Fife Van Centre Limited 31/10/2024 iXBRL

Company registration number: SC518723

Fife Van Centre Limited

Unaudited filleted abridged financial statements

31 October 2024

Fife Van Centre Limited

Contents

Directors and other information

Accountants report

Abridged statement of financial position

Notes to the financial statements

Fife Van Centre Limited

Directors and other information


	Directors	J R Mackie
		D J Patterson


	Company number	SC518723


	Registered office	Unit 1a Block 8
		Woodend Industrial Estate
		Cowdenbeath
		KY4 8HW


	Accountants	Paterson Boyd & Co
		Chartered Certified Accountants
		18 North Street
		Glenrothes
		Fife
		KY7 5NA

Fife Van Centre Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Fife Van Centre Limited

Year ended 31 October 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 Fife Van Centre Limited for the year ended 31 October 2024 which comprise the abridged 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 Fife Van Centre 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 Fife Van Centre Limited and state those matters that we have agreed to state to the board of directors of Fife Van Centre 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 Fife Van Centre Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Fife Van Centre 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 profit of Fife Van Centre Limited. You consider that Fife Van Centre 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 Fife Van Centre 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

2 September 2025

Fife Van Centre Limited

Abridged statement of financial position

31 October 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	5	213,722		200,995
		_______		_______
			213,722		200,995

Current assets
Stocks		536,828		636,222
Debtors		138,432		59,691
Cash at bank and in hand		42,038		2,547
		_______		_______
		717,298		698,460
Creditors: amounts falling due
within one year		( 563,629)		( 538,915)
		_______		_______
Net current assets			153,669		159,545
			_______		_______
Total assets less current liabilities			367,391		360,540

Creditors: amounts falling due
after more than one year			( 6,559)		( 17,802)

Provisions for liabilities			( 13,005)		( 10,641)

			_______		_______
Net assets			347,827		332,097
			_______		_______

Capital and reserves
Called up share capital			10		10
Profit and loss account			347,817		332,087
			_______		_______
Shareholders funds			347,827		332,097
			_______		_______

For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have 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 abridged statement of comprehensive income has not been delivered.

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 October 2024 in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements were approved by the board of directors and authorised for issue on 02 September 2025 , and are signed on behalf of the board by:

J R Mackie

Director

Company registration number: SC518723

Fife Van Centre Limited

Notes to the financial statements

Year ended 31 October 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 1a Block 8, Woodend Industrial Estate, Cowdenbeath, KY4 8HW.

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:


Property improvements	-	25 %	reducing balance
Plant and machinery	-	25 %	reducing balance
Fittings fixtures and equipment	-	15 %	reducing balance
Motor vehicles	-	25 %	reducing balance
Office equipment	-	20 %	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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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 5 (2023: 4 ).

5. Tangible assets


		£
	Cost
	At 1 November 2023	295,045
	Additions	40,062
	Disposals	( 1,607)
		_______
	At 31 October 2024	333,500
		_______
	Depreciation
	At 1 November 2023	94,050
	Charge for the year	26,735
	Disposals	( 1,007)
		_______
	At 31 October 2024	119,778
		_______
	Carrying amount
	At 31 October 2024	213,722
		_______
	At 31 October 2023	200,995
		_______

6. Related party transactions

Included in "Other creditors" is an amount of £291,333 (2023: £334,969) due to the directors from the company. These loans are interest free and have no fixed terms of repayment.At the balance sheet date Woodend Properties Limited, a company in which J R Mackie and D Patterson are directors was due £100,000 (2023: £100,000l) from the company.At the balance sheet date the company was due £10,000 (2023: £nil) to Fife Van Repair Centre Ltd, a company in which J R Mackie and D Patterson are directors.At the balance sheet date the company was due £178 (2023: £nil) to Fife Motorhome Centre Ltd, a company in which J R Mackie and D Patterson are directors.