SC102034 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 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:
M S Maclean
Director
Date: 19 August 2025
The notes on pages 3 to 8 form part of these financial statements. Page 2
CUPAR BEARINGS & TRANSMISSIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | GENERAL INFORMATION
Cupar Bearings & Transmissions Limited is a private Company, limited shares, incorporated in Scotland with registeration number SC102034. The registered office address is CBT Building East Burnside, Cupar, Fife, KY15 4BH. The financial statements are presented in Sterling, which is the functional currency of the Company, and presented 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 | 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. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 3
CUPAR BEARINGS & TRANSMISSIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.ACCOUNTING POLICIES (CONTINUED)
| 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
CUPAR BEARINGS & TRANSMISSIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 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:
|  |  |  | Land and buildings | - | 4% straight line
|  |  |  | Motor vehicles | - | 25% straight line
|  |  |  | Equipment | - | 15% & 33% 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. 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.
| 2.8 | 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.
3. | EMPLOYEES
| The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
Page 5
CUPAR BEARINGS & TRANSMISSIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | TANGIBLE FIXED ASSETS
|  | Land and buildings | Motor vehicles | Equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2024 | 99,568 | 23,743 | 19,611 | 142,922
| At 31 December 2024 | 99,568 | 23,743 | 19,611 | 142,922
| Depreciation |  |  |  |
| At 1 January 2024 | 90,734 | 23,455 | 19,001 | 133,190
| Charge for the year on owned assets | 3,983 | 288 | 571 | 4,842
| At 31 December 2024 | 94,717 | 23,743 | 19,572 | 138,032
| Net book value |  |  |  |
| At 31 December 2024 | 4,851 | - | 39 | 4,890
| At 31 December 2023 | 8,834 | 288 | 610 | 9,732
5. | DEBTORS
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 52,064 | 30,088
| Other debtors | 81 | 10,924
| Deferred taxation | 224 | 11
|  | 52,369 | 41,023
| Included in "other debtors" is amounts due from Directors' totalling £81 (2023: £6,774), this was fully repaid after the balance sheet date.
Page 6
CUPAR BEARINGS & TRANSMISSIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | CREDITORS: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 10,034 | 12,806
| Bank loans | 10,000 | 10,000
| Other loans | 17,914 | 12,446
| Trade creditors | 53,859 | 29,998
| Other taxation and social security | 23,598 | 23,522
| Obligations under finance lease and hire purchase contracts | 433 | 5,025
| Other creditors | 3,324 | -
| Accruals and deferred income | 6,430 | 7,859
|  | 125,592 | 101,656
| Secured loans Bank loans and overdrafts amounting to £10,034 (2023: £12,806) are secured by way of a standard security over the property of the company and a bond and floating charge. Hire purchase liabilities are secured by the relevant assets.
7. | CREDITORS: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 5,000 | 15,000
| Other loans | 6,054 | 11,930
| Net obligations under finance leases and hire purchase contracts | - | 434
| Government grants received | 333 | 533
|  | 11,387 | 27,897
| Secured loans Hire purchase liabilities are secured by the relevant assets.
Page 7
CUPAR BEARINGS & TRANSMISSIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | SHARE CAPITAL
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 3,897 (2023 - 3,897) Ordinary A shares of £1.00 each | 3,897 | 3,897
|  | 1,300 (2023 - 1,300) Ordinary B shares of £1.00 each | 1,300 | 1,300
|  | 326 (2023 - 326) Ordinary C shares of £1.00 each | 326 | 326
|  | 326 (2023 - 326) Ordinary D shares of £1.00 each | 326 | 326
|  | 326 (2023 - 326) Ordinary E shares of £1.00 each | 326 | 326
|  | 326 (2023 - 326) Ordinary F shares of £1.00 each | 326 | 326
|  |  | 6,501 | 6,501
9. | COMMITMENTS UNDER OPERATING LEASES
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 7,240 | 4,182
| Later than 1 year and not later than 5 years | 28,959 | -
| Later than 5 years | 6,637 | -
|  | 42,836 | 4,182
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