2022-04-012023-03-312023-03-31falseSC591227JA FIFE 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JA FIFE LTD

Registered Number
SC591227
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2023

JA FIFE LTD
Company Information
for the year from 1 April 2022 to 31 March 2023

Director

ATWAL, Jasvinder Singh

Registered Address

First Floor
108 George Street
Edinburgh
EH2 4LH

Registered Number

SC591227 (Scotland)
JA FIFE LTD
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets6427,177491,359
Tangible assets7100,630119,930
Investments8201201
528,008611,490
Current assets
Stocks117,1628,009
Debtors1259,69868,254
Cash at bank and on hand46,61163,489
113,471139,752
Creditors amounts falling due within one year13(682,530)(741,891)
Net current assets (liabilities)(569,059)(602,139)
Total assets less current liabilities(41,051)9,351
Creditors amounts falling due after one year14(27,127)(31,667)
Provisions for liabilities15(5,700)(18,045)
Net assets(73,878)(40,361)
Capital and reserves
Called up share capital100100
Profit and loss account(73,978)(40,461)
Shareholders' funds(73,878)(40,361)
The financial statements were approved and authorised for issue by the Director on 15 January 2024, and are signed on its behalf by:
ATWAL, Jasvinder Singh
Director
Registered Company No. SC591227
JA FIFE LTD
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Fixtures and fittings25-
Intangible assets policy
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortization and any accumulated impairment losses. Goodwill is amortised at 10% on straight line basis. Patents and licenses are being amortized evenly over their estimated useful life of 10 years.
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leases policy
Rentals payable under operating lease, including any lease incentive received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative time pattern in which economic benefits from the lease asset are consumed.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Valuation of financial instruments policy
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. 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.
Going concern
The financial statements have been prepared on a going concern basis even though at the balance sheet date the company's net liabilities exceeded its net assets by £73,878 (2022: £40,361). The director considers the going concern basis to be appropriate because in his opinion, the company will obtain sufficient funding from its shareholders to enable it to pay its debts as they fall due.
5.Employee information

20232022
Average number of employees during the year11
6.Intangible assets

Goodwill

Other

Total

£££
Cost or valuation
At 01 April 22627,23014,592641,822
At 31 March 23627,23014,592641,822
Amortisation and impairment
At 01 April 22145,8324,631150,463
Charge for year62,7221,46064,182
At 31 March 23208,5546,091214,645
Net book value
At 31 March 23418,6768,501427,177
At 31 March 22481,3989,961491,359
7.Property, plant and equipment

Land & buildings

Fixtures & fittings

Total

£££
Cost or valuation
At 01 April 22137,91250,883188,795
At 31 March 23137,91250,883188,795
Depreciation and impairment
At 01 April 2240,01728,84868,865
Charge for year13,7915,50919,300
At 31 March 2353,80834,35788,165
Net book value
At 31 March 2384,10416,526100,630
At 31 March 2297,89522,035119,930
8.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 22201201
At 31 March 23201201
Net book value
At 31 March 23201201
At 31 March 22201201

Notes

1Investments in group undertakings and participating interests
9.Description of financial commitments other than capital commitments
LEASING AGREEMENTS: Minimum lease payments under non-cancellable operating leases fall due as follows: Due within one year: £85,400 (2022: £85,400)
10.Description of nature of transactions and balances with related parties
Included in debtors falling due within one year are due from companies connected to the director. Jedco Ltd £2,000 (2022: £2,000); HA Aberdeen Ltd £4,500 (2022: £4,500); HWS Edinburgh Ltd £17,000 (2022: £17,000); JD Aberdeen Ltd £0 (2022: £1,400). Hadplaid Ltd acts as management company for JA Fife Ltd. The management charges amounting to £497,727 (2022: £395,157) recorded in accounts are paid to Hadplaid Ltd. Included in creditors falling due within one year is due to companies connected to the director. Hadplaid Ltd £166,397 (2022: £170,876); HA Fife Ltd £3,500 (2022: £3,500). Included in other creditors due within 12 months are the amount due to the close relatives of the director £465,000 (2021: £490,000) Included in Trade creditors are the amount of £1,077 (2022: £3,234) due to H&N Developments LLP, where the partners are close relative of the director.
11.Stocks

2023

2022

££
Raw materials and consumables7,1628,009
Total7,1628,009
12.Debtors

2023

2022

££
Other debtors43,95458,947
Prepayments and accrued income15,7449,307
Total59,69868,254
13.Creditors within one year

2023

2022

££
Trade creditors / trade payables155,85266,441
Bank borrowings and overdrafts10,00010,000
Other creditors486,268639,577
Accrued liabilities and deferred income30,41025,873
Total682,530741,891
14.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts27,12731,667
Total27,12731,667
Included within creditors falling due within one year and creditors falling due after more than one year is £37,126(2022: £41,667) in respect of a bank loan which is guaranteed by the government under Coronavirus Business Interruption Loan Scheme. The loan is repayable by April 2026 and interest is charged at 3.99% above base rate per annum on this loan.
15.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)5,70018,045
Total5,70018,045