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REGISTERED NUMBER: SC248576 (Scotland)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Hazledene (Inverness) Limited

Hazledene (Inverness) Limited (Registered number: SC248576)

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Hazledene (Inverness) Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: M D Shaw





REGISTERED OFFICE: The Ca'd'ora
45 Gordon Street
Glasgow
G1 3PE





REGISTERED NUMBER: SC248576 (Scotland)





ACCOUNTANTS: AR Accountancy
Chartered Accountants
3 Holmwood Park
Crossford
Lanarkshire
ML8 5SZ

Hazledene (Inverness) Limited (Registered number: SC248576)

Statement of Financial Position
30 April 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Stocks 4 13,168,076 11,751,780
Debtors 5 5,465,008 1,964,846
Cash at bank 1,632,434 4,588,591
20,265,518 18,305,217
CREDITORS
Amounts falling due within one year 6 34,234,520 32,506,447
NET CURRENT LIABILITIES (13,969,002 ) (14,201,230 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(13,969,002

)

(14,201,230

)

CAPITAL AND RESERVES
Called up share capital 200 200
Share premium 9 2,999,950 2,999,950
Retained earnings 9 (16,969,152 ) (17,201,380 )
SHAREHOLDERS' FUNDS (13,969,002 ) (14,201,230 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Hazledene (Inverness) Limited (Registered number: SC248576)

Statement of Financial Position - continued
30 April 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 January 2025 and were signed by:





M D Shaw - Director


Hazledene (Inverness) Limited (Registered number: SC248576)

Notes to the Financial Statements
for the Year Ended 30 April 2024


1. STATUTORY INFORMATION

Hazledene (Inverness) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue to meet its obligations as they fall due for at least 12 months from the date of approval of the financial statements. In the opinion of the director this basis is appropriate. Funding is in place on a rolling basis and the director is confident that funding will not be withdrawn within 12 months of the signing of these financial statements.

Significant judgements and estimates
Significant judgements and estimates are made in the calculations required to determine the costs to complete long term construction projects. The percentage completion, and hence the gross profit to release to the income statement, are dependent on those estimates. In the opinion of the director, after due consideration, the estimates made at the balance sheet date are considered reasonable, however, any significant over or under estimate could materially alter the value of gross profit released.

An assessment of projected sales on a project by project basis has been taken. Where the forecast costs to complete are in excess of the projected sales value, the difference is taken to cost of sales.

In evaluating the projected sales, the director has made judgements based on the projected land values and likelihood of securing sales looking forward to 2026.

The company has unutilised tax losses. A deferred tax asset has been created to recognise the tax losses in so far as they are expected to be utilised. A forecast has been made of the projected future profits of the company to estimate to what extent these tax losses will be utilised.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks
Stocks and work in progress (except long term contracts) are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Long term contract balances are valued at costs incurred including interest incurred in funding land on specific contracts, net of amounts transferred to cost of sales in respect of work recorded as turnover, less foreseeable losses and payments on account. If the ultimate profitability of a contract can be assessed with reasonable certainty, after having made prudent allowance for future risks and uncertainties, then profit is recognised in proportion to the contract work completed. Immediate provision is made for all foreseeable losses.

Hazledene (Inverness) Limited (Registered number: SC248576)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. STOCKS
2024 2023
£    £   
Net costs less foreseeable losses 13,168,076 11,751,780

Work in progress includes £5,817,585 (2023 £4,196,068) of capitalised interest.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by participating interests 2,663,699 -
Other debtors 2,801,309 1,964,846
5,465,008 1,964,846

Hazledene (Inverness) Limited (Registered number: SC248576)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 24,563,031 22,861,038
Trade creditors 8,051 578,680
Amounts owed to participating interests 784,088 784,088
Other creditors 8,879,350 8,282,641
34,234,520 32,506,447

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 24,563,031 22,861,038

The bank loan funder holds a standard security over the land held by the company, a legal charge over the bank account and a floating charge over all the assets.

The other loan funder holds a standard security over part of the land held by the company.

8. DEFERRED TAX
£   
Balance at 1 May 2023 (1,919,663 )
Provided during year (863,129 )
Balance at 30 April 2024 (2,782,792 )

Deferred tax represents unutilised tax losses.

9. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 May 2023 (17,201,380 ) 2,999,950 (14,201,430 )
Profit for the year 232,228 232,228
At 30 April 2024 (16,969,152 ) 2,999,950 (13,969,202 )

10. CONTINGENT LIABILITIES

As a condition of the bank loan, there is a participation agreement whereby fees will be payable to the funder based upon any disposal proceeds, less certain expenses, by applying an agreed percentage.

Hazledene (Inverness) Limited (Registered number: SC248576)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


11. RELATED PARTY DISCLOSURES

Mark Shaw
A director of the company

At the balance sheet date £708,490 (2023 £708,490) was due to the director. This loan is interest free and repayable on demand.

Hazledene Group Limited
A company in which Mark Shaw is a director and shareholder

At the balance sheet date £75,597 (2023 £75,597) was due to Hazledene Group Limited. The loan is interest free and repayable on demand.

Hazledene House Limited
A company with a common ultimate controlling party

At the balance sheet date £2,663,699 (2023 £nil) was due from Hazledene House Limited. Interest is charged at 10% and the loan is repayable on demand.

12. ULTIMATE CONTROLLING PARTY

The controlling party is M D Shaw.

The company is jointly under the ultimate control of Mark Shaw and a party whose identity is withheld from the public record under section 790ZG of the companies Act 2006.