Company Registration No. SC374473 (Scotland)
AML (Highland) Limited
Unaudited accounts
for the year ended 31 May 2024
AML (Highland) Limited
Unaudited accounts
Contents
AML (Highland) Limited
Company Information
for the year ended 31 May 2024
Directors
A Macleod
G Macleod
Company Number
SC374473 (Scotland)
Registered Office
Unit 5, 43A Harbour Road
Longman Industrial Estate
Inverness
IV1 1UF
Accountants
CMM Accountancy (Inverness) Limited
The Green House
Beechwood Business Park North
Inverness
IV2 3BL
AML (Highland) Limited
Statement of financial position
as at 31 May 2024
Tangible assets
155,258
166,159
Cash at bank and in hand
105,461
91,101
Creditors: amounts falling due within one year
(269,055)
(274,122)
Net current assets
78,289
81,703
Total assets less current liabilities
233,547
247,862
Creditors: amounts falling due after more than one year
(67,542)
(77,323)
Provisions for liabilities
Deferred tax
(19,198)
(14,894)
Net assets
146,807
155,645
Called up share capital
100
100
Profit and loss account
146,707
155,545
Shareholders' funds
146,807
155,645
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2025 and were signed on its behalf by
A Macleod
Director
Company Registration No. SC374473
AML (Highland) Limited
Notes to the Accounts
for the year ended 31 May 2024
AML (Highland) Limited is a private company, limited by shares, registered in Scotland, registration number SC374473. The registered office is Unit 5, 43A Harbour Road, Longman Industrial Estate, Inverness, IV1 1UF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Plant & machinery
20% straight line
Motor vehicles
20% reducing balance
Fixtures & fittings
25% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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 accounts. 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.
AML (Highland) Limited
Notes to the Accounts
for the year ended 31 May 2024
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Total
5
Tangible fixed assets
Total
Charge for the year
31,609
AML (Highland) Limited
Notes to the Accounts
for the year ended 31 May 2024
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
124,855
135,995
6
Operating lease commitments
2024
2023
At 31 May 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
65,666
29,750
Included in other debtors is a loan to the director Garry Macleod for £5,187 (2023 - Credit £12,328). The loan is unsecured and interest free and has no fixed terms of repayment.
8
Average number of employees
During the year the average number of employees was 14 (2023: 11).