Company Registration No. SC243453 (Scotland)
HIGHLAND CAPITAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
HIGHLAND CAPITAL LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
HIGHLAND CAPITAL LTD
BALANCE SHEET
AS AT 31 DECEMBER 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
-
Tangible assets
5
38,770
44,812
38,770
44,812
Current assets
Debtors
6
12,310
21,500
Cash at bank and in hand
77,215
56,128
89,525
77,628
Creditors: amounts falling due within one year
7
(34,962)
(90,635)
Net current assets/(liabilities)
54,563
(13,007)
Total assets less current liabilities
93,333
31,805
Capital and reserves
Called up share capital
8
420
420
Profit and loss reserves
92,913
31,385
Total equity
93,333
31,805
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 16 May 2019
Mr D M Horne
Director
Company Registration No. SC243453
HIGHLAND CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
Highland Capital Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
27 East Port, Dunfermline, Fife, KY12 7JG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for the provision of financial services.
Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life, which the director expects to be
between three and
five years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Motor vehicles
25% reducing balance
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include deposits held at call with banks
.
HIGHLAND CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are
m
easured at transaction price including transaction costs
.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans
are
recognised at transaction price
.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
HIGHLAND CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Exceptional costs/(income)
2018
2017
£
£
Forgiveness of loan
-
35,000
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was
nil
(201
7
-
7
)
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2018 and 31 December 2018
355,000
Amortisation and impairment
At 1 January 2018 and 31 December 2018
355,000
Carrying amount
At 31 December 2018
-
At 31 December 2017
-
HIGHLAND CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2018
86,000
Additions
6,881
At 31 December 2018
92,881
Depreciation and impairment
At 1 January 2018
41,188
Depreciation charged in the year
12,923
At 31 December 2018
54,111
Carrying amount
At 31 December 2018
38,770
At 31 December 2017
44,812
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
12,310
21,500
7
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
-
24,662
Corporation tax
33,761
54,898
Other taxation and social security
-
1,774
Other creditors
1,201
9,301
34,962
90,635
Bank borrowings are secured by a floating charge over the assets of the company.
HIGHLAND CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and not fully paid
100 Ordinary A shares of £1 each
100
100
100 Ordinary B shares of £1 each
100
100
100 Ordinary C shares of £1 each
100
100
100 Ordinary D shares of £1 each
100
100
20 Ordinary E shares of £1 each
20
20
420
420
Included within the issued share capital is 20 Ordinary E shares which are unpaid at the balance sheet date.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
8,136
8,136
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts owed to related parties
£
£
Key management personnel
363
8,463
363
8,463
HIGHLAND CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
11
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
-
-
18,000
(18,000)
-
-
18,000
(18,000)
-