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Registration number: 14287526

High Road (Loughton) Limited

Annual Report and Unaudited Financial Statements

for the Period from 10 August 2022 to 30 June 2023

 

High Road (Loughton) Limited

Contents

Company Information

1

Director's Report

2

Statement of Director's Responsibilities

3

Accountants' Report

4

Profit and Loss Account

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 15

iXBRL Detailed Profit and Loss Account

16

 

High Road (Loughton) Limited

Company Information

Director

Mr Sukhjit Bains

Registered office

66 Breamore Road
Ilford
IG3 9ND

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

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 10 August 2022.

Director of the company

The director who held office during the period was as follows:

Mr Sukhjit Bains (appointed 10 August 2022)

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 on 14 October 2024 and signed on its behalf by:

.........................................
Mr Sukhjit Bains
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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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.

............................................................................

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

14 October 2024

 

High Road (Loughton) Limited

Profit and Loss Account for the Period from 10 August 2022 to 30 June 2023

2023
£

Turnover

119,775

Administrative expenses

(45,495)

Operating profit

74,280

Fair value movement gain/(loss) on investment property

464,757

Interest payable and similar expenses

(103,251)

Profit before tax

435,786

Taxation

(116,189)

Profit for the financial period

319,597

 

High Road (Loughton) Limited

(Registration number: 14287526)
Balance Sheet as at 30 June 2023

Note

2023
£

Fixed assets

 

Investment property

4

3,645,000

Current assets

 

Debtors

5

556,982

Cash at bank and in hand

 

12,036

 

569,018

Creditors: Amounts falling due within one year

6

(27,221)

Net current assets

 

541,797

Total assets less current liabilities

 

4,186,797

Creditors: Amounts falling due after more than one year

6

(3,751,010)

Provisions for liabilities

(116,189)

Net assets

 

319,598

Capital and reserves

 

Called up share capital

8

1

Retained earnings

319,597

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:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 director on 14 October 2024
 

.........................................
Mr Sukhjit Bains
Director

   
     
 

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
£

Profit for the period

-

319,597

319,597

New share capital subscribed

1

-

1

At 30 June 2023

1

319,597

319,598

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
66 Breamore Road
Ilford
IG3 9ND
United Kingdom

These financial statements were authorised for issue by the director on 14 October 2024.

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

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
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

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.

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the period, was 1.

 

High Road (Loughton) Limited

Notes to the Unaudited Financial Statements for the Period from 10 August 2022 to 30 June 2023 (continued)

4

Investment properties

2023
£

At 10 August

-

Additions

3,180,243

Fair value adjustments

464,757

At 30 June

3,645,000

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.

5

Debtors

Note

2023
£

Trade debtors

 

22,200

Amounts owed by related parties

9

51,500

Prepayments

 

54,968

Other debtors

 

428,314

 

556,982

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)

6

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Taxation and social security

3,700

Accruals and deferred income

23,521

27,221

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

7

2,356,990

Amount owed to related parties

9

1,394,020

 

3,751,010

7

Loans and borrowings

Non-current loans and borrowings

2023
£

Bank borrowings

2,356,990

Bank borrowings

Loan from Shawbrook is denominated in Pound sterling (£) with variable interest rate of 5.95%p.a. The carrying amount at period end is £2,356,990.

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)

8

Share capital

Allotted, called up and fully paid shares

2023

No.

£

Ordinary share of £1 each

1

1

   

9

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.

10

Ultimate controlling party

The ultimate controlling party is Mr Sital Singh Bains.

 

High Road (Loughton) Limited

iXBRL Detailed Profit and Loss Account for the Period from 10 August 2022 to 30 June 2023

2023
£

Turnover/revenue

119,775

Cost of sales

Opening stock/inventories

-

Closing stock/inventories

-

Gross profit

119,775

Distribution costs

Administrative expenses

Audit and accountancy other services

(2,400)

Other repairs and maintenance costs

(867)

Cleaning costs

(2,202)

Legal and professional costs

(21,446)

Bank charges

(134)

Inter-company recharges

(8,074)

Insurance costs

(10,372)

Other operating income

Other items

Operating profit

74,280

Gain from fair value adjustment, investment property recognised in profit or loss

464,757

Profit on ordinary activities before finance charges and interest

539,037

Interest expense on bank overdraft, bank loans and similar borrowings

(103,251)

Profit on ordinary activities before taxation

435,786

Tax on profit or loss on ordinary activities

(116,189)

Profit for the financial period

319,597