Silverfin false false 30/09/2023 01/10/2022 30/09/2023 Ann Duncan 20/05/1999 Craig Duncan 20/05/1999 Gordon Duncan 18/03/2002 Carol Macdonald 24/05/1999 02 February 2024 The principal activity of the Company during the financial year was commercial and residential property investment. SC196099 2023-09-30 SC196099 bus:Director1 2023-09-30 SC196099 bus:Director2 2023-09-30 SC196099 bus:Director3 2023-09-30 SC196099 bus:Director4 2023-09-30 SC196099 2022-09-30 SC196099 core:CurrentFinancialInstruments 2023-09-30 SC196099 core:CurrentFinancialInstruments 2022-09-30 SC196099 core:Non-currentFinancialInstruments 2023-09-30 SC196099 core:Non-currentFinancialInstruments 2022-09-30 SC196099 core:ShareCapital 2023-09-30 SC196099 core:ShareCapital 2022-09-30 SC196099 core:RevaluationReserve 2023-09-30 SC196099 core:RevaluationReserve 2022-09-30 SC196099 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC196099 core:RetainedEarningsAccumulatedLosses 2022-09-30 SC196099 core:PlantMachinery 2022-09-30 SC196099 core:FurnitureFittings 2022-09-30 SC196099 core:PlantMachinery 2023-09-30 SC196099 core:FurnitureFittings 2023-09-30 SC196099 core:MoreThanFiveYears 2023-09-30 SC196099 core:MoreThanFiveYears 2022-09-30 SC196099 bus:OrdinaryShareClass1 2023-09-30 SC196099 2022-10-01 2023-09-30 SC196099 bus:FilletedAccounts 2022-10-01 2023-09-30 SC196099 bus:SmallEntities 2022-10-01 2023-09-30 SC196099 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 SC196099 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 SC196099 bus:Director1 2022-10-01 2023-09-30 SC196099 bus:Director2 2022-10-01 2023-09-30 SC196099 bus:Director3 2022-10-01 2023-09-30 SC196099 bus:Director4 2022-10-01 2023-09-30 SC196099 core:PlantMachinery core:TopRangeValue 2022-10-01 2023-09-30 SC196099 core:FurnitureFittings core:TopRangeValue 2022-10-01 2023-09-30 SC196099 2021-10-01 2022-09-30 SC196099 core:PlantMachinery 2022-10-01 2023-09-30 SC196099 core:FurnitureFittings 2022-10-01 2023-09-30 SC196099 core:CurrentFinancialInstruments 2022-10-01 2023-09-30 SC196099 core:Non-currentFinancialInstruments 2022-10-01 2023-09-30 SC196099 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 SC196099 bus:OrdinaryShareClass1 2021-10-01 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC196099 (Scotland)

HEDGEDRIVE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

HEDGEDRIVE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

Contents

HEDGEDRIVE LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2023
HEDGEDRIVE LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,336 3,708
Investment property 4 669,257 669,257
672,593 672,965
Current assets
Debtors 5 9,038 7,628
Cash at bank and in hand 27,666 33,036
36,704 40,664
Creditors: amounts falling due within one year 6 ( 24,426) ( 20,842)
Net current assets 12,278 19,822
Total assets less current liabilities 684,871 692,787
Creditors: amounts falling due after more than one year 7 ( 311,219) ( 334,046)
Provision for liabilities 8 ( 9,155) ( 9,226)
Net assets 364,497 349,515
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve 217,119 217,119
Profit and loss account 147,278 132,296
Total shareholders' funds 364,497 349,515

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hedgedrive Limited (registered number: SC196099) were approved and authorised for issue by the Director on 02 February 2024. They were signed on its behalf by:

Gordon Duncan
Director
HEDGEDRIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
HEDGEDRIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
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

Hedgedrive 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 Cedar Lodge, Green Drive, Inverness, IV2 4EX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 6.67 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 Statement of Income and Retained Earnings.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 October 2022 2,133 4,600 6,733
At 30 September 2023 2,133 4,600 6,733
Accumulated depreciation
At 01 October 2022 755 2,270 3,025
Charge for the financial year 142 230 372
At 30 September 2023 897 2,500 3,397
Net book value
At 30 September 2023 1,236 2,100 3,336
At 30 September 2022 1,378 2,330 3,708

4. Investment property

Investment property
£
Valuation
As at 01 October 2022 669,257
As at 30 September 2023 669,257

The investment properties were valued at £669,257 by the directors as an appropriate market value. The directors have taken into consideration the valuations conducted by Allied Souter & Jaffrey Limited Chartered Surveyors on an open market basis on 3 November 2016. The historical cost of investment properties included at valuation is £443,617.

5. Debtors

2023 2022
£ £
Trade debtors 7,170 5,860
Other debtors 1,868 1,768
9,038 7,628

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,149 7,715
Trade creditors 5,228 1,265
Taxation and social security 4,523 6,545
Other creditors 5,526 5,317
24,426 20,842

The bank loans are secured by way of standard security over the properties owned by the company.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 140,904 149,563
Amounts owed to directors 170,315 184,483
311,219 334,046

The bank loans are secured by way of standard security over the properties owned by the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans 104,309 118,703

8. Provision for liabilities

2023 2022
£ £
Deferred tax 9,155 9,226

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Key management personnel (balance owed to) (170,316) (184,483)