Registered number: 05242667 | ||||||||
FOR THE YEAR ENDED 26/03/2024 | ||||||||
Prepared By: | ||||||||
MA Partners Audit LLP | ||||||||
7 The Close | ||||||||
Norwich | ||||||||
Norfolk | ||||||||
NR1 4DJ |
High Meadow Finance Limited | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 26/03/2024 | ||||||||
DIRECTORS | ||||||||
SECRETARY | ||||||||
REGISTERED OFFICE | ||||||||
Norfolk | ||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in , registered number 05242667 | ||||||||
BANKERS | ||||||||
Bank of Scotland PLC | ||||||||
ACCOUNTANTS | ||||||||
MA Partners Audit LLP | ||||||||
7 The Close | ||||||||
Norwich | ||||||||
Norfolk | ||||||||
NR1 4DJ |
High Meadow Finance Limited | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED26/03/2024 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
High Meadow Finance Limited | ||||||||
BALANCE SHEET AT | ||||||||||
2024 | 2023 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 3 | |||||||||
CURRENT ASSETS | ||||||||||
Debtors | 5 | |||||||||
Cash at bank and in hand | ||||||||||
1,962,481 | 1,971,889 | |||||||||
CREDITORS: Amounts falling due within one year | 6 | |||||||||
NET CURRENT ASSETS | 1,208,154 | |||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
CREDITORS: Amounts falling due after more than one year | 7 | 234,250 | 258,910 | |||||||
PROVISIONS FOR LIABILITIES AND CHARGES | 9 | |||||||||
NET ASSETS | ||||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 10 | |||||||||
Profit and loss account | 1,698,393 | 1,713,125 | ||||||||
SHAREHOLDERS' FUNDS | ||||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
Director | ||||||||||
High Meadow Finance Limited | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 26/03/2024 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting FRS 1021 a | ||||||||
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 financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £. | ||||||||
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. The following accounting policies have been applied: |
1b. Depreciation | ||||||||
The assets residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. | ||||||||
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. | ||||||||
1c. Investment Properties | ||||||||
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement. |
1d. Interest Income | ||||||||
Interest income is recognised in the Income Statement using the effective interest method. |
1e. Finance Costs | ||||||||
Finance costs are charged to the Income Statement 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. |
High Meadow Finance Limited | ||||||||
1f. Debtors | ||||||||
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
1g. Cash And Cash Equivalents | ||||||||
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
1h. Creditors | ||||||||
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
1i. Dividends | ||||||||
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholder. |
1j. Provisions For Liabilities | ||||||||
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. | ||||||||
Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. | ||||||||
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. |
1k. Financial Instruments | ||||||||
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
1l. Borrowing Costs | ||||||||
All borrowing costs are recognised in profit or loss in the year in which they are incurred. |
High Meadow Finance Limited | ||||||||
1m. Pensions | ||||||||
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 the Income Statement 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. |
2. EMPLOYEES | ||||||
2024 | 2023 | |||||
No. | No. | |||||
Average number of employees | 2 | |||||
3. TANGIBLE FIXED ASSETS | ||||
Equipment | Total | |||
£ | £ | |||
Cost | ||||
At 27/03/2023 | 3,817 | 3,817 | ||
At 26/03/2024 | 3,817 | 3,817 | ||
Depreciation | ||||
At 27/03/2023 | 3,817 | 3,817 | ||
At 26/03/2024 | 3,817 | 3,817 | ||
Net Book Amounts | ||||
At 26/03/2024 | - | |||
4. INVESTMENT PROPERTIES | ||||
Investment | ||||
Properties | Total | |||
£ | £ | |||
Fair value | ||||
At 27/03/2023 | 795,000 | 795,000 | ||
At 26/03/2024 | 795,000 | 795,000 | ||
High Meadow Finance Limited | ||||||||
5. DEBTORS | 2024 | 2023 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 1,806,385 | 1,961,532 | ||||||
Other debtors | 25,000 | - | ||||||
Prepayments | 15,035 | 35 | ||||||
1,846,420 | 1,961,567 | |||||||
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
UK corporation tax | 1,236 | 12,511 | ||||||
Bank Loan | 25,010 | 25,010 | ||||||
Other creditors | 399,907 | 349,299 | ||||||
Accruals | 367,566 | 376,915 | ||||||
793,719 | 763,735 | |||||||
Bank loans amounting to £16,677 (2023: £16,677) are secured by way of a fixed charge over properties owned by the company. | ||||||||
7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
Bank loans >1yr | - | 158,910 | ||||||
Loans >1yr | 234,250 | 100,000 | ||||||
234,250 | 258,910 | |||||||
Bank loans amounting to £120,917 (2023: £135,576) are secured by way of a fixed charge over properties owned by the company. | ||||||||
8. LOAN ANALYSIS | ||||||||
Amounts falling due within one year - Bank loans £25,010 (2023: £25,010). | ||||||||
Amounts falling due 1-2 years - Bank loans £25,010 (2023: £25,010). | ||||||||
Amounts falling due 2-5 years - Bank loans £55,031 (2023: £65,031). Amounts falling due after 5 years - Bank loans £54,209 (2023: £68,868); Other loans £100,000 (2023: £100,000). |
High Meadow Finance Limited | ||||||||
9. PROVISIONS FOR LIABILITIES | 2024 | 2023 | ||||||
£ | £ | |||||||
Deferred taxation | 25,118 | 25,118 | ||||||
Other provisions | 6,000 | 6,000 | ||||||
31,118 | 31,118 | |||||||
10. SHARE CAPITAL | 2024 | 2023 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
1 | 1 | |||||||
1 | 1 | |||||||
11. RELATED PARTY TRANSACTIONS | |||||||||||||||||||||||||||||||||||||
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