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Company No: 01104546 (England and Wales)

A&B HIGH HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

A&B HIGH HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

A&B HIGH HOLDINGS LIMITED

BALANCE SHEET

As at 31 December 2023
A&B HIGH HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 379,126 413,078
Investment property 5 2,528,250 2,528,250
Investments 6 548,429 548,429
3,455,805 3,489,757
Current assets
Debtors 7 816,703 491,885
Cash at bank and in hand 51,753 13,474
868,456 505,359
Creditors: amounts falling due within one year 8 ( 180,568) ( 115,338)
Net current assets 687,888 390,021
Total assets less current liabilities 4,143,693 3,879,778
Creditors: amounts falling due after more than one year 9 ( 445,950) ( 322,149)
Provision for liabilities ( 223,482) ( 223,482)
Net assets 3,474,261 3,334,147
Capital and reserves
Called-up share capital 10 100 100
Revaluation reserve 1,023,550 1,023,550
Capital redemption reserve 13,600 13,600
Profit and loss account 2,437,011 2,296,897
Total shareholder's funds 3,474,261 3,334,147

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of A&B HIGH HOLDINGS LIMITED (registered number: 01104546) were approved and authorised for issue by the Board of Directors on 24 September 2024. They were signed on its behalf by:

Mr A A High
Director
A&B HIGH HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
A&B HIGH HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

A&B HIGH HOLDINGS LIMITED (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Marquis House, Gulworthy, Tavistock, PL19 8JE, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 33.3 years straight line
Plant and machinery 15 % reducing balance
Vehicles 15 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. The directors assess fair value, having regard for current market prices for comparable real estate and using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2023 26,604 26,604
At 31 December 2023 26,604 26,604
Accumulated amortisation
At 01 January 2023 26,604 26,604
At 31 December 2023 26,604 26,604
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 445,192 290,773 69,940 15,284 821,189
At 31 December 2023 445,192 290,773 69,940 15,284 821,189
Accumulated depreciation
At 01 January 2023 142,092 221,739 30,599 13,681 408,111
Charge for the financial year 13,356 10,355 9,835 406 33,952
At 31 December 2023 155,448 232,094 40,434 14,087 442,063
Net book value
At 31 December 2023 289,744 58,679 29,506 1,197 379,126
At 31 December 2022 303,100 69,034 39,341 1,603 413,078

5. Investment property

Investment property
£
Valuation
As at 01 January 2023 2,528,250
As at 31 December 2023 2,528,250

There has been no valuation of investment property by an independent valuer.

6. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 548,429
At 31 December 2023 548,429
Carrying value at 31 December 2023 548,429
Carrying value at 31 December 2022 548,429

7. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 802,852 478,035
Other debtors 13,851 13,850
816,703 491,885

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 63,591 50,696
Amounts owed to Group undertakings 53,333 53,333
Taxation and social security 51,433 0
Obligations under finance leases and hire purchase contracts 8,978 8,559
Other creditors 3,233 2,750
180,568 115,338

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 430,847 303,774
Obligations under finance leases and hire purchase contracts 15,103 18,375
445,950 322,149

The bank loans and borrowings are secured against the assets of the company. The finance lease liabilities are secured against the assets to which they relate.

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 0.10 each 100 100

11. Ultimate controlling party

Parent Company:

Coastpoint Limited
The registered office of the company is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, Devon, United Kingdom, PL1 3RP