Munro (Highland) Limited

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

1. General Information

Munro (Highland) Limited is a private company, limited by shares, incorporated in Scotland, registered number SC061156 . The registered office is 5 River Drive, Teaninich Industrial Estate, Alness, IV17 0PG.

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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

2.3. Turnover

Turnover represents amounts receivable for skip hire and waste collection services, net of VAT and trade discounts.

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:

Plant & Machinery	10% reducing balance
Motor Vehicles	20% reducing balance

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. 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, 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.

...CONTINUED

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Munro (Highland) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Financial Instruments - continued

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.

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

2.7. 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.

2.8. Government Grant

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2.9. Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with

banks, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due

within one year.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 6 (2024: 6)

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Munro (Highland) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Total
	£	£	£
Cost
As at 1 April 2024	351,604	132,450	484,054
Additions	16,000	-	16,000

As at 31 March 2025	367,604	132,450	500,054

Depreciation
As at 1 April 2024	205,683	80,293	285,976
Provided during the period	29,985	10,431	40,416

As at 31 March 2025	235,668	90,724	326,392

Net Book Value
As at 31 March 2025	131,936	41,726	173,662

As at 1 April 2024	145,921	52,157	198,078

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	258,376	247,157
Amounts owed by group undertakings	440,807	438,840
Other debtors	34,175	27,793

	733,358	713,790

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	15,252	13,310
Trade creditors	57,970	76,578
Other creditors	121,248	116,296
Taxation and social security	-	22,364

	194,470	228,548

The obligations under hire purchase contracts are secured over the assets which the agreements relate to.

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

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	12,790	26,478

The obligations under hire purchase contracts are secured over the assets which the agreements relate to.

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Munro (Highland) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	15,252	13,310
Later than one year and not later than five years	12,790	26,478

	28,042	39,788

	28,042	39,788

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	37,000	37,000

10. Related Party Transactions

The company has taken advantage of the exemption within FRS 102 Section 1A paragraph 1AC.35 from the requirement to disclose transactions with wholly owned group companies.

11. Ultimate Controlling Party

The company's ultimate controlling party is William Munro Construction (Highland) Limited by virtue of it's ownership of 100% of the issued share capital in the company.

12. Financial Commitments, guarantees and contingent liabilities

The company participated in cross corporate bank guarantee with the groups principal bankers. The group guarantee companies comprise of Munro (Highland) Limited and William Munro Construction (Highland) Limited.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		173,662		198,078

			173,662		198,078
CURRENT ASSETS
Debtors	5	733,358		713,790
Cash at bank and in hand		48,660		49,394

		782,018		763,184
Creditors: Amounts Falling Due Within One Year	6	(194,470 )		(228,548 )

NET CURRENT ASSETS (LIABILITIES)			587,548		534,636

TOTAL ASSETS LESS CURRENT LIABILITIES			761,210		732,714

Creditors: Amounts Falling Due After More Than One Year	7		(12,790 )		(26,478 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(37,452 )		(43,556 )

NET ASSETS			710,968		662,680

CAPITAL AND RESERVES
Called up share capital	9		37,000		37,000
Profit and Loss Account			673,968		625,680

SHAREHOLDERS' FUNDS			710,968		662,680