Company Registration No. 10815682 (England and Wales)
HIGH SOL DEVELOPMENTS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
King & King
Chartered Accountants
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
HIGH SOL DEVELOPMENTS LIMITED
CONTENTS
Page
Directors' report
2
Statement of financial position
3 - 4
Notes to the financial statements
5 - 9
HIGH SOL DEVELOPMENTS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs V Bhatia
Mr A K Bhatia
Company number
10815682
Registered office
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
Accountants
King & King
Chartered Accountants
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
HIGH SOL DEVELOPMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -

The directors present their report and the financial statements for the year ended 30 June 2023.

Principal activities

The principal activity of the company continued to be that of property development and letting.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mrs V Bhatia
Mr A K Bhatia
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr A K Bhatia
Director
3 September 2024
HIGH SOL DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2023
30 June 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
25,440
19,440
Investment property
5
5,925,812
5,842,590
5,951,252
5,862,030
Current assets
Debtors
6
6,168
6,169
Cash at bank and in hand
131,312
114,737
137,480
120,906
Creditors: amounts falling due within one year
7
(4,296,984)
(4,107,196)
Net current liabilities
(4,159,504)
(3,986,290)
Total assets less current liabilities
1,791,748
1,875,740
Creditors: amounts falling due after more than one year
Loans and overdrafts
9
1,753,019
1,800,034
(1,753,019)
(1,800,034)
Net assets
38,729
75,706
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
38,629
75,606
Total equity
38,729
75,706

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

HIGH SOL DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
Mr A K Bhatia
Director
Company registration number 10815682 (England and Wales)
HIGH SOL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
1
Accounting policies
Company information

High Sol Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, Watson House, 54-60 Baker Street, London, W1U 7BU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Fixtures and fittings
20% straight line
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

HIGH SOL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

HIGH SOL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 7 -
1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 July 2022
32,400
Additions
15,600
At 30 June 2023
48,000
Depreciation and impairment
At 1 July 2022
12,960
Depreciation charged in the year
9,600
At 30 June 2023
22,560
Carrying amount
At 30 June 2023
25,440
At 30 June 2022
19,440
HIGH SOL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
5
Investment property
2023
£
Fair value
At 1 July 2022
5,842,590
Additions
83,222
At 30 June 2023
5,925,812

The investment properties are valued by the directors, in whose opinion, the market value of the properties at the balance sheet date reflects ongoing economic conditions and the value of the properties has not changed during the year.

 

There has been no valuation of investment properties by an independent valuer in the current year.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
539
542
Other debtors
5,629
5,627
6,168
6,169
7
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
10,332
4,167
Deferred income
12,500
-
0
Other creditors
4,216,032
4,029,519
Accruals and deferred income
58,120
73,510
4,296,984
4,107,196
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
9
1,753,019
1,800,034

 

HIGH SOL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
9
Loans and overdrafts
2023
2022
£
£
Bank loans
1,753,019
1,800,034

The term of the bank loan is 7 years and is secured by way of a debenture over the fixed and floating assets of the company and a personal guarantee from the director.

 

10
Directors' transactions

Included in creditors is the amount of £2,752,570 (2022: £2,661,770) owed to the directors. This amount is interest free and repayable on demand.

11
Controlling party

The company is controlled by its directors who are also the shareholders of the company.

2023-06-302022-07-01false03 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMrs V BhatiaMr A K Bhatiafalsefalse108156822022-07-012023-06-3010815682bus:Director12022-07-012023-06-3010815682bus:Director22022-07-012023-06-3010815682bus:RegisteredOffice2022-07-012023-06-30108156822023-06-30108156822022-06-3010815682core:FurnitureFittings2023-06-3010815682core:FurnitureFittings2022-06-3010815682core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3010815682core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3010815682core:CurrentFinancialInstruments2023-06-3010815682core:CurrentFinancialInstruments2022-06-3010815682core:Non-currentFinancialInstruments2023-06-3010815682core:Non-currentFinancialInstruments2022-06-3010815682core:ShareCapital2023-06-3010815682core:ShareCapital2022-06-3010815682core:RetainedEarningsAccumulatedLosses2023-06-3010815682core:RetainedEarningsAccumulatedLosses2022-06-3010815682core:FurnitureFittings2022-07-012023-06-3010815682core:FurnitureFittings2022-06-30108156822022-06-3010815682bus:PrivateLimitedCompanyLtd2022-07-012023-06-3010815682bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3010815682bus:FRS1022022-07-012023-06-3010815682bus:AuditExemptWithAccountantsReport2022-07-012023-06-3010815682bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP