Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31No description of principal activity132023-04-01false13truefalsefalse SC217093 2023-04-01 2024-03-31 SC217093 2022-04-01 2023-03-31 SC217093 2024-03-31 SC217093 2023-03-31 SC217093 2022-04-01 SC217093 c:CompanySecretary1 2023-04-01 2024-03-31 SC217093 c:Director1 2023-04-01 2024-03-31 SC217093 c:Director2 2023-04-01 2024-03-31 SC217093 c:Director2 2024-03-31 SC217093 c:Director3 2023-04-01 2024-03-31 SC217093 c:Director4 2023-04-01 2024-03-31 SC217093 c:Director4 2024-03-31 SC217093 c:Director5 2023-04-01 2024-03-31 SC217093 c:Director6 2023-04-01 2024-03-31 SC217093 c:Director6 2024-03-31 SC217093 c:Director7 2023-04-01 2024-03-31 SC217093 c:Director7 2024-03-31 SC217093 c:RegisteredOffice 2023-04-01 2024-03-31 SC217093 c:Agent1 2023-04-01 2024-03-31 SC217093 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 SC217093 d:Buildings d:ShortLeaseholdAssets 2024-03-31 SC217093 d:Buildings d:ShortLeaseholdAssets 2023-03-31 SC217093 d:FurnitureFittings 2023-04-01 2024-03-31 SC217093 d:FurnitureFittings 2024-03-31 SC217093 d:FurnitureFittings 2023-03-31 SC217093 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC217093 d:ComputerEquipment 2023-04-01 2024-03-31 SC217093 d:ComputerEquipment 2024-03-31 SC217093 d:ComputerEquipment 2023-03-31 SC217093 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC217093 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC217093 d:ComputerSoftware 2024-03-31 SC217093 d:ComputerSoftware 2023-03-31 SC217093 d:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 SC217093 d:CurrentFinancialInstruments 2024-03-31 SC217093 d:CurrentFinancialInstruments 2023-03-31 SC217093 d:Non-currentFinancialInstruments 2024-03-31 SC217093 d:Non-currentFinancialInstruments 2023-03-31 SC217093 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 SC217093 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC217093 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 SC217093 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC217093 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 SC217093 d:RetainedEarningsAccumulatedLosses 2024-03-31 SC217093 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 SC217093 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC217093 d:RetainedEarningsAccumulatedLosses 2022-04-01 SC217093 c:FRS102 2023-04-01 2024-03-31 SC217093 c:Audited 2023-04-01 2024-03-31 SC217093 c:FullAccounts 2023-04-01 2024-03-31 SC217093 c:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 SC217093 d:WithinOneYear 2024-03-31 SC217093 d:WithinOneYear 2023-03-31 SC217093 d:BetweenOneFiveYears 2024-03-31 SC217093 d:BetweenOneFiveYears 2023-03-31 SC217093 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 SC217093 d:ComputerSoftware d:OwnedIntangibleAssets 2023-04-01 2024-03-31 SC217093 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: SC217093










BUSINESS GATEWAY FIFE
(A company limited by guarantee)
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
BUSINESS GATEWAY FIFE
 
(A company limited by guarantee)
 

COMPANY INFORMATION


Directors
Ms L E Bray 
Mr M Jones (resigned 29 January 2024)
Mr A S A Craik 
Mr G J Mole (resigned 14 June 2024)
Mrs S C Fernando 
Mr D J Archer (appointed 4 September 2023)
Mr P C Vaughan (appointed 26 June 2024)




Company secretary
Mr G Jarvis



Registered number
SC217093



Registered office
Saltire House
Pentland Park

Glenrothes

Fife

KY6 2AL




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH




Bankers
The Royal Bank of Scotland plc
3 Falkland Gate

Glenrothes

Fife

KY7 5NS





 
BUSINESS GATEWAY FIFE
 
(A company limited by guarantee)
 

CONTENTS



Page
Directors' report
1 - 2
Independent auditors' report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 18


 
BUSINESS GATEWAY FIFE

(A company limited by guarantee)
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the surplus or deficit of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Business review

2023/24 saw Business Gateway Fife working closely with Fife Council Economic Development Team to continue to support businesses across Fife, sustain and thrive. The team have supported a variety of recovery and growth grants to businesses during this period (April 2023 to March 2024), such as Lacer Rates Relief, digital, energy transition and business efficiency. The team remain agile with tailored advisory services to support businesses that request assistance. Training workshops continued to be successfully delivered online but we have returned to delivering a number of face to face events too. Relationships between advisers and businesses is bringing about positive growth resulting in business reviews and action plans being developed. Moving forward we will continue to focus priority on those start ups and existing businesses that are ambitious to increase their productivity and within our economic strategic key sectors.  There is a need to review further enhanced skills and training for all staff, to ensure they keep up to speed with business needs. Particularly around advanced digital manufacturing, trading platforms, supply chain, low carbon solutions and financial remodelling. In summary 2023/24 was a successful year for the team, performing to a high standard and with a culture and mindset that remains responsive to business needs.

Page 1

 
BUSINESS GATEWAY FIFE

(A company limited by guarantee)
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Defined Benefit Pension Scheme

Fife Council has agreed to accept liability for any unfunded costs which may arise with regard to Business Gateway Fife's membership of the Local Government Pension Scheme (the defined benefit pension scheme) should Business Gateway Fife cease to exist, cease to be eligible to participate in the Local Government Pension Scheme or otherwise become unable to continue covering any unfunded liabilities with regard to the Local Government Pension Scheme Regulations. The risk to Business Gateway Fife in relation to unfunded pension costs is therefore significantly reduced.

Directors

The directors who served during the year were:

Ms L E Bray 
Mr M Jones (resigned 29 January 2024)
Mr A S A Craik 
Mr G J Mole (resigned 14 June 2024)
Mrs S C Fernando 
Mr D J Archer (appointed 4 September 2023)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 21 August 2024 and signed on its behalf.
 





................................................
Ms L E Bray
Director

Page 2

 
BUSINESS GATEWAY FIFE

(A company limited by guarantee)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUSINESS GATEWAY FIFE
 

Opinion


We have audited the financial statements of Business Gateway Fife (the 'Company') for the year ended 31 March 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 
BUSINESS GATEWAY FIFE

(A company limited by guarantee)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUSINESS GATEWAY FIFE (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Page 4

 
BUSINESS GATEWAY FIFE

(A company limited by guarantee)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUSINESS GATEWAY FIFE (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 5

 
BUSINESS GATEWAY FIFE

(A company limited by guarantee)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUSINESS GATEWAY FIFE (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Gibson (Senior statutory auditor)
for and on behalf of
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Pentland House
Saltire Centre
Glenrothes
Fife
KY6 2AH

21 August 2024
Page 6

 
BUSINESS GATEWAY FIFE
 
(A company limited by guarantee)
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

  

Turnover
  
1,120,300
1,100,977

Cost of sales
  
(425,404)
(483,425)

Gross profit
  
694,896
617,552

Administrative expenses
  
(774,383)
(657,685)

Operating loss
  
(79,487)
(40,133)

Interest receivable and similar income
  
7,789
2,193

Other finance income
  
60,000
18,000

Loss before tax
  
(11,698)
(19,940)

Tax on loss
  
(1,480)
(398)

Loss for the financial year
  
(13,178)
(20,338)

Other comprehensive income:
  

Items that will not be reclassified to profit or loss:
  

Actuarial gain/(loss) on defined benefit schemes
  
109,000
(236,000)

Pension surplus movement not recognised
  
(42,000)
(635,000)

Changes in actuarial assumptions
  
(44,000)
887,000

  
23,000
16,000

Total comprehensive income for the year
  
9,822
(4,338)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 10 to 18 form part of these financial statements.

Page 7

 
BUSINESS GATEWAY FIFE
 
(A company limited by guarantee)
REGISTERED NUMBER: SC217093

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
£
£

Fixed assets
  

Intangible assets
  
4,546
-

Tangible fixed assets
  
130,534
8,273

  
135,080
8,273

Current assets
  

Debtors: amounts falling due within one year
 6 
106,826
56,744

Bank and cash balances
  
1,207,379
1,240,826

  
1,314,205
1,297,570

Creditors: amounts falling due within one year
 7 
(799,172)
(764,132)

Net current assets
  
 
 
515,033
 
 
533,438

Total assets less current liabilities
  
650,113
541,711

Creditors: amounts falling due after more than one year
 8 
(98,580)
-

  

Net assets
  
551,533
541,711


Capital and reserves
  

Profit and loss account
  
551,533
541,711

  
551,533
541,711


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 August 2024.




................................................
Ms L E Bray
Director

The notes on pages 10 to 18 form part of these financial statements.

Page 8

 
BUSINESS GATEWAY FIFE
 
(A company limited by guarantee)
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Income and expenditure account
Total equity

£
£


At 1 April 2022
546,049
546,049


Comprehensive income for the year

Loss for the year
(20,338)
(20,338)

Actuarial gains on pension scheme
16,000
16,000
Total comprehensive income for the year
(4,338)
(4,338)



At 1 April 2023
541,711
541,711


Comprehensive income for the year

Loss for the year
(13,178)
(13,178)

Actuarial gains on pension scheme
23,000
23,000
Total comprehensive income for the year
9,822
9,822


At 31 March 2024
551,533
551,533


The notes on pages 10 to 18 form part of these financial statements.

Page 9

 
BUSINESS GATEWAY FIFE

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is limited by guarantee and incorporated in Scotland. The registered office address is Saltire House, Pentland Park, Glenrothes, Fife, KY6 2AL.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Income

Income shown in the Income and Expenditure Account represents contributions towards operating
costs from Fife Council, as well as income from third parties relating to services supplied during the
year. During the year, Business Gateway Fife acted as agents, on behalf of Fife Council for the award of grant funding to clients. Income and award of grants is not treated as Income and Expenditure of the Company.
Debtors and creditors include amounts receivable from Fife Council and amounts payable to
grantees, in respect of the grants awarded.

Page 10

 
BUSINESS GATEWAY FIFE

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

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

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 11

 
BUSINESS GATEWAY FIFE

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Website
-
5
years

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Property improvements
-
over the period of the lease
Fixtures and fittings
-
20% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 12

 
BUSINESS GATEWAY FIFE

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 13).


4.


Intangible assets




Website

£



Cost


Additions
5,350



At 31 March 2024

5,350



Amortisation


Charge for the year on owned assets
804



At 31 March 2024

804



Net book value



At 31 March 2024
4,546



At 31 March 2023
-



Page 13

 
BUSINESS GATEWAY FIFE

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Property improve-ments
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
405,894
6,128
66,624
478,646


Additions
128,700
-
9,389
138,089



At 31 March 2024

534,594
6,128
76,013
616,735



Depreciation


At 1 April 2023
401,660
6,034
62,679
470,373


Charge for the year on owned assets
12,415
94
3,319
15,828



At 31 March 2024

414,075
6,128
65,998
486,201



Net book value



At 31 March 2024
120,519
-
10,015
130,534



At 31 March 2023
4,234
94
3,945
8,273


6.


Debtors

2024
2023
£
£


Other debtors
10,752
8,675

Prepayments and accrued income
96,074
48,069

106,826
56,744



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
54,648
36,647

Other taxation and social security
45,090
43,345

Other creditors
437,170
408,031

Accruals and deferred income
262,264
276,109

799,172
764,132


Page 14

 
BUSINESS GATEWAY FIFE

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Government grants received
98,580
-


The government grant above is net of amortisation of £8,640 for the year ended 31 March 2024.



9.


Company status

The Company is a private company limited by guarantee and consequently does not have share capital. In the event of the company winding up any surplus funds would be due to be returned to the original funding body.

Page 15

 
BUSINESS GATEWAY FIFE

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Pension commitments

The fair value of the scheme assets and the expected rate of return, the present value of the scheme liabilities and the resulting (surplus)/deficit are:

The Company operates a Defined benefit pension scheme.





Reconciliation of present value of plan liabilities:


2024
2023
£
£

Reconciliation of present value of plan liabilities


At the beginning of the year
2,640,000
3,510,000

Current service cost
17,000
32,000

Contributions
4,000
4,000

Benefits paid
(144,000)
(130,000)

Other finance cost/(income)
127,000
(869,000)

Interest cost on pension scheme assets
123,000
93,000

At the end of the year
2,767,000
2,640,000


Composition of plan liabilities:


2024
2023
£
£


Present value of scheme liabilities
2,767,000
2,640,000

Total plan liabilities
2,767,000
2,640,000

2024
2023
£
£


Fair value of plan assets
2,767,000
2,640,000

Present value of plan liabilities
(2,767,000)
(2,640,000)

Net pension scheme liability
-
-

Page 16

 
BUSINESS GATEWAY FIFE

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Pension commitments (continued)


The amounts recognised in profit or loss are as follows:

2024
2023
£
£


Current service cost
83,000
34,000

Interest cost on pension scheme assets
123,000
93,000

Interest income on pension scheme assets
(183,000)
(111,000)

Total
23,000
16,000



Reconciliation of fair value of plan assets were as follows:

2024
2023
£
£


Opening fair value of scheme assets
(2,640,000)
(3,510,000)

Interest income on plan assets
(183,000)
(111,000)

Contributions by employer
(16,000)
(16,000)

Contributions by scheme participants
(4,000)
(4,000)

Actuarial losses
(110,000)
236,000

Benefits paid
144,000
130,000

Opening derecognition of surplus
(1,292,000)
(657,000)

Closing derecognition of surplus
1,334,000
1,292,000

(2,767,000)
(2,640,000)











Page 17

 
BUSINESS GATEWAY FIFE

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.

Pension scheme asset/liability

The principal financial assumptions as at the balance sheet date were:

2024
2023
        %
        %
Pension increase rate

2.80

3.00

Salary increase rate

3.30

3.50

Discount rate

4.80

4.75


The pension scheme derecognised asset of £1,334,000 (2023 - £1,292,000) represents the difference between the fair value of the employer assets less the present value of funded liabilities at 31 March 2024 as calculated by the scheme's actuary, Hyman's Robertson LLP. The results including the methods, assumptions, reliances and limitations are detailed in the Actuarial Valuation for FRS 102 purposes at 31 March 2024 and The Results Schedule, copies of which can be obtained from the company secretary.


12.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
24,980
5,207

Later than 1 year and not later than 5 years
85,592
-

110,572
5,207


Page 18