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Financial Statements For The Year Ended 30 November 2021 |
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Fyfe Chambers (First Floor) Limited |
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Financial Statements For The Year Ended 30 November 2021 |
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for |
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Fyfe Chambers (First Floor) Limited |
Fyfe Chambers (First Floor) Limited (Registered number: SC190449) |
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Contents of the Financial Statements |
For The Year Ended 30 November 2021 |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Fyfe Chambers (First Floor) Limited |
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Company Information |
For The Year Ended 30 November 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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INDEPENDENT AUDITORS : |
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Chartered Accountants & Statutory Auditors |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
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SOLICITORS: |
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The Ca'd'oro |
45 Gordon Street |
Glasgow |
G1 3PE |
Fyfe Chambers (First Floor) Limited (Registered number: SC190449) |
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Abridged Statement of Financial Position |
30 November 2021 |
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2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 5 |
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Revaluation reserve | 6 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Fyfe Chambers (First Floor) Limited (Registered number: SC190449) |
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Notes to the Financial Statements |
For The Year Ended 30 November 2021 |
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1. | STATUTORY INFORMATION |
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Fyfe Chambers (First Floor) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Tangible fixed assets |
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Land and buildings | - |
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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. |
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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. |
Fyfe Chambers (First Floor) Limited (Registered number: SC190449) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 November 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Fyfe Chambers (First Floor) Limited (Registered number: SC190449) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 November 2021 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 December 2020 |
and 30 November 2021 |
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NET BOOK VALUE |
At 30 November 2021 |
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At 30 November 2020 |
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Land and buildings with a carrying amount of £690,000 were revalued at 25th March 2016 by Lapsley McManus, Property Consultants, Independent valuers not connected with the company on the basis of market value. The valuation confirms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. |
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The transitional provision in FRS 102.35.10 has been adopted resulting in the valuation above being used as the deemed cost for this year and going forward. |
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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. |
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5. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 351,312 | 351,312 |
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6. | RESERVES |
Revaluation |
reserve |
£ |
At 1 December 2020 |
and 30 November 2021 |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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8. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent is Scottish Engineering, an Employers Association whose principal place of business is 105 West George Street, Glasgow, G2 1QL. |