Company registration number 00233185 (England and Wales)
HIGHLAND INVESTMENT COMPANY LIMITED
Unaudited Financial Statements
For The Year Ended 30 September 2024
Pages For Filing With Registrar
Highland Investment Company Limited
HIGHLAND INVESTMENT COMPANY LIMITED
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 8
Highland Investment Company Limited
HIGHLAND INVESTMENT COMPANY LIMITED
Balance Sheet
As At 30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,969,953
4,887,681
Investment property
4
16,615,000
18,275,000
Investments
5
1,275
1,275
21,586,228
23,163,956
Current assets
Stocks
79,480
82,690
Debtors
6
292,965
166,249
Cash at bank and in hand
382,589
132,838
755,034
381,777
Creditors: amounts falling due within one year
7
(1,042,826)
(720,646)
Net current liabilities
(287,792)
(338,869)
Total assets less current liabilities
21,298,436
22,825,087
Creditors: amounts falling due after more than one year
8
(359,382)
(1,359,382)
Provisions for liabilities
(3,132,188)
(3,403,508)
Net assets
17,806,866
18,062,197
Capital and reserves
Called up share capital
245,843
245,843
Capital redemption reserve
40,020
40,020
Profit and loss reserves
17,521,003
17,776,334
Total equity
17,806,866
18,062,197

The notes on pages 4 to 8 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Highland Investment Company Limited
HIGHLAND INVESTMENT COMPANY LIMITED
Balance Sheet (Continued)
As At 30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 April 2025 and are signed on its behalf by:
G Walters
Director
Company registration number 00233185 (England and Wales)
Highland Investment Company Limited
HIGHLAND INVESTMENT COMPANY LIMITED
Statement Of Changes In Equity
For The Year Ended 30 September 2024
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
245,843
40,020
17,078,620
17,364,483
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
947,714
947,714
Dividends
-
-
(250,000)
(250,000)
Balance at 30 September 2023
245,843
40,020
17,776,334
18,062,197
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
84,669
84,669
Dividends
-
-
(250,000)
(250,000)
Other movements
-
-
(90,000)
(90,000)
Balance at 30 September 2024
245,843
40,020
17,521,003
17,806,866

The notes on pages 4 to 8 form part of these financial statements.

Highland Investment Company Limited
HIGHLAND INVESTMENT COMPANY LIMITED
Notes To The Financial Statements
For The Year Ended 30 September 2024
- 4 -
1
Accounting policies
Company information

Highland Investment Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chavereys Limited, The Goods Shed, Jubilee Way, Faversham, Kent, England, ME13 8GD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
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, 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 amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Basic Payment Scheme Entitlements
over 3 years
1.4
Tangible fixed assets

Tangible fixed assets 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:

Freehold land and buildings
over 50 years
Plant and equipment
over 4-10 years
Motor vehicles
over 5 years
Highland Investment Company Limited
HIGHLAND INVESTMENT COMPANY LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2024
1
Accounting policies
(Continued)
- 5 -

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.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Highland Investment Company Limited
HIGHLAND INVESTMENT COMPANY LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2024
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

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

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2024
2023
Number
Number
Total
18
10
Highland Investment Company Limited
HIGHLAND INVESTMENT COMPANY LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2024
- 7 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 October 2023
4,830,797
904,369
30,325
5,765,491
Additions
-
0
88,098
78,700
166,798
At 30 September 2024
4,830,797
992,467
109,025
5,932,289
Depreciation and impairment
At 1 October 2023
114,657
739,255
23,898
877,810
Depreciation charged in the year
28,743
39,420
16,363
84,526
At 30 September 2024
143,400
778,675
40,261
962,336
Carrying amount
At 30 September 2024
4,687,397
213,792
68,764
4,969,953
At 30 September 2023
4,716,140
165,114
6,427
4,887,681

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and buildings
2024
2023
£
£
Cost
950,946
950,946
Accumulated depreciation
(28,725)
(15,922)
Carrying value
922,221
935,024
4
Investment property
2024
£
Fair value
At 1 October 2023
18,275,000
Disposals
(1,660,000)
At 30 September 2024
16,615,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.

Highland Investment Company Limited
HIGHLAND INVESTMENT COMPANY LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2024
- 8 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
200
200
Other investments other than loans
1,075
1,075
1,275
1,275
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
134,784
30,723
Amounts owed by group undertakings
31,824
-
0
Prepayments and accrued income
126,357
135,526
292,965
166,249
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
74,735
335,649
Trade creditors
27,587
40,407
Amounts owed to group undertakings
237,368
221,671
Corporation tax
280,856
6,022
Other taxation and social security
37,859
11,006
Other creditors
7,073
7,196
Accruals and deferred income
377,348
98,695
1,042,826
720,646
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
359,382
1,359,382

Loans and overdraft are secured over assets of the company.

 

Amounts included above which fall due after five years are as follows:
Payable other than by instalments
-
1,359,382
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