Company registration number SC187608 (Scotland)
HIGHLAND ROPE ACCESS-INSPECTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
HIGHLAND ROPE ACCESS-INSPECTION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HIGHLAND ROPE ACCESS-INSPECTION LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,034,613
1,090,386
Current assets
Stocks
19,750
19,750
Debtors
4
2,105,924
2,115,871
Cash at bank and in hand
630,624
756,418
2,756,298
2,892,039
Creditors: amounts falling due within one year
5
(949,525)
(1,147,049)
Net current assets
1,806,773
1,744,990
Total assets less current liabilities
2,841,386
2,835,376
Creditors: amounts falling due after more than one year
6
(189,008)
(296,737)
Provisions for liabilities
(60,352)
(65,414)
Net assets
2,592,026
2,473,225
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,591,926
2,473,125
Total equity
2,592,026
2,473,225
HIGHLAND ROPE ACCESS-INSPECTION LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 24 April 2025
A L MORRISON
A L Morrison
Director
Company Registration No. SC187608
HIGHLAND ROPE ACCESS-INSPECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Highland Rope Access-Inspection Limited is a private company limited by shares incorporated in Scotland. The registered office is Highland House, Howe Moss Drive, Kirkhill Industrial Estate, Dyce, Aberdeen, AB21 0GL.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable.
Turnover represents net invoiced services, excluding value added tax, attributable to the provision of inspection, repair and maintenance services. Turnover also includes work completed but not invoiced at the year end which is included within other debtors.
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 property
4% straight line
Plant and machinery etc
15% reducing balance, 25% reducing balance and 33.33% straight line
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
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and cash at bank.
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
HIGHLAND ROPE ACCESS-INSPECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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 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.
1.8
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
31
31
HIGHLAND ROPE ACCESS-INSPECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
3
Tangible fixed assets
Freehold property
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2023
1,006,015
833,203
1,839,218
Additions
6,284
69,211
75,495
Disposals
(42,249)
(42,249)
At 31 July 2024
1,012,299
860,165
1,872,464
Depreciation and impairment
At 1 August 2023
243,354
505,478
748,832
Depreciation charged in the year
40,449
86,431
126,880
Eliminated in respect of disposals
(37,861)
(37,861)
At 31 July 2024
283,803
554,048
837,851
Carrying amount
At 31 July 2024
728,496
306,117
1,034,613
At 31 July 2023
762,661
327,725
1,090,386
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,153,500
1,461,949
Other debtors
952,424
653,922
2,105,924
2,115,871
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
25,229
54,245
Trade creditors
193,803
201,319
Taxation and social security
150,096
267,917
Other creditors
580,397
623,568
949,525
1,147,049
HIGHLAND ROPE ACCESS-INSPECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
189,008
296,737
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
77,094
106,839
7
Loans and overdrafts
2024
2023
£
£
Bank loans
214,237
350,982
Payable within one year
25,229
54,245
Payable after one year
189,008
296,737
Lloyds TSB holds a Bond and Floating Charge over the company assets.
The Bank of Scotland holds a charge over the company's property in Dyce, Aberdeenshire.
8
Related party transactions
The net amount owed by the company to the Director at the year end was £991 (2023: £279).
There are no set repayment terms on the outstanding balance due.
9
Ultimate controlling party
The ultimate controlling party is A L Morrison by virtue of his shareholding in Highland OS Group Ltd, which is the company's ultimate holding company.