Company registration number 06122579 (England and Wales)
HIGHLAND OUTDOORS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
HIGHLAND OUTDOORS LIMITED
COMPANY INFORMATION
Directors
Mr J L Bright
Mr J M Fuller
Mr M D Fuller
Mr A M Miller
Company number
06122579
Registered office
Kilworth Sticks Farm and Lakes
Kilworth Road
North Kilworth
Leicestershire
Accountants
TAG Berry Audit Limited
Bowden House
36 Northampton Road
Market Harborough
Leicestershire
LE16 9HE
Business address
PO Box 10024
North Kilworth
Lutterworth
Leicestershire
LE17 9EJ
HIGHLAND OUTDOORS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 32
HIGHLAND OUTDOORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business

The results of the company show a pre tax profit of £179,227 (2023 - £461,577) and turnover of £13,307,801 (2023 - £11,768,498).

 

The company has increased turnover of 13% in the year. Gross profit margins have increased to 34% (2023 - 33%). A strong focus still remains on growth, and controls over expenditure where possible.

Principal risks and uncertainties

The principal risks and uncertainties of the business affecting the company continue to be the ongoing conflict between Russia/Ukraine and the impact that has on both worldwide supply chains and financial markets.

 

UK firearms licencing continues to be a challenge for the UK firearms industry.

Financial Instruments

The company's operations expose it to credit risk.

The company's credit risk is primarily attributable to its debtors balance. The amounts presented in the Statement of Financial Position are net of allowances for doubtful debts. The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed on a periodic basis by the finance department.

 

Development and performance

The directors believe that the company has continued to strengthen its position in the market and will continue to do so whilst remaining competitive.

Key performance indicators

The directors consider the key performance indicators to be turnover and gross profit margins.

Sustainability information statement

The company is working towards gaining ISO 14001 accreditation and have taken steps to achieve this aim.

 

The directors are committed to ensuring that high quality products that are sourced and manufactured in a fair, ethical, and environmentally responsible way. The directors recognise the need to minimise the environmental impact of all its operations, to help preserve a healthy and sustainable planet for this and all future generations. Employees are encouraged to report any concerns they may have, and management are required to act upon them.

 

The company aims to limit the negative environmental impact is communicated to all significant suppliers, contractors, and business partners at the outset of our business relationship with them and reinforced as appropriate thereafter.

On behalf of the board

Mr J L Bright
Director
19 November 2024
HIGHLAND OUTDOORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of the wholesale supply of firearms, ammunition and associated goods and online retail of Ridgeline outdoor clothing.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were declared amounting to £89,244. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J L Bright
Mr J M Fuller
Mr M D Fuller
Mr A M Miller
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

 

Trade creditors of the company at the year end were equivalent to 28 day's purchases, based on the average daily amount invoiced by suppliers during the year.

Research and development

The company continues to invest in research and development, this has resulted in the introduction of new product lines. The directors regard research and development investment as necessary for the continuing success in the medium to long term future.

Future developments

The company intends to develop the range of products available.

Auditor

The auditor, TAG Berry Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

HIGHLAND OUTDOORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr J L Bright
Director
19 November 2024
HIGHLAND OUTDOORS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HIGHLAND OUTDOORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HIGHLAND OUTDOORS LIMITED
- 5 -
Opinion

We have audited the financial statements of Highland Outdoors Limited (the 'company') for the year ended 30 June 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HIGHLAND OUTDOORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HIGHLAND OUTDOORS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

 

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error.

 

To obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error, and to respond appropriately to those risks.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the InternationaI Accounting Standards (IFRSs) as adopted by the United Kingdom.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations our procedures included the following:

 

 

HIGHLAND OUTDOORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HIGHLAND OUTDOORS LIMITED (CONTINUED)
- 7 -

 

 

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Adrian Neal BA (Hons) FCA (Senior Statutory Auditor)
For and on behalf of TAG Berry Audit Limited
19 November 2024
Chartered Accountants
Statutory Auditor
Bowden House
36 Northampton Road
Market Harborough
Leicestershire
LE16 9HE
HIGHLAND OUTDOORS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Revenue
3
13,307,802
11,768,499
Cost of sales
(8,765,139)
(7,987,801)
Gross profit
4,542,663
3,780,698
Administrative expenses
(4,054,555)
(3,036,420)
Operating profit
4
488,108
744,278
Investment revenues
8
7,204
-
0
Finance costs
9
(316,085)
(282,701)
Profit before taxation
179,227
461,577
Income tax expense
10
(113,035)
(93,052)
Profit and total comprehensive income for the year
66,192
368,525
HIGHLAND OUTDOORS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
Non-current assets
Property, plant and equipment
12
477,476
340,572
Current assets
Inventories
13
4,884,942
5,150,225
Trade and other receivables
14
3,847,542
3,251,325
Cash and cash equivalents
1,773,197
482,109
10,505,681
8,883,659
Current liabilities
Trade and other payables
20
4,381,390
3,079,840
Current tax liabilities
106,835
92,114
Borrowings
16
27,131
17,221
Lease liabilities
21
91,329
65,897
4,606,685
3,255,072
Net current assets
5,898,996
5,628,587
Non-current liabilities
Borrowings
16
4,896,589
4,516,192
Lease liabilities
21
137,440
93,672
Deferred tax liabilities
22
33,650
27,450
5,067,679
4,637,314
Net assets
1,308,793
1,331,845
Equity
Called up share capital
24
10,001
10,001
Retained earnings
1,298,792
1,321,844
Total equity
1,308,793
1,331,845

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
Mr J L Bright
Director
Company registration number 06122579 (England and Wales)
HIGHLAND OUTDOORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 July 2022
10,001
1,042,563
1,052,564
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
368,525
368,525
Transactions with owners in their capacity as owners:
Dividends
11
-
(89,244)
(89,244)
Balance at 30 June 2023
10,001
1,321,844
1,331,845
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
66,192
66,192
Transactions with owners in their capacity as owners:
Dividends
11
-
(89,244)
(89,244)
Balance at 30 June 2024
10,001
1,298,792
1,308,793

The notes on pages 12 to 32 form part of these financial statements.

HIGHLAND OUTDOORS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
30
1,572,228
(1,405,790)
Income taxes paid
(92,114)
(131,135)
Net cash inflow/(outflow) from operating activities
1,480,114
(1,536,925)
Investing activities
Purchase of property, plant and equipment
(100,427)
(77,299)
Proceeds from disposal of property, plant and equipment
6,216
-
0
Interest received
7,204
-
0
Net cash used in investing activities
(87,007)
(77,299)
Financing activities
Increase/(repayment) of borrowings
91,491
1,547,051
Repayment of bank loans
(9,167)
(10,000)
Payment of lease liabilities
(88,572)
(73,297)
Interest paid
(17,179)
(282,701)
Dividends paid
(66,000)
(282,000)
Net cash (used in)/generated from financing activities
(89,427)
899,053
Net increase/(decrease) in cash and cash equivalents
1,303,680
(715,171)
Cash and cash equivalents at beginning of year
482,109
893,182
Effect of foreign exchange rates
(12,592)
304,098
Cash and cash equivalents at end of year
1,773,197
482,109
HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
1
Accounting policies
Company information

Highland Outdoors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kilworth Sticks Farm and Lakes, Kilworth Road, North Kilworth, Leicestershire. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

The financial statements are of Highland Outdoors Limited as an individual entity.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods 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.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods),

The company recognises revenue from product sales.

 

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% net book value
Computer equipment
Straight line over 3 years
Motor vehicles
25% net book value
Right-of-use assets
Straight line over the term of the lease

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 recognised in the income statement.

The capitalisation rate used to determine the amount of borrowing costs is 6%.

HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Impairment of tangible and intangible assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Inventories

Inventories are stated at the lower of cost and estimated selling price.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

 

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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 income statement 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

 

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

 

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

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.15
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
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Key sources of estimation uncertainty
Stock Valuation

Determining whether stock is impaired requires an estimation of the value of individual slow moving lines of stock and assessing the net realisable value. The net realisable value calculation requires the entity to estimate the future revenue expected to be received and incorporate any costs necessary to bring the goods to a sellable condition. The value of stock at the reporting end date was £4.885 million (2023 - £5.150 million). The amount written off for impaired stock in the year was £227,370 (2023 - £118,450).

Provision for after date credit notes

The credit note provision is calculated by reference to the sales made in the year. The provision is an estimate of the cost to the company of future stock returns under warranty and sale or return goods unsold. The provision for 2024 was £91,440 (2023 - £81,168). On the basis that returned goods are deemed impaired and of negligible value, no corresponding adjustment is made to reflect the value of returned stock in either the current or preceding year.

HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Critical accounting estimates and judgements
(Continued)
- 17 -
3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Product Sales
13,307,802
11,768,499
2024
2023
£
£
Revenue analysed by geographical market
Sales UK
11,454,392
9,971,790
Sales Europe
1,403,498
1,659,896
Sales Rest of the World
449,912
136,813
13,307,802
11,768,499
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
21,813
(269,260)
Depreciation of property, plant and equipment
115,312
107,334
Profit on disposal of property, plant and equipment
(233)
-
Cost of inventories recognised as an expense
8,705,895
7,764,196
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
20,458
19,332
For other services
Other services
5,972
1,990
HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administration
23
26
Warehouse
8
6
Sales
16
10
Total
47
42

Their aggregate remuneration (including directors) comprised:

2024
2023
£
£
Wages and salaries
2,076,367
1,744,121
Social security costs
222,948
207,143
Pension costs
95,450
76,008
2,394,765
2,027,272
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
109,096
114,947
Company pension contributions to defined contribution schemes
32,021
17,851
141,117
132,798

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

8
Investment income
2024
2023
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
7,204
-
0
Income above relates to assets held at amortised cost, unless stated otherwise.
HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
9
Finance costs
2024
2023
£
£
Interest on bank overdrafts and loans
617
886
Interest on lease liabilities
16,562
15,737
Other interest payable
298,906
266,078
Total interest expense
316,085
282,701
10
Income tax expense
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
106,835
92,114
Deferred tax
Origination and reversal of temporary differences
6,200
938
Total tax charge
113,035
93,052

The corporation tax rate changed from 19% to 25% effective from 1 April 2023, therefore the average tax rate for the previous year was 20.5%.

 

The charge for the year can be reconciled to the profit per the income statement as follows:

2024
2023
£
£
Profit before taxation
179,227
461,577
Expected tax charge based on a corporation tax rate of 25.00% (2023: 20.50%)
44,807
94,623
Effect of expenses not deductible in determining taxable profit
78,922
2,276
Income not taxable
(58)
-
0
Permanent capital allowances in excess of depreciation
1,551
-
Depreciation on assets not qualifying for tax allowances
(12,187)
(7,671)
Deferred tax adjustments in respect of prior years
-
0
(938)
Enhanced capital allowances
-
0
(2,955)
Effect of changes in rate of corporation tax
-
0
7,717
Taxation charge for the year
113,035
93,052
HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
11
Dividends
2024
2023
2024
2023
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary B Shares
Interim dividend paid
89,244
89,244
89,244
89,244
12
Property, plant and equipment
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Right-of-use assets
Total
£
£
£
£
£
Cost
At 1 July 2022
251,814
24,312
214,972
465,073
956,171
Additions
66,564
6,207
4,528
70,626
147,925
Disposals
-
0
-
0
-
0
(57,163)
(57,163)
At 30 June 2023
318,378
30,519
219,500
478,536
1,046,933
Additions
78,681
21,746
38,333
119,439
258,199
Disposals
(6,216)
-
0
-
0
(57,336)
(63,552)
At 30 June 2024
390,843
52,265
257,833
540,639
1,241,580
Accumulated depreciation and impairment
At 1 July 2022
140,226
11,376
82,395
424,071
658,068
Charge for the year
26,243
9,400
34,275
37,416
107,334
Eliminated on disposal
-
0
-
0
-
0
(59,041)
(59,041)
At 30 June 2023
166,469
20,776
116,670
402,446
706,361
Charge for the year
30,529
7,252
28,776
48,755
115,312
Eliminated on disposal
(233)
-
0
-
0
(57,336)
(57,569)
At 30 June 2024
196,765
28,028
145,446
393,865
764,104
Carrying amount
At 30 June 2024
194,078
24,237
112,387
146,774
477,476
At 30 June 2023
151,909
9,743
102,830
76,090
340,572
HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Property, plant and equipment
(Continued)
- 21 -

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2024
2023
£
£
Net values at the year end
Plant and machinery
39,265
-
Motor vehicles
107,509
76,090
146,774
76,090
Total additions in the year
119,439
70,626
Depreciation charge for the year
Plant and machinery
5,305
-
Motor vehicles
43,450
37,416
48,755
37,416

The right of use assets are secured against the lease contracts.

Included within the net book value of £477,476 is £93,743 (2023 - £68,021) relating to assets held under hire purchase agreements.

13
Inventories
2024
2023
£
£
Finished goods
4,884,942
5,150,225
14
Trade and other receivables
2024
2023
£
£
Trade receivables
1,442,315
1,582,015
Provision for bad and doubtful debts
(18,482)
-
0
1,423,833
1,582,015
Other receivables
2,264,043
1,631,154
Prepayments
159,666
38,156
3,847,542
3,251,325
HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
15
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables differs from fair value as follows:

Carrying value
Fair value
2024
2023
2024
2023
£
£
£
£
Trade receivables net of allowances
1,423,833
1,582,015
1,423,832
1,582,015
Other debtors
2,264,043
1,631,154
2,309,526
1,631,154
Prepayments
159,666
38,156
159,666
38,156
3,847,542
3,251,325
3,893,024
3,251,325

No significant receivable balances are impaired at the reporting end date.

Movement in the allowances for impairment of trade receivables
2024
2023
£
£
Balance at 1 July 2023 and at 30 June 2024
18,482
-
16
Borrowings
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Borrowings held at amortised cost:
Bank loans
10,833
10,000
9,167
19,167
Directors' loans
16,298
7,221
-
-
Other loans
-
-
4,887,422
4,497,025
27,131
17,221
4,896,589
4,516,192

 

17
Fair value of financial liabilities

The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
18
Liquidity risk

The following table details the remaining contractual maturity for the company's financial liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the company may be required to pay.

Less than 1 month
1 – 3 months
3 months to 1 year
1 – 5 years
Total
£
£
£
£
£
At 30 June 2023
Trade creditors
290,228
-
-
-
290,228
Accruals
64,625
21,454
122,934
-
209,013
Bank loan
833
1,667
7,500
19,167
29,167
Hire purchase
2,826
5,652
25,434
49,166
83,078
Lease obligations
2,665
5,331
23,989
44,506
76,491
Taxes
60,191
140,992
132,768
-
333,951
other
38,608
-
2,307,376
-
2,345,984
Long term loans
-
-
-
4,497,025
4,497,025
459,976
175,096
2,620,001
4,609,864
7,864,937
At 30 June 2024
Trade creditors
402,462
45,401
204,306
-
652,169
Accruals
84,562
23,635
435,023
-
543,220
Bank loan
903
1,806
8,125
9,167
20,001
Hire purchase
3,099
6,198
27,894
42,669
79,860
Lease obligations
4,511
9,023
40,603
94,770
148,907
Taxes
59,652
359,255
183,820
-
602,727
other
36,912
-
2,700,888
-
2,737,800
Long term loans
-
-
-
4,887,422
4,887,422
592,101
445,318
3,600,659
5,034,028
9,672,106
19
Market risk
Market risk management
HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
19
Market risk
(Continued)
- 24 -
Foreign exchange risk

The carrying amounts of the company's foreign currency denominated monetary assets and liabilities at the reporting date are as follows:

Assets
Liabilites
2024
2023
2024
2023
£
£
£
£
US $
15,754
191,800
8,746,944
7,203,448
Euro
45,949
43,337
84,406
-
Canadian Dollar
-
34,213
106,861
-
Rupees
-
-
2,828,907
-
NOK
-
-
6,078
5,719
61,703
269,350
11,773,196
7,209,167

Changes in foreign exchange rates will have an impact on profit.

 

The company's foreign exchange risk is dependent on the movement in the US dollar to sterling exchange rate. The effect of a 1.5% strengthening in the dollar against sterling at the reporting date on the dollar denominated balances at the date end , all other variables being held constant, have resulted in an additional unrealised exchange loss in the year of £103,564

 

A 1.5% weakening in the exchange rate would, on the same basis, would have increased unrealised exchange gains by £103,564.

 

The effect of foreign exchange rates on balances denominated in other currencies are not expected to generate significant gains or losses.

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.

 

The unrealised gains and losses on currency balances are included in profit or loss, the currency loan is not expected to be repaid within the next financial period.

There have been no changes in he methods or assumption used in accounting for foreign exchange risk.

 

HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
20
Trade and other payables
2024
2023
£
£
Trade payables
652,169
290,228
Amounts owed to related parties
1,394,220
1,000,709
Accruals
543,220
209,013
Social security and other taxation
464,498
241,834
Other payables
1,327,283
1,338,056
4,381,390
3,079,840

Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 28 days. For most suppliers no interest is charged. The company has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.

 

The directors consider that the carrying amount of trade payables approximates to their fair value.

21
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
91,329
65,897
In two to five years
137,440
93,672
Total undiscounted liabilities
228,769
159,569

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
91,329
65,897
Non-current liabilities
137,440
93,672
228,769
159,569
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
16,562
15,737

It is the company's policy to lease certain equipment under finance leases. The average lease term is 3 years. The average effective borrowing rate for the year was 6%. Interest rates are fixed at the contract date. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21
Lease liabilities
(Continued)
- 26 -
Other leasing information is included in note 25.
22
Deferred taxation
Liabilities
2024
2023
£
£
Deferred tax balances
33,650
27,450

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
£
Liability at 1 July 2022
26,512
Deferred tax movements in prior year
Charge/(credit) to profit or loss
938
Liability at 1 July 2023
27,450
Deferred tax movements in current year
Charge/(credit) to profit or loss
6,200
Liability at 30 June 2024
33,650
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
95,450
76,008

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary A Shares of £1 each
100,000
100,000
100,000
100,000
Ordinary B Shares of £1 each
1
1
1
1
100,001
100,001
100,001
100,001
Issued and fully paid
Ordinary A Shares of £1 each
10,000
10,000
10,000
10,000
Ordinary B Shares of £1 each
1
1
1
1
10,001
10,001
10,001
10,001

Ordinary shares have one vote for each share held.

Ordinary B shares are non voting and are not entitled to any capital distribution, the share is entitled to dividends voted in that class only.

25
Other leasing information
Lessee

Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:

2024
2023
£
£
Minimum lease payments under operating leases
137,850
87,601
Information relating to lease liabilities is included in note 21.
26
Capital commitments
2024
2023
£
£

At 30 June 2024 the company had capital commitments as follows:

Contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment
5,229
-
0
27
Capital risk management

The company is not subject to any externally imposed capital requirements.

HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

2024
2023
£
£
Short-term employee benefits
121,606
128,752
Post-employment benefits
32,021
17,851
153,627
146,603
Other transactions with related parties

During the year the company entered into the following transactions with related parties:

Sale of goods
Purchase of goods
2024
2023
2024
2023
£
£
£
£
BCN Outdoor, S.L.
10,755
41,336
-
-
Delta Firearms (Pty) Ltd
43,345
-
-
-
Highland Outdoors Ireland Limited
513,697
217,750
(3,319)
49,491
Highland Outdoors Europe
223,301
183,259
52,121
-
Webley & Scott Limited
-
5,502
57,944
-
Legacy Sports International Inc
-
-
61,052
120,304
Outdoor Sporting Agencies Pty Ltd
28,016
127
-
-
Outdoor Sports Sales Limited
-
-
14,111
30,079
Outdoor Sports New Zealand Limited
5,594
-
-
-
Nikko Stirling Limited
-
164,161
111,757
-
Nikko Stirling Sales Limited
-
-
233,170
265,105
Nikko Stirling Intenational (Shanghai) Co. Ltd
-
-
53,687
29,955
Sial Manufacturers Pvt Ltd
23,630
-
26,874
-
848,338
612,137
607,397
494,934
HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
28
Related party transactions
(Continued)
- 29 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties:
£
£
Loans - Moar Capital Australia Pty Ltd
4,887,422
4,497,025
Legacy Sports International Inc
173,016
112,391
Nikko Stirling  Limited
33,758
21,723
Nikko Stirling Sales Limited
973,332
745,490
Nikko Stirling Intenational (Shanghai) Co. Ltd
79,309
26,681
Outdoors Sports Sales Limited
938
4,197
Outdoor Sports Sales New Zealand Limited
82
Webley & Scott Limited
133,867
90,146
6,281,642
5,497,734

The related party loan is on the following terms. Interest is charged on the loan at 6% p.a. and during the year the company accrued interest of £298,906 (2023: £260,190). The lender had the option to repay all or part of the loan at any time giving one months notice, or by December 2027. The lender may take such security over the property of Highland Outdoors Limited to secure the outstanding balance as the lender thinks fit.

£1,394,220 (2023: £1,000,709) relates to other related party balances extracted from the purchase ledger.

The following amounts were outstanding at the reporting end date:

2024
2024
2024
Balance
Provision
Net
Amounts due from related parties:
£
£
£
Highland Outdoors (Ireland) Ltd
835,686
-
835,686
Airgun Manufacturers Trade Association Ltd
648
648
Nikko Stirling Limited
60,314
-
60,314
Outdoor Sports Sales New Zealand Limited
206
206
BCN Outdoor, S.L.
14,689
-
14,689
Highland Outdoors Europe
545,470
-
545,470
Sial Manufacturers Pvt Limited
44,667
44,667
1,501,680
-
0
1,501,680
2023
2023
2023
Balance
Provision
Net
Amounts due in previous period
£
£
£
Other related parties
1,192,033
-
1,192,033
HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
28
Related party transactions
(Continued)
- 30 -

During the year, the company has paid for other expenses on behalf of other related parties, as well as there being outstanding balances on the sales ledger. All transactions are made at arms length. At the year end the related parties owed the company a total of £1,501,680 (2023: £1,192,033). No interest has been charged on this balance to date.

 

 

29
Controlling party

The parent company of Highland Outdoors Limited is Fuller International Holdings Pty Ltd and its registered office is 25 Peel Street, Adelaide, SA5000.

 

Ultimate control is held by Fuller International Trust. The trust is a discretionary trust, registered in Australia.

 

The accounts for the parent company can be found by using the following link:

Search Company and Other Registers (asic.gov.au)

 

The following are the parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
Fuller International Holdngs Pty Ltd
Smallest group
Fuller International Holdings PtyLtd
30
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit for the year before income tax
179,227
461,577
Adjustments for:
Finance costs
316,085
282,701
Investment income
(7,204)
-
0
Benefit of lease termination
-
(1,878)
Gain on disposal of property, plant and equipment
(233)
-
Depreciation and impairment of property, plant and equipment
115,312
107,334
Foreign exchange losses/(gains) on cash equivalents
12,592
(304,098)
Movements in working capital:
Decrease/(increase) in inventories
265,283
(1,051,960)
Increase in trade and other receivables
(596,217)
(1,091,065)
Increase in trade and other payables
1,287,383
191,599
Cash generated from/(absorbed by) operations
1,572,228
(1,405,790)
HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
31
Analysis of changes in net debt
1 July 2023
Cash flows
New finance leases
Accrued Interest
Exchange rate movements
30 June 2024
£
£
£
£
£
£
Cash at bank and in hand
482,109
1,303,680
-
-
(12,592)
1,773,197
Borrowings excluding overdrafts
(4,526,192)
(687,704)
-
298,906
7,568
(4,907,422)
Obligations under finance leases
(159,569)
88,572
(157,772)
-
-
(228,769)
(4,203,652)
704,548
(157,772)
298,906
(5,024)
(3,362,994)
1 July 2022
Cash flows
New finance leases
Accrued interest
Exchange rate movements
30 June 2023
Prior year:
£
£
£
£
£
£
Cash at bank and in hand
893,182
(715,171)
-
-
304,098
482,109
Borrowings excluding overdrafts
(2,989,141)
(1,537,051)
-
-
-
(4,526,192)
Obligations under finance leases
(162,240)
73,297
(70,626)
-
-
(159,569)
(2,258,199)
(2,178,925)
(70,626)
-
304,098
(4,203,652)
HIGHLAND OUTDOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 32 -
32
Auditor's liability limitation agreement

The total aggregate liability to the company, of whatever nature, whether in contract, tort or otherwise, of the Auditor for any losses whatsoever and howsoever caused arising from or in any way connected with this engagement shall not exceed £100,000.  The date of the resolution was 13 March 2024.

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