Acorah Software Products - Accounts Production 16.1.200 false true true 30 June 2023 1 July 2022 false 13 January 2025 1 July 2023 30 June 2024 30 June 2024 SC331707 Mr M McKenna Mrs M McGuire iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC331707 2023-06-30 SC331707 2024-06-30 SC331707 2023-07-01 2024-06-30 SC331707 frs-core:CurrentFinancialInstruments 2024-06-30 SC331707 frs-core:Non-currentFinancialInstruments 2024-06-30 SC331707 frs-core:ComputerEquipment 2024-06-30 SC331707 frs-core:ComputerEquipment 2023-07-01 2024-06-30 SC331707 frs-core:ComputerEquipment 2023-06-30 SC331707 frs-core:FurnitureFittings 2024-06-30 SC331707 frs-core:FurnitureFittings 2023-07-01 2024-06-30 SC331707 frs-core:FurnitureFittings 2023-06-30 SC331707 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-06-30 SC331707 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 SC331707 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-06-30 SC331707 frs-core:PlantMachinery 2024-06-30 SC331707 frs-core:PlantMachinery 2023-07-01 2024-06-30 SC331707 frs-core:PlantMachinery 2023-06-30 SC331707 frs-core:ShareCapital 2024-06-30 SC331707 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 SC331707 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC331707 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 SC331707 frs-bus:SmallEntities 2023-07-01 2024-06-30 SC331707 frs-bus:Audited 2023-07-01 2024-06-30 SC331707 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC331707 frs-bus:Director1 2023-07-01 2024-06-30 SC331707 frs-bus:Director1 2023-06-30 SC331707 frs-bus:Director1 2024-06-30 SC331707 frs-bus:CompanySecretary1 2023-07-01 2024-06-30 SC331707 frs-countries:Scotland 2023-07-01 2024-06-30 SC331707 2022-06-30 SC331707 2023-06-30 SC331707 2022-07-01 2023-06-30 SC331707 frs-core:CurrentFinancialInstruments 2023-06-30 SC331707 frs-core:Non-currentFinancialInstruments 2023-06-30 SC331707 frs-core:ShareCapital 2023-06-30 SC331707 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: SC331707
Fife Seat Limited
Financial Statements
For The Year Ended 30 June 2024
Ascendis Group
Unit 3, Building 2, The Colony Wilmslow
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: SC331707
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 150,773 152,211
150,773 152,211
CURRENT ASSETS
Stocks 5 2,977,889 3,068,687
Debtors 6 750,519 495,152
Cash at bank and in hand 57,651 118,062
3,786,059 3,681,901
Creditors: Amounts Falling Due Within One Year 7 (3,578,505 ) (3,394,234 )
NET CURRENT ASSETS (LIABILITIES) 207,554 287,667
TOTAL ASSETS LESS CURRENT LIABILITIES 358,327 439,878
Creditors: Amounts Falling Due After More Than One Year 8 (52,084 ) (156,246 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (31,285 ) (29,946 )
NET ASSETS 274,958 253,686
CAPITAL AND RESERVES
Called up share capital 10 200,000 200,000
Income Statement 74,958 53,686
SHAREHOLDERS' FUNDS 274,958 253,686
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr M McKenna
Director
13th January 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Fife Seat Limited is a private company, limited by shares, incorporated in Scotland, registered number SC331707 . The registered office, and principal place of business, is Fife Seat Millie Street, Kirkcaldy, KY1 2NL.

The presentational currency of the financial statements is Pound sterling (£).

Amounts in the financial statements are 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 and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The director has not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover from the sale of goods is recognised in the Income Statement, net of discounts and value added tax, when the significant risks and rewards of ownership have been transferred to the buyer. In general this occurs when vehicles or parts have been supplied or when a service has been completed.

Commission income is accounted for on a receivable basis.


2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 10 - 50% straight line
Fixtures & Fittings 10% - 25% straight line
Computer Equipment 20% - 25% straight line
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the Income Statement.
2.5. Leasing and Hire Purchase Contracts
Rentals under operating leases are charged to the Income Statement on a straight line basis over the lease term.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.

Consignment vehicles which due to the significant risks and responsibilities of ownership passing to the company are regarded effectively as being under the control of the company and, in accordance with FRS 102 1A, are included within stocks on the Statement of Financial Position, although legal title has not passed to the company. The corresponding liability is included within trade creditors and is secured directly on these vehicles.

2.7. Financial Instruments
The company only has basic financial instruments, which are recognised at amortised cost.
Debtors
Short term debtors are measured at transaction price less any impairment.
Creditors
Creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured at amortised cost.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in Other Comprehensive Income or directly in Equity, in which case, the current and deferred tax is also recognised in Other Comprehensive Income or directly in Equity respectively.
2.9. Pensions
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 payments obligations.

The contributions are recognised as an expense in the Income Statement 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.
2.10. Borrowing costs
All borrowing costs are recognised in the Income Statement in the year in which they are incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2023: 22)
20 22
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 83,517 200,519 234,373 55,238 573,647
Additions - 33,964 1,169 - 35,133
As at 30 June 2024 83,517 234,483 235,542 55,238 608,780
Depreciation
As at 1 July 2023 72,031 165,657 133,156 50,592 421,436
Provided during the period 1,085 17,518 17,327 641 36,571
As at 30 June 2024 73,116 183,175 150,483 51,233 458,007
Net Book Value
As at 30 June 2024 10,401 51,308 85,059 4,005 150,773
As at 1 July 2023 11,486 34,862 101,217 4,646 152,211
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5. Stocks
2024 2023
£ £
Stock - vehicles 2,883,792 2,978,161
Stock - parts 94,097 90,526
2,977,889 3,068,687
Stock with a value of £2,696,323 (2022: £2,862,946) is secured under the vehicle funding as disclosed in note 9.
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 321,779 171,723
Other debtors 412,740 170,003
Director's loan account 16,000 -
750,519 341,726
Due after more than one year
Other debtors - 153,426
750,519 495,152
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,403,214 1,176,143
Bank loans and overdrafts 104,166 145,833
Corporation tax 5,212 14,443
Other taxes and social security 39,288 92,148
Other creditors 26,625 1,965,667
3,578,505 3,394,234
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 52,084 156,246
There are two bank loans of £250,000 each. These loans are supported by the Coronavirus Business Interruption Loan Scheme and underwritten by the UK Government. The loans had an initial 12 month repayment holiday and interest is payable at 12% & 10.1% respectively over the remaining course of the loans.
9. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Other Creditors 2,696,323 2,862,946
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200,000 200,000
11. Contingent Liabilities
At the reporting date the company had a commitment to repurchase vehicles at the value of £366,315 (2023: £446,628). The company expects the market value of the vehicles to be in excess of the repurchase commitment. 
At the reporting date legal title had not passed to the company and therefore it did not have the risks and responsibilities of ownership.
12. Other Commitments
At the year end the company had future minimum lease payments under non-cancellable operating leases of £540,000 (2023: £158,490).
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to the director:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Mark McKenna - 16,000 - - 16,000
The above loan was unsecured, interest free and repayable on demand.  
The director has provided the company's bankers with a personal guarantee amounting to £100,000.
14. Related Party Transactions
The company is related to the Minerva SIPP of Mr Mark McKenna ("the SIPP"). 
In 2023, the company lent £172,000 to the SIPP, of which £167,100 was outstanding at that year end. The loan was settled in full in July 2023. Interest of £1,196 (2023: £4,247) was charged to the SIPP at a fixed rate of 6%. 
During the year, the company paid rent of £60,000 (2023: £nil) to the SIPP.
Dividends of £nil (2023: £79,850) were paid to the director in the year.
15. Audit Information
The auditor's report on the accounts of Fife Seat Limited for the year ended 30 June 2024 was unqualified.
The auditor's report was signed by Paul Allan Byrne BA (Double Hons) FCA (Senior Statutory Auditor) for and on behalf of Ascendis Audit Limited , Statutory Auditor.
Ascendis Audit Limited
Unit 3 Building 2, The Colony
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
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