Highland Marketing Ltd 31/03/2021 iXBRL

Highland Marketing Ltd 31/03/2021 iXBRL

HIGHLAND MARKETING LIMITED - Company Information

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Company registration number: 04207380
Highland Marketing Ltd
Unaudited filleted financial statements
31 March 2021
Dickson Middleton
Chartered Accountants
www.dicksonmiddleton.co.uk
A member firm of the UK 200 Group
Highland Marketing Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Highland Marketing Ltd
Directors and other information
Directors Mrs S Venables
Mr A M Venables
Secretary A M Venables
Company number 04207380
Registered office 44 Shakespeare Drive
Upper Caldecote
Bedfordshire
SG18 9DD
Business address Tulloch Farm
Balquhidder
Perthshire
FK19 8BQ
Accountants Dickson Middleton
20 Barnton Street
Stirling
FK8 1NE
Bankers Royal Bank of Scotland
Units 22/23
Thistles Shopping Centre
Goosecroft Road
Stirling
FK8 2EA
Highland Marketing Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Highland Marketing Ltd
Year ended 31 March 2021
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 Marketing Ltd for the year ended 31 March 2021 which comprise the statement of financial position and 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 board of directors of Highland Marketing Ltd, as a body, in accordance with the terms of our engagement letter dated 25 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Highland Marketing Ltd and state those matters that we have agreed to state to the board of directors of Highland Marketing Ltd as a body, 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 Highland Marketing Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Highland Marketing Ltd 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 Marketing Ltd. You consider that Highland Marketing Ltd 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 Marketing Ltd. 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.
Dickson Middleton
Chartered Accountants
20 Barnton Street
Stirling
FK8 1NE
6 December 2021
Highland Marketing Ltd
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 15,992 1,317
_______ _______
15,992 1,317
Current assets
Debtors 6 231,991 234,408
Cash at bank and in hand 104,272 81,633
_______ _______
336,263 316,041
Creditors: amounts falling due
within one year 7 ( 319,390) ( 301,671)
_______ _______
Net current assets 16,873 14,370
_______ _______
Total assets less current liabilities 32,865 15,687
Creditors: amounts falling due
after more than one year 8 ( 29,179) ( 14,793)
Provisions for liabilities ( 3,039) ( 250)
_______ _______
Net assets 647 644
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 547 544
_______ _______
Shareholders funds 647 644
_______ _______
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 December 2021 , and are signed on behalf of the board by:
Mrs S Venables
Director
Company registration number: 04207380
Highland Marketing Ltd
Notes to the financial statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 44 Shakespeare Drive, Upper Caldecote, Bedfordshire, SG18 9DD. The company trades from Tulloch Farm, Balquhidder, Paerthshire, PH19 8BQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
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 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment - 33 % straight line
Office equipment - 33 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
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.
The company has only basic financial instruments that are recognised at the transaction price.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2020: 10 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2020 7,526 - 7,526
Additions 15,705 4,417 20,122
Disposals ( 954) - ( 954)
_______ _______ _______
At 31 March 2021 22,277 4,417 26,694
_______ _______ _______
Depreciation
At 1 April 2020 6,209 - 6,209
Charge for the year 4,573 874 5,447
Disposals ( 954) - ( 954)
_______ _______ _______
At 31 March 2021 9,828 874 10,702
_______ _______ _______
Carrying amount
At 31 March 2021 12,449 3,543 15,992
_______ _______ _______
At 31 March 2020 1,317 - 1,317
_______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 112,640 127,730
Other debtors 119,351 106,678
_______ _______
231,991 234,408
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 21,148 13,655
Trade creditors 21,444 32,097
Social security and other taxes 122,910 80,402
Other creditors 153,888 175,517
_______ _______
319,390 301,671
_______ _______
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 29,179 14,793
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs S Venables ( 39,936) ( 82,677) 74,571 ( 48,042)
Mr A M Venables ( 39,936) ( 82,676) 74,571 ( 48,041)
_______ _______ _______ _______
( 79,872) ( 165,353) 149,142 ( 96,083)
_______ _______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs S Venables ( 19,992) ( 87,805) 67,861 ( 39,936)
Mr A M Venables ( 19,992) ( 87,805) 67,861 ( 39,936)
_______ _______ _______ _______
( 39,984) ( 175,610) 135,722 ( 79,872)
_______ _______ _______ _______
10. Controlling party
The company is controlled by the directors who hold 100% of the issued share capital.