Fyfe Chambers (First Floor) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC190449 (Scotland)

Financial Statements For The Year Ended 30 November 2023

for

Fyfe Chambers (First Floor) Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs Rebecca Elizabeth Rigg

Mr Paul Sheerin

REGISTERED OFFICE:

105 West George Street

Glasgow

G2 1QL

REGISTERED NUMBER:

SC190449 (Scotland)

INDEPENDENT AUDITORS:

Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

SOLICITORS:

Harper MacLeod LLP

The Ca'd'oro

45 Gordon Street

Glasgow

G1 3PE

FIXED ASSETS

Tangible assets

4

740,000

TOTAL ASSETS LESS CURRENT
LIABILITIES

740,000

PROVISIONS FOR LIABILITIES

35,590

NET ASSETS

704,410

CAPITAL AND RESERVES

Called up share capital

5

351,312

Revaluation reserve

6

370,646

Retained earnings

(17,548

)

(17,548

)

SHAREHOLDERS' FUNDS

704,410

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 Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2024 and were signed on its behalf by:

Mr Paul Sheerin - Director

Mrs Rebecca Elizabeth Rigg - Director

1.	STATUTORY INFORMATION

Fyfe Chambers (First Floor) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Tangible fixed assets

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

Land and buildings

-

in accordance with the property

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

The directors continue to believe that the property valuation is applicable therefore no depreciation is provided.

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.

Cash at bank and in hand

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.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Basic financial assets

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Equity Instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 December 2022

and 30 November 2023

740,000

NET BOOK VALUE

At 30 November 2023

740,000

At 30 November 2022

740,000

Land and buildings with a carrying amount of £740,000 were revalued at 27th October 2022 by David J Allison FRICS, Director of David Allison & Company and RICS Registered Valuer. The valuation confirms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

Cost or valuation at 30 November 2023 is represented by:

Totals

£

Valuation in 2016

338,688

Valuation in 2022

50,000

Cost

351,312

740,000

If revalued assets had not been revalued they would have been included at the following historical cost:

2023

2022

£

Cost

351,312

Value of land in freehold land and buildings

351,312

The historic cost above was the result of a demerger of Fyfe Chambers (Glasgow) Limited in 1998. The original cost was £7,500 dating back to 1920.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

351,312

Ordinary

£1

351,312

6.

RESERVES

Revaluation

reserve

£

At 1 December 2022

and 30 November 2023

370,646

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Graham Cantlay (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

8.	ULTIMATE CONTROLLING PARTY

The ultimate parent is Scottish Engineering, a company limited by guarantee, whose principal place of business is 105 West George Street, Glasgow, G2 1QL.

Fyfe Chambers (First Floor) Limited - Accounts to registrar (filleted) - small 23.2.5

Fyfe Chambers (First Floor) Limited - Accounts to registrar (filleted) - small 23.2.5