HA FIFE LTD


Director	ATWAL, Harjinder Singh


Registered Address	First Floor
	108 George Street
	Edinburgh
	EH2 4LH


Registered Number	SC591392 (Scotland)

Notes to the Financial Statements
for the year ended 31 March 2025

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.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	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.

	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.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	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.

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.

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 fittings	25	-

	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

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.

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


		2025		2024
	Average number of employees during the year	1		1

3.	Intangible assets

	Goodwill	Other	Total
	£	£	£
Cost or valuation
At 01 April 24	703,782	5,965	709,747
At 31 March 25	703,782	5,965	709,747
Amortisation and impairment
At 01 April 24	330,920	3,453	334,373
Charge for year	70,378	596	70,974
At 31 March 25	401,298	4,049	405,347
Net book value
At 31 March 25	302,484	1,916	304,400
At 31 March 24	372,862	2,512	375,374

4.	Tangible fixed assets

	Land & buildings	Fixtures & fittings	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 April 24	7,374	39,454	29,825	76,653
Additions	-	3,605	-	3,605
At 31 March 25	7,374	43,059	29,825	80,258
Depreciation and impairment
At 01 April 24	4,273	22,681	17,045	43,999
Charge for year	738	5,094	2,982	8,814
At 31 March 25	5,011	27,775	20,027	52,813
Net book value
At 31 March 25	2,363	15,284	9,798	27,445
At 31 March 24	3,101	16,773	12,780	32,654

5.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 April 24	101	101
At 31 March 25	101	101
Net book value
At 31 March 25	101	101
At 31 March 24	101	101

	Notes
	¹Investments in group undertakings and participating interests

6.	Stocks

	2025	2024
	£	£
Finished goods	10,080	7,734
Total	10,080	7,734

7.	Debtors: amounts due within one year

	2025	2024
	£	£
Other debtors	182,493	97,009
Prepayments and accrued income	30,647	20,036
Total	213,140	117,045

8.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	92,824	92,824
Bank borrowings and overdrafts	5,719	2,720
Taxation and social security	31,705	25,316
Finance lease and HP contracts	1,094	1,641
Other creditors	541,340	485,548
Accrued liabilities and deferred income	9,432	19,145
Total	682,114	627,194

9.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	23,830	32,548
Other creditors	1,914	2,462
Total	25,744	35,010


	Included within other creditors falling due within one year and creditors falling due after more than one year is £29,549 (2024: £35,268) in respect of a bank loan which is guaranteed by the government under Coronavirus Business Interruption Loan Scheme.

10.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	3,009		4,103

11.	Other commitments
	LEASING AGREEMENTS: Minimum lease payments under non-cancellable operating leases fall due as follows: Due within one year: £70,192 (2024: £78,000)

12.	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 (2024: £20,000); NA Edinburgh Ltd £17,895 (2024: £21,500); HWS Edinburgh Ltd £45,000 (2024: £15,000); JA Fife Ltd £3,500 (2024: £3,500); PB Edinburgh Ltd £11,000 (2024: £11,000); MCA Edinburgh Ltd £3,500 (2024: £3,500) Included in other creditors due with in 12 months are the amounts owed to companies related to directors. Hadplaid Ltd £165,654 (2024: £70,679); HA Aberdeen Ltd £2,000 (2024: £2,000); Jedco Ltd £Nil (2024: £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 £372,182(2024: £398,682)

12.

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 (2024: £20,000); NA Edinburgh Ltd £17,895 (2024: £21,500); HWS Edinburgh Ltd £45,000 (2024: £15,000); JA Fife Ltd £3,500 (2024: £3,500); PB Edinburgh Ltd £11,000 (2024: £11,000); MCA Edinburgh Ltd £3,500 (2024: £3,500)

Included in other creditors due with in 12 months are the amounts owed to companies related to directors.
Hadplaid Ltd £165,654 (2024: £70,679); HA Aberdeen Ltd £2,000 (2024: £2,000); Jedco Ltd £Nil (2024: £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 £372,182(2024: £398,682)

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		304,400		375,374
Tangible assets	4		27,445		32,654
Investments	5		101		101
			331,946		408,129
Current assets
Stocks	6	10,080		7,734
Debtors	7	213,140		117,045
Cash at bank and on hand		127,819		87,351
		351,039		212,130
Creditors amounts falling due within one year	8	(682,114)		(627,194)
Net current assets (liabilities)			(331,075)		(415,064)
Total assets less current liabilities			871		(6,935)
Creditors amounts falling due after one year	9		(25,744)		(35,010)
Net assets			(24,873)		(41,945)
Capital and reserves
Called up share capital			100		100
Profit and loss account			(24,973)		(42,045)
Shareholders' funds			(24,873)		(41,945)