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REGISTERED NUMBER: SC273214 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2022

for

Highland Bodyshop Ltd

Highland Bodyshop Ltd (Registered number: SC273214)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Highland Bodyshop Ltd

Company Information
for the Year Ended 31 March 2022







DIRECTOR: P R Cruickshank





REGISTERED OFFICE: 29 Henderson Drive
Inverness
IV1 1TR





REGISTERED NUMBER: SC273214 (Scotland)





ACCOUNTANTS: Stewart & Stewart Ltd
Chartered Accountants
Achorn House
34 Millbank Road
Munlochy
Ross-Shire
IV8 8ND

Highland Bodyshop Ltd (Registered number: SC273214)

Abridged Balance Sheet
31 March 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,576 2,101
Investment property 5 250,000 225,000
251,576 227,101

CURRENT ASSETS
Debtors 5,586 5,457
Cash at bank 1,438 5,748
7,024 11,205
CREDITORS
Amounts falling due within one year 67,885 72,665
NET CURRENT LIABILITIES (60,861 ) (61,460 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

190,715

165,641

CREDITORS
Amounts falling due after more than one year 6 73,535 80,065
NET ASSETS 117,180 85,576

CAPITAL AND RESERVES
Called up share capital 100 100
Capital redemption reserve 1 1
Fair value reserve 8 46,820 21,820
Retained earnings 70,259 63,655
117,180 85,576

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Highland Bodyshop Ltd (Registered number: SC273214)

Abridged Balance Sheet - continued
31 March 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 September 2022 and were signed by:





P R Cruickshank - Director


Highland Bodyshop Ltd (Registered number: SC273214)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Highland Bodyshop Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rental income from investment properties. Rental income is recognised on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Investment property
Investment properties are those properties that are held either to earn rental income or for capital appreciation or both. Investment properties are measured initially at cost including transaction costs and thereafter are stated at fair value, which reflects market conditions at the balance sheet date. Gains and losses arising from changes in the fair value of investment properties are recognised in the income statement in the year in which they arise.

Investment properties are stated at fair value as determined by the Director. In determining the fair value of each investment property, the Director makes use of historical and current market data as well as existing lease agreements

Highland Bodyshop Ltd (Registered number: SC273214)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non convertible preference shares and non puttable ordinary or preference shares are publicly traded or their fair value can otherwise be measured reliably , the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss immediately.

All equity investments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit and loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

Highland Bodyshop Ltd (Registered number: SC273214)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2021
and 31 March 2022 59,999
DEPRECIATION
At 1 April 2021 57,898
Charge for year 525
At 31 March 2022 58,423
NET BOOK VALUE
At 31 March 2022 1,576
At 31 March 2021 2,101

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021 225,000
Revaluations 25,000
At 31 March 2022 250,000
NET BOOK VALUE
At 31 March 2022 250,000
At 31 March 2021 225,000

The investment property is stated at fair value as determined by the director.

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.3.22 31.3.21
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 24,426 30,956

7. SECURED DEBTS

The following secured debts are included within creditors:

31.3.22 31.3.21
£    £   
Bank loans 83,357 89,887

The bank loans are secured against the company's property.

Highland Bodyshop Ltd (Registered number: SC273214)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

8. RESERVES
Fair
value
reserve
£   
At 1 April 2021 21,820
Fair value movement 25,000

At 31 March 2022 46,820

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Highland Bodyshop Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Highland Bodyshop Ltd for the year ended 31 March 2022 which comprise the Abridged Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Highland Bodyshop Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Highland Bodyshop Ltd and state those matters that we have agreed to state to the director of Highland Bodyshop Ltd in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Highland Bodyshop Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Highland Bodyshop Ltd. You consider that Highland Bodyshop Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Highland Bodyshop Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Stewart & Stewart Ltd
Chartered Accountants
Achorn House
34 Millbank Road
Munlochy
Ross-Shire
IV8 8ND


8 September 2022