false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2018-08-01
Sage Accounts Production Advanced 2019 - FRS102_2014
150,333
20,000
130,333
70,155
16,734
86,889
43,444
80,178
2,203
728
551
1,279
924
1,475
xbrli:pure
xbrli:shares
iso4217:GBP
SC522697
2018-08-01
2019-07-31
SC522697
2019-07-31
SC522697
2018-07-31
SC522697
2017-08-01
2018-07-31
SC522697
2018-07-31
SC522697
core:NetGoodwill
2018-08-01
2019-07-31
SC522697
bus:Director5
2018-08-01
2019-07-31
SC522697
core:NetGoodwill
2018-07-31
SC522697
core:NetGoodwill
2019-07-31
SC522697
core:WithinOneYear
2019-07-31
SC522697
core:WithinOneYear
2018-07-31
SC522697
core:AfterOneYear
2019-07-31
SC522697
core:AfterOneYear
2018-07-31
SC522697
core:ShareCapital
2019-07-31
SC522697
core:ShareCapital
2018-07-31
SC522697
core:RetainedEarningsAccumulatedLosses
2019-07-31
SC522697
core:RetainedEarningsAccumulatedLosses
2018-07-31
SC522697
core:NetGoodwill
2018-07-31
SC522697
bus:SmallEntities
2018-08-01
2019-07-31
SC522697
bus:AuditExemptWithAccountantsReport
2018-08-01
2019-07-31
SC522697
bus:FullAccounts
2018-08-01
2019-07-31
SC522697
bus:SmallCompaniesRegimeForAccounts
2018-08-01
2019-07-31
SC522697
bus:PrivateLimitedCompanyLtd
2018-08-01
2019-07-31
SC522697
core:OfficeEquipment
2018-08-01
2019-07-31
SC522697
core:OfficeEquipment
2019-07-31
SC522697
core:OfficeEquipment
2018-07-31
COMPANY REGISTRATION NUMBER:
SC522697
Filleted Unaudited Financial Statements
|
|
Statement of Financial Position
|
|
31 July 2019
Fixed assets
Intangible assets
|
5
|
|
43,444
|
80,178
|
Tangible assets
|
6
|
|
924
|
1,475
|
|
|
--------
|
--------
|
|
|
44,368
|
81,653
|
|
|
|
|
|
Current assets
Stocks
|
69,171
|
|
78,156
|
Debtors
|
7
|
108,452
|
|
21,159
|
Cash at bank and in hand
|
21,706
|
|
130,164
|
|
---------
|
|
---------
|
|
199,329
|
|
229,479
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
304,753
|
|
58,944
|
|
---------
|
|
---------
|
Net current (liabilities)/assets
|
|
(
105,424)
|
170,535
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
(
61,056)
|
252,188
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
|
260,000
|
260,000
|
|
|
---------
|
---------
|
Net liabilities
|
|
(
321,056)
|
(
7,812)
|
|
|
---------
|
---------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
493,333
|
493,333
|
Profit and loss account
|
|
(
814,389)
|
(
501,145)
|
|
|
---------
|
---------
|
Shareholders deficit
|
|
(
321,056)
|
(
7,812)
|
|
|
---------
|
---------
|
|
|
|
|
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 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 statement of comprehensive income has not been delivered.
For the year ending 31 July 2019 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
.
Statement of Financial Position (continued)
|
|
31 July 2019
These financial statements were approved by the
board of directors
and authorised for issue on
16 December 2019
, and are signed on behalf of the board by:
Company registration number:
SC522697
Notes to the Financial Statements
|
|
Year ended 31 July 2019
1.
General information
The company is a private company limited by shares, registered in Scotland`. The address of the registered office is Forbes House, 36 Huntly Street, Inverness, IV3 5PR, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Going concern
The financial statements were prepared on a going concern basis. The company has started to generate sales but has incurred significant losses to date. The company is expected to generate positive cash flows on its own account in the future. The directors, have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern. On the basis of their assessment of the company’s financial position, the company’s directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill
|
-
|
20% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Equipment
|
-
|
25% straight line
|
|
|
|
|
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2018:
6
).
5.
Intangible assets
|
Goodwill
|
|
£
|
Cost
|
|
At 1 August 2018
|
150,333
|
Additions
|
–
|
Disposals
|
(
20,000)
|
|
---------
|
At 31 July 2019
|
130,333
|
|
---------
|
Amortisation
|
|
At 1 August 2018
|
70,155
|
Charge for the year
|
16,734
|
|
---------
|
At 31 July 2019
|
86,889
|
|
---------
|
Carrying amount
|
|
At 31 July 2019
|
43,444
|
|
---------
|
At 31 July 2018
|
80,178
|
|
---------
|
|
|
6.
Tangible assets
|
Equipment
|
Total
|
|
£
|
£
|
Cost
|
|
|
At 1 August 2018 and 31 July 2019
|
2,203
|
2,203
|
|
-------
|
-------
|
Depreciation
|
|
|
At 1 August 2018
|
728
|
728
|
Charge for the year
|
551
|
551
|
|
-------
|
-------
|
At 31 July 2019
|
1,279
|
1,279
|
|
-------
|
-------
|
Carrying amount
|
|
|
At 31 July 2019
|
924
|
924
|
|
-------
|
-------
|
At 31 July 2018
|
1,475
|
1,475
|
|
-------
|
-------
|
|
|
|
7.
Debtors
|
2019
|
2018
|
|
£
|
£
|
Trade debtors
|
19,135
|
9,248
|
Other debtors
|
89,317
|
11,911
|
|
---------
|
--------
|
|
108,452
|
21,159
|
|
---------
|
--------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Trade creditors
|
25,886
|
15,437
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
262,000
|
–
|
Social security and other taxes
|
4,972
|
5,455
|
Other creditors
|
11,895
|
38,052
|
|
---------
|
--------
|
|
304,753
|
58,944
|
|
---------
|
--------
|
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2019
|
2018
|
|
£
|
£
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
113,000
|
113,000
|
Other creditors
|
147,000
|
147,000
|
|
---------
|
---------
|
|
260,000
|
260,000
|
|
---------
|
---------
|
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £52,800 (2018: £105,600) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The loans are unsecured and interest is charged at 4% plus libor per annum.
10.
Related party transactions
During the year, a company in which one of the directors' is also a director, invoiced
HB Scotland Ltd
£2,620 (2018: £15,611). Included in trade creditors at 31 July 2019 is £5,515 (2018: £nil) due to this company. Included in accruals at 31 July 2019 is £3,674 (2018: £524) due to this company. During the year, a company in which three of the directors are also directors, invoiced the company £82,143 (2018: £41,497). Included in trade creditors at 31 July 2019 is £10,217 (2018: £5,504) due to this company. During the year, a company in which two of the directors are also a directors, invoiced HB Scotland Ltd
£20,049 (2018: £18,074). Included in trade creditors at 31 July 2019 is £nil (2018: £1,757) due to this company. During the year, HB Scotland Ltd
invoiced this company £5,508 (2018: £30,651). Included in trade debtors at 31 July 2019 is £nil (2018: £2,677) due from the company. During the year a company in which four of the directors are also directors invoiced HB Scotland Ltd
£9,343 (2018: £19,536). During the year HB Scotland Ltd
issued invoices to this company totalling £52,680 (2018: £23,086). Included in trade debtors is £10,751 (2018: £nil) due from this company. During the year, a company in which two of the directors are also directors invoiced HB Scotland Ltd
£4,807 (2018: £6,176). During the year HB Scotland Ltd
issued invoices to this company totalling £14 (2018: £nil). During 2016 a company in which three of the directors are also directors made a loan to the company amounting to £40,000. This company also made loans to HB Scotland in the year to 31 July 2018 amounting to £73,000. During the year to 31 July 2019 this company made additional loans to HB Scotland Ltd
of £262,000. This loan is unsecured and charges interest at 2.75% plus 3 months libor. Interest accrued for the year amounted to £nil (2018: £1,836).