Company registration number 03641142 (England and Wales)
HIGHFIELD SCHEME LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
HIGHFIELD SCHEME LIMITED
COMPANY INFORMATION
Director
A Wilkinson
Company number
03641142
Registered office
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Accountants
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
The Base
Queen Street
Great Harwood
Blackburn
Lancashire
BB6 7AT
Bankers
Natwest Bank Plc
35 King William Street
Blackburn
Lancashire
BB1 7DJ
Lloyds Bank Plc
Church Street
Blackburn
Lancashire
BB2 1JQ
HIGHFIELD SCHEME LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HIGHFIELD SCHEME LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
37,639
44,726
Current assets
Debtors falling due after more than one year
4
-
0
1,617,691
Debtors falling due within one year
4
414,734
444,474
Cash at bank and in hand
148,235
4,724
562,969
2,066,889
Creditors: amounts falling due within one year
5
(433,821)
(584,393)
Net current assets
129,148
1,482,496
Total assets less current liabilities
166,787
1,527,222
Creditors: amounts falling due after more than one year
6
(126,779)
(171,096)
Provisions for liabilities
(500)
(1,275)
Net assets
39,508
1,354,851
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
39,506
1,354,849
Total equity
39,508
1,354,851

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 January 2023 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.

The member has 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.

HIGHFIELD SCHEME LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 18 October 2023
A Wilkinson
Director
Company Registration No. 03641142
HIGHFIELD SCHEME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information

Highfield Scheme Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.

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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The director is not aware of any material uncertainties affecting the company and considers that the company will have sufficient resources to continue trading for the foreseeable future. As a result the director has continued to adopt the going concern basis in preparing the financial statements.true

1.3
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,

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:

Leasehold improvements
Over remainder of lease term
Fixtures, fittings & equipment
15% 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
Cash at bank and in hand

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 current liabilities.

1.6
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.

HIGHFIELD SCHEME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
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.

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.

1.7
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.

1.8
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.

1.9
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.

 

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

1.10
Retirement benefits

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

HIGHFIELD SCHEME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
2
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
107
100
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2022
23,452
224,375
247,827
Additions
-
0
3,668
3,668
Disposals
-
0
(11,116)
(11,116)
At 31 January 2023
23,452
216,927
240,379
Depreciation and impairment
At 1 February 2022
23,452
179,649
203,101
Depreciation charged in the year
-
0
8,909
8,909
Eliminated in respect of disposals
-
0
(9,270)
(9,270)
At 31 January 2023
23,452
179,288
202,740
Carrying amount
At 31 January 2023
-
0
37,639
37,639
At 31 January 2022
-
0
44,726
44,726
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
348,393
372,002
Other debtors
66,341
72,472
414,734
444,474
HIGHFIELD SCHEME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
4
Debtors
(Continued)
- 6 -
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
-
0
1,617,691
Total debtors
414,734
2,062,165

Other debtors includes £28,888 (2022 - £55,519) owed by connected companies

5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
44,467
93,284
Trade creditors
199,125
272,370
Corporation tax
51,856
93,645
Other taxation and social security
27,207
37,739
Other creditors
8,728
9,256
Accruals and deferred income
102,438
78,099
433,821
584,393
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
126,779
171,096

 

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
18,912
19,900
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
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