Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 1,515,186 | 1,581,203 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 613,811 | 422,837 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (288,925) | (307,608) | ||
| Total assets less current liabilities | 1,226,261 | 1,273,595 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Provision for liabilities | 7 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Other reserves | (
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Highland Home Carers Limited (registered number:
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Campbell Mair
Director |
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.
Highland Home Carers 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 1 Highlander Way, Inverness Business & Retail Park, Inverness, IV2 7GE, 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 £.
Despite the loss before tax that has been incurred for the period, the directors are continuing to monitor the financial position of the company. Despite the loss incurred, the directors are encouraged that the necessary measures implemented during the financial year continued to help stabilise the organisation. However the operating and financial environment has remained challenging and the organisation will continue to monitor this closely and react accordingly, with this in mind – the directors are satisfied the company will have sufficient working capital to continue to trade and meet its liabilities as they fall due for a period of at least 12 months from the approval date of these financial statements.
Revenue from the provision of care and support services is recognised when the services are provided.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Land and buildings |
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| Fixtures and fittings |
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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.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.
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, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, 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.
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.
Consideration paid or received for the purchase or sale of the company's own shares by the trust are shown as separate amounts within shareholders funds. The trust is sponsored by the company and shares are held and distributed by the Share Incentive Plan. The award of shares during the year is accounted for in the profit and loss account at fair value, with the corresponding cost of the shares awarded recognised in other reserves.
On transition to FRS102 the company took advantage of the exemption available within Section 35.10(b) permitting that a small company is not required to apply the requirements of Section 26 Share-based payment to equity instruments that were granted before the start of the first reporting period that complied with FRS102. The first reporting period that complied with FRS102 was the year ended 30 June 2017. All equity instruments that were granted on or after 1 July 2016 are accounted for in accordance with Section 26 of FRS102.
The company makes payments into a defined contribution pension scheme on behalf of certain employees and directors. Contributions payable are charged to the profit and loss account in the year they are payable.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Land and buildings | Fixtures and fittings | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 July 2024 |
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| Additions |
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| Disposals |
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| At 30 June 2025 |
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| Accumulated depreciation | |||||
| At 01 July 2024 |
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| Charge for the financial year |
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| Disposals |
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| At 30 June 2025 |
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| Net book value | |||||
| At 30 June 2025 | 1,484,220 | 30,966 | 1,515,186 | ||
| At 30 June 2024 | 1,534,232 | 46,971 | 1,581,203 |
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| £ | £ | ||
| Trade debtors |
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| Other debtors |
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| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Other taxation and social security |
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| Other creditors |
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Included in Other creditors are obligations under hire purchase contracts totalling £1,808 (2024 - £21,692).
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| £ | £ | ||
| Bank loans |
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| Other creditors |
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Included in Other creditors are obligations under hire purchase contracts totalling £nil (2024 - £1,808).
Amounts repayable after more than 5 years are included in creditors falling due over one year:
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
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| 2025 | 2024 | ||
| £ | £ | ||
| Deferred tax |
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| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Commitments
| 2025 | 2024 | ||
| £ | £ | ||
| Total future minimum lease payments under non-cancellable operating leases |
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The Own Share reserve arises in connection with the acquisition of the ordinary shares by an Employee Benefit Trust (EBT) when the company was bought out by its employees. The ordinary shares are distributed to the employees through the Highland Home Carer's Limited Share Incentive Plan (SIP) which can acquire and distribute up to 50% of the share capital. Free shares are issued to employees who are not permitted to assign, change or otherwise dispose of their beneficial interest in these shares for a holding period of 5 years from the award date. Shares are forfeited if the employee ceases to be in relevant employment within 3 years from the award date, subject to conditions set out in the SIP agreement and are repurchased if the employee ceases to be in relevant employment between 3 and 5 years from the award date.
At 30 June 2025, 141 employees held shares through the SIP and the SIP has an obligation to buy back 435,421 free shares, issued annually to employees from 2005 to 2022 and who have stayed in continuous employment with the company until June 2025. The value of this obligation is dependent on the valuation computed when the shares are bought back on the relevant future dealing dates.
During the year no shares were distributed by the SIP to employees. 31,416 free shares issued to employees in previous years were transferred back to the SIP following the employees ceasing employment with the company. During the year the SIP repurchased 46,200 free shares for £0.40 each. These shares had been held by employees for more than 3 years or the employees were classed as good leavers.
The company's share capital was issued by the EBT and SIP via 1,020,000 shares and 980,000 shares respectively. At the balance sheet date, 495,929 (2023 - 611,411) SIP shares were held by employees with the remaining 484,071 (2023 - 368,589) being retained by the SIP.