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Company No: SC359482 (Scotland)

HIGHLAND SCAFFOLDING LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

HIGHLAND SCAFFOLDING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

HIGHLAND SCAFFOLDING LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
HIGHLAND SCAFFOLDING LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 379,680 253,673
379,680 253,673
Current assets
Debtors 4 62,793 71,130
Cash at bank and in hand 126,791 199,552
189,584 270,682
Creditors: amounts falling due within one year 5 ( 71,872) ( 51,736)
Net current assets 117,712 218,946
Total assets less current liabilities 497,392 472,619
Creditors: amounts falling due after more than one year 6 ( 12,080) ( 27,713)
Provision for liabilities 7 ( 24,516) ( 36,009)
Net assets 460,796 408,897
Capital and reserves
Called-up share capital 8 50,000 50,000
Profit and loss account 410,796 358,897
Total shareholders' funds 460,796 408,897

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Highland Scaffolding Limited (registered number: SC359482) were approved and authorised for issue by the Board of Directors on 20 November 2024. They were signed on its behalf by:

A Campbell
Director
HIGHLAND SCAFFOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
HIGHLAND SCAFFOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Highland Scaffolding Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 17b Henderson Drive, Inverness, IV1 1TR, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of scaffold hire and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Employee benefits

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

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 100 years straight line
Assets under construction not depreciated
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 7

3. Tangible assets

Land and buildings Assets under construc-
tion
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £ £
Cost
At 01 June 2023 118,147 0 181,622 122,331 9,741 431,841
Additions 0 170,999 4,249 0 0 175,248
Disposals 0 0 ( 51,912) ( 24,192) 0 ( 76,104)
Transfers ( 22,713) 22,713 0 0 0 0
At 31 May 2024 95,434 193,712 133,959 98,139 9,741 530,985
Accumulated depreciation
At 01 June 2023 7,705 0 101,484 60,496 8,483 178,168
Charge for the financial year 1,468 0 14,895 11,834 252 28,449
Disposals 0 0 ( 36,632) ( 18,680) 0 ( 55,312)
At 31 May 2024 9,173 0 79,747 53,650 8,735 151,305
Net book value
At 31 May 2024 86,261 193,712 54,212 44,489 1,006 379,680
At 31 May 2023 110,442 0 80,138 61,835 1,258 253,673

4. Debtors

2024 2023
£ £
Trade debtors 44,956 65,259
Other debtors 17,837 5,871
62,793 71,130

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,213 9,957
Trade creditors 14,727 383
Corporation tax 27,707 19,318
Other taxation and social security 0 3,127
Obligations under finance leases and hire purchase contracts 5,421 5,000
Other creditors 13,804 13,951
71,872 51,736

The bank loan is secured by the government under the coronavirus bounce back loan scheme.

Hire purchase liabilities are secured over the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 12,080 22,292
Obligations under finance leases and hire purchase contracts 0 5,421
12,080 27,713

The bank loan is secured by the government under the coronavirus bounce back loan scheme.

Hire purchase liabilities are secured over the assets to which they relate.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 24,516 36,009

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50,000 Ordinary shares of £ 1.00 each 50,000 50,000

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 9,750 9,750
between one and five years 39,000 39,000
after five years 585,000 594,750
633,750 643,500

10. Related party transactions

Other related party transactions

2024 2023
£ £
Amounts due to Related Parties 4,296 0

The above amount is unsecured, interest free and has no fixed terms of repayment.