Silverfin false false 31/10/2023 01/11/2022 31/10/2023 S P J Fudge 04/10/2016 07 March 2024 The principal activity of the Company during the financial year was the development of property for resale and the rental of owned property. 10408444 2023-10-31 10408444 bus:Director1 2023-10-31 10408444 2022-10-31 10408444 core:CurrentFinancialInstruments 2023-10-31 10408444 core:CurrentFinancialInstruments 2022-10-31 10408444 core:ShareCapital 2023-10-31 10408444 core:ShareCapital 2022-10-31 10408444 core:RetainedEarningsAccumulatedLosses 2023-10-31 10408444 core:RetainedEarningsAccumulatedLosses 2022-10-31 10408444 core:FurnitureFittings 2022-10-31 10408444 core:OfficeEquipment 2022-10-31 10408444 core:FurnitureFittings 2023-10-31 10408444 core:OfficeEquipment 2023-10-31 10408444 2022-11-01 2023-10-31 10408444 bus:FilletedAccounts 2022-11-01 2023-10-31 10408444 bus:SmallEntities 2022-11-01 2023-10-31 10408444 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 10408444 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 10408444 bus:Director1 2022-11-01 2023-10-31 10408444 core:FurnitureFittings core:TopRangeValue 2022-11-01 2023-10-31 10408444 core:OfficeEquipment core:TopRangeValue 2022-11-01 2023-10-31 10408444 2021-11-01 2022-10-31 10408444 core:FurnitureFittings 2022-11-01 2023-10-31 10408444 core:OfficeEquipment 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Company No: 10408444 (England and Wales)

HIGHGROVE DORSET LTD

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

HIGHGROVE DORSET LTD

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

HIGHGROVE DORSET LTD

BALANCE SHEET

As at 31 October 2023
HIGHGROVE DORSET LTD

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 340 0
Investment property 4 792,652 0
792,992 0
Current assets
Debtors 5 65 180,662
Cash at bank and in hand 11,819 2,983
11,884 183,645
Creditors: amounts falling due within one year 6 ( 974,885) ( 404,331)
Net current liabilities (963,001) (220,686)
Total assets less current liabilities (170,009) (220,686)
Net liabilities ( 170,009) ( 220,686)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 170,109 ) ( 220,786 )
Total shareholders' deficit ( 170,009) ( 220,686)

For the financial year ending 31 October 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 financial statements of Highgrove Dorset Ltd (registered number: 10408444) were approved and authorised for issue by the Director on 07 March 2024. They were signed on its behalf by:

S P J Fudge
Director
HIGHGROVE DORSET LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
HIGHGROVE DORSET LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 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

Highgrove Dorset 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 Hendford Manor, Yeovil, BA20 1UN, England, 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 company has net current liabilities and net liabilities at the balance sheet date which include a loan from the director. The director will continue to support the company by providing a loan as is required in order to meet the other liabilities of the company as they fall due. On this basis, the director considers it appropriate to prepare the accounts on the going concern basis.

Turnover

Turnover comprises the fair value of the consideration received or receivable for property rental income in the ordinary course of the company’s activities. Turnover is shown net of 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.

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 Balance Sheet date. Tax is recognised in the profit and loss account, 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.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 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.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

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. 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.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

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

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 November 2022 954 0 954
Additions 0 392 392
At 31 October 2023 954 392 1,346
Accumulated depreciation
At 01 November 2022 954 0 954
Charge for the financial year 0 52 52
At 31 October 2023 954 52 1,006
Net book value
At 31 October 2023 0 340 340
At 31 October 2022 0 0 0

4. Investment property

Investment property
£
Valuation
As at 01 November 2022 0
Additions 792,652
As at 31 October 2023 792,652

Valuation

The investment property was revalued at 31 October 2023 by the director on investment market value basis. The director considered the valuation of the investment property purchased during the year to remain materially correct at the balance sheet date.

There has been no valuation of investment property by an independent valuer.

5. Debtors

2023 2022
£ £
Other debtors 65 180,662

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 2,696
Other creditors 974,885 401,635
974,885 404,331