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Registered number: 09634519
High Trade Assets Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 09634519
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investments 5 177,958 174,478
177,958 174,478
CURRENT ASSETS
Debtors 6 652 152
Cash at bank and in hand 506 36,487
1,158 36,639
Creditors: Amounts Falling Due Within One Year 7 (329,668 ) (344,897 )
NET CURRENT ASSETS (LIABILITIES) (328,510 ) (308,258 )
TOTAL ASSETS LESS CURRENT LIABILITIES (150,552 ) (133,780 )
NET LIABILITIES (150,552 ) (133,780 )
CAPITAL AND RESERVES
Called up share capital 8 50,000 50,000
Profit and Loss Account (200,552 ) (183,780 )
SHAREHOLDERS' FUNDS (150,552) (133,780)
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Eugenio Corti
Director
24/06/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
(a) High Trade Assets is a Limited Company Registered in England and Wales with the number 09634519.
Registered Office: 5th Floor 167 – 169 Great Portland Street London W1W 5PF United Kingdom. The Financial
Conduct Authority authorizes it under registration number 727146.
(b) High Trade Assets is a Holding company with an interest in the business of Real Estate. The primary markets are
Italy and the United Kingdom.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain
financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
The directors have reviewed the company's latest management figures and forecasts and consider that in preparing
the financial statements they have taken into account all information that could reasonably be expected to be
available. They believe that this information demonstrates that the company will be able to pay its creditors as they
fall due.
It is also noted that the company's shareholders have invested significantly in the company and have indicated their
willingness to continue to support the company for the foreseeable future.
The directors therefore have reasonable expectation that the company has adequate resources to continue in
operational existence for the foreseeable future.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services
rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to
the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the
associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the
transactions can be measured reliably.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction
at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be
reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be
recovered.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation
and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of
revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and
subsequent accumulated impairment losses.
Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they
arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the
cost or value can be measured reliably.
Amortisation:
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life
of that asset as follows:
Trademarks - 20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an
intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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2.5. Investment Properties
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated
impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated
impairment losses.
Investments in associates accounted for in accordance with the fair value model are initially recorded at the
transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value
recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably
without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether
the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less
any accumulated impairment losses.
Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded
at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value
recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably
without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether
the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being
estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is
impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual
asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The
cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that
largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date,
allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination,
irrespective of whether other assets or liabilities of the company are assigned to those units.
2.6. Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual
provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a
financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are
publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair
value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at
cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is
deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the
asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt
instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss,
with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the
end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or
loss immediately.
...CONTINUED
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2.6. Financial Instruments - continued
For all equity instruments regardless of significance, and other financial assets that are individually significant, these
are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the
basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not
result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the
impairment not previously been recognised.
2.7. Foreign Currencies
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 the Profit and
loss account 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 Profit
and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the
Profit and loss account within 'other operating income'.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 2)
1 2
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 67,000
As at 31 December 2023 67,000
Amortisation
As at 1 January 2023 67,000
As at 31 December 2023 67,000
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
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5. Investments
Other
£
Cost
As at 1 January 2023 174,478
Additions 3,480
As at 31 December 2023 177,958
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 177,958
As at 1 January 2023 174,478
6. Debtors
2023 2022
£ £
Due within one year
Other debtors 621 49
VAT 31 103
652 152
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 49,587 49,597
Other creditors 277,119 288,950
Accruals and deferred income 2,900 6,350
Director's loan account 62 -
329,668 344,897
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 50,000 50,000
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Eugenio Corti - - 62 - 62
The above loan is unsecured, interest free and repayable on demand.
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10. Related Party Transactions
Rich & Son 1 Ltd is a company in which E Corti is a director and Standard Estate IT Company Ltd is a shareholder
in which E Corti is a director and sole shareholder
Overizone Ltd is a company in which E Corti and M Pavarin are also directors
Rich & Son 1 Ltd is a company in which E Corti is a director
All Boys Ltd is a company in which E Corti is a director
At the year end, the following balances were owed to connected companies:
Overizone Ltd £282,890 (2022 £292,697) - other creditors
Overizone Ltd £49,587 (2022 £49,587) - trade creditors
11. Ultimate Controlling Party
The company considers Rich & Sons 1 Limited, a company also registered in England and Wales, to be it's controlling party by virtue of it's majority shareholding in the company.
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