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REGISTERED NUMBER: 00643669 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Highway Contractors Limited

Highway Contractors Limited (Registered number: 00643669)






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


Highway Contractors Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr Edward John Gibbons
Mr David Paul Gibbons
Ms Sarah Elizabeth Smith
Mr Ian Jowett
Mr Dritan Skenderaj





REGISTERED OFFICE: 2 Charter Park
Ilkeston
Derbyshire
DE7 5GA





REGISTERED NUMBER: 00643669 (England and Wales)





ACCOUNTANTS: Franklins
1 Pinnacle Way
Pride Park
Derby
Derbyshire
DE24 8ZS

Highway Contractors Limited (Registered number: 00643669)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,008 84
Investment property 5 2,000,000 2,243,205
2,012,008 2,243,289

CURRENT ASSETS
Debtors 6 86,104 14,441
Cash at bank 166,678 97,553
252,782 111,994
CREDITORS
Amounts falling due within one year 7 125,165 110,765
NET CURRENT ASSETS 127,617 1,229
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,139,625

2,244,518

CREDITORS
Amounts falling due after more than one
year

8

-

(24,906

)

PROVISIONS FOR LIABILITIES (443,138 ) (500,021 )
NET ASSETS 1,696,487 1,719,591

CAPITAL AND RESERVES
Called up share capital 9 30,000 30,000
Non distributable reserves 10 1,320,410 1,500,000
Retained earnings 346,077 189,591
SHAREHOLDERS' FUNDS 1,696,487 1,719,591

Highway Contractors Limited (Registered number: 00643669)

Balance Sheet - continued
31 December 2023


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.

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2024 and were signed on its behalf by:




Mr Edward John Gibbons - Director Mr David Paul Gibbons - Director




Mr Ian Jowett - Director Mr Dritan Skenderaj - Director




Ms Sarah Elizabeth Smith - Director


Highway Contractors Limited (Registered number: 00643669)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Highway Contractors 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

Highway Contractors Limited (Registered number: 00643669)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 January 2023 3,000 251 3,251
Additions 15,010 - 15,010
At 31 December 2023 18,010 251 18,261
DEPRECIATION
At 1 January 2023 3,000 167 3,167
Charge for year 3,002 84 3,086
At 31 December 2023 6,002 251 6,253
NET BOOK VALUE
At 31 December 2023 12,008 - 12,008
At 31 December 2022 - 84 84

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 2,243,205
Additions 1,500
Revaluations (239,455 )
Reclassification/transfer (5,250 )
At 31 December 2023 2,000,000
NET BOOK VALUE
At 31 December 2023 2,000,000
At 31 December 2022 2,243,205

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2019 493,205
Valuation in 2020 6,345
Valuation in 2021 3,848
Valuation in 2022 1,496,602
Valuation in 2023 (239,455 )
Cost 239,455
2,000,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 239,455 243,205

Investment property was valued on an open market basis on 31 December 2023 by the directors .

Highway Contractors Limited (Registered number: 00643669)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 27,059 5,178
Other debtors 38,575 1,131
Directors' current accounts 20,143 1,593
VAT - 6,239
Prepayments and accrued income 327 300
86,104 14,441

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 24,213 9,260
Trade creditors - 498
Tax 48,373 19,161
Social security and other taxes 78 -
VAT 6,896 -
Other creditors 40,290 77,000
Wages - 876
Directors' current accounts 20 20
Accruals and deferred income 5,295 3,950
125,165 110,765

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years - 9,491
Bank loans - 2-5 years - 15,415
- 24,906

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000
20,000 Preference £1 20,000 20,000
30,000 30,000

Highway Contractors Limited (Registered number: 00643669)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. RESERVES
Non
distributable
reserves
£   
At 1 January 2023 1,500,000
Movement (179,590 )

At 31 December 2023 1,320,410

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Ms Sarah Elizabeth Smith
Balance outstanding at start of year 1,593 (49 )
Amounts advanced 20,150 61,642
Amounts repaid (1,600 ) (60,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,143 1,593

The director's loan account was repaid within nine months of the year end. Interest was charged on the overdrawn director's loan account at HM Revenue & Customs official rate of interest during the year being 2% per annum to 5th April 2023 and 2.25% thereafter.