Company registration number SC195315 (Scotland)
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,182
596
Investment property
4
-
0
95,104
1,182
95,700
Current assets
Debtors
5
33,987
44,275
Cash at bank and in hand
159,541
48,388
193,528
92,663
Creditors: amounts falling due within one year
6
(117,787)
(109,290)
Net current assets/(liabilities)
75,741
(16,627)
Total assets less current liabilities
76,923
79,073
Creditors: amounts falling due after more than one year
7
-
0
(2,877)
Net assets
76,923
76,196
Reserves
Income and expenditure account
76,923
76,196
Total members' funds
76,923
76,196
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 18 June 2026 and are signed on its behalf by:
Mr S Percy-Robb
Director
Company registration number SC195315 (Scotland)
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Fife Chamber of Commerce & Enterprise Limited is a private company limited by guarantee incorporated in Scotland. The registered office is Office 46 Flexspace, John Smith Business Park, 1 Begg Road, Kirkcaldy, KY2 6HD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered a period of 12 months from the date of approval of the financial statements. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Income and expenditure

Income is recognised when the company has entitlement, any performance conditions attached to the income have been met, it is probable the income will be received and the amount can be measured reliably.

As such, membership income is recognised in the financial statements only so far as to cover the period from the membership commencing until the year end. Membership income received relating to periods after the year end is recognised as a liability.

Sponsorship income, event income and training income are recognised in the financial statements when the events or training have taken place. Any such income received relating to events or training due to take place after the year end is recognised as a liability.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income where the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure relates to costs incurred in the delivery of its activities and services to members.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets include investment properties valued by the directors annually on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% Straight Line
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Legal Status
The company is limited by guarantee. The liability of each member of the company, in the event of its winding up, is limited to £1.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
7
7
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2025
5,789
Additions
1,339
At 31 December 2025
7,128
Depreciation and impairment
At 1 January 2025
5,193
Depreciation charged in the year
753
At 31 December 2025
5,946
Carrying amount
At 31 December 2025
1,182
At 31 December 2024
596
4
Investment property
2025
£
Fair value
At 1 January 2025
120,000
Disposals
(120,000)
Revaluations
(24,896)
Elimination of revaluation
24,896
At 31 December 2025
-
0

The investment property was sold on 7 January 2025, it was revalued in the prior year inline with the sales proceeds.

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
28,116
36,426
Other debtors
5,871
7,849
33,987
44,275
FIFE CHAMBER OF COMMERCE & ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
3,160
4,409
Trade creditors
12,977
9,285
Taxation and social security
10,355
9,970
Other creditors
91,295
85,626
117,787
109,290
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
-
0
2,877
8
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
756
722

On 5 February 2026 a new operating lease was signed commencing 1 February 2026 for a period of one year. The financial commitment of this lease is £9,350 per annum.

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