5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC109614 2023-02-01 2024-01-31 SC109614 2024-01-31 SC109614 2023-01-31 SC109614 2022-02-01 2023-01-31 SC109614 2023-01-31 SC109614 2022-01-31 SC109614 core:PlantMachinery 2023-02-01 2024-01-31 SC109614 core:FurnitureFittings 2023-02-01 2024-01-31 SC109614 core:MotorVehicles 2023-02-01 2024-01-31 SC109614 bus:Director1 2023-02-01 2024-01-31 SC109614 core:LandBuildings core:LongLeaseholdAssets 2023-01-31 SC109614 core:PlantMachinery 2023-01-31 SC109614 core:FurnitureFittingsToolsEquipment 2023-01-31 SC109614 core:MotorVehicles 2023-01-31 SC109614 core:LandBuildings core:LongLeaseholdAssets 2024-01-31 SC109614 core:PlantMachinery 2024-01-31 SC109614 core:FurnitureFittingsToolsEquipment 2024-01-31 SC109614 core:MotorVehicles 2024-01-31 SC109614 core:LandBuildings core:LongLeaseholdAssets 2023-02-01 2024-01-31 SC109614 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 SC109614 core:WithinOneYear 2024-01-31 SC109614 core:WithinOneYear 2023-01-31 SC109614 core:AfterOneYear 2024-01-31 SC109614 core:AfterOneYear 2023-01-31 SC109614 core:ShareCapital 2024-01-31 SC109614 core:ShareCapital 2023-01-31 SC109614 core:HedgingReserve 2024-01-31 SC109614 core:HedgingReserve 2023-01-31 SC109614 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC109614 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC109614 core:LandBuildings core:LongLeaseholdAssets 2023-01-31 SC109614 core:PlantMachinery 2023-01-31 SC109614 core:FurnitureFittingsToolsEquipment 2023-01-31 SC109614 core:MotorVehicles 2023-01-31 SC109614 bus:SmallEntities 2023-02-01 2024-01-31 SC109614 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC109614 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 SC109614 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC109614 bus:FullAccounts 2023-02-01 2024-01-31 SC109614 core:ComputerEquipment 2023-02-01 2024-01-31 SC109614 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-01-31 SC109614 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-02-01 2024-01-31 SC109614 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-01-31
COMPANY REGISTRATION NUMBER: SC109614
Spey Valley Hire Centre Limited
Filleted Unaudited Financial Statements
31 January 2024
Spey Valley Hire Centre Limited
Statement of Financial Position
31 January 2024
2024
2023
(restated)
Note
£
£
£
Fixed assets
Tangible assets
5
8,907,391
7,709,540
Current assets
Debtors
6
184,437
129,361
Cash at bank and in hand
1,115,149
161,676
------------
---------
1,299,586
291,037
Creditors: amounts falling due within one year
7
472,619
194,843
------------
---------
Net current assets
826,967
96,194
------------
------------
Total assets less current liabilities
9,734,358
7,805,734
Creditors: amounts falling due after more than one year
8
2,296,122
438,137
Provisions
Taxation including deferred tax
537,884
463,885
------------
------------
Net assets
6,900,352
6,903,712
------------
------------
Spey Valley Hire Centre Limited
Statement of Financial Position (continued)
31 January 2024
2024
2023
(restated)
Note
£
£
£
Capital and reserves
Called up share capital
33,600
33,600
Non-distributable reserve
2,297,558
2,297,558
Profit and loss account
4,569,194
4,572,554
------------
------------
Shareholders funds
6,900,352
6,903,712
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 4 September 2024 , and are signed on behalf of the board by:
Mr B F MacDonald
Director
Company registration number: SC109614
Spey Valley Hire Centre Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 3 Myrtlefield, Aviemore, Inverness-shire, PH22 1SD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rents and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
20% straight line
Containers
-
No depreciation is charged
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, bank loans, directors' loans to the company. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs. Investments in equity shares which are not publicly traded and where the fair value of the shares cannot be measured reliably are initially measured at cost, including transaction costs. The investment is not measured except where impairment has been identified.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible assets
Investment Property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Containers
Total
£
£
£
£
£
£
Cost or valuation
At 1 Feb 2023 (as restated)
7,620,000
43,113
14,124
51,026
34,600
7,762,863
Additions
1,087,346
107,774
1,539
40,879
3,750
1,241,288
Disposals
( 5,005)
( 28,176)
( 3,750)
( 36,931)
------------
---------
--------
--------
--------
------------
At 31 Jan 2024
8,707,346
150,887
10,658
63,729
34,600
8,967,220
------------
---------
--------
--------
--------
------------
Depreciation
At 1 Feb 2023
26,809
1,536
19,218
5,760
53,323
Charge for the year
8,531
1,389
10,779
20,699
Disposals
( 325)
( 13,868)
( 14,193)
------------
---------
--------
--------
--------
------------
At 31 Jan 2024
35,340
2,600
16,129
5,760
59,829
------------
---------
--------
--------
--------
------------
Carrying amount
At 31 Jan 2024
8,707,346
115,547
8,058
47,600
28,840
8,907,391
------------
---------
--------
--------
--------
------------
At 31 Jan 2023
7,620,000
16,304
12,588
31,808
28,840
7,709,540
------------
---------
--------
--------
--------
------------
The Investment Properties are included at fair value. The Investment Properties were formally independently valued by Shepherds Chartered Surveyors in May 2023. The directors are satisfied that the current market value is not materially different from the value included within the financial statements.
6. Debtors
2024
2023
(restated)
£
£
Trade debtors
139,399
124,422
Other debtors
45,038
4,939
---------
---------
184,437
129,361
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
74,374
41,611
Trade creditors
51,950
44,663
Corporation tax
33,595
Social security and other taxes
5,055
5,449
Other creditors
341,240
69,525
---------
---------
472,619
194,843
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
2,296,122
438,137
------------
---------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £271,694) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Security
The bank hold security over certain properties owned by the company.
10. Prior period adjustment
During the year the company changed from a trading company to a company with investment. As a result the prior year figures have been restated for comparative purposes. The previous reported results of the trade are now contained within other operating income. This includes turnover of £125,844 and cost of sales of £96,590. There is no overall adjustment to the profit of the company and therefore no tax adjustments.
11. Non-distributable reserve
The Non-Distributable Reserve represents Fair Value movements in Investment Property.
12. Related party transactions
Dividends of £30,000 (2023: £40,000) were paid to the directors during the year. No further transactions were undertaken such as require to be disclosed.