ACCOUNTS - Final Accounts

Creditors: Amounts falling due within one year

As restated

Registered number: SC217093

BUSINESS GATEWAY FIFE

(A company limited by guarantee)

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

BUSINESS GATEWAY FIFE

(A company limited by guarantee)

COMPANY INFORMATION

Directors	Ms L E Bray
	Mr A S A Craik
	Mr G J Mole (resigned 14 June 2024)
	Mrs S C Fernando
	Mr D J Archer
	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 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

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 2006. They 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

2024/25 has been a year of continued progress and adaptation for Business Gateway Fife, working in close partnership with Fife Council’s Economic Development Team to support businesses across the region. The service has remained focused on helping businesses start, sustain, and grow, with a strong emphasis on resilience, innovation, and inclusive economic development.
Over the period from April 2024 to March 2025, the team delivered a range of targeted support interventions, including the Business Efficiency Grant Scheme. In addition, the Fife Investment Fund continued to offer repayable investments to small and medium-sized enterprises, complementing the core Business Gateway advisory services.
The team maintained a flexible and responsive approach, offering tailored one-to-one advice, digital tools, and a blend of online and in-person workshops. This hybrid delivery model ensured accessibility and continuity of service, particularly for rural and disadvantaged communities.
Strategic alignment with Fife’s Economic Strategy 2023–2030 remained a priority, with a focus on key sectors and place-based regeneration. Business Gateway Fife played a central role in delivering the UK Shared Prosperity Fund (UKSPF) programmes, continuous of the programme in some form appears positive and we are striving to ensure we review additionality to the services moving forward.
Looking ahead, the service recognises the need to further enhance staff skills and training, particularly in areas such as advanced digital manufacturing, trading platforms, supply chain resilience, low carbon solutions, and financial modelling. These capabilities are essential to meet evolving business needs and to support the region’s transition to a greener and more digitally enabled economy.
In summary, 2024/25 was a successful year for Business Gateway Fife, marked by strong performance, innovation in service delivery, and a continued commitment to supporting Fife’s business community with agility and ambition.

Page 1

BUSINESS GATEWAY FIFE

(A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

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 A S A Craik

Mr G J Mole (resigned 14 June 2024)

Mrs S C Fernando

Mr D J Archer

Mr P C Vaughan (appointed 26 June 2024)

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 auditors, Sumer Auditco Limited, will 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 2025 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 2025, 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 policies. The 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 2025 and of its profit 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 Report. Our 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 2006. Our 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 2025

Page 6

BUSINESS GATEWAY FIFE

(A company limited by guarantee)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
	£	£


Turnover	1,203,646	1,120,300
Cost of sales	(447,509)	(425,404)
Gross profit	756,137	694,896
Administrative expenses	(733,594)	(708,383)
Other operating income	3,500	-
Operating profit/(loss)	26,043	(13,487)
Interest receivable and similar income	9,240	7,789
Other finance income	77,000	54,000
Profit before tax	112,283	48,302
Tax on profit	(1,756)	(1,480)
Profit for the financial year	110,527	46,822

Other comprehensive income:
Items that will not be reclassified to profit or loss:
Actuarial (loss)/gain on defined benefit schemes	(34,000)	109,000
Pension surplus movement not recognised	(365,000)	(42,000)
Changes in actuarial assumptions	337,000	(104,000)
	(62,000)	(37,000)
Total comprehensive income for the year	48,527	9,822

There were no recognised gains and losses for 2025 or 2024 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 2025

				As restated
		2025		2024
		£		£

Fixed assets
Intangible assets	4		3,476		4,546
Tangible fixed assets			92,493		130,534
			95,969		135,080
Current assets
Debtors: amounts falling due within one year	6	197,938		106,826
Bank and cash balances		1,259,969		1,207,379
		1,457,907		1,314,205
Creditors: amounts falling due within one year	7	(889,694)		(799,172)
Net current assets			568,213		515,033
Total assets less current liabilities			664,182		650,113
Creditors: amounts falling due after more than one year	8		(64,122)		(98,580)

Net assets			600,060		551,533

Capital and reserves
Profit and loss account	600,060	551,533

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 by:

Ms L E Bray

Director

Date: 21 August 2025

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 2025

	Profit and loss account	Total equity
	£	£
At 1 April 2023	541,711	541,711
Comprehensive income for the year
Profit for the year	46,822	46,822
Actuarial losses on pension scheme	(37,000)	(37,000)
Total comprehensive income for the year	9,822	9,822

At 1 April 2024	551,533	551,533
Comprehensive income for the year
Profit for the year	110,527	110,527
Actuarial losses on pension scheme	(62,000)	(62,000)
Total comprehensive income for the year	48,527	48,527
At 31 March 2025	600,060	600,060

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 2025

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 Statement of Comprehensive income 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 2025

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 2025

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

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 2025

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.

Employees

The average monthly number of employees, including directors, during the year was 13 (2024 - 13).

4.	Intangible assets

		Website
		£
	Cost
	At 1 April 2024	5,350
	At 31 March 2025	5,350
	Amortisation
	At 1 April 2024	804
	Charge for the year on owned assets	1,070
	At 31 March 2025	1,874
	Net book value
	At 31 March 2025	3,476
	At 31 March 2024	4,546

Page 13

BUSINESS GATEWAY FIFE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

5.	Tangible fixed assets

	Property improve-ments	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 April 2024	534,594	6,128	76,013	616,735
Additions	-	466	4,309	4,775
At 31 March 2025	534,594	6,594	80,322	621,510
Depreciation
At 1 April 2024	414,075	6,128	65,998	486,201
Charge for the year on owned assets	40,149	68	2,599	42,816
At 31 March 2025	454,224	6,196	68,597	529,017
Net book value
At 31 March 2025	80,370	398	11,725	92,493
At 31 March 2024	120,519	-	10,015	130,534

Debtors

					2025	2024
					£	£


Other debtors	172,226	10,752
Prepayments and accrued income	25,712	96,074
	197,938	106,826

Trade creditors	19,452	54,648
Other taxation and social security	56,123	45,090
Other creditors	674,504	590,777
Accruals and deferred income	139,615	108,657
	889,694	799,172

Page 14

BUSINESS GATEWAY FIFE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

8.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

	Government grants received	64,122	98,580

The government grant above is net of cumulative amortisation of £43,098 (2024 - £8,640) for the year ended 31 March 2025.


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.

10.	Prior year adjustment

Other creditors in the prior year has been increased by £153,607 with a corresponding reduction of £153,607 in accruals, to give consistent disclosure of respective balances within other creditors and accruals.

Page 15

BUSINESS GATEWAY FIFE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.	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:
	2025	2024
	£	£

Reconciliation of present value of plan liabilities
At the beginning of the year	2,767,000	2,640,000
Current service cost	15,000	17,000
Contributions	4,000	4,000
Benefits paid	(142,000)	(144,000)
Other finance cost/(income)	(337,000)	127,000
Interest cost on pension scheme assets	130,000	123,000
At the end of the year	2,437,000	2,767,000

Composition of plan liabilities:
	2025	2024
	£	£

	Present value of scheme liabilities	2,437,000	2,767,000
	Total plan liabilities	2,437,000	2,767,000

					2025	2024
					£	£

Fair value of plan assets	2,437,000	2,767,000
Present value of plan liabilities	(2,437,000)	(2,767,000)
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 2025

11.Pension commitments (continued)

The amounts recognised in profit or loss are as follows:
	2025	2024
	£	£

Current service cost	66,000	83,000
Interest cost on pension scheme assets	194,000	183,000
Interest income on pension scheme assets	(194,000)	(183,000)
Total	66,000	83,000

Reconciliation of fair value of plan assets were as follows:
	2025	2024
	£	£

Opening fair value of scheme assets	(2,767,000)	(2,640,000)
Interest income on plan assets	(194,000)	(183,000)
Contributions by employer	(13,000)	(16,000)
Contributions by scheme participants	(4,000)	(4,000)
Actuarial losses	34,000	(110,000)
Benefits paid	142,000	144,000
Opening derecognition of surplus	(1,334,000)	(1,292,000)
Closing derecognition of surplus	1,699,000	1,334,000
	(2,437,000)	(2,767,000)

Page 17

BUSINESS GATEWAY FIFE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.	Pension scheme asset/liability
	The principal financial assumptions as at the balance sheet date were:
		2025	2024
		%	%

Pension increase rate	2.80	2.80
Salary increase rate	3.30	3.30
Discount rate	5.80	4.80

The pension scheme derecognised asset of £1,699,000 (2024 - £1,334,000) represents the difference between the fair value of the employer assets less the present value of funded liabilities at 31 March 2025 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 2025 and The Results Schedule, copies of which can be obtained from the company secretary.

Not later than 1 year	27,459	24,980
Later than 1 year and not later than 5 years	58,132	85,592
	85,591	110,572

Page 18