2023-04-012024-03-312024-03-31falseSC591227JA FIFE 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JA FIFE LTD

Registered Number
SC591227
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2024

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

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 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3362,993427,177
Tangible assets487,713100,630
Investments5201201
450,907528,008
Current assets
Stocks69,0267,162
Debtors768,78959,700
Cash at bank and on hand42,45046,611
120,265113,473
Creditors amounts falling due within one year8(658,318)(682,530)
Net current assets (liabilities)(538,053)(569,057)
Total assets less current liabilities(87,146)(41,049)
Creditors amounts falling due after one year9(32,913)(27,127)
Provisions for liabilities11(19,099)(5,700)
Net assets(139,158)(73,876)
Capital and reserves
Called up share capital100100
Profit and loss account(139,258)(73,976)
Shareholders' funds(139,158)(73,876)
The financial statements were approved and authorised for issue by the Director on 12 March 2025, 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 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 £139,158 (2023: £73,878). 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
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
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.
Intangible assets
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.
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
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
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
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 23627,23014,592641,822
At 31 March 24627,23014,592641,822
Amortisation and impairment
At 01 April 23208,5556,090214,645
Charge for year62,7231,46164,184
At 31 March 24271,2787,551278,829
Net book value
At 31 March 24355,9527,041362,993
At 31 March 23418,6758,502427,177
4.Tangible fixed assets

Land & buildings

Fixtures & fittings

Total

£££
Cost or valuation
At 01 April 23137,91250,883188,795
Additions-6,6746,674
At 31 March 24137,91257,557195,469
Depreciation and impairment
At 01 April 2353,80934,35688,165
Charge for year13,7915,80019,591
At 31 March 2467,60040,156107,756
Net book value
At 31 March 2470,31217,40187,713
At 31 March 2384,10316,527100,630
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 23201201
At 31 March 24201201
Net book value
At 31 March 24201201
At 31 March 23201201

Notes

1Investments in group undertakings and participating interests
6.Stocks

2024

2023

££
Finished goods9,0267,162
Total9,0267,162
7.Debtors: amounts due within one year

2024

2023

££
Other debtors49,30043,956
Prepayments and accrued income19,48915,744
Total68,78959,700
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables120,555155,852
Bank borrowings and overdrafts2,65810,000
Taxation and social security6,785-
Finance lease and HP contracts4,412-
Other creditors493,017486,268
Accrued liabilities and deferred income30,89130,410
Total658,318682,530
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts31,81027,127
Other creditors1,103-
Total32,91327,127
Included within creditors falling due within one year and creditors falling due after more than one year is £34,468(2023: £37,126) 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.
10.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts1,103-
Minimum lease payments under non-cancellable leases fall due as follows: Due within one year: £4,412 (2023: Nil) Due after one year: £1,103 (2023: Nil)
11.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)19,0995,700
Total19,0995,700
12.Other commitments
LEASING AGREEMENTS: Minimum lease payments under non-cancellable operating leases fall due as follows: Due within one year: £85,400 (2023: £85,400)
13.Related party transactions
Included in debtors falling due within one year are due from companies connected to the director. Jedco Ltd £2,000 (2023: £2,000); HA Aberdeen Ltd £4,500 (2023: £4,500); HWS Edinburgh Ltd £17,000 (2023: £17,000); Hadplaid Ltd acts as management company for JA Fife Ltd. The management charges amounting to £437,109 (2023: £408,315) 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 £63,316 (2023: £17,567); HA Fife Ltd £3,500 (2023: £3,500). Included in other creditors due within 12 months are the amount due to the close relatives of the director £426,000 (2023: £465,000)