5 false false false false false false false false false true false false false false false false No description of principal activity 2022-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 5,000 5,000 5,000 xbrli:pure xbrli:shares iso4217:GBP SC109614 2022-02-01 2023-01-31 SC109614 2023-01-31 SC109614 2022-01-31 SC109614 2021-02-01 2022-01-31 SC109614 2022-01-31 SC109614 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 SC109614 core:PlantMachinery 2022-02-01 2023-01-31 SC109614 core:FurnitureFittings 2022-02-01 2023-01-31 SC109614 core:MotorVehicles 2022-02-01 2023-01-31 SC109614 bus:Director1 2022-02-01 2023-01-31 SC109614 core:LandBuildings 2022-01-31 SC109614 core:PlantMachinery 2022-01-31 SC109614 core:FurnitureFittingsToolsEquipment 2022-01-31 SC109614 core:MotorVehicles 2022-01-31 SC109614 core:LandBuildings 2023-01-31 SC109614 core:PlantMachinery 2023-01-31 SC109614 core:FurnitureFittingsToolsEquipment 2023-01-31 SC109614 core:MotorVehicles 2023-01-31 SC109614 core:LandBuildings 2022-02-01 2023-01-31 SC109614 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 SC109614 core:WithinOneYear 2023-01-31 SC109614 core:WithinOneYear 2022-01-31 SC109614 core:AfterOneYear 2023-01-31 SC109614 core:AfterOneYear 2022-01-31 SC109614 core:LandBuildings 2022-01-31 SC109614 core:ShareCapital 2023-01-31 SC109614 core:ShareCapital 2022-01-31 SC109614 core:RevaluationReserve 2022-01-31 SC109614 core:HedgingReserve 2023-01-31 SC109614 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC109614 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC109614 core:CostValuation core:Non-currentFinancialInstruments 2022-01-31 SC109614 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-01-31 SC109614 core:Non-currentFinancialInstruments 2022-01-31 SC109614 core:PlantMachinery 2022-01-31 SC109614 core:FurnitureFittingsToolsEquipment 2022-01-31 SC109614 core:MotorVehicles 2022-01-31 SC109614 bus:SmallEntities 2022-02-01 2023-01-31 SC109614 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC109614 bus:FullAccounts 2022-02-01 2023-01-31 SC109614 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 SC109614 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31
COMPANY REGISTRATION NUMBER: SC109614
Spey Valley Hire Centre Limited
Filleted Unaudited Financial Statements
31 January 2023
Spey Valley Hire Centre Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
7,709,540
5,495,252
Investments
6
5,000
------------
------------
7,709,540
5,500,252
Current assets
Stocks
91,102
Debtors
7
129,361
145,482
Cash at bank and in hand
161,676
1,773,660
---------
------------
291,037
2,010,244
Creditors: amounts falling due within one year
8
194,843
865,948
---------
------------
Net current assets
96,194
1,144,296
------------
------------
Total assets less current liabilities
7,805,734
6,644,548
Creditors: amounts falling due after more than one year
9
438,137
478,023
Provisions
Taxation including deferred tax
463,885
222,905
------------
------------
Net assets
6,903,712
5,943,620
------------
------------
Spey Valley Hire Centre Limited
Statement of Financial Position (continued)
31 January 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
33,600
33,600
Revaluation reserve
1,114,028
Non-distributable reserve
2,297,558
Profit and loss account
4,572,554
4,795,992
------------
------------
Shareholders funds
6,903,712
5,943,620
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 January 2023 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 year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:
Mr B F MacDonald
Director
Company registration number: SC109614
Spey Valley Hire Centre Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 3 Myrtlefield, Aviemore, Inverness-shire, PH22 1SD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rents, goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Heritable Property
-
2% straight line
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
20 % straight line
Containers
-
10% straight line with a 40% residual value
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Investments are measured at fair value with changes in fair value being recognised in the income statement. Deferred tax is recognised where appropriate on these gains at the rate expected to apply when the investment is sold.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, bank loans, directors' loans to the company. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs. Investments in equity shares which are not publicly traded and where the fair value of the shares cannot be measured reliably are initially measured at cost, including transaction costs. The investment is not measured except where impairment has been identified.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 18 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Containers
Total
£
£
£
£
£
£
Cost or valuation
At 1 Feb 2022
5,587,670
53,112
34,637
73,266
36,750
5,785,435
Additions
1,127,901
10,769
15,400
1,154,070
Disposals
( 65,351)
( 9,999)
( 31,282)
( 22,240)
( 17,550)
( 146,422)
Revaluations
1,183,527
1,183,527
Transfers
(213,747)
(213,747)
------------
--------
--------
--------
--------
------------
At 31 Jan 2023
7,620,000
43,113
14,124
51,026
34,600
7,762,863
------------
--------
--------
--------
--------
------------
Depreciation
At 1 Feb 2022
213,748
33,078
18,068
14,523
10,766
290,183
Charge for the year
2,877
1,452
11,623
15,952
Disposals
( 9,146)
( 17,984)
( 6,928)
( 5,006)
( 39,064)
Transfers
(213,748)
(213,748)
------------
--------
--------
--------
--------
------------
At 31 Jan 2023
26,809
1,536
19,218
5,760
53,323
------------
--------
--------
--------
--------
------------
Carrying amount
At 31 Jan 2023
7,620,000
16,304
12,588
31,808
28,840
7,709,540
------------
--------
--------
--------
--------
------------
At 31 Jan 2022
5,373,922
20,034
16,569
58,743
25,984
5,495,252
------------
--------
--------
--------
--------
------------
Included within the above is investment property as follows:
£
At 1 February 2022
3,330,252
Additions
1,143,245
Fair value adjustments
1,102,834
Transfers from tangible assets
2,043,669
------------
At 31 January 2023
7,620,000
------------
Investment Properties were all valued by Shepherds Chartered Surveyors in May 2023 at Fair Value for Investment Value.
Tangible assets held at valuation
All assets included under Heritable Property were transferred to Investment Property with effect from 1 February 2022.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Land and buildings
£
At 31 January 2023
Aggregate cost
Aggregate depreciation
----
Carrying value
----
At 31 January 2022
Aggregate cost
2,097,481
Aggregate depreciation
(388,293)
------------
Carrying value
1,709,188
------------
6. Investments
Other investments other than loans
£
Cost
At 1 February 2022
5,000
Disposals
( 5,000)
-------
At 31 January 2023
-------
Impairment
At 1 February 2022 and 31 January 2023
-------
Carrying amount
At 31 January 2023
-------
At 31 January 2022
5,000
-------
7. Debtors
2023
2022
£
£
Trade debtors
124,422
33,109
Other debtors
4,939
112,373
---------
---------
129,361
145,482
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
41,611
46,302
Trade creditors
44,663
457,033
Corporation tax
33,595
273,034
Social security and other taxes
5,449
4,920
Other creditors
69,525
84,659
---------
---------
194,843
865,948
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
438,137
478,023
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £271,694 (2022: £292,816) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The amounts due over 5 years represents the balance outstanding on a bank loan. This loan is being repaid on a monthly basis at an interest rate of 3%.
10. Security
The bank hold security over certain of the properties owned by the company.
11. Non-distributable reserve
The Non-Distributable Reserve represents Fair Value movements in Investment Property.
12. Related party transactions
Dividends of £40,000 (£40,000 2022) were paid to the directors during the year. No further transactions were undertaken such as require to be disclosed.