Bernard Hunter Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Bernard Hunter Limited is a private company, limited by shares, incorporated in Scotland, registered number SC202420 . The registered office is 600 Gilmerton Road, Edinburgh, Midlothian, EH17 8RY.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from that of scrap metal recycling. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% & 10% on cost
Plant & Machinery	20% on cost
Motor Vehicles	25% on cost
Computer Equipment	33% on cost

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.7. Financial Instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense

in the profit and loss account.

2.8. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Bernard Hunter Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 18 (2024: 20)

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2024	3,505,744	5,095,532	347,305	84,432	9,033,013
Additions	778,960	25,000	65,263	1,167	870,390
Disposals	-	(232,600 )	(89,116 )	-	(321,716 )

As at 31 March 2025	4,284,704	4,887,932	323,452	85,599	9,581,687

Depreciation
As at 1 April 2024	493,603	4,285,351	188,983	72,482	5,040,419
Provided during the period	32,909	307,973	52,197	8,174	401,253
Disposals	-	(232,600 )	(46,584 )	-	(279,184 )

As at 31 March 2025	526,512	4,360,724	194,596	80,656	5,162,488

Net Book Value
As at 31 March 2025	3,758,192	527,208	128,856	4,943	4,419,199

As at 1 April 2024	3,012,141	810,181	158,322	11,950	3,992,594

5. Stocks

	2025	2024
	£	£
Stock	100,000	98,000
Work in progress	-	666,979

	100,000	764,979

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Bernard Hunter Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	135,186	48,361
Prepayments and accrued income	93,249	81,276
Other debtors	82	-
Deferred tax current asset	617,089	1,063,397

	845,606	1,193,034

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	75,000	75,000
Trade creditors	263,403	248,444
Bank loans and overdrafts	2,925	2,162
Other creditors	47,619	105,486
Taxation and social security	97,531	83,929

	486,478	515,021

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	25,000	100,000
Other creditors	2,848,731	2,041,707

	2,873,731	2,141,707

9. Secured Creditors

The hire purchase liabilities are secured over the assets concerned.

Of the creditors the following amounts are secured.

	2025		2024
	£		£
Net obligations under finance lease and hire purchase contracts	100,000		175,000

10. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	75,000	75,000
Later than one year and not later than five years	25,000	100,000

	100,000	175,000

	100,000	175,000

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Bernard Hunter Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

11. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	400	400

12. Related Party Transactions

The company operates a loan account with the director, Mr J Rafferty.

During the year, the company repaid loans totalling £26,030 to the director. At the year end, the balance due to the director was £10,754 (2024: £36,784). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with the director, Mr M Rafferty.

During the year, the company repaid loans totalling £384 to the director. At the year end, the balance due to the director was £2,236 (2024: £2,621). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with Bernard Hunter Mobile Cranes Ltd, a company controlled by Mr J Rafferty.

During the year, the company charged for services totalling £972,612 (2024 - £919,055) from Bernard Hunter Mobile Cranes Ltd.

During the year, the company received loans totalling £790,901 from Bernard Hunter Mobile Cranes Ltd. At the year end, the balance due to Bernard Hunter Mobile Cranes Ltd was £2,510,132 (2024 - £1,719,231). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with Prosper Management Services Ltd, a company controlled by Mr J Rafferty.

During the year, the company repaid loans totalling £37,338 to Prosper Management Services Ltd. At the year end, the balance due to Prosper Management Services Ltd was £NIL (2024 - £37,338). This loan is unsecured, interest free and has no fixed repayment terms.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		4,419,199		3,992,594

			4,419,199		3,992,594
CURRENT ASSETS
Stocks	5	100,000		764,979
Debtors	6	845,606		1,193,034
Cash at bank and in hand		213,576		133,899

		1,159,182		2,091,912
Creditors: Amounts Falling Due Within One Year	7	(486,478 )		(515,021 )

NET CURRENT ASSETS (LIABILITIES)			672,704		1,576,891

TOTAL ASSETS LESS CURRENT LIABILITIES			5,091,903		5,569,485

Creditors: Amounts Falling Due After More Than One Year	8		(2,873,731 )		(2,141,707 )

NET ASSETS			2,218,172		3,427,778

CAPITAL AND RESERVES
Called up share capital	11		400		400
Share premium account			428,522		428,522
Capital redemption reserve			600		600
Profit and Loss Account			1,788,650		2,998,256

SHAREHOLDERS' FUNDS			2,218,172		3,427,778