Company No: SC466832 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	29.09.2021		29.09.2020
		£		£
Fixed assets
Intangible assets	3	1,250		1,750
Tangible assets	4	9,865		12,499
		11,115		14,249
Current assets
Stocks		1,000		750
Debtors	5	39,615		25,075
Cash at bank and in hand		1,970		5,485
		42,585		31,310
Creditors
Amounts falling due within one year	6	( 80,188)		( 44,156)
Net current liabilities		(37,603)		(12,846)
Total assets less current liabilities		(26,488)		1,403
Creditors
Amounts falling due after more than one year	7	( 36,667)		( 50,141)
Net liabilities		( 63,155)		( 48,738)
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		( 63,255 )		( 48,838 )
Total shareholders' deficit		( 63,155)		( 48,738)

For the financial year ending 29 September 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Highland Print and Design Limited (registered number: SC466832) were approved and authorised for issue by the Director on 13 April 2023. They were signed on its behalf by:

Douglas Greig Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Highland Print and Design Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Clava House, Cradlehall Business Park, Inverness, IV2 5GH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Post year end the company is forecast to be profitable and has been able to reduce its overheads via relocation to new premises, is reducing its levels of debt when cash-flow allows, has the continued support of its bankers with an overdraft facility in place, and in addition certain creditors have provided extended credit facilities. Accordingly, it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The 2020 comparative period period was extended to reflect an 18 month period ending 29 September 2020 due to the management choosing to move the period end to a quieter time of year trading wise. The 2021 period covers a one year period to 29 September 2021.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	5 years straight line
Fixtures and fittings	4 years straight line
Office equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

	Year ended 29.09.2021		Period from 30.03.2019 to 29.09.2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	3		4

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 30 September 2020	5,000		5,000
At 29 September 2021	5,000		5,000
Accumulated amortisation
At 30 September 2020	3,250		3,250
Charge for the financial year	500		500
At 29 September 2021	3,750		3,750
Net book value
At 29 September 2021	1,250		1,250
At 29 September 2020	1,750		1,750

4. Tangible assets

	Leasehold improve- ments		Fixtures and fittings		Office equipment		Total
	£		£		£		£
Cost
At 30 September 2020	21,574		10,290		33,379		65,243
Additions	0		0		5,108		5,108
Disposals	( 19,088)		( 4,426)		( 523)		( 24,037)
At 29 September 2021	2,486		5,864		37,964		46,314
Accumulated depreciation
At 30 September 2020	16,270		6,778		29,696		52,744
Charge for the financial year	1,647		1,228		2,422		5,297
Disposals	( 17,311)		( 3,758)		( 523)		( 21,592)
At 29 September 2021	606		4,248		31,595		36,449
Net book value
At 29 September 2021	1,880		1,616		6,369		9,865
At 29 September 2020	5,304		3,512		3,683		12,499

5. Debtors

	29.09.2021		29.09.2020
	£		£
Trade debtors	23,938		17,331
Amounts owed by director	9,393		2,317
Prepayments	2,528		2,233
Corporation tax	3,053		753
Other debtors	703		2,441
	39,615		25,075

6. Creditors: amounts falling due within one year

	29.09.2021		29.09.2020
	£		£
Bank loans and overdrafts	14,809		6,666
Trade creditors	18,153		16,708
Accruals	15,008		6,015
Corporation tax	3,053		753
Other taxation and social security	19,350		4,884
Other creditors	9,815		9,130
	80,188		44,156

Bank loans and overdrafts includes a term loan of £2,840 which is secured by standard security and a floating charge, and a Coronavirus Bounce Bank loan of £10,000 which is guaranteed by the UK Government. The remaining balance of £1,969 relates to a secured bank overdraft.

7. Creditors: amounts falling due after more than one year

	29.09.2021		29.09.2020
	£		£
Bank loans	36,667		50,141

Bank loans consists of a Coronavirus Bounce Bank loan of £36,667 which is guaranteed by the UK government.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	29.09.2021		29.09.2020
	£		£
Bank loans	0		6,667

8. Called-up share capital

	29.09.2021		29.09.2020
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Financial commitments

Commitments

Capital commitments are as follows:

	29.09.2021		29.09.2020
	£		£
Contracted for but not provided for:
- finance leases entered into	2,500		15,000

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases.

10. Related party transactions

Transactions with owners holding a participating interest in the entity

	29.09.2021		29.09.2020
	£		£
Directors' loan account	9,393		2,317

During the year the director was advanced monies of £7,076 resulting in a year end balance owed of £9,393.

Other related party transactions

	29.09.2021		29.09.2020
	£		£
Other related parties	2,131		2,500

The loans are unsecured and interest free. The loan due to the other related party has been repaid post year-end.