Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Colin Campbell 15/12/2022 Claire Horsefield 18/12/2024 18/12/2024 Andrew Kerr 31/05/2023 Carolanne Mainland 31/12/2024 12/11/2018 Campbell Mair 22/03/2018 Jean Stewart 01/07/2020 Iain Thain 29/11/2023 04/02/2020 Lucy Wilson 15/12/2022 05 February 2025 The principal activity of the company is the provision and support to people in their own homes. SC203954 2024-06-30 SC203954 bus:Director1 2024-06-30 SC203954 bus:Director2 2024-06-30 SC203954 bus:Director3 2024-06-30 SC203954 bus:Director4 2024-06-30 SC203954 bus:Director5 2024-06-30 SC203954 bus:Director6 2024-06-30 SC203954 bus:Director7 2024-06-30 SC203954 bus:Director8 2024-06-30 SC203954 2023-06-30 SC203954 core:CurrentFinancialInstruments 2024-06-30 SC203954 core:CurrentFinancialInstruments 2023-06-30 SC203954 core:Non-currentFinancialInstruments 2024-06-30 SC203954 core:Non-currentFinancialInstruments 2023-06-30 SC203954 core:ShareCapital 2024-06-30 SC203954 core:ShareCapital 2023-06-30 SC203954 core:OtherCapitalReserve 2024-06-30 SC203954 core:OtherCapitalReserve 2023-06-30 SC203954 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC203954 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC203954 core:LandBuildings 2023-06-30 SC203954 core:FurnitureFittings 2023-06-30 SC203954 core:LandBuildings 2024-06-30 SC203954 core:FurnitureFittings 2024-06-30 SC203954 core:MoreThanFiveYears 2024-06-30 SC203954 core:MoreThanFiveYears 2023-06-30 SC203954 bus:OrdinaryShareClass1 2024-06-30 SC203954 2023-07-01 2024-06-30 SC203954 bus:FilletedAccounts 2023-07-01 2024-06-30 SC203954 bus:SmallEntities 2023-07-01 2024-06-30 SC203954 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC203954 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC203954 bus:Director1 2023-07-01 2024-06-30 SC203954 bus:Director2 2023-07-01 2024-06-30 SC203954 bus:Director3 2023-07-01 2024-06-30 SC203954 bus:Director4 2023-07-01 2024-06-30 SC203954 bus:Director5 2023-07-01 2024-06-30 SC203954 bus:Director6 2023-07-01 2024-06-30 SC203954 bus:Director7 2023-07-01 2024-06-30 SC203954 bus:Director8 2023-07-01 2024-06-30 SC203954 core:LandBuildings core:BottomRangeValue 2023-07-01 2024-06-30 SC203954 core:LandBuildings core:TopRangeValue 2023-07-01 2024-06-30 SC203954 core:FurnitureFittings core:TopRangeValue 2023-07-01 2024-06-30 SC203954 core:FurnitureFittings 2023-07-01 2024-06-30 SC203954 2022-07-01 2023-06-30 SC203954 core:LandBuildings 2023-07-01 2024-06-30 SC203954 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 SC203954 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 SC203954 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC203954 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC203954 (Scotland)

HIGHLAND HOME CARERS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

HIGHLAND HOME CARERS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

HIGHLAND HOME CARERS LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
HIGHLAND HOME CARERS LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,581,203 1,581,366
1,581,203 1,581,366
Current assets
Debtors 4 176,390 517,171
Cash at bank and in hand 246,447 60,654
422,837 577,825
Creditors: amounts falling due within one year 5 ( 730,445) ( 790,485)
Net current liabilities (307,608) (212,660)
Total assets less current liabilities 1,273,595 1,368,706
Creditors: amounts falling due after more than one year 6 ( 326,253) ( 351,111)
Provision for liabilities ( 88,216) 45,051
Net assets 859,126 1,062,646
Capital and reserves
Called-up share capital 7 100 100
Other reserves ( 847,692 ) ( 790,600 )
Profit and loss account 1,706,718 1,853,146
Total shareholders' funds 859,126 1,062,646

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Highland Home Carers Limited (registered number: SC203954) were approved and authorised for issue by the Board of Directors on 05 February 2025. They were signed on its behalf by:

Campbell Mair
Director
HIGHLAND HOME CARERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
HIGHLAND HOME CARERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 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 Home Carers 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 1 Highlander Way, Inverness Business & Retail Park, Inverness, IV2 7GE, Scotland, 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 £.

Going concern

At the time of approving the financial statements, the directors are continuing to monitor the financial position of the company. Despite the loss incurred, the directors are encouraged that the necessary measures implemented during the financial year helped stabilise the organisation. However, the operating environment has become increasingly challenging, the organisation will continue to monitor this closely and react accordingly, with this in mind – the directors are satisfied the company will have sufficient working capital to continue to trade and meet its liabilities as they fall due for a period of at least 12 months from the approval date of these financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for care and support services provided in the normal course of business.

Revenue from the provision of care and support services is recognised when the services are provided.

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.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 15 - 50 years straight line
Fixtures and fittings 4 years straight line
15 % 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 Profit and Loss Account 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 Profit and Loss Account.

Cash and cash equivalents

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

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and cash and bank balances, 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, 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.

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 accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Employee Share Ownership Trust and Share Incentive Plan

Consideration paid or received for the purchase or sale of the company's own shares by the trust are shown as separate amounts within shareholders funds. The trust is sponsored by the company and shares are held and distributed by the Share Incentive Plan. The award of shares during the year is accounted for in the profit and loss account at fair value, with the corresponding cost of the shares awarded recognised in other reserves.

On transition to FRS102 the company took advantage of the exemption available within Section 35.10(b) permitting that a small company is not required to apply the requirements of Section 26 Share-based payment to equity instruments that were granted before the start of the first reporting period that complied with FRS102. The first reporting period that complied with FRS102 was the year ended 30 June 2017. All equity instruments that were granted on or after 1 July 2016 are accounted for in accordance with Section 26 of FRS102.

Pension contributions

The company makes payments into a defined contribution pension scheme on behalf of certain employees and directors. Contributions payable are charged to the profit and loss account in the year they are payable.

Comparative figures

The comparative figures have been restated. Turnover previously reported as £5,845,480, Cost of sales previously reported as £4,976,984, Administrative expenses previously reported as £1,222,670 and Other operating income previously reported as £62,270 have been revised to £5,844,199, £4,943,014, £1,255,510 and £62,421 respectively in order to reflect a more appropriate allocation of income and expenditure. These reclassifications have had no impact to the reported loss for the prior period or the reported net assets at 30 June 2023.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 236 251

3. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 July 2023 1,554,214 235,985 1,790,199
Additions 63,934 11,604 75,538
At 30 June 2024 1,618,148 247,589 1,865,737
Accumulated depreciation
At 01 July 2023 36,203 172,630 208,833
Charge for the financial year 47,713 27,988 75,701
At 30 June 2024 83,916 200,618 284,534
Net book value
At 30 June 2024 1,534,232 46,971 1,581,203
At 30 June 2023 1,518,011 63,355 1,581,366

4. Debtors

2024 2023
£ £
Trade debtors 99,170 0
Other debtors 77,220 517,171
176,390 517,171

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 26,667 26,667
Trade creditors 23,491 40,924
Other taxation and social security 100,821 106,795
Other creditors 579,466 616,099
730,445 790,485

The bank loan is secured by way of a floating charge.

Included in Other creditors are obligations under hire purchase contracts totalling £21,692 (2023 - £nil).

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

2024 2023
£ £
Bank loans 324,445 351,111
Other creditors 1,808 0
326,253 351,111

The above loan is secured by way of a floating charge.

Included in Other creditors are obligations under hire purchase contracts totalling £1,808 (2023 - £nil).

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans 217,778 244,445

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,000,000 Ordinary shares of £ 0.00005 each 100 100

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 7,700 11,122

9. Capital Commitments

2024 2023
£ £
Acquisition of tangible fixed assets 0 43,384

10. Reserve for Own Shares

The Own Share reserve arises in connection with the acquisition of the ordinary shares by an Employee Benefit Trust (EBT) when the company was bought out by its employees. The ordinary shares are distributed to the employees through the Highland Home Carer's Limited Share Incentive Plan (SIP) which can acquire and distribute up to 50% of the share capital. Free shares are issued to employees who are not permitted to assign, change or otherwise dispose of their beneficial interest in these shares for a holding period of 5 years from the award date. Shares are forfeited if the employee ceases to be in relevant employment within 3 years from the award date, subject to conditions set out in the SIP agreement and are repurchased if the employee ceases to be in relevant employment between 3 and 5 years from the award date.

At 30 June 2024, 183 employees held shares through the SIP and the SIP has an obligation to buy back 76,886 free shares, issued annually to employees from 2005 to 2021 and who have stayed in continuous employment with the company until June 2024. The value of this obligation is dependent on the valuation computed when the shares are bought back on the relevant future dealing dates.

During the year no shares were distributed by the SIP to employees. 92,529 free shares issued to employees in previous years were transferred back to the SIP following the employees ceasing employment with the company. During the year the SIP repurchased 28,404 free shares for £0.40 each. These shares had been held by employees for more than 3 years or the employees were classed as good leavers.

The EBT and SIP held 1,020,000 (2023 - 1,020,000) and 400,275 (2023 - 278,860) shares respectively at the balance sheet date and none of these shares were under option nor had been conditionally gifted to employees at the balance sheet date.