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Registration number: 03030096

High Standard Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

High Standard Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

High Standard Limited

Company Information

Director

Mr MU Hasan

Company secretary

Mr R Mahmood

Registered office

1 Summer Street
Rochdale
Lancs
OL16 1SY

 

High Standard Limited

(Registration number: 03030096)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

203,116

204,629

Current assets

 

Stocks

5

525,823

591,500

Debtors

6

588,134

773,051

Cash at bank and in hand

 

3,628

4,715

 

1,117,585

1,369,266

Prepayments and accrued income

 

7,405

6,910

Creditors: Amounts falling due within one year

(648,763)

(863,944)

Net current assets

 

476,227

512,232

Total assets less current liabilities

 

679,343

716,861

Creditors: Amounts falling due after more than one year

(62,370)

(115,182)

Provisions for liabilities

(4,065)

(4,065)

Accruals and deferred income

 

(1,532)

(40)

Net assets

 

611,376

597,574

Capital and reserves

 

Called up share capital

7

22

22

Retained earnings

611,354

597,552

Shareholders' funds

 

611,376

597,574

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

High Standard Limited

(Registration number: 03030096)
Abridged Balance Sheet as at 31 March 2023

Approved and authorised by the director on 4 October 2023
 

.........................................
Mr MU Hasan
Director

 

High Standard Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1 Summer Street
Rochdale
Lancs
OL16 1SY

These financial statements were authorised for issue by the director on 4 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

High Standard Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Pland and machinery

20% Reducing Balance

Leashold Property

2% Straight Line

Fixtures and fittings

20% Reducing Balance

Motor vehicles

25% Reducing Balance

Office equipment

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

High Standard Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2022 - 13).

 

High Standard Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

242,808

190,455

10,620

443,883

Additions

7,050

-

-

7,050

At 31 March 2023

249,858

190,455

10,620

450,933

Depreciation

At 1 April 2022

55,065

174,986

9,203

239,254

Charge for the year

4,963

3,246

354

8,563

At 31 March 2023

60,028

178,232

9,557

247,817

Carrying amount

At 31 March 2023

189,830

12,223

1,063

203,116

At 31 March 2022

187,743

15,469

1,417

204,629

Included within the net book value of land and buildings above is £189,829 (2022 - £187,743) in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

525,823

591,500

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

22

22

22

22

         
 

High Standard Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

8

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £181.82 per each Ordinary share

 

4,000

 

4,000

         

9

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr MU Hasan

Mr MU Hasan

(97,738)

5,306

(92,432)

       
     

 

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

Mr MU Hasan

Mr MU Hasan

(99,822)

2,084

(97,738)

       
     

 

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

-

3,685

Dividends paid to the director

   

2023
£

 

2022
£

Mr MU Hasan

       

Mr M U Hasan

 

2,000

 

2,000