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HA FIFE LTD

Registered Number
SC591392
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2024

HA FIFE LTD
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

ATWAL, Harjinder Singh

Registered Address

First Floor
108 George Street
Edinburgh
EH2 4LH

Registered Number

SC591392 (Scotland)
HA FIFE LTD
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3375,374446,366
Tangible assets432,65431,838
Investments5101101
408,129478,305
Current assets
Stocks67,7347,562
Debtors7117,04590,025
Cash at bank and on hand87,35144,006
212,130141,593
Creditors amounts falling due within one year8(627,194)(672,393)
Net current assets (liabilities)(415,064)(530,800)
Total assets less current liabilities(6,935)(52,495)
Creditors amounts falling due after one year9(35,010)(32,879)
Net assets(41,945)(85,374)
Capital and reserves
Called up share capital100100
Profit and loss account(42,045)(85,474)
Shareholders' funds(41,945)(85,374)
The financial statements were approved and authorised for issue by the Director on 11 March 2025, and are signed on its behalf by:
ATWAL, Harjinder Singh
Director
Registered Company No. SC591392
HA FIFE LTD
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
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.
Basis of preparation
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
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 £41,945 (2023: £85,375 ). 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.
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.
Current taxation
Taxation for the year comprises current and deferred tax. Tax is recognized in the Income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognized at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Patents and licenses are being amortized evenly over their estimated useful life of 10 years. Goodwill is being amortised at 10% on straight line basis.
Tangible fixed assets and depreciation
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
Plant and machinery-10
Fixtures and fittings25-
Investments
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
Finance leases and hire purchase contracts
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.
Stocks and work in progress
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Financial instruments
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.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year11
3.Intangible assets

Goodwill

Other

Total

£££
Cost or valuation
At 01 April 23703,7825,965709,747
At 31 March 24703,7825,965709,747
Amortisation and impairment
At 01 April 23260,5282,853263,381
Charge for year70,39260070,992
At 31 March 24330,9203,453334,373
Net book value
At 31 March 24372,8622,512375,374
At 31 March 23443,2543,112446,366
4.Tangible fixed assets

Land & buildings

Plant & machinery

Office Equipment

Total

££££
Cost or valuation
At 01 April 237,37431,19929,82568,398
Additions-8,255-8,255
At 31 March 247,37439,45429,82576,653
Depreciation and impairment
At 01 April 233,53614,05718,96736,560
Charge for year7372,9883,7147,439
At 31 March 244,27317,04522,68143,999
Net book value
At 31 March 243,10122,4097,14432,654
At 31 March 233,83817,14210,85831,838
The net carrying value of fixed assets includes the following in respect of assets held under finance leases or hire purchase. Fixtures and Fittings: £3,335 (2023: £4,052) Depreciation charged for the year in respect of leased assets £718 (2023: £471)
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 23101101
At 31 March 24101101
Net book value
At 31 March 24101101
At 31 March 23101101

Notes

1Investments in group undertakings and participating interests
6.Stocks

2024

2023

££
Finished goods7,7347,562
Total7,7347,562
7.Debtors: amounts due within one year

2024

2023

££
Other debtors97,00974,668
Prepayments and accrued income20,03615,357
Total117,04590,025
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables92,82485,949
Bank borrowings and overdrafts2,72010,000
Taxation and social security25,31636,261
Finance lease and HP contracts1,641547
Other creditors485,548503,392
Accrued liabilities and deferred income19,14536,244
Total627,194672,393
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts32,54827,988
Other creditors2,4624,891
Total35,01032,879
Included within other creditors falling due within one year and creditors falling due after more than one year is £35,268 (2023: £37,988) in respect of a bank loan which is guaranteed by the government under Coronavirus Business Interruption Loan Scheme.
10.Other commitments
LEASING AGREEMENTS: Minimum lease payments under non-cancellable operating leases fall due as follows: Due within one year: £78,000 (2023: £78,000)
11.Related party transactions
Included in other debtors are the amounts due from the companies related to directors due with in 12 months. NA Aberdeen Ltd £20,000 (2023: £20,000); NA Edinburgh Ltd £21,500 (2023: £22,000); HWS Edinburgh Ltd £15,000 (2023: £15,000); JA Fife Ltd £3,500 (2023: £3,500); PB Edinburgh Ltd £11,000 (2023: Nil); MCA Edinburgh Ltd £3,500 (2023: £3,500) Hadplaid Ltd acts as management company for HA Fife Ltd. The management charges amounting to £492,541 (2023: £436,945) recorded in accounts are paid to Hadplaid Ltd. Included in other creditors due with in 12 months are the amounts owed to companies related to directors. Hadplaid Ltd £70,679 (2023: £14,524); HA Aberdeen Ltd £2,000 (2023: £2,000); Jedco Ltd £9,278 (2023: £9,278) Included in other creditors due within 12 months are the amount due to close relatives of the director J Atwal and N Atwal £398,682(2023: £462,682)