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Company No: SC631121 (Scotland)

# EAST FIFE HOLIDAY HOMES LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH THE REGISTRAR

EAST FIFE HOLIDAY HOMES LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

Contents

EAST FIFE HOLIDAY HOMES LIMITED

## BALANCE SHEET

AS AT 31 MARCH 2025
EAST FIFE HOLIDAY HOMES LIMITED

## BALANCE SHEET (continued)

AS AT 31 MARCH 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 3 | 240,818 |  | 270,541
Tangible assets | 4 | 9,696 |  | 10,284
|  | 250,514 |  | 280,825
Current assets |  |  |  |
Stocks |  | 703 |  | 742
Debtors | 5 | 101,028 |  | 108,863
Cash at bank and in hand |  | 201,577 |  | 234,193
|  | 303,308 |  | 343,798
Creditors: amounts falling due within one year | 6 | ( 145,272) |  | ( 154,200)
Net current assets |  | 158,036 |  | 189,598
Total assets less current liabilities |  | 408,550 |  | 470,423
Net assets |  | 408,550 |  | 470,423
Capital and reserves |  |  |  |
Called-up share capital | 7 | 100 |  | 100
Capital contribution reserve |  | 489,100 |  | 489,100
Profit and loss account |  | ( 80,650 ) |  | ( 18,777 )
Total shareholders' funds |  | 408,550 |  | 470,423

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of East Fife Holiday Homes Limited (registered number: SC631121) were approved and authorised for issue by the Board of Directors on 25 November 2025. They were signed on its behalf by:

S Pender Director |  | D C Weir Director

EAST FIFE HOLIDAY HOMES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
EAST FIFE HOLIDAY HOMES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

East Fife Holiday Homes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 3rd Floor, Red Tree Magenta Glasgow Road, Rutherglen, Glasgow, G73 1UZ, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Turnover is recognised at the fair value of commission receivable in the normal course of the management of short term holiday accommodation, and is shown net of VAT and other sales related taxes.
Turnover is recognised at the point at which the company has fulfilled it contractual obligations to the customer.

##### Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required as part of the cost of stock or fixed asset.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

##### Intangible assets

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Goodwill | 10 years straight line
Computer software | 3 years straight line

###### Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

##### Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery | 5 years straight line
Vehicles | 4 years straight line
Fixtures and fittings | 6.67 years straight line
Office equipment | 3 - 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less,.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, not including directors | 7 |  | 7

#### 3. Intangible assets

| Goodwill |  | Computer software |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 April 2024 | 489,100 |  | 0 |  | 489,100
Additions | 0 |  | 23,219 |  | 23,219
At 31 March 2025 | 489,100 |  | 23,219 |  | 512,319
Accumulated amortisation |  |  |  |  |
At 01 April 2024 | 218,559 |  | 0 |  | 218,559
Charge for the financial year | 48,910 |  | 4,032 |  | 52,942
At 31 March 2025 | 267,469 |  | 4,032 |  | 271,501
Net book value |  |  |  |  |
At 31 March 2025 | 221,631 |  | 19,187 |  | 240,818
At 31 March 2024 | 270,541 |  | 0 |  | 270,541

#### 4. Tangible assets

| Plant and machinery |  | Vehicles |  | Fixtures and fittings |  | Office equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 April 2024 | 0 |  | 8,511 |  | 6,993 |  | 36,542 |  | 52,046
Additions | 4,560 |  | 0 |  | 0 |  | 2,926 |  | 7,486
Disposals | 0 |  | ( 1,000) |  | 0 |  | ( 741) |  | ( 1,741)
At 31 March 2025 | 4,560 |  | 7,511 |  | 6,993 |  | 38,727 |  | 57,791
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 April 2024 | 0 |  | 8,511 |  | 3,635 |  | 29,616 |  | 41,762
Charge for the financial year | 456 |  | 0 |  | 1,048 |  | 6,370 |  | 7,874
Disposals | 0 |  | ( 1,000) |  | 0 |  | ( 541) |  | ( 1,541)
At 31 March 2025 | 456 |  | 7,511 |  | 4,683 |  | 35,445 |  | 48,095
Net book value |  |  |  |  |  |  |  |  |
At 31 March 2025 | 4,104 |  | 0 |  | 2,310 |  | 3,282 |  | 9,696
At 31 March 2024 | 0 |  | 0 |  | 3,358 |  | 6,926 |  | 10,284

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 48,851 |  | 69,754
Corporation tax | 12,705 |  | 0
Other debtors | 39,472 |  | 39,109
| 101,028 |  | 108,863

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 6,294 |  | 7,714
Taxation and social security | 12,246 |  | 13,063
Other creditors | 126,732 |  | 133,423
| 145,272 |  | 154,200

#### 7. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100 Ordinary shares of £ 1.00 each | 100 |  | 100

#### 8. Financial commitments

Commitments

| 2025 |  | 2024
| £ |  | £
Total future minimum lease payments under non-cancellable operating leases | 38,850 |  | 52,256

#### 9. Related party transactions

Last year there was a transfer of ownership from Strathspey Capital Limited to The Pender Family Investment Company (Scotland) Limited and The Weir Family Investment Company Limited.
Included within other debtors is a loan to the former parent company, Strathspey Capital Limited of £35,000. There was no movement in the year, and the balance remains due in full at 31 March 2025.

#### 10. Events after the Balance Sheet date

Subsequent to the reporting date of 31 March 2025, on 31 October 2025 the company sold its trade and assets. This event is considered a non adjusting post balance sheet event and as such, no adjustment has been made to the financial statements at 31 March 2025. However the sale will have a material impact on the company in the next financial period, and the potential financial impact effects are expected to include a gain on disposal. Further details regarding the transaction and its financial impact will be disclosed in the financial statements to 31 March 2026.