Silverfin false 31/03/2023 01/04/2022 31/03/2023 Michael John Davison 03/03/2011 Michael John Horne 03/03/2011 29 September 2023 The principal activity of the Company during the financial year was the development of property and building projects. 07550237 2023-03-31 07550237 bus:Director1 2023-03-31 07550237 bus:Director2 2023-03-31 07550237 2022-03-31 07550237 core:CurrentFinancialInstruments 2023-03-31 07550237 core:CurrentFinancialInstruments 2022-03-31 07550237 core:Non-currentFinancialInstruments 2023-03-31 07550237 core:Non-currentFinancialInstruments 2022-03-31 07550237 core:ShareCapital 2023-03-31 07550237 core:ShareCapital 2022-03-31 07550237 core:OtherCapitalReserve 2023-03-31 07550237 core:OtherCapitalReserve 2022-03-31 07550237 core:RetainedEarningsAccumulatedLosses 2023-03-31 07550237 core:RetainedEarningsAccumulatedLosses 2022-03-31 07550237 core:PlantMachinery 2022-03-31 07550237 core:OfficeEquipment 2022-03-31 07550237 core:PlantMachinery 2023-03-31 07550237 core:OfficeEquipment 2023-03-31 07550237 bus:OrdinaryShareClass1 2023-03-31 07550237 2022-04-01 2023-03-31 07550237 bus:FullAccounts 2022-04-01 2023-03-31 07550237 bus:SmallEntities 2022-04-01 2023-03-31 07550237 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07550237 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07550237 bus:Director1 2022-04-01 2023-03-31 07550237 bus:Director2 2022-04-01 2023-03-31 07550237 core:PlantMachinery core:TopRangeValue 2022-04-01 2023-03-31 07550237 core:OfficeEquipment core:TopRangeValue 2022-04-01 2023-03-31 07550237 2021-04-01 2022-03-31 07550237 core:PlantMachinery 2022-04-01 2023-03-31 07550237 core:OfficeEquipment 2022-04-01 2023-03-31 07550237 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 07550237 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 07550237 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07550237 (England and Wales)

HIGHLAND PROPERTY DEVELOPMENT (EXMOUTH) LTD

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

HIGHLAND PROPERTY DEVELOPMENT (EXMOUTH) LTD

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

HIGHLAND PROPERTY DEVELOPMENT (EXMOUTH) LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
HIGHLAND PROPERTY DEVELOPMENT (EXMOUTH) LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 937 404
Investment property 4 176,000 126,000
176,937 126,404
Current assets
Debtors 5 12,335 183,332
Cash at bank and in hand 687,371 371,218
699,706 554,550
Creditors: amounts falling due within one year 6 ( 211,174) ( 243,922)
Net current assets 488,532 310,628
Total assets less current liabilities 665,469 437,032
Creditors: amounts falling due after more than one year 7 ( 33,450) ( 37,626)
Provision for liabilities ( 234) ( 665)
Net assets 631,785 398,741
Capital and reserves
Called-up share capital 8 100 100
Other reserves 8,790 8,790
Profit and loss account 622,895 389,851
Total shareholders' funds 631,785 398,741

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Highland Property Development (Exmouth) Ltd (registered number: 07550237) were approved and authorised for issue by the Director on 29 September 2023. They were signed on its behalf by:

Michael John Davison
Director
HIGHLAND PROPERTY DEVELOPMENT (EXMOUTH) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
HIGHLAND PROPERTY DEVELOPMENT (EXMOUTH) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
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 year, unless otherwise stated.

General information and basis of accounting

Highland Property Development (Exmouth) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Carter Avenue, Exmouth, EX8 3EF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have 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. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position 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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Office equipment 5 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 April 2022 574 0 574
Additions 332 384 716
At 31 March 2023 906 384 1,290
Accumulated depreciation
At 01 April 2022 170 0 170
Charge for the financial year 148 35 183
At 31 March 2023 318 35 353
Net book value
At 31 March 2023 588 349 937
At 31 March 2022 404 0 404

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 126,000
Additions 50,000
As at 31 March 2023 176,000

The 2023 valuations were made by the directors, on an open market value for existing use basis

5. Debtors

2023 2022
£ £
Amounts owed by directors 0 256
VAT recoverable 2,075 0
Other debtors 10,260 183,076
12,335 183,332

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 6,365 6,750
Amounts owed to directors 109,038 101,356
Accruals 27,240 24,140
Taxation and social security 68,531 111,676
211,174 243,922

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

2023 2022
£ £
Bank loans 33,450 37,626

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed by the directors 0 256
Amounts owed to the directors 109,038 101,356

No interest is charged on the above amounts and there are no set repayment terms.

During the year, dividends of £60,000 (2021: £60,000) were paid to the directors of the Company.