Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-31falsetrue15No description of principal activity2023-01-0111true 03659138 2023-01-01 2023-12-31 03659138 2022-01-01 2022-12-31 03659138 2023-12-31 03659138 2022-12-31 03659138 c:Director1 2023-01-01 2023-12-31 03659138 c:Director2 2023-01-01 2023-12-31 03659138 c:Director4 2023-01-01 2023-12-31 03659138 c:Director5 2023-01-01 2023-12-31 03659138 c:Director5 2023-12-31 03659138 c:RegisteredOffice 2023-01-01 2023-12-31 03659138 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 03659138 d:Buildings d:LongLeaseholdAssets 2023-12-31 03659138 d:Buildings d:LongLeaseholdAssets 2022-12-31 03659138 d:PlantMachinery 2023-01-01 2023-12-31 03659138 d:PlantMachinery 2023-12-31 03659138 d:PlantMachinery 2022-12-31 03659138 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03659138 d:MotorVehicles 2023-01-01 2023-12-31 03659138 d:MotorVehicles 2023-12-31 03659138 d:MotorVehicles 2022-12-31 03659138 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03659138 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03659138 d:CurrentFinancialInstruments 2023-12-31 03659138 d:CurrentFinancialInstruments 2022-12-31 03659138 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03659138 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03659138 d:ShareCapital 2023-12-31 03659138 d:ShareCapital 2022-12-31 03659138 d:RetainedEarningsAccumulatedLosses 2023-12-31 03659138 d:RetainedEarningsAccumulatedLosses 2022-12-31 03659138 c:FRS102 2023-01-01 2023-12-31 03659138 c:Audited 2023-01-01 2023-12-31 03659138 c:FullAccounts 2023-01-01 2023-12-31 03659138 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03659138 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 03659138







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


HIGH MEAD DEVELOPMENTS LIMITED






































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HIGH MEAD DEVELOPMENTS LIMITED
 


 
COMPANY INFORMATION


Directors
M Bottiau 
R De Bodt 
C Macklin 
N Waite (appointed 22 June 2023)




Registered number
03659138



Registered office
76 Powder Mill Lane
The Questor Estate

Dartford

DA1 1JA




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


HIGH MEAD DEVELOPMENTS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 8


 


HIGH MEAD DEVELOPMENTS LIMITED
REGISTERED NUMBER:03659138



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,197,127
2,310,677

  
2,197,127
2,310,677

Current assets
  

Stocks
  
382,228
313,676

Debtors: amounts falling due within one year
 5 
316,076
5,607,958

Cash at bank and in hand
  
35,317
12,018

  
733,621
5,933,652

Creditors: amounts falling due within one year
 6 
(3,299,534)
(8,110,181)

Net current liabilities
  
 
 
(2,565,913)
 
 
(2,176,529)

Total assets less current liabilities
  
(368,786)
134,148

Provisions for liabilities
  

Deferred tax
  
(427,969)
(416,754)

  
 
 
(427,969)
 
 
(416,754)

Net liabilities
  
(796,755)
(282,606)


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Profit and loss account
  
(846,755)
(332,606)

  
(796,755)
(282,606)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
C Macklin
Director

Date: 10 April 2024

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 


HIGH MEAD DEVELOPMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

High Mead Developments Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is shown on the Company Information page.
The principal trading address is 4 Hill Court, Turnpike Close, Grantham, NG31 7XY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

As at the year end the company had net liabilities of £796,755 (2022 - £282,606). Of the company's £3,299,534 creditors, £2,890,237  was due to companies within the group. The indrect parent company, Franki Foundations Belgium SA has confirmed both its intention and ability to support the company for the foreseeable future and therefore the directors continue to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis:

Long-term leasehold property
-
Straight line over 15 years
Plant and machinery
-
10%
& 33% Straight line
Motor vehicles
-
25%
Reducing balance

Page 2

 


HIGH MEAD DEVELOPMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 3

 


HIGH MEAD DEVELOPMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 


HIGH MEAD DEVELOPMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 11).

Page 5

 


HIGH MEAD DEVELOPMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2023
135,562
5,938,672
-
6,074,234


Additions
26,144
373,164
4,485
403,793


Disposals
-
(1,424,816)
-
(1,424,816)



At 31 December 2023

161,706
4,887,020
4,485
5,053,211



Depreciation


At 1 January 2023
36,742
3,726,815
-
3,763,557


Charge for the year on owned assets
11,755
467,765
2,056
481,576


Disposals
-
(1,389,049)
-
(1,389,049)



At 31 December 2023

48,497
2,805,531
2,056
2,856,084



Net book value



At 31 December 2023
113,209
2,081,489
2,429
2,197,127



At 31 December 2022
98,820
2,211,857
-
2,310,677

Page 6

 


HIGH MEAD DEVELOPMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
75,135
79,056

Amounts owed by group undertakings
105,413
5,431,841

Other debtors
55,243
56,290

Prepayments and accrued income
80,285
40,771

316,076
5,607,958


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
353,476
564,068

Amounts owed to group undertakings
2,890,237
7,382,731

Other taxation and social security
22,948
36,790

Other creditors
3,245
103,999

Accruals and deferred income
29,628
22,593

3,299,534
8,110,181


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


7.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund. Contributions totalling £3,116 (2022: £1,177) were payable to the fund at the reporting date and are included in creditors.


8.


Related party transactions

The Company has taken advantage of the exemptions available under s33.1A of Financial Reporting Standard 102 and not reported activities with other wholly owned group companies.
Certain transactions with wholly owned group companies were not at normal market conditions during the year. Specifically, sales were made to group companies at below market rate. 

Page 7

 


HIGH MEAD DEVELOPMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Controlling party

The immediate controlling party is Martello (Holdings) Limited. 
The smallest group which prepares consolidated accounts in which these figures are included is BESIX Group s.a.
A copy of these can be obtained from;
Avenue des Communautes
Gemeenschappenlaan 100
1200 Brussels
Belgium
The Besix Group is 50% owned by Orascom Construction Limited, a company dual listed on the Dubai and Egypt stock exchanges. No individual owns more than Orascom Consutrction Limited's shareholding and therefore the directors consider that there is no individual ultimate controlling party.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 10 April 2024 by Andrew Galliers FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 8