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Company No: SC644109 (Scotland)

HIGHLAND CATERHAM HIRE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH THE REGISTRAR

HIGHLAND CATERHAM HIRE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024

Contents

HIGHLAND CATERHAM HIRE LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2024
HIGHLAND CATERHAM HIRE LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 800
Tangible assets 4 72,372 83,036
72,372 83,836
Current assets
Debtors 5 0 9,366
Cash at bank and in hand 31,731 2,941
31,731 12,307
Creditors: amounts falling due within one year 6 ( 43,830) ( 18,147)
Net current liabilities (12,099) (5,840)
Total assets less current liabilities 60,273 77,996
Creditors: amounts falling due after more than one year 7 ( 7,112) ( 9,394)
Provision for liabilities ( 13,644) ( 17,275)
Net assets 39,517 51,327
Capital and reserves
Called-up share capital 8 100 100
Revaluation reserve 24,733 37,139
Profit and loss account 14,684 14,088
Total shareholders' funds 39,517 51,327

For the financial year ending 31 October 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 Caterham Hire Limited (registered number: SC644109) were approved and authorised for issue by the Board of Directors on 03 March 2025. They were signed on its behalf by:

Neil Mackintosh
Director
Nicholas Stokes
Director
HIGHLAND CATERHAM HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
HIGHLAND CATERHAM HIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 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 Caterham Hire 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 Unit 18 Chanonry Road North, Elgin, IV30 6NB, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
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:

Plant and machinery 4 years straight line
Vehicles 10 % 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.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 November 2023 4,000 4,000
At 31 October 2024 4,000 4,000
Accumulated amortisation
At 01 November 2023 3,200 3,200
Charge for the financial year 800 800
At 31 October 2024 4,000 4,000
Net book value
At 31 October 2024 0 0
At 31 October 2023 800 800

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 November 2023 325 82,866 83,191
Additions 1,400 15,500 16,900
Disposals 0 ( 20,000) ( 20,000)
At 31 October 2024 1,725 78,366 80,091
Accumulated depreciation
At 01 November 2023 155 0 155
Charge for the financial year 373 9,024 9,397
Disposals 0 ( 1,833) ( 1,833)
At 31 October 2024 528 7,191 7,719
Net book value
At 31 October 2024 1,197 71,175 72,372
At 31 October 2023 170 82,866 83,036

5. Debtors

2024 2023
£ £
Other debtors 0 9,366

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,050 13,454
Taxation and social security 3,628 2,480
Other creditors 36,152 2,213
43,830 18,147

Bank loans are secured by a floating charge over all company assets.

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

2024 2023
£ £
Bank loans 7,112 9,394

Bank loans are secured by a floating charge over all company assets.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to key management personnel 15,998 0

The balance has no fixed terms of repayment.

Advances

In the prior year, the company was owed £9,366 by the directors which included advances of £636 repayments of £10,002. The balance had no fixed terms of repayment.