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REGISTERED NUMBER: SC453864 (Scotland)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

HEADSWOOD LIMITED

HEADSWOOD LIMITED (REGISTERED NUMBER: SC453864)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


HEADSWOOD LIMITED (REGISTERED NUMBER: SC453864)

BALANCE SHEET
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 17,610 22,012

CURRENT ASSETS
Stocks 5 3,116 2,714
Debtors 6 22,285 14,924
Cash at bank - 8,797
25,401 26,435
CREDITORS
Amounts falling due within one year 7 63,836 52,819
NET CURRENT LIABILITIES (38,435 ) (26,384 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(20,825

)

(4,372

)

PROVISIONS FOR LIABILITIES 2,528 3,345
NET LIABILITIES (23,353 ) (7,717 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (23,355 ) (7,719 )
SHAREHOLDERS' FUNDS (23,353 ) (7,717 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

HEADSWOOD LIMITED (REGISTERED NUMBER: SC453864)

BALANCE SHEET - continued
31 July 2024



The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2025 and were signed on its behalf by:





G Petrie - Director


HEADSWOOD LIMITED (REGISTERED NUMBER: SC453864)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Headswood Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC453864

Registered office: Unit 3 Whitehill Farm
Myothill Road
Denny
Stirlingshire
FK6 5NA

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
Turnover represents net invoiced services of vehicle repairs excluding VAT. Revenue is recognised when services are provided to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has basic financial assets and liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at transaction value and subsequently measured at their
settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


HEADSWOOD LIMITED (REGISTERED NUMBER: SC453864)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 August 2023
and 31 July 2024 25,845 5,575 29,710 61,130
DEPRECIATION
At 1 August 2023 21,046 1,469 16,603 39,118
Charge for year 959 821 2,622 4,402
At 31 July 2024 22,005 2,290 19,225 43,520
NET BOOK VALUE
At 31 July 2024 3,840 3,285 10,485 17,610
At 31 July 2023 4,799 4,106 13,107 22,012

5. STOCKS
31.7.24 31.7.23
£    £   
Stocks 3,116 2,714

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 22,285 14,924

HEADSWOOD LIMITED (REGISTERED NUMBER: SC453864)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 7,932 -
Other loans 22,003 29,093
Trade creditors 699 776
Tax 3,315 3,315
Social security and other taxes 497 508
Pension Liability 203 153
VAT 8,368 7,098
Other creditors 3,300 -
Directors' current accounts 12,362 5,703
Accrued expenses 5,157 6,173
63,836 52,819

8. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors