IRIS Accounts Production v23.1.5.20 SC183396 Board of Directors 1.3.22 28.2.23 28.2.23 false true false false true false 36046 12925 6050 21191 34938 44312 64934 36046 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC1833962022-02-28SC1833962023-02-28SC1833962022-03-012023-02-28SC1833962021-02-28SC1833962021-03-012022-02-28SC1833962022-02-28SC183396ns16:Scotland2022-03-012023-02-28SC183396ns15:PoundSterling2022-03-012023-02-28SC183396ns11:Director12022-03-012023-02-28SC183396ns11:PrivateLimitedCompanyLtd2022-03-012023-02-28SC183396ns11:SmallEntities2022-03-012023-02-28SC183396ns11:AuditExemptWithAccountantsReport2022-03-012023-02-28SC183396ns11:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-28SC183396ns11:SmallCompaniesRegimeForAccounts2022-03-012023-02-28SC183396ns11:FullAccounts2022-03-012023-02-28SC183396ns11:Director1412022-02-28SC183396ns11:Director1412021-02-28SC183396ns11:Director1412022-03-012023-02-28SC183396ns11:Director1412021-03-012022-02-28SC183396ns11:Director1412023-02-28SC183396ns11:Director1412022-02-28SC183396ns11:Director22022-03-012023-02-28SC183396ns11:RegisteredOffice2022-03-012023-02-28SC183396ns6:CurrentFinancialInstruments2023-02-28SC183396ns6:CurrentFinancialInstruments2022-02-28SC183396ns6:Non-currentFinancialInstruments2023-02-28SC183396ns6:Non-currentFinancialInstruments2022-02-28SC183396ns6:ShareCapital2023-02-28SC183396ns6:ShareCapital2022-02-28SC183396ns6:RetainedEarningsAccumulatedLosses2023-02-28SC183396ns6:RetainedEarningsAccumulatedLosses2022-02-28SC183396ns6:LeaseholdImprovements2022-03-012023-02-28SC183396ns6:PlantMachinery2022-03-012023-02-28SC183396ns6:MotorVehicles2022-03-012023-02-28SC183396ns6:ComputerEquipment2022-03-012023-02-28SC183396ns6:LeaseholdImprovements2022-02-28SC183396ns6:PlantMachinery2022-02-28SC183396ns6:MotorVehicles2022-02-28SC183396ns6:ComputerEquipment2022-02-28SC183396ns6:LeaseholdImprovements2023-02-28SC183396ns6:PlantMachinery2023-02-28SC183396ns6:MotorVehicles2023-02-28SC183396ns6:ComputerEquipment2023-02-28SC183396ns6:LeaseholdImprovements2022-02-28SC183396ns6:PlantMachinery2022-02-28SC183396ns6:MotorVehicles2022-02-28SC183396ns6:ComputerEquipment2022-02-28SC183396ns6:WithinOneYearns6:CurrentFinancialInstruments2023-02-28SC183396ns6:WithinOneYearns6:CurrentFinancialInstruments2022-02-28SC183396ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2023-02-28SC183396ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-02-28SC183396ns6:WithinOneYear2023-02-28SC183396ns6:WithinOneYear2022-02-28SC183396ns6:Secured2023-02-28SC183396ns6:Secured2022-02-28SC183396ns6:RetainedEarningsAccumulatedLosses2022-02-28SC183396ns6:RetainedEarningsAccumulatedLosses2022-03-012023-02-28SC1833962ns11:Director22022-02-28SC1833962ns11:Director22021-02-28SC1833962ns11:Director22022-03-012023-02-28SC1833962ns11:Director22021-03-012022-02-28SC1833962ns11:Director22023-02-28SC1833962ns11:Director22022-02-28
REGISTERED NUMBER: SC183396 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

HIGHLAND STAR WELL SERVICES LTD.

HIGHLAND STAR WELL SERVICES LTD. (REGISTERED NUMBER: SC183396)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 6

HIGHLAND STAR WELL SERVICES LTD.

COMPANY INFORMATION
for the Year Ended 28 February 2023







DIRECTORS: Mr G Haggart
Mrs K Haggart





REGISTERED OFFICE: Kargarrie House
Lundie
Edzell
Brechin
Angus
DD9 7QN





REGISTERED NUMBER: SC183396 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

HIGHLAND STAR WELL SERVICES LTD. (REGISTERED NUMBER: SC183396)

STATEMENT OF FINANCIAL POSITION
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 414 597

CURRENT ASSETS
Stocks 50,700 46,750
Debtors 5 4,645 8,121
55,345 54,871
CREDITORS
Amounts falling due within one year 6 90,548 58,710
NET CURRENT LIABILITIES (35,203 ) (3,839 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(34,789

)

(3,242

)

CREDITORS
Amounts falling due after more than one year 7 14,584 19,583
NET LIABILITIES (49,373 ) (22,825 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 10 (49,473 ) (22,925 )
SHAREHOLDERS' FUNDS (49,373 ) (22,825 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:





Mrs K Haggart - Director


HIGHLAND STAR WELL SERVICES LTD. (REGISTERED NUMBER: SC183396)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Highland Star Well Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any changes is accounted for prospectively

Livestock
Livestock is valued at the lower of cost and net realisable value.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
The director, having made due and careful enquiry, is of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.

HIGHLAND STAR WELL SERVICES LTD. (REGISTERED NUMBER: SC183396)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2022 21,754 111,731 40,868 2,881 177,234
Additions - - - 275 275
Disposals - (6,097 ) (1,200 ) (2,881 ) (10,178 )
At 28 February 2023 21,754 105,634 39,668 275 167,331
DEPRECIATION
At 1 March 2022 21,754 111,405 40,597 2,881 176,637
Charge for year - 161 271 26 458
Eliminated on disposal - (6,097 ) (1,200 ) (2,881 ) (10,178 )
At 28 February 2023 21,754 105,469 39,668 26 166,917
NET BOOK VALUE
At 28 February 2023 - 165 - 249 414
At 28 February 2022 - 326 271 - 597

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
S455 tax - 3,476
Tax 4,645 4,645
4,645 8,121

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 24,678 21,745
Social security and other taxes 623 575
Credit card 314 344
Directors' current accounts 64,933 36,046
90,548 58,710

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 14,584 19,583

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 9,000 9,000

HIGHLAND STAR WELL SERVICES LTD. (REGISTERED NUMBER: SC183396)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 19,678 16,745
Bank loans 19,584 24,583
39,262 41,328

There is a floating charge and standard security in favour of the Clydesdale Bank PLC over land owned by the directors at Middle Lundie, Edzell, Angus.

10. RESERVES
Retained
earnings
£   

At 1 March 2022 (22,925 )
Deficit for the year (26,548 )
At 28 February 2023 (49,473 )

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
Mr G Haggart and Mrs K Haggart
Balance outstanding at start of year (36,046 ) (12,925 )
Amounts advanced 6,050 21,191
Amounts repaid (34,938 ) (44,312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (64,934 ) (36,046 )

The loan has no interest and no fixed repayment terms.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
HIGHLAND STAR WELL SERVICES LTD.

The following reproduces the text of the report prepared for the directors 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 Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors 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 Star Well Services Ltd. for the year ended 28 February 2023 which comprise the Income Statement, Statement of Financial Position 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Highland Star Well Services Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Highland Star Well Services Ltd. and state those matters that we have agreed to state to the Board of Directors of Highland Star Well Services Ltd., as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Highland Star Well Services 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 loss of Highland Star Well Services Ltd.. You consider that Highland Star Well Services 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 Star Well Services 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.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


25 October 2023