REGISTERED NUMBER: SC251673 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

FOR

FIFTH GEAR LIMITED

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

4

FIXED ASSETS

Tangible assets

4

1,252,545

1,049,002

Investment property

5

215,000

215,000

1,467,545

1,264,002

CURRENT ASSETS

Stocks

299,170

304,172

Cash at bank

31,479

6,381

330,649

310,553

CREDITORS

Amounts falling due within one year

1,377,794

1,549,341

NET CURRENT LIABILITIES

(1,047,145

)

(1,238,788

)

TOTAL ASSETS LESS CURRENT LIABILITIES

420,400

25,214

CREDITORS

Amounts falling due after more than one year

(173,859

)

(105,452

)

PROVISIONS FOR LIABILITIES

(166,611

)

(166,611

)

NET ASSETS/(LIABILITIES)

79,930

(246,849

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

79,928

(246,851

)

SHAREHOLDERS' FUNDS

79,930

(246,849

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 April 2026 and were signed by:

P M Parker - Director

1.	STATUTORY INFORMATION

Fifth Gear Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number:

SC251673

Registered office:

20B Blairhill Street

Coatbridge

Glasgow

ML5 1PG

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition

Turnover represents net invoiced sales of goods and services, excluding VAT. Revenue is recognised when goods and services are provided to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only has basic financial assets and 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2024 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2024

1,884,079

Additions

496,997

Disposals

(349,252

)

At 30 June 2025

2,031,824

DEPRECIATION

At 1 July 2024

835,077

Charge for year

139,579

Eliminated on disposal

(195,377

)

At 30 June 2025

779,279

NET BOOK VALUE

At 30 June 2025

1,252,545

At 30 June 2024

1,049,002

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2024

and 30 June 2025

215,000

NET BOOK VALUE

At 30 June 2025

215,000

At 30 June 2024

215,000

6.	SECURED DEBTS

The Royal Bank of Scotland hold a standard security over the property held at 30 Stirling Road, Airdrie in relation to a bank overdraft.

7.	ULTIMATE CONTROLLING PARTY

The Director owns and controls the company.