Highridgehall Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC180410 (Scotland)

Highridgehall Limited

Financial Statements

for the Year Ended 31st May 2021

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

7

Directors:

J A Aitchison

G J Aitchison

Secretary:

G J Aitchison

Registered office:

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Business address:

Lochton

Coldstream

Berwickshire

TD12 4NH

Registered number:

SC180410 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Tangible assets

4

693,571

693,883

Current assets

Stocks

44,265

44,763

Debtors

5

599,813

586,995

Investments

6

250

250

644,328

632,008

Creditors

Amounts falling due within one year

7

164,057

175,987

Net current assets

480,271

456,021

Total assets less current liabilities

1,173,842

1,149,904

Creditors

Amounts falling due after more than one year

8

79,304

107,311

Net assets

1,094,538

1,042,593

Capital and reserves

Called up share capital

270,000

270,000

Retained earnings

824,538

772,593

Shareholders' funds

1,094,538

1,042,593

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2021 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 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 22nd February 2022 and were signed on its behalf by:

J A Aitchison - Director

G J Aitchison - Director

1.	Statutory information

Highridgehall 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 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

not provided

Property improvements

-

5% on cost

Grain drier

-

10% on cost

The freehold property, which includes land, is not being depreciated. The directors consider that the property is maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the statement of income and retained earnings.

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks

Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stock to completion.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss in the statement of income and retained earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Investments

Current asset investments are stated at the lower of cost and net realisable value.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Going concern

The directors have considered the company's financial position for a period of 12 months from the date of signing these financial statements and despite the very unpredictable development of the Covid-19 pandemic, the directors have after extensive planning arrived at a conclusion that this event should not have a material impact on the business.

Therefore, the directors have reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3.	Employees and directors

The average number of employees during the year was NIL (2020 - NIL).

4.	Tangible fixed assets

Freehold

Property

Grain

property

improvements

drier

Totals

£

£

£

£

Cost

At 1st June 2020

and 31st May 2021

693,205

20,956

60,395

774,556

Depreciation

At 1st June 2020

-

20,278

60,395

80,673

Charge for year

-

312

-

312

At 31st May 2021

-

20,590

60,395

80,985

Net book value

At 31st May 2021

693,205

366

-

693,571

At 31st May 2020

693,205

678

-

693,883

5.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

173,710

156,456

Other debtors

426,103

430,539

599,813

586,995

6.	Current asset investments

2021

2020

£

£

Unlisted investments

250

250

7.

Creditors: amounts falling due within one year

2021

2020

£

£

Bank loans and overdrafts

93,413

90,731

Trade creditors

174

149

Taxation and social security

12,259

17,783

Other creditors

58,211

67,324

164,057

175,987

8.

Creditors: amounts falling due after more than one year

2021

2020

£

£

Bank loans

79,304

107,311

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due after five years

1,718

3,108

9.	Secured debts

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdrafts

66,796

64,469

Bank loans

105,921

133,573

172,717

198,042

The Bank of Scotland hold standard security over Highridgehall Farm, together with a Bond and Floating Charge over all company assets as security for the Bank Indebtedness. Letters of Guarantee to the sum of £200,000 from the Directors are also held.