Highland Property Development Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC359252 (Scotland)

HIGHLAND PROPERTY DEVELOPMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

4

DIRECTORS:

M Matheson

T R Pearson

REGISTERED OFFICE:

Achnagarrie

Cromarty

Ross-shire

IV11 8XX

REGISTERED NUMBER:

SC359252 (Scotland)

ACCOUNTANTS:

MacKenzie Kerr Limited

Chartered Accountants

Redwood

19 Culduthel Road

Inverness

IV2 4AA

FIXED ASSETS

Tangible assets

4

185,887

185,887

CURRENT ASSETS

Cash at bank

3,352

5,149

CREDITORS

Amounts falling due within one year

5

79,562

79,515

NET CURRENT LIABILITIES

(76,210

)

(74,366

)

TOTAL ASSETS LESS CURRENT LIABILITIES

109,677

111,521

CAPITAL AND RESERVES

Allotted, called up and fully paid share capital

60

60

Retained earnings -

distributable

109,617

111,461

SHAREHOLDERS' FUNDS

109,677

111,521

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2020 and were signed on its behalf by:

M Matheson - Director

1.	STATUTORY INFORMATION

Highland Property Development Limited is a private company, limited by shares , registered in

Scotland. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small

Entities"of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK

and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared

under the historical cost convention.

At the balance sheet date the company has net current liabilities of £74,366. However, the directors

have agreed to subordinate their loan in favour of the other creditors and to make funds available to

meet the company's liabilities as they fall due and therefore considers the going concern basis of

accounts preparation to be appropriate.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Tangible fixed assets

Depreciation is provided in order to write off the cost less estimated residual value of each asset over

its estimated useful life.

Land is not depreciated.

Fixed assets are stated at cost, being purchase price, less any accumulated depreciation.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss)

for the current or past reporting periods. It is measured at the amount expected to be paid or recovered

using the tax rates and laws that have been enacted or substantively enacted by the balance sheet

date.

Deferred tax represents the future tax consequences of transactions and events recognised in the

financial statements of current and previous periods. It is recognised in respect of all timing

differences, with certain exceptions. Timing differences are differences between taxable profits and

total comprehensive income as stated in the financial statements that arise from the inclusion of

income and expense in tax assessments in periods different from those in which they are recognised

in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to

the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or

other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is

measured using the rates and allowances that apply to the sale of the asset.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in

other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 June 2019

and 31 May 2020

185,887

NET BOOK VALUE

At 31 May 2020

185,887

At 31 May 2019

185,887

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Taxation and social security

2

15

Other creditors

79,560

79,500

79,562

79,515