Company Registration No. SC484440 (Scotland)
Best of Highland Game Limited
Unaudited financial statements
for the year ended 31 January 2024
Pages for filing with the registrar
Best of Highland Game Limited
Contents
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 9
Best of Highland Game Limited
Accountants' report to the Board of Directors on the preparation of the unaudited statutory financial statements of Best Of Highland Game Limited for the year ended 31 January 2024
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Best of Highland Game Limited for the year ended 31 January 2024 set out on pages to 9 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Best of Highland Game Limited, as a body, in accordance with the terms of our engagement letter dated 11 September 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Best of Highland Game Limited and state those matters that we have agreed to state to the Board of Directors of Best of Highland Game Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Best of Highland Game Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Best of Highland Game Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Best of Highland Game Limited. You consider that Best of Highland Game Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Best of Highland Game Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Saffery LLP
24 October 2024
Edinburgh Quay
133 Fountainbridge
Edinburgh
EH3 9BA
Best of Highland Game Limited
Balance sheet
As at 31 January 2024
31 January 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
34,753
36,570
Tangible assets
5
4,137,327
3,947,101
4,172,080
3,983,671
Current assets
Debtors
6
148,780
29,211
Cash at bank and in hand
182,462
79,674
331,242
108,885
Creditors: amounts falling due within one year
7
(10,730,428)
(9,527,314)
Net current liabilities
(10,399,186)
(9,418,429)
Net liabilities
(6,227,106)
(5,434,758)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(6,227,107)
(5,434,759)
Total equity
(6,227,106)
(5,434,758)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 October 2024 and are signed on its behalf by:
Emmanuel Van Thillo
Director
Company Registration No. SC484440
Best of Highland Game Limited
Notes to the financial statements
For the year ended 31 January 2024
3
1
Accounting policies
Company information

Best of Highland Game Limited is a private company limited by shares incorporated in Scotland. The registered office is Edinburgh Quay, 133 Fountainbridge, Edinburgh, EH3 9BA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has a net liability balance sheet total of £6,227,106 (2023: £5,434,758) and has made a loss after taxation of £792,348 (2023: £841,675). The company is therefore reliant on the support of a related party, to whom there is a net debt repayable of £10,595,185 (2023: £9,498,058), to meet the on-going liabilities as they fall due for repayment. The related party has confirmed that repayment of this loan shall not be sought whilst this may damage the interests of the other creditors and they will continue to fully support the company. As a result of this these financial statements have been prepared on a going concern basis.true

1.3
Turnover

Turnover represents amounts receivable from sale of holiday lets and shooting days, both of which are net of VAT.

1.4
Intangible fixed assets - goodwill

Goodwill arising on the transfer of business represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
10% straight line
Best of Highland Game Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
4
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
Nil
Leasehold improvements
10% straight line
Freehold property improvements
10% straight line
Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line

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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Best of Highland Game Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
5
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Best of Highland Game Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
6
Deferred tax

Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. There are presently no such timing differences.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
Best of Highland Game Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
7
4
Intangible fixed assets
Goodwill
Website
Total
£
£
£
Cost
At 1 February 2023
75,000
14,272
89,272
Additions
-
0
7,532
7,532
At 31 January 2024
75,000
21,804
96,804
Amortisation and impairment
At 1 February 2023
52,500
202
52,702
Amortisation charged for the year
7,500
1,849
9,349
At 31 January 2024
60,000
2,051
62,051
Carrying amount
At 31 January 2024
15,000
19,753
34,753
At 31 January 2023
22,500
14,070
36,570
Best of Highland Game Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
8
5
Tangible fixed assets
Freehold property
Leasehold improvements
Freehold property improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 February 2023
2,309,833
20,298
2,802,411
191,222
187,358
222,024
5,733,146
Additions
-
0
-
0
428,220
18,923
92,965
39,308
579,416
At 31 January 2024
2,309,833
20,298
3,230,631
210,145
280,323
261,332
6,312,562
Depreciation and impairment
At 1 February 2023
-
0
10,234
1,359,680
148,449
88,203
179,479
1,786,045
Depreciation charged in the year
-
0
2,030
291,265
22,564
47,531
25,800
389,190
At 31 January 2024
-
0
12,264
1,650,945
171,013
135,734
205,279
2,175,235
Carrying amount
At 31 January 2024
2,309,833
8,034
1,579,686
39,132
144,589
56,053
4,137,327
At 31 January 2023
2,309,833
10,064
1,442,731
42,773
99,155
42,545
3,947,101
Best of Highland Game Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
9
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,100
-
0
Other debtors
133,680
29,211
148,780
29,211
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
56,730
9,280
Taxation and social security
7,135
6,475
Other creditors
10,666,563
9,511,559
10,730,428
9,527,314
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
9
Related party transactions

The company is wholly owned by Bilomi, a company registered in Belgium with an identification number of 0718714867. During the year, this related party introduced funds of £1,097,128 (2023: £1,097,443) and expenses were incurred on their behalf of Nil (2023: £3,091.35). At the end of the year £10,595,185 (2023: £9,498,058) was due to the related party and is included in creditors. The loan is unsecured, interest free and repayable on demand.

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