Highland Rope Access-Inspection Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC187608 (Scotland)

HIGHLAND ROPE ACCESS-INSPECTION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

A L Morrison

SECRETARY:

Mrs B J Morrison

REGISTERED OFFICE:

Highland House

Howe Moss Drive

Kirkhill Industrial Estate

Dyce

Aberdeenshire

AB21 0GL

REGISTERED NUMBER:

SC187608 (Scotland)

ACCOUNTANTS:

Hardie Caldwell LLP

Chartered Accountants

Citypoint 2

25 Tyndrum Street

Glasgow

G4 0JY

FIXED ASSETS

Tangible assets

4

930,507

1,046,020

CURRENT ASSETS

Stocks

21,750

23,325

Debtors

5

1,820,675

2,704,900

Cash at bank and in hand

489,702

1,485,458

2,332,127

4,213,683

CREDITORS

Amounts falling due within one year

6

585,145

909,893

NET CURRENT ASSETS

1,746,982

3,303,790

TOTAL ASSETS LESS CURRENT LIABILITIES

2,677,489

4,349,810

CREDITORS

Amounts falling due after more than one year

7

(333,978

)

(340,358

)

PROVISIONS FOR LIABILITIES

(40,315

)

(56,667

)

NET ASSETS

2,303,196

3,952,785

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

2,303,096

3,952,685

SHAREHOLDERS' FUNDS

2,303,196

3,952,785

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

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

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 April 2021 and were signed by:

A L Morrison - Director

1.	STATUTORY INFORMATION

Highland Rope Access-Inspection Limited is a private company, limited by shares, registered in Scotland. The company's registered number is SC187608 and its registered office is Highland House, Howe Moss Drive, Kirkhill Industrial Estate, Dyce, Aberdeen, Scotland, AB21 0GL.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

In his assessment of going concern the director has considered the current and developing impact on the business as a result of the COVID-19 virus. The COVID-19 pandemic has had a significant impact on the company's operations however the director has no immediate concerns with customer debts, suppliers, availability of stock or cash. There are contingency plans in place to maintain capacity if required. This includes seeking to align fixed overheads with any drop in activity where possible. Having regard to the above, the director continues to believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable.

Turnover represents net invoiced services, excluding value added tax, attributable to the provision of inspection, repair and maintenance services. Turnover also includes work completed but not invoiced at the year end which is included within other debtors.

Tangible fixed assets

Depreciation of fixed assets is calculated to write off the cost or valuation less any residual value over their

estimated useful lives as follows:

Freehold property

4% on cost

Plant and machinery etc

15% reducing balance and 25% reducing balance

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Debtors

Trade and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence that the asset is impaired.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash on hand and cash at bank with a short term of maturity, being twelve months or less, from the opening of the deposit or similar account.

Creditors

Trade creditors and other creditors are all recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

Loans

Loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2019 - 36 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Freehold

machinery

property

etc

Totals

£

£

£

COST

At 1 August 2019

867,337

925,654

1,792,991

Additions

-

15,655

15,655

Disposals

-

(15,445

)

(15,445

)

At 31 July 2020

867,337

925,864

1,793,201

DEPRECIATION

At 1 August 2019

124,219

622,752

746,971

Charge for year

26,693

96,692

123,385

Eliminated on disposal

-

(7,662

)

(7,662

)

At 31 July 2020

150,912

711,782

862,694

NET BOOK VALUE

At 31 July 2020

716,425

214,082

930,507

At 31 July 2019

743,118

302,902

1,046,020

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,272,816

1,659,675

Other debtors

547,859

1,045,225

1,820,675

2,704,900

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

21,592

51,066

Trade creditors

146,553

183,371

Taxation and social security

59,433

180,786

Other creditors

357,567

494,670

585,145

909,893

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

333,978

340,358

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

189,008

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

355,570

391,424

Lloyds TSB holds a Bond and Floating Charge over the company assets.

The Bank of Scotland holds a charge over the company's property in Dyce, Aberdeenshire.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

76

Ordinary A

£0.01

1

1

24

Ordinary B

£0.01

-

-

99

Ordinary C

£1

99

99

100

100

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At 31 July 2020 the director owed the company £107,044 (2019 - £302,711). This debt has subsequently been repaid.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A L Morrison by virtue of his shareholding in Highland OS Group Ltd, which is the company's ultimate holding company.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Highland Rope Access-Inspection Limited for the year ended 31 July 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Highland Rope Access-Inspection Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Highland Rope Access-Inspection Limited and state those matters that we have agreed to state to the director of Highland Rope Access-Inspection Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Highland Rope Access-Inspection Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Highland Rope Access-Inspection Limited. You consider that Highland Rope Access-Inspection Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Highland Rope Access-Inspection Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hardie Caldwell LLP

Chartered Accountants

Citypoint 2

25 Tyndrum Street

Glasgow

G4 0JY

2 April 2021