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REGISTERED NUMBER: 08945002 (England and Wales)














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: D H McKinley
J E Parkinson
I J L Parkinson
R A Shields
B B Jacobs





SECRETARY: R A Shields





REGISTERED OFFICE: Nagler Simmons
5 Beaumont Gate
Shenley Hill
Radlett
Hertfordshire
WD7 7AR





REGISTERED NUMBER: 08945002 (England and Wales)





ACCOUNTANTS: Nagler Simmons
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 1,372,500 1,400,000
Debtors 4 6,119 115,937
Cash at bank 1,823 4,961
1,380,442 1,520,898
CREDITORS
Amounts falling due within one year 5 30,327 31,152
NET CURRENT ASSETS 1,350,115 1,489,746
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,350,115

1,489,746

CREDITORS
Amounts falling due after more than
one year

6

1,415,022

1,402,273
NET (LIABILITIES)/ASSETS (64,907 ) 87,473

CAPITAL AND RESERVES
Called up share capital 9 40,032 40,032
Share premium 399,990 399,990
Retained earnings (504,929 ) (352,549 )
SHAREHOLDERS' FUNDS (64,907 ) 87,473

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

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 12 September 2024 and were signed on its behalf by:





J E Parkinson - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 5,000 55,000
Other debtors 1,119 60,937
6,119 115,937

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 7) - 6
Accruals and deferred income 30,327 31,146
30,327 31,152

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Shareholder loans 240,000 210,000
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 161,000 161,000
1,415,022 1,402,273

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 - 6

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
673,813 1,053,978

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
20 Ordinary £1 20 20
40,002 Preference £1 40,002 40,002
10 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.