Registered number
02461985
Highley Pens Limited
Filleted Accounts
31 December 2023
Highley Pens Limited
Registered number: 02461985
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,140,646 1,140,646
Investments 4 300,002 300,002
1,440,648 1,440,648
Current assets
Debtors 5 315,234 409,631
Cash at bank and in hand 85,388 40,366
400,622 449,997
Creditors: amounts falling due within one year 6 (43,671) (44,913)
Net current assets 356,951 405,084
Total assets less current liabilities 1,797,599 1,845,732
Creditors: amounts falling due after more than one year 7 (490,000) (530,000)
Net assets 1,307,599 1,315,732
Capital and reserves
Called up share capital 5,700 5,700
Revaluation reserve 9 332,355 332,355
Capital redemption reserve 3,800 3,800
Profit and loss account 965,744 973,877
Shareholders' funds 1,307,599 1,315,732
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C R H Stockbridge
Director
Approved by the board on 23 September 2024
Highley Pens Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Land and buildings held and used in the Company’s own activities or for administrative purposes are stated at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position and any revaluation increase or decrease on land and buildings is credited to the revaluation reserve.
Freehold property is not currently depreciated, as it is considered that to depreciate would not give a true and fair view. An annual review is undertaken for any impairment with any significant reduction in value accounted for within the financial statements.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Consolidation
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Freehold land and buildings
£
Cost or valuation
At 1 January 2023 1,140,646
At 31 December 2023 1,140,646
Depreciation
At 31 December 2023 -
Net book value
At 31 December 2023 1,140,646
At 31 December 2022 1,140,646
Freehold land and buildings: 2023 2022
£ £
Historical cost 667,645 667,645
Cumulative depreciation based on historical cost - -
667,645 667,645
The company leases its land and buildings to its subsidiary undertaking, Manuscript Pen Company Ltd.
Freehold land and buildings were revalued in 2018 and the directors consider the valuation of these assets at the balance sheet date to not be significantly different.
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2023 300,002
At 31 December 2023 300,002
The company holds 100% of the Ordinary share capital of all of its unlisted subsidiaries, namely; Manuscript Pen Company Ltd, D L Highley Limited, T.Hessin & Co.,Limited, Lionheart Creations Limited and Manuscript Brands Limited.
5 Debtors 2023 2022
£ £
Trade debtors 2,414 2,400
Amounts owed by group undertakings and undertakings in which the company has a participating interest 312,742 407,231
Other debtors 78 -
315,234 409,631
Amounts due after more than one year included above 200,000 200,000
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 40,000 40,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 1
Taxation and social security costs 766 1,334
Other creditors 2,905 3,578
43,671 44,913
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 490,000 530,000
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 530,000 570,000
Bank borrowings are secured by a charge over the company's property and the assets of its subsidiary undertaking, Manuscript Pen Company Ltd, by way of a cross-guarantee between the parties.
9 Revaluation reserve 2023 2022
£ £
At 1 January 2023 332,355 332,355
At 31 December 2023 332,355 332,355
10 Other information
Highley Pens Limited is a private company limited by shares and incorporated in England. Its registered office is:
Manuscript House
Netherton Lane
Highley
Shropshire
WV16 6BF
Highley Pens Limited 02461985 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts July 2024 Mr C R H Stockbridge No description of principal activity 02461985 2022-01-01 2022-12-31 02461985 core:WithinOneYear 2022-12-31 02461985 core:AfterOneYear 2022-12-31 02461985 core:ShareCapital 2022-12-31 02461985 core:OtherReservesSubtotal 2022-12-31 02461985 core:RetainedEarningsAccumulatedLosses 2022-12-31 02461985 core:RevaluationReserve 2021-12-31 02461985 2023-01-01 2023-12-31 02461985 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02461985 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02461985 bus:Director40 2023-01-01 2023-12-31 02461985 1 2023-01-01 2023-12-31 02461985 2 2023-01-01 2023-12-31 02461985 countries:England 2023-01-01 2023-12-31 02461985 bus:FRS102 2023-01-01 2023-12-31 02461985 bus:FilletedAccounts 2023-01-01 2023-12-31 02461985 2023-12-31 02461985 core:WithinOneYear 2023-12-31 02461985 core:AfterOneYear 2023-12-31 02461985 core:ShareCapital 2023-12-31 02461985 core:OtherReservesSubtotal 2023-12-31 02461985 core:RetainedEarningsAccumulatedLosses 2023-12-31 02461985 core:LandBuildings 2023-12-31 02461985 core:RevaluationReserve 2023-12-31 02461985 2022-12-31 02461985 core:LandBuildings 2022-12-31 02461985 core:RevaluationReserve 2022-12-31 iso4217:GBP xbrli:pure