Silverfin false 31/12/2021 31/12/2021 01/01/2021 B McNeil 17/12/1998 J McNeil 29/08/2021 17/12/1998 29 August 2022 The principal activity of the Company continued to be that of the purchase and development of land. SC191932 2021-12-31 SC191932 bus:Director1 2021-12-31 SC191932 bus:Director2 2021-12-31 SC191932 2020-12-31 SC191932 core:CurrentFinancialInstruments 2021-12-31 SC191932 core:CurrentFinancialInstruments 2020-12-31 SC191932 core:ShareCapital 2021-12-31 SC191932 core:ShareCapital 2020-12-31 SC191932 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC191932 core:RetainedEarningsAccumulatedLosses 2020-12-31 SC191932 bus:OrdinaryShareClass1 2021-12-31 SC191932 2021-01-01 2021-12-31 SC191932 bus:FullAccounts 2021-01-01 2021-12-31 SC191932 bus:SmallEntities 2021-01-01 2021-12-31 SC191932 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 SC191932 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 SC191932 bus:Director1 2021-01-01 2021-12-31 SC191932 bus:Director2 2021-01-01 2021-12-31 SC191932 2020-01-01 2020-12-31 SC191932 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 SC191932 bus:OrdinaryShareClass1 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC191932 (Scotland)

HALLHILL DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH THE REGISTRAR

HALLHILL DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021

Contents

HALLHILL DEVELOPMENTS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2021
HALLHILL DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2021
Note 2021 2020
£ £
Restated - note 2
Current assets
Stocks 1,906,746 1,053,480
Debtors 4 90,813 114,466
Cash at bank and in hand 73,984 171,188
2,071,543 1,339,134
Creditors
Amounts falling due within one year 5 ( 884,492) ( 89,648)
Net current assets 1,187,051 1,249,486
Total assets less current liabilities 1,187,051 1,249,486
Net assets 1,187,051 1,249,486
Capital and reserves
Called-up share capital 6 960,002 960,002
Profit and loss account 227,049 289,484
Total shareholder's funds 1,187,051 1,249,486

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Hallhill Developments Limited (registered number: SC191932) were approved and authorised for issue by the Director on 29 August 2022. They were signed on its behalf by:

B McNeil
Director
HALLHILL DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021
HALLHILL DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021
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

Hallhill Developments 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 C/O Brodies Llp Capital Square, 58 Morrison Street, Edinburgh, EH3 8BP, 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

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. During the year, the company had reduced activity due to the impact of COVID-19 and associated lockdowns on the wider economy. The company had been supported by the director both during and post financial year end, as it looks to continue developments and return to activity following the removal of the government mandated lockdowns.

The director believes, at the point of signing the financial statements, that the company will have sufficient resources to continue trading and they will provide support as and when required.

Prior year error

Other debtors were overstated by £535,632 in previous financial statements as the monies had been used to pay trade creditors of £446,360 which were also overstated in previous financial statements. A corporation tax debtor would have been realised of £16,962 on this, which means the corporation tax debtor had been understated in previous financial statements. Overall, this resulted in the brought forward retained earnings being overstated by £72,311. The prior period financial statements have been restated to capture these adjustments.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of land in the normal course of business, and is shown net of VAT.

Taxation

Current tax
The tax currently payable is based in taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable of deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same authority.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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).

Financial 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost comprises direct materials and costs incurred in bringing the stocks and work in progress to their present location and condition.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Prior year adjustment

It was discovered that during the year ended 31 December 2018, funds previously understood to be held in the company's solicitor's client account had been paid across to a supplier, incurring costs for the company. The amounts have been restated as follows:

As previously reported Adjustment As restated
Year ended 31 December 2020 £ £ £
Debtors - Other Debtors 553,116 (535,632) 17,484
Debtors - Corporation tax 0 16,962 16,962
Creditors - Trade Creditors 507,892 (446,360) 61,532
Retained Earning 361,795 (72,311) 289,484

3. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

4. Debtors

2021 2020
£ £
Trade debtors 268 80,020
Corporation tax 16,962 16,962
Other debtors 73,583 17,484
90,813 114,466

5. Creditors: amounts falling due within one year

2021 2020
£ £
Trade creditors 53,563 61,532
Other creditors 830,929 28,116
884,492 89,648

6. Called-up share capital

2021 2020
£ £
Allotted, called-up and fully-paid
960,002 A ordinary shares of £ 1.00 each 960,002 960,002

7. Related party transactions

Transactions with owners holding a participating interest in the entity

2021 2020
£ £
Amounts owed to director 502,811 0

The balance shown above is interest free and there are no fixed terms of repayment.