Registration number:
High Road (Loughton) Limited
for the Period from 10 August 2022 to 30 June 2023
High Road (Loughton) Limited
Contents
Company Information |
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Director's Report |
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Statement of Director's Responsibilities |
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Accountants' Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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iXBRL Detailed Profit and Loss Account |
High Road (Loughton) Limited
Company Information
Director |
Mr Sukhjit Bains |
Registered office |
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Accountants |
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High Road (Loughton) Limited
Director's Report for the Period from 10 August 2022 to 30 June 2023
The director presents his report and the financial statements for the period from 10 August 2022 to 30 June 2023.
Incorporation
The company was incorporated on
Director of the company
The director who held office during the period was as follows:
Principal activity
The principal activity of the company is that of letting and operating of own or leased real estate.
Going concern
At the time of approving these financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and is willing to provide the necessary financial support as necessary.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
This report was approved by the
.........................................
Director
High Road (Loughton) Limited
Statement of Director's Responsibilities
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
High Road (Loughton) Limited
for the Period Ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of High Road (Loughton) Limited for the period ended 30 June 2023 as set out on pages 5 to 15 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of High Road (Loughton) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of High Road (Loughton) Limited and state those matters that we have agreed to state to the Board of Directors of High Road (Loughton) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than High Road (Loughton) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that High Road (Loughton) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of High Road (Loughton) Limited. You consider that High Road (Loughton) Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of High Road (Loughton) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE
High Road (Loughton) Limited
Profit and Loss Account for the Period from 10 August 2022 to 30 June 2023
2023 |
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Turnover |
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Administrative expenses |
( |
Operating profit |
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Fair value movement gain/(loss) on investment property |
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Interest payable and similar expenses |
( |
Profit before tax |
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Taxation |
( |
Profit for the financial period |
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High Road (Loughton) Limited
(Registration number: 14287526)
Balance Sheet as at 30 June 2023
Note |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
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Retained earnings |
319,597 |
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Shareholders' funds |
319,598 |
For the financial period ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
High Road (Loughton) Limited
(Registration number: 14287526)
Balance Sheet as at 30 June 2023 (continued)
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements were approved and authorised for issue by the
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High Road (Loughton) Limited
Statement of Changes in Equity for the Period from 10 August 2022 to 30 June 2023
Share capital |
Retained earnings |
Total |
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Profit for the period |
- |
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New share capital subscribed |
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- |
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At 30 June 2023 |
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Included within Retaining Earnings of £319,597 is an amount of £464,757 which is non distributable, as it relates to the revaluation of the investment property. (see note 4).
High Road (Loughton) Limited
Notes to the Unaudited Financial Statements for the Period from 10 August 2022 to 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.
Going concern
At the time of approving these financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rental income and related services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
High Road (Loughton) Limited
Notes to the Unaudited Financial Statements for the Period from 10 August 2022 to 30 June 2023 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
High Road (Loughton) Limited
Notes to the Unaudited Financial Statements for the Period from 10 August 2022 to 30 June 2023 (continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
High Road (Loughton) Limited
Notes to the Unaudited Financial Statements for the Period from 10 August 2022 to 30 June 2023 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Classification
Recognition and measurement
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Impairment
For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
Staff numbers |
The average monthly number of persons employed by the company (including the director) during the period, was
High Road (Loughton) Limited
Notes to the Unaudited Financial Statements for the Period from 10 August 2022 to 30 June 2023 (continued)
Investment properties |
2023 |
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At 10 August |
- |
Additions |
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Fair value adjustments |
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At 30 June |
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The Investment property was revalued by BNP Paribas Real Estate, an independent qualified valuer, using the Investment Method. The valuations was conducted on 25 November 2022. If the historic cost model had been adopted, the carrying value would have been £3,180,243.
Debtors |
Note |
2023 |
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Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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The amounts owed by related paties are recoverable after more than one year.
High Road (Loughton) Limited
Notes to the Unaudited Financial Statements for the Period from 10 August 2022 to 30 June 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
2023 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2023 |
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Due after one year |
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Loans and borrowings |
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Amount owed to related parties |
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Loans and borrowings |
Non-current loans and borrowings
2023 |
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Bank borrowings |
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Bank borrowings
The loan is secured by a charge on investment property. |
High Road (Loughton) Limited
Notes to the Unaudited Financial Statements for the Period from 10 August 2022 to 30 June 2023 (continued)
Share capital |
Allotted, called up and fully paid shares
2023 |
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No. |
£ |
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1 |
Related party transactions |
Summary of transactions with other related parties
At the balance sheet date, the company owed £1,394,020 to other company(ies) which has common director. The loans are interest free and repayable on demand.
At the balance sheet date, the company was owed £51,500 by other company which has common director. The loans are interest free and repayable on demand.
Ultimate controlling party |
The ultimate controlling party is
High Road (Loughton) Limited
iXBRL Detailed Profit and Loss Account for the Period from 10 August 2022 to 30 June 2023
2023 |
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Turnover/revenue |
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Cost of sales |
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Opening stock/inventories |
- |
Closing stock/inventories |
- |
Gross profit |
119,775 |
Distribution costs |
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Administrative expenses |
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Audit and accountancy other services |
( |
Other repairs and maintenance costs |
( |
Cleaning costs |
( |
Legal and professional costs |
( |
Bank charges |
( |
Inter-company recharges |
( |
Insurance costs |
( |
Other operating income |
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Other items |
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Operating profit |
74,280 |
Gain from fair value adjustment, investment property recognised in profit or loss |
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Profit on ordinary activities before finance charges and interest |
539,037 |
Interest expense on bank overdraft, bank loans and similar borrowings |
( |
Profit on ordinary activities before taxation |
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Tax on profit or loss on ordinary activities |
( |
Profit for the financial period |
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