2023-04-012024-03-312024-03-31false03773587HIGH GRANGE DEVELOPMENTS 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HIGH GRANGE DEVELOPMENTS LIMITED

Registered Number
03773587
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

HIGH GRANGE DEVELOPMENTS LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

REED, Gary Stuart
REED, Ronald

Company Secretary

REED, Ronald

Registered Address

PO BOX 77
Whitehaven
Cumbria
CA28 6WA

Registered Number

03773587 (England and Wales)
HIGH GRANGE DEVELOPMENTS LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3180,681204,939
Investment property41,476,8041,398,804
1,657,4851,603,743
Current assets
Stocks52,827,4242,945,524
Debtors6259,5061,720,548
Cash at bank and on hand1,571,5371,414,426
4,658,4676,080,498
Creditors amounts falling due within one year7(510,818)(657,209)
Net current assets (liabilities)4,147,6495,423,289
Total assets less current liabilities5,805,1347,027,032
Provisions for liabilities9(45,170)(51,235)
Net assets5,759,9646,975,797
Capital and reserves
Called up share capital34
Revaluation reserve255,000255,000
Profit and loss account5,504,9616,720,793
Shareholders' funds5,759,9646,975,797
The financial statements were approved and authorised for issue by the Board of Directors on 19 July 2024, and are signed on its behalf by:
REED, Gary Stuart
Director
REED, Ronald
Director

Registered Company No. 03773587
HIGH GRANGE DEVELOPMENTS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Employee benefits
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Vehicles25
Investment property
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. These values are 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.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
2.Average number of employees

20242023
Average number of employees during the year1315
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 April 23340,358126,724467,082
Additions14,700-14,700
Disposals-(12,110)(12,110)
At 31 March 24355,058114,614469,672
Depreciation and impairment
At 01 April 23173,98888,155262,143
Charge for year27,1608,92436,084
On disposals-(9,236)(9,236)
At 31 March 24201,14887,843288,991
Net book value
At 31 March 24153,91026,771180,681
At 31 March 23166,37038,569204,939
4.Investment property
The 2024 valuations were made by the directors, on an open market value for existing use basis. Had the investment properties been measured at historical cost the amount would have been. £1,241,092

£
Fair value at 01 April 231,398,804
Additions78,000
At 31 March 241,476,804
5.Stocks

2024

2023

££
Work in progress2,827,4242,945,524
Total2,827,4242,945,524
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables241,450240,000
Other debtors18,0561,480,548
Total259,5061,720,548
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables78,47787,564
Taxation and social security184,027170,539
Finance lease and HP contracts-2,700
Other creditors87,18331,964
Accrued liabilities and deferred income161,131364,442
Total510,818657,209
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors: amounts due after one year
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)45,17051,235
Total45,17051,235
10.Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company. The pension cost charge represents contributions payable by the company to the fund and amounted to £68,774 (2023 - £7,643). Contributions totalling £1,651 (2023 -£6,788) were payable to the fund at the balance sheet date and are included in accruals
11.Related party transactions
Mr G Reed, director and shareholder, had a loan account with the company during the year. The balance due to the director at the year end was £47,090 (2023- £24,964). The loan is unsecured, and repayable on demand. Mr R Reed, director and shareholder, had a loan account with the company during the year. The balance due to the director at the year end was £40,093 (2023 - £1,467,645 Debtor). The loan is unsecured, and repayable on demand.