Heather K Limited

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

1. General Information

Heather K Limited is a private company, limited by shares, incorporated in Scotland, registered number SC227901 . The registered office is Lindisfarne, Westray, Orkney, KW17 2DH.

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. 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 the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

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.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are .... It is amortised to the profit and loss account over its estimated economic life of .... years.

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% on Cost
Plant & Machinery	25% on Reducing Balance and 10% on Cost
Motor Vehicles	25% on Reducing Balance

2.5. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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

...CONTINUED

Page 3

Page 4

Heather K Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.5. Financial Instruments - continued

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 future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 re 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.

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.

2.6. 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: NIL (2024: NIL)

Page 4

Page 5

Heather K Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Intangible Assets

	Other
	£
Cost
As at 1 April 2024	30,000

As at 31 March 2025	30,000

Amortisation
As at 1 April 2024	8,749
Provided during the period	1,500

As at 31 March 2025	10,249

Net Book Value
As at 31 March 2025	19,751

As at 1 April 2024	21,251

5. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Vessel	Total
	£	£	£	£
Cost
As at 1 April 2024	144,990	234,936	287,245	667,171
Additions	-	13,830	-	13,830
Disposals	(140,000 )	-	-	(140,000 )

As at 31 March 2025	4,990	248,766	287,245	541,001

Depreciation
As at 1 April 2024	14,928	112,628	230	127,786
Provided during the period	-	18,232	28,701	46,933
Disposals	(14,928 )	-	-	(14,928 )

As at 31 March 2025	-	130,860	28,931	159,791

Net Book Value
As at 31 March 2025	4,990	117,906	258,314	381,210

As at 1 April 2024	130,062	122,308	287,015	539,385

Page 5

Page 6

Heather K Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Other debtors	737,206	437,634
Due after more than one year
Other debtors	56,087	32,585

	793,293	470,219

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Other creditors	49,063	5,311
Taxation and social security	69,066	11,029

	118,129	16,340

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	1	1

9. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2025
	£	£	£	£	£
Mr Heddle Costie	101,993	69,634	-	-	171,627

The above loan is unsecured, interest is charged at the official rate and repayable on demand.

Page 6

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		19,751		21,251
Tangible Assets	5		381,210		539,385

			400,961		560,636
CURRENT ASSETS
Debtors	6	793,293		470,219

		793,293		470,219
Creditors: Amounts Falling Due Within One Year	7	(118,129 )		(16,340 )

NET CURRENT ASSETS (LIABILITIES)			675,164		453,879

TOTAL ASSETS LESS CURRENT LIABILITIES			1,076,125		1,014,515

PROVISIONS FOR LIABILITIES
Deferred Taxation			(94,055 )		(100,244 )

NET ASSETS			982,070		914,271

CAPITAL AND RESERVES
Called up share capital	8		1		1
Capital redemption reserve			1		1
Profit and Loss Account			982,068		914,269

SHAREHOLDERS' FUNDS			982,070		914,271