Company Registration No. SC488034 (Scotland)
Highland Contracts Ltd
Unaudited accounts
for the year ended 31 October 2023
Highland Contracts Ltd
Unaudited accounts
Contents
Highland Contracts Ltd
Company Information
for the year ended 31 October 2023
Directors
Patrick Flint
Paul Flint
Company Number
SC488034 (Scotland)
Registered Office
15 Clanranald Crescent
Stratton
Inverness
IV2 7BB
Accountants
CMM Accountancy (Inverness) Limited
The Green House
Beechwood Business Park North
Inverness
IV2 3BL
Highland Contracts Ltd
Statement of financial position
as at 31 October 2023
Tangible assets
129,597
70,650
Cash at bank and in hand
71,700
28,754
Creditors: amounts falling due within one year
(150,501)
(105,253)
Net current assets
82,489
102,376
Total assets less current liabilities
212,086
173,026
Creditors: amounts falling due after more than one year
(110,018)
(71,675)
Provisions for liabilities
Deferred tax
(3,444)
(2,139)
Called up share capital
2
2
Profit and loss account
98,622
99,210
Shareholders' funds
98,624
99,212
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by
Patrick Flint
Director
Company Registration No. SC488034
Highland Contracts Ltd
Notes to the Accounts
for the year ended 31 October 2023
Highland Contracts Ltd is a private company, limited by shares, registered in Scotland, registration number SC488034. The registered office is 15 Clanranald Crescent, Stratton, Inverness, IV2 7BB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
20% reducing balance
Computer equipment
25% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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 accounts. 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.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Highland Contracts Ltd
Notes to the Accounts
for the year ended 31 October 2023
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2022
9,609
79,533
293
89,435
Additions
6,183
79,480
248
85,911
Disposals
(1,057)
-
-
(1,057)
At 31 October 2023
14,735
159,013
541
174,289
At 1 November 2022
3,881
14,898
6
18,785
Charge for the year
2,371
24,029
135
26,535
On disposals
(628)
-
-
(628)
At 31 October 2023
5,624
38,927
141
44,692
At 31 October 2023
9,111
120,086
400
129,597
At 31 October 2022
5,728
64,635
287
70,650
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
115,821
62,094
Amounts falling due within one year
Trade debtors
23,264
15,683
Accrued income and prepayments
71
330
Other debtors
90,434
117,516
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
7,069
6,894
Obligations under finance leases and hire purchase contracts
17,626
12,469
Trade creditors
14,222
2,149
Taxes and social security
93,884
57,385
Other creditors
11,410
25,886
Highland Contracts Ltd
Notes to the Accounts
for the year ended 31 October 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
98,458
53,047
Included in other debtors is a loan to the director Patrick Flint for £6,806 (2022- £30,097). The loan has no fixed terms of repayment, is unsecured and attracts interest at the statutory rate.
Included in other debtors is a loan to the director Paul Flint for £4,492 (2022 - £26,253). The loan has no fixed terms of repayment, is unsecured and attracts interest at the statutory rate.
9
Average number of employees
During the year the average number of employees was 3 (2022: 3).