Company registration number SC467602 (Scotland)
HIGHFIELD FARM ESTATE COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
HIGHFIELD FARM ESTATE COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
HIGHFIELD FARM ESTATE COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Stocks
3,000
3,000
Debtors
4
3,647
3,923
6,647
6,923
Creditors: amounts falling due within one year
5
(64,022)
(8,103)
Net current liabilities
(57,375)
(1,180)
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
(57,377)
(1,182)
Total equity
(57,375)
(1,180)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
J Smith
Director
Company Registration No. SC467602
HIGHFIELD FARM ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Highfield Farm Estate Company Limited is a private company limited by shares incorporated in Scotland. The registered office is 2420 London Road, Glasgow, United Kingdom, G32 8XZ.

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 amounts 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
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

HIGHFIELD FARM ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
3
5
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
3,921
Other debtors
3,647
2
3,647
3,923
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
5,337
523
Amounts owed to group undertakings
51,777
-
0
Taxation and social security
4,378
3,630
Other creditors
2,530
3,950
64,022
8,103
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
7
Parent company

The ultimate parent company is Philip C Smith (Commercials) Limited, SC071731, a company incorporated in Scotland.

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