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REGISTERED NUMBER: 07138271 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

HIGHGATE COUNTRY STORES LTD.

HIGHGATE COUNTRY STORES LTD. (REGISTERED NUMBER: 07138271)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HIGHGATE COUNTRY STORES LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: B Papworth
P Papworth





REGISTERED OFFICE: Highgate Farm
Over Road
Willingham
Cambridgeshire
CB24 5EU





REGISTERED NUMBER: 07138271 (England and Wales)





ACCOUNTANTS: Prentis & Co LLP
Chartered Accountants
115c Milton Road
Cambridge
CB4 1XE

HIGHGATE COUNTRY STORES LTD. (REGISTERED NUMBER: 07138271)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 574,260 545,228
574,260 545,228

CURRENT ASSETS
Stocks 145,000 145,000
Debtors 6 257,210 208,937
Cash at bank 327,596 184,216
729,806 538,153
CREDITORS
Amounts falling due within one year 7 184,292 110,801
NET CURRENT ASSETS 545,514 427,352
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,119,774

972,580

PROVISIONS FOR LIABILITIES 34,934 27,719
NET ASSETS 1,084,840 944,861

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,084,740 944,761
SHAREHOLDERS' FUNDS 1,084,840 944,861

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

HIGHGATE COUNTRY STORES LTD. (REGISTERED NUMBER: 07138271)

BALANCE SHEET - continued
31 MARCH 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:





B Papworth - Director


HIGHGATE COUNTRY STORES LTD. (REGISTERED NUMBER: 07138271)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Highgate Country Stores Ltd. 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business in 2010, was previously estimated to have an estimated economic life of 20 years for which it was amortised to the Profit and Loss Account.

Following a review undertaken by the Directors, from 1 April 2015 it was agreed that the estimated economic life was to be reduced and as such the remaining value of the goodwill will be amortised over the next 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to freehold property - 15% on reducing balance
Plant & equipment - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Cold room - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


HIGHGATE COUNTRY STORES LTD. (REGISTERED NUMBER: 07138271)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 16 (2023 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 160,000
AMORTISATION
At 1 April 2023
and 31 March 2024 160,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

HIGHGATE COUNTRY STORES LTD. (REGISTERED NUMBER: 07138271)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Improvements
to
Freehold freehold Plant &
property property equipment
£    £    £   
COST
At 1 April 2023 434,351 78,349 135,068
Additions - 26,448 23,484
At 31 March 2024 434,351 104,797 158,552
DEPRECIATION
At 1 April 2023 - 38,143 87,454
Charge for year - 7,060 10,666
At 31 March 2024 - 45,203 98,120
NET BOOK VALUE
At 31 March 2024 434,351 59,594 60,432
At 31 March 2023 434,351 40,206 47,614

Fixtures
and Motor
fittings vehicles Cold room Totals
£    £    £    £   
COST
At 1 April 2023 58,175 3,656 10,822 720,421
Additions 2,593 - - 52,525
At 31 March 2024 60,768 3,656 10,822 772,946
DEPRECIATION
At 1 April 2023 41,653 3,609 4,334 175,193
Charge for year 4,781 12 974 23,493
At 31 March 2024 46,434 3,621 5,308 198,686
NET BOOK VALUE
At 31 March 2024 14,334 35 5,514 574,260
At 31 March 2023 16,522 47 6,488 545,228

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 61,455 24,821
Other debtors 187,113 172,113
VAT 5,167 8,528
Prepayments and accrued income 3,475 3,475
257,210 208,937

HIGHGATE COUNTRY STORES LTD. (REGISTERED NUMBER: 07138271)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 109,628 59,387
Tax 40,054 19,632
Social security and other taxes 5,856 5,422
Other creditors 1,021 982
Directors' current accounts 11,535 9,536
Accruals and deferred income 16,198 15,842
184,292 110,801

8. RELATED PARTY DISCLOSURES

During the year, total dividends of £2,000 (2023 - £4,000) were paid to the directors .

9. ULTIMATE CONTROLLING PARTY

The controlling parties are B Papworth and P Papworth by virtue of their 100% joint ownership of the issued ordinary share capital.