Company No: SC192833 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,083		1,890
		1,083		1,890
Current assets
Debtors	4	8,667		27,255
Cash at bank and in hand		327,088		330,579
		335,755		357,834
Creditors: amounts falling due within one year	5	( 100,079)		( 122,189)
Net current assets		235,676		235,645
Total assets less current liabilities		236,759		237,535
Provision for liabilities		( 271)		( 359)
Net assets		236,488		237,176
Capital and reserves
Called-up share capital	6	3		3
Profit and loss account		236,485		237,173
Total shareholders' funds		236,488		237,176

For the financial 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.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Harelaw Limited (registered number: SC192833) were approved and authorised for issue by the Director on 28 October 2025. They were signed on its behalf by:

Andrew Mackenzie Director

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

Harelaw 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 Culcreuch, Hilton Farm, Tain, IV19 1LZ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 £.

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 when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

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 and 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. Deferred tax is charged or credited in the profit and loss account.

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:

Plant and machinery	5 years straight line
Vehicles	4 years straight line
Computer equipment	3.33 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

At each reporting period end date, the company reviews the carrying amount of its tangible assets to determine whether there is a indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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.

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.

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 proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	3		1

3. Tangible assets

	Plant and machinery		Vehicles		Computer equipment		Total
	£		£		£		£
Cost
At 01 February 2024	4,500		9,000		3,594		17,094
Additions	0		0		374		374
Disposals	( 500)		0		0		( 500)
At 31 January 2025	4,000		9,000		3,968		16,968
Accumulated depreciation
At 01 February 2024	3,966		9,000		2,238		15,204
Charge for the financial year	534		0		647		1,181
Disposals	( 500)		0		0		( 500)
At 31 January 2025	4,000		9,000		2,885		15,885
Net book value
At 31 January 2025	0		0		1,083		1,083
At 31 January 2024	534		0		1,356		1,890

4. Debtors

	2025		2024
	£		£
Trade debtors	0		7,255
Other debtors	8,667		20,000
	8,667		27,255

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Taxation and social security	1,230		2,329
Other creditors	98,849		119,860
	100,079		122,189

6. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
3 Ordinary shares of £ 1.00 each	3		3

7. Related party transactions

Other related party transactions

	2025		2024
	£		£
Amounts due from other related parties	8,667		20,000
Amounts due to key management personnel	96,082		41,899