REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
HIGH FIRS PENTHOUSES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
HIGH FIRS PENTHOUSES LIMITED |
HIGH FIRS PENTHOUSES LIMITED (REGISTERED NUMBER: 08945002) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HIGH FIRS PENTHOUSES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
5 Beaumont Gate |
Shenley Hill |
Radlett |
WD7 7AR |
HIGH FIRS PENTHOUSES LIMITED (REGISTERED NUMBER: 08945002) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
HIGH FIRS PENTHOUSES LIMITED (REGISTERED NUMBER: 08945002) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HIGH FIRS PENTHOUSES LIMITED (REGISTERED NUMBER: 08945002) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
High Firs Penthouses Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore |
continues to adopt the going concern basis in preparing its financial statements. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
HIGH FIRS PENTHOUSES LIMITED (REGISTERED NUMBER: 08945002) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Borrowing costs related to stock |
Borrowing costs directly attributed to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 7) |
Accruals and deferred income |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Shareholder loans |
Other creditors | 662,964 | 310,000 |
Amounts due to High Firs lessees | 183,645 | 167,295 |
Directors' loan accounts | 167,413 | 553,978 |
Accruals and deferred income |
The loans due to the directors and shareholders of the company bear interest at 4% per annum. These loans were initially made for a period of one year, however the company has opted to extend these loans for a period of greater than one year. |
Loans due from the High Firs lessees are interest free and unsecured. |
HIGH FIRS PENTHOUSES LIMITED (REGISTERED NUMBER: 08945002) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Directors loans | 167,413 | 543,978 |
Shareholder and other loans | 506,400 | 510,000 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 20 | 20 |
Preference | £1 | 40,002 | 40,002 |
A Ordinary | £1 | 10 | 10 |
40,032 | 40,032 |
Each £1 Ordinary shareholder is entitled to one vote per share held. |
There are no voting rights associated with the Preference Shares. Dividends payable will be at the discretion of the company. In the event of the liquidation of the company, the Preference shareholders have preference over the Ordinary shareholders and at the discretion of the members, the company shall redeem the whole or any part of the Preference Shares in issue for cash at £2 per share. |
10. | RELATED PARTY DISCLOSURES |
The loans due to the directors and shareholders of the company bear interest at 4% per annum. Interest accrued on these loans amounted to £226,552 for the year (2022: £228,696). |
In addition, included in other creditors is a loan, which bears interest at 4% per annum, from Vehicle Rescue Service Limited, a company in which the director, Mr J E Parkinson, has a controlling interest. |