Highland Opportunity (Investments) Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC240940 (Scotland)

Financial Statements for the Year Ended 31st March 2022

for

Highland Opportunity (Investments)

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

M Cockburn

H I Crawford

M G Green

A F Macdonald

S Mackie

T J Maclennan

P K Oldham

A Rhind

Secretary:

S Fraser

Registered office:

Highland Council Headquarters

Glenurquhart Road

Inverness

IV3 5NX

Registered number:

SC240940 (Scotland)

Auditors:

Frame Kennedy Ltd

4th Floor Metropolitan House

31-33 High Street

Inverness

IV1 1HT

Solicitors:

Corporate Services

The Highland Council

Glenurquhart Road

Inverness

IV3 5NX

Fixed assets

Investments

5

60,000

60,000

Current assets

Debtors

6

2,205,578

2,607,216

Creditors

Amounts falling due within one year

7

249,000

674,534

Net current assets

1,956,578

1,932,682

Total assets less current liabilities

2,016,578

1,992,682

Capital and reserves

Called up share capital

1

1

Retained earnings

2,016,577

1,992,681

2,016,578

1,992,682

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th November 2022 and were signed on its behalf by:

P K Oldham - Director

1.	Statutory information

Highland Opportunity (Investments) 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.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Loan interest receivable

Loan interest receivable is reflected in the statement of income and retained earnings using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial asset (or a group of financial assets) and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument or, when appropriate, a shorter period, to the carrying amount of the financial asset. The effective interest rate is determined on the basis of the carrying amount of the financial asset at initial recognition.

4.

Employees

The average number of employees during the year was NIL (2021 - NIL).

5.	Fixed asset investments

Other

investments

£

Cost

At 1st April 2021

and 31st March 2022

60,000

Net book value

At 31st March 2022

60,000

At 31st March 2021

60,000

6.

Debtors

2022

2021

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

1,022,611

1,260,512

Loan debtors

527,208

279,294

1,549,819

1,539,806

Amounts falling due after more than one year:

Loan debtors

655,759

1,067,410

Aggregate amounts

2,205,578

2,607,216

7.

Creditors: amounts falling due within one year

2022

2021

£

£

Amounts owed to group undertakings

-

467,212

Other creditors

249,000

207,322

249,000

674,534

8.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Colin Gray B.Com. C.A. (Senior Statutory Auditor)

for and on behalf of Frame Kennedy Ltd

9.	FRC Ethical Standard - provisions available for small entities

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

10.	Controlling party

The controlling party is The Highland Council.