Registered number
09297235
Highbyte Projects Ltd
Unaudited Filleted Accounts
For The Year Ended
30 November 2023
Highbyte Projects Ltd
Registered number: 09297235
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 443,286 443,733
Current assets
Debtors 4 1,950 1,950
Cash at bank and in hand 8,519 8,787
10,469 10,737
Creditors: amounts falling due within one year 5 (14,309) (13,732)
Net current liabilities (3,840) (2,995)
Total assets less current liabilities 439,446 440,738
Creditors: amounts falling due after more than one year 6 (409,489) (416,129)
Net assets 29,957 24,609
Capital and reserves
Called up share capital 1 1
Profit and loss account 29,956 24,608
Shareholder's funds 29,957 24,609
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr Y Shifman
Director
Approved by the board on 15 August 2024
Highbyte Projects Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover for the year was derived from rent recevable of the company's investment property.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold buildings over the lease term 999 years
Fixtures, fittings, tools and equipment over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 445,968 2,297 448,265
At 30 November 2023 445,968 2,297 448,265
Depreciation
At 1 December 2022 2,235 2,297 4,532
Charge for the year 447 - 447
At 30 November 2023 2,682 2,297 4,979
Net book value
At 30 November 2023 443,286 - 443,286
At 30 November 2022 443,733 - 443,733
4 Debtors 2023 2022
£ £
Other debtors 1,950 1,950
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,000 6,000
Taxation and social security costs 1,359 1,252
Other creditors 6,950 6,480
14,309 13,732
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 140,006 146,646
Other creditors 269,483 269,483
409,489 416,129
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 116,010 122,650
Secured bank loans 146,006 152,646
The secuirty for the loan is a floating charge on the premises.
8 Controlling party
Dr Y Shifman controls the company by virtue of his ownership of all of the issued share capital.
9 Other information
Highbyte Projects Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Flat 2, 3 Blackdown Close
London
N2 8JF
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