Registered number
SC452716
Highland Off Road (3) Ltd
Report and Accounts
31 March 2024
Highland Off Road (3) Ltd
Registered number: SC452716
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 159,043 147,014
Current assets
Stocks 9,916 10,291
Debtors 4 181,161 395,943
Cash at bank and in hand 435,245 329,488
626,322 735,722
Creditors: amounts falling due within one year 5 (391,296) (560,967)
Net current assets 235,026 174,755
Total assets less current liabilities 394,069 321,769
Creditors: amounts falling due after more than one year 6 (14,000) (41,280)
Provisions for liabilities (39,586) (31,182)
Net assets 340,483 249,307
Capital and reserves
Called up share capital 100 100
Profit and loss account 340,383 249,207
Shareholders' funds 340,483 249,307
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs B Large W Cox
Director Director
Approved by the board on 10 September 2024
Highland Off Road (3) Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant, machinery, fixtures and fittings 15% reducing balance and 33% straight line
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 28 27
3 Tangible fixed assets
Short Leasehold Plant, machinery, fittings & fixtures Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 4,011 204,004 131,614 339,629
Additions - 16,400 39,199 55,599
Disposals - (237) (35,100) (35,337)
At 31 March 2024 4,011 220,167 135,713 359,891
Depreciation
At 1 April 2023 3,186 106,923 82,506 192,615
Charge for the year 124 17,902 19,265 37,291
On disposals - (205) (28,853) (29,058)
At 31 March 2024 3,310 124,620 72,918 200,848
Net book value
At 31 March 2024 701 95,547 62,795 159,043
At 31 March 2023 825 97,081 49,108 147,014
4 Debtors 2024 2023
£ £
Trade debtors 101,652 320,605
Other debtors 79,509 75,338
181,161 395,943
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 12,000 12,000
Obligations under finance lease and hire purchase contracts 15,280 4,785
Trade creditors 60,740 51,869
Accruals and income billed in advance 147,962 334,266
Taxes and social security costs 146,314 146,147
Other creditors 9,000 11,900
391,296 560,967
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,000 26,000
Obligations under finance lease and hire purchase contracts - 15,280
14,000 41,280
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 201,452 314,480
8 Contingent liabilities: Employee Ownership Trust
On 30 April 2023, 83% of the issued share capital of Highland Offroad (3) Ltd was acquired by the Trustees of the Highland Offroad (3) Ltd Employee Ownership Trust, established for the benefit of current and future employees of Highland Offroad (3) Ltd.
The shares were acquired for a total consideration of £647,334, of which £129,466 was paid on completion and funded by a gift from Highland Offroad (3) Ltd. The balance (deferred consideration) will be paid in future periods and is expected to be financed by further gifts from the company.
The total gift to the Trust in the year, to fund completion payments and stamp duty of £3,240, amounted to £132,706.
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
G Clark (Resigned 28 April 2023)
Mrs B Large
W Cox
W Cox, director, has an closing credit balance on his director's loan account at the balance sheet date of £9,000. (2023: £11,900.) (11,900) (17,000) 19,900 (9,000)
(11,900) (17,000) 19,900 (9,000)
10 Related party transactions
On 28 April 2023, a floating charge over all the property or undertakings of the company was registered with Companies House, in favour of Graham Clark, Beverley Large and Louise Nowell.
11 Controlling party
The ultimate controlling party was G Clark. On 28 April 2023 G Clark resigned from the business. The majority of the shares are now held by an Employee Ownership Trust.
12 Other information
Highland Off Road (3) Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Butterstone Loch
Butterstone
Dunkeld
Perthshire
PH8 0HH
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