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Registered number: 02998901
Highnett Limited
Unaudited Financial Statements
For the Period 1 November 2022 to 31 December 2023
Dark Consulting Ltd
34c High Street
Yatton
North Somerset
BS49 4JA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02998901
31 December 2023 31 October 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,576 2,409
3,576 2,409
CURRENT ASSETS
Stocks 5 65,199 50,109
Debtors 6 42,933 71,389
Cash at bank and in hand 84,213 22,397
192,345 143,895
Creditors: Amounts Falling Due Within One Year 7 (122,930 ) (93,672 )
NET CURRENT ASSETS (LIABILITIES) 69,415 50,223
TOTAL ASSETS LESS CURRENT LIABILITIES 72,991 52,632
Creditors: Amounts Falling Due After More Than One Year 8 (45,631 ) (50,803 )
NET ASSETS 27,360 1,829
CAPITAL AND RESERVES
Called up share capital 9 102 102
Profit and Loss Account 27,258 1,727
SHAREHOLDERS' FUNDS 27,360 1,829
Page 1
Page 2
For the period 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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Tobias Bartlett
Director
19/05/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Highnett Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02998901 . The registered office is E Unit E1 & E2, Raceview Business Centre, Hambridge Rd, Newbury, RG14 5SA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15%
Motor Vehicles 15%
Fixtures & Fittings 15%
Computer Equipment 15%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the period was: 8 (2022: )
8 -
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2022 16,180 11,981 743 26,630 55,534
Additions - - - 1,373 1,373
As at 31 December 2023 16,180 11,981 743 28,003 56,907
Depreciation
As at 1 November 2022 15,856 11,231 743 25,295 53,125
Provided during the period - - - 206 206
As at 31 December 2023 15,856 11,231 743 25,501 53,331
Net Book Value
As at 31 December 2023 324 750 - 2,502 3,576
As at 1 November 2022 324 750 - 1,335 2,409
5. Stocks
31 December 2023 31 October 2022
£ £
Stock 18,768 18,198
Work in progress 46,431 31,911
65,199 50,109
6. Debtors
31 December 2023 31 October 2022
£ £
Due within one year
Trade debtors 26,828 26,216
Other debtors 16,105 45,173
42,933 71,389
7. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 October 2022
£ £
Trade creditors 52,144 46,150
Other creditors 31,650 26,130
Taxation and social security 39,136 21,392
122,930 93,672
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Page 5
8. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 October 2022
£ £
Bank loans 10,733 15,805
Other creditors 34,898 34,998
45,631 50,803
9. Share Capital
31 December 2023 31 October 2022
£ £
Allotted, Called up and fully paid 102 102
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