Spey Valley Hire Centre Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC109614

Spey Valley Hire Centre Limited

Filleted Unaudited Financial Statements

31 January 2025

Spey Valley Hire Centre Limited

Statement of Financial Position

31 January 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		10,621,102	8,907,391

Current assets

Debtors	6	145,024	184,437
Cash at bank and in hand		226,897	1,115,149
		---------	------------
		371,921	1,299,586

Creditors: amounts falling due within one year	7	374,470		472,619
		---------		------------
Net current (liabilities)/assets			( 2,549)	826,967
			-------------	------------
Total assets less current liabilities			10,618,553	9,734,358

Creditors: amounts falling due after more than one year	8		2,983,972	2,296,122

Provisions

Taxation including deferred tax	583,848	537,884
	-------------	------------
Net assets	7,050,733	6,900,352
	-------------	------------

Spey Valley Hire Centre Limited

Statement of Financial Position (continued)

31 January 2025

	2025		2024
Note	£	£	£

Capital and reserves

Called up share capital	33,600	33,600
Non-distributable reserve	2,447,558	2,297,558
Profit and loss account	4,569,575	4,569,194
	------------	------------
Shareholders funds	7,050,733	6,900,352
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

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

These financial statements were approved by the board of directors and authorised for issue on 14 September 2025 , and are signed on behalf of the board by:

Mr B F MacDonald
Director

Company registration number: SC109614

Spey Valley Hire Centre Limited

Notes to the Financial Statements

Year ended 31 January 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 50 Redwood Crescent, Inverness, IV2 6HB, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rents and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	15% reducing balance
Fixtures & Fittings	-	15% reducing balance
Motor Vehicles	-	25% reducing balance
Computer Equipment	-	20% straight line
Containers	-	No depreciation is charged

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Financial instruments

The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, bank loans, directors' loans to the company. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs. Investments in equity shares which are not publicly traded and where the fair value of the shares cannot be measured reliably are initially measured at cost, including transaction costs. The investment is not measured except where impairment has been identified.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2024: 5 ).

5. Tangible assets

	Investment Property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Containers	Total
	£	£	£	£	£	£
Cost or valuation
At 1 Feb 2024	8,707,346	150,887	10,658	63,729	34,600	8,967,220
Additions	1,572,026	995	1,518	–	28,333	1,602,872
Disposals	–	( 14,885)	–	–	–	( 14,885)
Revaluations	150,000	–	–	–	–	150,000
	-------------	---------	--------	--------	--------	-------------
At 31 Jan 2025	10,429,372	136,997	12,176	63,729	62,933	10,705,207
	-------------	---------	--------	--------	--------	-------------
Depreciation
At 1 Feb 2024	–	35,340	2,600	16,129	5,760	59,829
Charge for the year	–	15,937	1,481	11,900	–	29,318
Disposals	–	( 5,042)	–	–	–	( 5,042)
	-------------	---------	--------	--------	--------	-------------
At 31 Jan 2025	–	46,235	4,081	28,029	5,760	84,105
	-------------	---------	--------	--------	--------	-------------
Carrying amount
At 31 Jan 2025	10,429,372	90,762	8,095	35,700	57,173	10,621,102
	-------------	---------	--------	--------	--------	-------------
At 31 Jan 2024	8,707,346	115,547	8,058	47,600	28,840	8,907,391
	-------------	---------	--------	--------	--------	-------------

The Investment Properties are included at fair value. The Investment Properties were formally independently valued by Shepherds Chartered Surveyors in May 2023. The directors are satisfied that the current market value is not materially different from the value included within the financial statements.

6. Debtors

	2025	2024
	£	£
Trade debtors	143,786	139,399
Other debtors	1,238	45,038
	---------	---------
	145,024	184,437
	---------	---------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	105,396	74,374
Trade creditors	19,339	51,950
Social security and other taxes	5,135	5,055
Other creditors	244,600	341,240
	---------	---------
	374,470	472,619
	---------	---------

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

	2025	2024
	£	£
Bank loans and overdrafts	2,983,972	2,296,122
	------------	------------

9. Security

The bank hold security over certain properties owned by the company.

10. Non-distributable reserve

The Non-Distributable Reserve represents Fair Value movements in Investment Property.

11. Related party transactions

Dividends of £30,000 (2024: £30,000) were paid to the directors during the year. No further transactions were undertaken such as require to be disclosed.