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COMPANY REGISTRATION NUMBER: SC258763
Harecairn Contracts Limited
Filleted Unaudited Financial Statements
31 October 2024
Harecairn Contracts Limited
Financial Statements
Year ended 31 October 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Harecairn Contracts Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
12,100
13,570
Current assets
Debtors
7
75,926
79,011
Cash at bank and in hand
169,327
165,086
---------
---------
245,253
244,097
Creditors: amounts falling due within one year
8
9,508
10,647
---------
---------
Net current assets
235,745
233,450
---------
---------
Total assets less current liabilities
247,845
247,020
Provisions
Taxation including deferred tax
2,127
2,363
---------
---------
Net assets
245,718
244,657
---------
---------
Harecairn Contracts Limited
Statement of Financial Position (continued)
31 October 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
10
2
2
Profit and loss account
245,716
244,655
---------
---------
Shareholders funds
245,718
244,657
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 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:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 April 2025 , and are signed on behalf of the board by:
Mr S. R. Purdom
Director
Company registration number: SC258763
Harecairn Contracts Limited
Notes to the Financial Statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Harecairn, Monikie, Broughty Ferry, Dundee, DD5 3QH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has assessed that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tenants Improvements
-
20% reducing balance
Tools and Equipment
-
10% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tax on profit/(loss)
Major components of tax income
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
( 236)
( 263)
----
----
Tax on profit/(loss)
( 236)
( 263)
----
----
6. Tangible assets
Tenants Improvements
Plant and machinery
Total
£
£
£
Cost
At 1 November 2023 and 31 October 2024
31,889
90,461
122,350
--------
--------
---------
Depreciation
At 1 November 2023
30,758
78,022
108,780
Charge for the year
226
1,244
1,470
--------
--------
---------
At 31 October 2024
30,984
79,266
110,250
--------
--------
---------
Carrying amount
At 31 October 2024
905
11,195
12,100
--------
--------
---------
At 31 October 2023
1,131
12,439
13,570
--------
--------
---------
7. Debtors
2024
2023
£
£
Other debtors
75,926
79,011
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
970
2,409
Social security and other taxes
6,818
6,513
Other creditors
1,720
1,725
-------
--------
9,508
10,647
-------
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
2,127
2,363
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
2,127
2,363
-------
-------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
3,528
5,292
Later than 1 year and not later than 5 years
3,528
-------
-------
3,528
8,820
-------
-------
12. Transactions with directors
The company was under the control of Mr S. Purdom throughout the current and previous period.
13. Related party transactions
At the period end the company was due to receive £74,626 from companies under common control (2023 - £78,547).