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COMPANY REGISTRATION NUMBER: SC447096
Highland Clearance (Recycling) Ltd
Filleted Unaudited Financial Statements
30 April 2024
Highland Clearance (Recycling) Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
3,520
4,709
Current assets
Stocks
1,048
Debtors
5
2,437
1,858
Cash at bank and in hand
310
366
-------
-------
2,747
3,272
Creditors: amounts falling due within one year
6
232,262
230,646
---------
---------
Net current liabilities
229,515
227,374
---------
---------
Total assets less current liabilities
( 225,995)
( 222,665)
---------
---------
Net liabilities
( 225,995)
( 222,665)
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 225,997)
( 222,667)
---------
---------
Shareholders deficit
( 225,995)
( 222,665)
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Highland Clearance (Recycling) Ltd
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 31 January 2025 , and are signed on behalf of the board by:
Mr J MacKenzie
Director
Company registration number: SC447096
Highland Clearance (Recycling) Ltd
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Forbes House, 36 Huntly Street, Inverness, IV3 5PR, Scotland.
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.
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 and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
5,069
28,648
274
33,991
-------
--------
----
--------
Depreciation
At 1 May 2023
4,375
24,648
259
29,282
Charge for the year
174
1,000
15
1,189
-------
--------
----
--------
At 30 April 2024
4,549
25,648
274
30,471
-------
--------
----
--------
Carrying amount
At 30 April 2024
520
3,000
3,520
-------
--------
----
--------
At 30 April 2023
694
4,000
15
4,709
-------
--------
----
--------
5. Debtors
2024
2023
£
£
Other debtors
2,437
1,858
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,379
1,572
Social security and other taxes
222
Other creditors
230,883
228,852
---------
---------
232,262
230,646
---------
---------
7. Related party transactions
At 30 April 2024 the company owed £229,623 (2023 - £227,652) to a company controlled by the director. This loan is interest free and has no definite terms of repayment.
8. Going concern
The company incurred a loss of £3,330 (2023 - £4,112) during the year ended 30 April 2024 and, as at that date, the company's total net liabilities exceeded its total assets. The balance sheet deficit at the 30 April 2024 was £225,995 (2023 - £222,665). The company remains dependent on support from a company controlled by the director to provide the working capital needed to ensure it can meet its liabilities as they fall due. The director anticipates increased sales and improved margins in future years.
The director has concluded that the company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.