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REGISTERED NUMBER: SC197635 (Scotland)















LOCHEIL LOGISTICS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






LOCHEIL LOGISTICS LIMITED (REGISTERED NUMBER: SC197635)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


LOCHEIL LOGISTICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: A M Bowman
D M Bowman
J M Boyd
M Bowman
G Maceachen





SECRETARY: J M Boyd





REGISTERED OFFICE: 5
Duisky
Fort William
Inverness-shire
PH33 7AW





REGISTERED NUMBER: SC197635 (Scotland)





ACCOUNTANTS: Azets
Accountants
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA

LOCHEIL LOGISTICS LIMITED (REGISTERED NUMBER: SC197635)

BALANCE SHEET
30 JUNE 2024

30/6/24 30/6/23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 5,073,317 4,876,813
Investment property 5 198,340 198,340
5,271,657 5,075,153

CURRENT ASSETS
Stocks 6 38,640 11,192
Debtors 7 917,604 1,060,639
Cash at bank 1,041,647 1,212,940
1,997,891 2,284,771
CREDITORS
Amounts falling due within one year 8 1,699,325 1,459,551
NET CURRENT ASSETS 298,566 825,220
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,570,223

5,900,373

CREDITORS
Amounts falling due after more than one
year

9

(798,562

)

(928,845

)

PROVISIONS FOR LIABILITIES 11 (490,347 ) (463,412 )
NET ASSETS 4,281,314 4,508,116

CAPITAL AND RESERVES
Called up share capital 30,004 30,004
Share premium 40,497 40,497
Retained earnings 4,210,813 4,437,615
SHAREHOLDERS' FUNDS 4,281,314 4,508,116

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

LOCHEIL LOGISTICS LIMITED (REGISTERED NUMBER: SC197635)

BALANCE SHEET - continued
30 JUNE 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 June 2025 and were signed on its behalf by:





J M Boyd - Director


LOCHEIL LOGISTICS LIMITED (REGISTERED NUMBER: SC197635)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Locheil Logistics Limited is a private company, limited by shares, registered in Scotland. The company's registered number is SC197635 and the registered office is 5 Duisky, Fort William, Inverness-shire, PH33 7AW.

The nature of the Company's operations and its principal activities are that of a landfill site operator, and the operation of a skip hire and haulage business.

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.

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 £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Inventories are assessed for evidence of obsolescence and a provision is made against any inventory unlikely to be sold, or where stock is sold post year end at a loss.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due;
- the costs incurred can be measured reliably.

LOCHEIL LOGISTICS LIMITED (REGISTERED NUMBER: SC197635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on cost
Motor vehicles - at varying rates on cost
Site Improvements - 10% on cost

Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition
i. investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise; and

ii. no depreciation is provided in respect of investment properties applying the fair value model.

If a reliable measure is not available without undue cost or effort for an item of investment property, this item is thereafter accounted for as tangible fixed assets in accordance with section 17 until a reliable measure of fair value becomes available.

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 transactions 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.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including creditors, 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.

LOCHEIL LOGISTICS LIMITED (REGISTERED NUMBER: SC197635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research activities is recognised in the income statement as an expense as incurred.

Expenditure on development activities is capitalised if the product or process is technically and commercially feasible and the Company intends to and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities improve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads and capitalised borrowing costs. Other development expenditure is recognised in the income statement as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses

Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

LOCHEIL LOGISTICS LIMITED (REGISTERED NUMBER: SC197635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

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 profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Rental income
Rental income is included in the profit and loss account in the period in which it is receivable.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2023 - 37 ) .

LOCHEIL LOGISTICS LIMITED (REGISTERED NUMBER: SC197635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor Site
machinery vehicles Improvements Totals
£    £    £    £   
COST
At 1 July 2023 4,740,591 6,596,494 2,021,549 13,358,634
Additions 212,145 447,315 397,637 1,057,097
At 30 June 2024 4,952,736 7,043,809 2,419,186 14,415,731
DEPRECIATION
At 1 July 2023 3,529,063 3,660,851 1,291,907 8,481,821
Charge for year 173,214 573,055 114,324 860,593
At 30 June 2024 3,702,277 4,233,906 1,406,231 9,342,414
NET BOOK VALUE
At 30 June 2024 1,250,459 2,809,903 1,012,955 5,073,317
At 30 June 2023 1,211,528 2,935,643 729,642 4,876,813

The net book value of tangible fixed assets includes £1,290,598 (2023 - £1,187,551) in respect of assets held under hire purchase contracts.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 198,340
NET BOOK VALUE
At 30 June 2024 198,340
At 30 June 2023 198,340

6. STOCKS
30/6/24 30/6/23
£    £   
Consumables 38,640 11,192

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Trade debtors 715,983 858,425
Other debtors 107,001 107,001
Tax - 10,295
Prepayments 94,620 84,918
917,604 1,060,639

LOCHEIL LOGISTICS LIMITED (REGISTERED NUMBER: SC197635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Hire purchase contracts 454,164 477,881
Trade creditors 192,577 196,112
Social security and other taxes 260,022 156,300
Directors' current accounts 273,102 159,713
Accrued expenses 519,460 469,545
1,699,325 1,459,551

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/6/24 30/6/23
£    £   
Hire purchase contracts 798,562 928,845

10. SECURED DEBTS

The following secured debts are included within creditors:

30/6/24 30/6/23
£    £   
Hire purchase contracts 1,252,726 1,406,726

Hire purchase creditors are secured over the assets to which they relate.


11. PROVISIONS FOR LIABILITIES

20242023
££

Deferred tax508,240389,976
Remedial site provision-17,89373,436
490,347463,412

DeferredDeferred
tax tax
£ £
Balance at 1 July 2023389,976209,521
Provision for year118,264180,455
Balance at 30 June 2024508,240389,976

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 30 June 2024 the directors were due £273,102 from the company (2023 - £159,713).

13. ULTIMATE CONTROLLING PARTY

The company is wholly owned by its directors who hold 100% of the issued share capital.