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Company No: SC315582 (Scotland)

HARRAPOOL LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

HARRAPOOL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

HARRAPOOL LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
HARRAPOOL LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 695 3,541
Investment property 5 169,590 169,590
170,285 173,131
Current assets
Debtors 6 33,760 34,710
Cash at bank and in hand 7 7
33,767 34,717
Creditors: amounts falling due within one year 7 ( 52,587) ( 50,983)
Net current liabilities (18,820) (16,266)
Total assets less current liabilities 151,465 156,865
Creditors: amounts falling due after more than one year 8 ( 68,849) ( 71,503)
Provision for liabilities 9 ( 13,969) ( 14,510)
Net assets 68,647 70,852
Capital and reserves
Called-up share capital 10 2 2
Revaluation reserve 76,892 72,469
Profit and loss account ( 8,247 ) ( 1,619 )
Total shareholder's funds 68,647 70,852

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Harrapool Limited (registered number: SC315582) were approved and authorised for issue by the Director on 23 May 2025. They were signed on its behalf by:

Adam Macdonald
Director
HARRAPOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
HARRAPOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 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

Harrapool 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 The Top Shop Ford Road, Broadford, Isle Of Skye, IV49 9AB, Scotland, United Kingdom.

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 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

At 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. The director has agreed to make available funding to the company as required and monies due to the director will not be repaid until all other liabilities have been met. Consequently the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Prior year adjustment

In the company's accounts to 28 June 2023, the corporation tax provision required to be corrected by reversing the use of brought forward losses and to disallow a legal fee, giving rise to additional corporation tax due of £8,826. Section 455 tax payable was omitted for a loan which had been provided from the company to the partnership. The correct treatment gave rise to £9,209 section 455 tax payable. Finally, as the loan to the partnership was overdrawn by more than £10,000 this gave rise to taxable loan benefits in kind which had also been omitted at the time of preparing the accounts. The correct treatment was to include £492 of income tax and class 1A NIC. By accruing the £492 income tax and class 1A NIC, this led to a further reduction of the corporation tax provision of £93. The Retained Earnings were overstated by £10,846, thus a Prior Year Adjustment has been made in these accounts to correct the balances as at 28 June 2023.

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.

Turnover is recognised on the accruals basis.

Employee benefits

Short term benefits
The cost of short-term employee benefits are recognised as a liability and an expense.

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

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Land and buildings 5 years straight line
Plant and machinery 4 years straight line
Office equipment 3 years 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.

Leases


The Company as lessor
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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Prior year adjustment

As previously reported Adjustment As restated
Year ended 30 June 2023 £ £ £
Retained earnings (9,227) 10,846 1,619
Corporation Tax (Debtor) 0 9,209 9,209
Corporation Tax (Creditor) (1,345) (17,888) (19,233)
Accruals (2,951) (492) (3,443)
Deferred Tax (12,888) (1,622) (14,510)

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 2

4. Tangible assets

Land and buildings Plant and machinery Office equipment Total
£ £ £ £
Cost
At 01 July 2023 6,865 16,132 232 23,229
At 30 June 2024 6,865 16,132 232 23,229
Accumulated depreciation
At 01 July 2023 6,174 13,300 214 19,688
Charge for the financial year 441 2,387 18 2,846
At 30 June 2024 6,615 15,687 232 22,534
Net book value
At 30 June 2024 250 445 0 695
At 30 June 2023 691 2,832 18 3,541

5. Investment property

Investment property
£
Valuation
As at 01 July 2023 169,590
As at 30 June 2024 169,590

Valuation

The director believes that the valuation of £169,590 is an appropriate market value as at 28 June 2024.

6. Debtors

2024 2023
£ £
Amounts owed by related parties 24,335 9,541
Corporation tax 9,209 9,209
Other debtors 216 15,960
33,760 34,710

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 27,236 23,929
Trade creditors 434 1,994
Accruals 3,601 3,442
Taxation and social security 19,310 19,612
Other creditors 2,006 2,006
52,587 50,983

The bank overdraft is secured by way of standard charge.

The bank loan consists of a Coronavirus Bounce Back loan of £6,248 (2023 - £6,150) which is guaranteed by the UK government.

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

2024 2023
£ £
Bank loans (secured) 26,622 32,276
Other creditors 42,227 39,227
68,849 71,503

The bank loan consists of a Coronavirus Bounce Back loan of £26,622 (2023 - £32,276) which is guaranteed by the UK Government.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 0 6,693

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 14,510) ( 18,220)
Credited to the Profit and Loss Account 541 3,710
At the end of financial year ( 13,969) ( 14,510)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares shares of £ 1.00 each 2 2

11. Related party transactions

Other related party transactions

2024 2023
£ £
Other related parties (creditor balance) 42,227 39,227
Other related parties (debtor balance) (24,335) 0