Silverfin false false 31/10/2023 01/11/2022 31/10/2023 Neil Mackintosh 10/10/2019 Nicholas Stokes 10/10/2019 22 March 2024 The principal activity of the Company during the financial year was the hire of Caterham cars. SC644109 2023-10-31 SC644109 bus:Director1 2023-10-31 SC644109 bus:Director2 2023-10-31 SC644109 2022-10-31 SC644109 core:CurrentFinancialInstruments 2023-10-31 SC644109 core:CurrentFinancialInstruments 2022-10-31 SC644109 core:Non-currentFinancialInstruments 2023-10-31 SC644109 core:Non-currentFinancialInstruments 2022-10-31 SC644109 core:ShareCapital 2023-10-31 SC644109 core:ShareCapital 2022-10-31 SC644109 core:RevaluationReserve 2023-10-31 SC644109 core:RevaluationReserve 2022-10-31 SC644109 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC644109 core:RetainedEarningsAccumulatedLosses 2022-10-31 SC644109 core:Goodwill 2022-10-31 SC644109 core:Goodwill 2023-10-31 SC644109 core:PlantMachinery 2022-10-31 SC644109 core:Vehicles 2022-10-31 SC644109 core:PlantMachinery 2023-10-31 SC644109 core:Vehicles 2023-10-31 SC644109 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-10-31 SC644109 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-10-31 SC644109 bus:OrdinaryShareClass1 2023-10-31 SC644109 2022-11-01 2023-10-31 SC644109 bus:FilletedAccounts 2022-11-01 2023-10-31 SC644109 bus:SmallEntities 2022-11-01 2023-10-31 SC644109 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 SC644109 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 SC644109 bus:Director1 2022-11-01 2023-10-31 SC644109 bus:Director2 2022-11-01 2023-10-31 SC644109 core:Goodwill core:TopRangeValue 2022-11-01 2023-10-31 SC644109 core:PlantMachinery core:TopRangeValue 2022-11-01 2023-10-31 SC644109 core:Vehicles 2022-11-01 2023-10-31 SC644109 2021-11-01 2022-10-31 SC644109 core:Goodwill 2022-11-01 2023-10-31 SC644109 core:PlantMachinery 2022-11-01 2023-10-31 SC644109 core:CurrentFinancialInstruments 2022-11-01 2023-10-31 SC644109 core:Non-currentFinancialInstruments 2022-11-01 2023-10-31 SC644109 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 SC644109 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC644109 (Scotland)

HIGHLAND CATERHAM HIRE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH THE REGISTRAR

HIGHLAND CATERHAM HIRE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023

Contents

HIGHLAND CATERHAM HIRE LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2023
HIGHLAND CATERHAM HIRE LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 800 1,600
Tangible assets 4 83,036 51,059
83,836 52,659
Current assets
Debtors 5 9,366 35,807
Cash at bank and in hand 6 2,941 5,594
12,307 41,401
Creditors: amounts falling due within one year 7 ( 18,147) ( 23,325)
Net current (liabilities)/assets (5,840) 18,076
Total assets less current liabilities 77,996 70,735
Creditors: amounts falling due after more than one year 8 ( 9,394) ( 22,409)
Provision for liabilities ( 17,275) ( 3,743)
Net assets 51,327 44,583
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve 37,139 0
Profit and loss account 14,088 44,483
Total shareholders' funds 51,327 44,583

For the financial year ending 31 October 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 Highland Caterham Hire Limited (registered number: SC644109) were approved and authorised for issue by the Board of Directors on 22 March 2024. They were signed on its behalf by:

Neil Mackintosh
Director
Nicholas Stokes
Director
HIGHLAND CATERHAM HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
HIGHLAND CATERHAM HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 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

Highland Caterham Hire 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 Unit 18 Chanonry Road North, Elgin, IV30 6NB, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
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 4 years straight line
Vehicles 10 % reducing balance

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.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date.

Cash and cash equivalents

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

Financial instruments

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

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

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 November 2022 4,000 4,000
At 31 October 2023 4,000 4,000
Accumulated amortisation
At 01 November 2022 2,400 2,400
Charge for the financial year 800 800
At 31 October 2023 3,200 3,200
Net book value
At 31 October 2023 800 800
At 31 October 2022 1,600 1,600

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 November 2022 325 82,866 83,191
At 31 October 2023 325 82,866 83,191
Accumulated depreciation
At 01 November 2022 74 32,058 32,132
Charge for the financial year 81 5,081 5,162
Adjustments on revaluations 0 ( 37,139) ( 37,139)
At 31 October 2023 155 0 155
Net book value
At 31 October 2023 170 82,866 83,036
At 31 October 2022 251 50,808 51,059

5. Debtors

2023 2022
£ £
Amounts owed by related parties 0 31,000
Other debtors 9,366 4,807
9,366 35,807

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 2,941 5,594

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 13,454 17,674
Corporation tax 2,480 3,700
Other creditors 2,213 1,951
18,147 23,325

Bank loans are secured by a floating charge over all company assets.

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

2023 2022
£ £
Bank loans 9,394 22,409

Bank loans are secured by a floating charge over all company assets.

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

Advances

As at 1 November 2022 the company was owed £4,807 by the directors. During the year, £24,960 has been repaid, a further £29,519 advanced and interest charged of £361 (calculated at 2.25%). As at 31 October 2023, the balance owed by the directors was £9,366. The balance has no fixed terms of repayment.

Other related party transactions

2023 2022
£ £
Amounts owed by related parties 18,408 31,000