Company registration number SC652199 (Scotland)
Highlander Properties & Investment Ltd
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with registrar
Highlander Properties & Investment Ltd
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Highlander Properties & Investment Ltd
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 Highlander Properties & Investment Ltd for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the board of directors of Highlander Properties & Investment Ltd, as a body, in accordance with the terms of our engagement letter dated 17 September 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Highlander Properties & Investment Ltd and state those matters that we have agreed to state to the board of directors of Highlander Properties & Investment Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Highlander Properties & Investment Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Highlander Properties & Investment Ltd 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 profit of Highlander Properties & Investment Ltd. You consider that Highlander Properties & Investment Ltd 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 Highlander Properties & Investment Ltd. 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.

James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
26 November 2024
Highlander Properties & Investment Ltd
Balance sheet
As at 31 March 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
2
621,345
411,765
Current assets
Cash at bank and in hand
1,879
4,385
Creditors: amounts falling due within one year
(155,141)
(157,037)
Net current liabilities
(153,262)
(152,652)
Total assets less current liabilities
468,083
259,113
Creditors: amounts falling due after more than one year
(446,318)
(240,170)
Provisions for liabilities
(3,661)
(3,661)
Net assets
18,104
15,282
Capital and reserves
Called up share capital
100
100
Revaluation reserve
15,607
15,607
Profit and loss reserves
2,397
(425)
Total equity
18,104
15,282

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

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 March 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.

Highlander Properties & Investment Ltd
Balance sheet (continued)
As at 31 March 2024
3
The financial statements were approved by the board of directors and authorised for issue on 24 November 2024 and are signed on its behalf by:
Alison Pitts
Michael Pitts
Director
Director
Company Registration No. SC652199
Highlander Properties & Investment Ltd
Notes to the financial statements
for the year ended 31 March 2024
4
1
Accounting policies
Company information

Highlander Properties & Investment Ltd is a private company limited by shares incorporated in Scotland. The registered office is 5 Bon Accord Square, Aberdeen, AB11 6XZ.

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.

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

1.2
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.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
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.

Highlander Properties & Investment Ltd
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies (continued)
5
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.5
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
Investment property
2024
£
Fair value
At 1 April 2023
411,765
Additions
209,580
At 31 March 2024
621,345

Investment property comprises three properties in Aberdeen. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 7th December 2020 by The Mortgage Works, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

3
Directors' transactions

During the period the directors entered into the following advances and credits with the company :

 

Description
Opening credit   balance
Amounts advanced
Closing    credit    balance
£
£
£
Alison Pitts -
37,500
244
37,744
Michael Pitts -
95,431
680
96,111
132,931
924
133,855
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