Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.32023-07-01false683100truetrue 03005564 2023-07-01 2024-06-30 03005564 2022-07-01 2023-06-30 03005564 2024-06-30 03005564 2023-06-30 03005564 2022-07-01 03005564 c:Director1 2023-07-01 2024-06-30 03005564 d:FurnitureFittings 2023-07-01 2024-06-30 03005564 d:FurnitureFittings 2024-06-30 03005564 d:FurnitureFittings 2023-06-30 03005564 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03005564 d:FreeholdInvestmentProperty 2024-06-30 03005564 d:FreeholdInvestmentProperty 2023-06-30 03005564 d:CurrentFinancialInstruments 2024-06-30 03005564 d:CurrentFinancialInstruments 2023-06-30 03005564 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 03005564 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 03005564 d:ShareCapital 2024-06-30 03005564 d:ShareCapital 2023-06-30 03005564 d:InvestmentPropertiesRevaluationReserve 2023-07-01 2024-06-30 03005564 d:InvestmentPropertiesRevaluationReserve 2024-06-30 03005564 d:InvestmentPropertiesRevaluationReserve 2023-06-30 03005564 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 03005564 d:RetainedEarningsAccumulatedLosses 2024-06-30 03005564 d:RetainedEarningsAccumulatedLosses 2023-06-30 03005564 c:OrdinaryShareClass1 2023-07-01 2024-06-30 03005564 c:OrdinaryShareClass1 2024-06-30 03005564 c:OrdinaryShareClass1 2023-06-30 03005564 c:FRS102 2023-07-01 2024-06-30 03005564 c:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 03005564 c:FullAccounts 2023-07-01 2024-06-30 03005564 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03005564 2 2023-07-01 2024-06-30 03005564 6 2023-07-01 2024-06-30 03005564 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 03005564 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 03005564 2 2024-06-30 03005564 2 2023-06-30 03005564 f:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03005564










HIGHLANDS NORTH PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
HIGHLANDS NORTH PROPERTIES LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 11


 
HIGHLANDS NORTH PROPERTIES LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HIGHLANDS NORTH PROPERTIES LIMITED
FOR THE YEAR ENDED 30 JUNE 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Highlands North Properties Limited for the year ended 30 June 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Highlands North Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Highlands North Properties Limited  and state those matters that we have agreed to state to the Board of Directors of Highlands North Properties Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Highlands North Properties Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Highlands North Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Highlands North Properties Limited. You consider that Highlands North Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Highlands North Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  


BAGINSKY COHEN
CHARTERED ACCOUNTANTS
930 HIGH ROAD
LONDON
N12 9RT
5 August 2024
Page 1

 
HIGHLANDS NORTH PROPERTIES LIMITED
REGISTERED NUMBER: 03005564

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2024
2023
2023
Note
£
£
£
£

FIXED ASSETS
  

Tangible assets
 4 
724
853

Investments
 5 
100
60,730

Investment property
 6 
919,565
919,565

  
920,389
981,148

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 7 
1,743
2,261

Cash at bank and in hand
 8 
289,807
175,479

  
291,550
177,740

Creditors: amounts falling due within one year
 9 
(21,089)
(19,292)

NET CURRENT ASSETS
  
 
 
270,461
 
 
158,448

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,190,850
1,139,596

PROVISIONS FOR LIABILITIES
  

Deferred tax
 10 
(90,000)
(90,000)

  
 
 
(90,000)
 
 
(90,000)

NET ASSETS
  
1,100,850
1,049,596


CAPITAL AND RESERVES
  

Called up share capital 
 11 
100
100

Investment property reserve
 12 
360,000
360,000

Profit and loss account
 12 
740,750
689,496

  
1,100,850
1,049,596


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on
Page 2

 
HIGHLANDS NORTH PROPERTIES LIMITED
REGISTERED NUMBER: 03005564

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

5 August 2024.




D COHEN
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
HIGHLANDS NORTH PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.ACCOUNTING POLICIES

 
1.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2).

The following principal accounting policies have been applied:

  
1.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
1.3

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
1.4

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
1.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
HIGHLANDS NORTH PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.ACCOUNTING POLICIES (CONTINUED)


1.5
TANGIBLE FIXED ASSETS (CONTINUED)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
15%

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 profit or loss.

 
1.6

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, 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 profit or loss.

 
1.7

VALUATION OF INVESTMENTS

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
1.8

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.

 
1.9

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.

 
1.10

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.

Page 5

 
HIGHLANDS NORTH PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.ACCOUNTING POLICIES (CONTINUED)

 
1.11

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
1.12

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 6

 
HIGHLANDS NORTH PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.ACCOUNTING POLICIES (CONTINUED)


1.12
FINANCIAL INSTRUMENTS (CONTINUED)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 7

 
HIGHLANDS NORTH PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company’s accounting policies, which are described in note 1, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.


3.


EMPLOYEES

Page 8

 
HIGHLANDS NORTH PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


TANGIBLE FIXED ASSETS





Fixtures & fittings

£



COST OR VALUATION


At 1 July 2023
34,026



At 30 June 2024

34,026



DEPRECIATION


At 1 July 2023
33,174


Charge for the year on owned assets
128



At 30 June 2024

33,302



NET BOOK VALUE



At 30 June 2024
724



At 30 June 2023
853


5.


FIXED ASSET INVESTMENTS





Unlisted investments

£



COST OR VALUATION


At 1 July 2023
102,256


Disposals
(60,630)



At 30 June 2024

41,626



IMPAIRMENT


At 1 July 2023
41,526



At 30 June 2024

41,526



NET BOOK VALUE



At 30 June 2024
100



At 30 June 2023
60,730

Page 9

 
HIGHLANDS NORTH PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 July 2023
919,565



AT 30 JUNE 2024
919,565

The 2024 valuations were made by the Director, on an open market value for existing use basis.

2024
2023
£
£

REVALUATION RESERVES


At 1 July 2023
360,000
360,000

AT 30 JUNE 2024
360,000
360,000





7.


DEBTORS

2024
2023
£
£


Trade debtors
1,743
2,261



8.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
289,807
175,479


Page 10

 
HIGHLANDS NORTH PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Accruals and deferred income
2,707
3,458

Corporation tax
11,533
8,507

Other taxation and social security
3,699
3,878

Other creditors
3,150
3,150

Trade creditors
-
299

21,089
19,292



10.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
(90,000)
(90,000)



AT END OF YEAR
(90,000)
(90,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Timing difference on investment property revaluation
(90,000)
(90,000)


11.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



12.


RESERVES

Investment property revaluation reserve

Investment properties are carried at fair value with changes at each reporting date recognised in profit or loss. The revaluation reserve in a non-distributable reserve to reflect the unrealised gains over and above the cost of investment properties less deferred tax arising on the gains.

Profit & loss account

This includes all current and prior period retained profits and losses.

Page 11

 
HIGHLANDS NORTH PROPERTIES LIMITED
 

Page 12