Company registration number 08616895 (England and Wales)
HIGH SLADE PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HIGH SLADE PROPERTIES LTD
COMPANY INFORMATION
Director
Mr R N J S Price
Company number
08616895
Registered office
Farm Office, Stragglethorpe Grainstore
Nottingham Road
Cropwell Bishop
Nottingham
NG12 2JU
Accountants
Ellacotts LLP
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
NN15 6XR
HIGH SLADE PROPERTIES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
HIGH SLADE PROPERTIES LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HIGH SLADE PROPERTIES LTD FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of High Slade Properties Ltd for the period ended 31 March 2024 which comprise, the balance sheet and the related notes 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 https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of High Slade Properties Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of High Slade Properties Ltd and state those matters that we have agreed to state to the Board of Directors of High Slade Properties Ltd, 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 Slade Properties Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that High Slade Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of High Slade Properties Ltd. You consider that High Slade Properties Ltd 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 financial statements of High Slade Properties Ltd. 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 financial statements.
Ellacotts LLP
Chartered Accountants
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
NN15 6XR
Date:
29 October 2024
HIGH SLADE PROPERTIES LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
31 March 2024
30 September 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,251,065
5,633,436
Current assets
Debtors
5
59,841
717,740
Cash at bank and in hand
189,605
141,961
249,446
859,701
Creditors: amounts falling due within one year
6
(654,339)
(783,847)
Net current (liabilities)/assets
(404,893)
75,854
Total assets less current liabilities
4,846,172
5,709,290
Creditors: amounts falling due after more than one year
7
(4,152,427)
(4,975,572)
Provisions for liabilities
(161,842)
(182,175)
Net assets
531,903
551,543
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
531,803
551,443
Total equity
531,903
551,543
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HIGH SLADE PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 26 October 2024
Mr R N J S Price
Director
Company registration number 08616895 (England and Wales)
HIGH SLADE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
High Slade Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Farm Office, Stragglethorpe Grainstore, Nottingham Road, Cropwell Bishop, Nottingham, NG12 2JU.
1.1
Reporting period
The financial statements are presented for a period longer than one year. The reason for this is to align the period end with associated unincorporated entities. As a result, comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised as the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Rental income and recharges
The company recognises turnover in relation to rental, utility and service charge income from the company's investment property in the period in which rents and associated charges fall due.
Photovoltaic income
The company recognises turnover in relation to photovoltaic income from solar panels in the period in which energy has been supplied. Where amounts receivable cannot be accurately measured for periods close to the year-end, best estimates are recognised as receivable and accrued.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Berry Hill Poultry Unit
4% straight line
St James Business Park
1.67% straight line and 25% reducing balance
Upper Saxondale Business Park
0 - 4% straight line and 15% reducing balance
Plant and machinery
5% straight line and 4 - 25% reducing balance
Solar
10% reducing balance
HIGH SLADE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.9
All borrowing costs are recognised in the profit and loss account in the year in which they are incurred.
HIGH SLADE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2022
Number
Number
Total
1
4
Tangible fixed assets
Berry Hill Poultry Unit
St James Business Park
Upper Saxondale Business Park
Plant and machinery
Solar
Total
£
£
£
£
£
£
Cost
At 1 October 2022
1,322,237
1,847,584
1,480,586
1,750,177
30,335
6,430,919
Additions
2,000
49,771
51,771
Transfers
1,655,895
4,782
89,500
(1,750,177)
At 31 March 2024
2,978,132
1,854,366
1,619,857
30,335
6,482,690
Depreciation and impairment
At 1 October 2022
211,957
214,522
4,735
347,010
19,259
797,483
Depreciation charged in the period
79,334
47,313
181,697
124,192
1,606
434,142
Transfers
467,978
2,709
515
(471,202)
At 31 March 2024
759,269
264,544
186,947
20,865
1,231,625
Carrying amount
At 31 March 2024
2,218,863
1,589,822
1,432,910
9,470
5,251,065
At 30 September 2022
1,110,280
1,633,062
1,475,851
1,403,167
11,076
5,633,436
HIGH SLADE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
5
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
16,194
62,219
Amounts owed by undertakings in which the company has a participating interest
424,706
Other debtors
178,000
Prepayments and accrued income
43,647
52,815
59,841
717,740
6
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans
385,550
367,536
Trade creditors
18,606
143,802
Taxation and social security
30,053
26,822
Other creditors
38,253
21,000
Accruals and deferred income
181,877
224,687
654,339
783,847
7
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
2,932,366
3,505,511
Other creditors
1,220,061
1,470,061
4,152,427
4,975,572
Secured loans
The bank loan is secured by way of a fixed charge over the assets of the company and a part charge over land owned by the Trustees of The Grove Settlement.
Creditors which fall due after five years are as follows:
2024
2022
£
£
Payable by instalments
1,004,617
1,667,832
HIGH SLADE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
8
Operating lease commitments
Lessee
The company has a 60 year lease for the leasehold property St James' Business Park, of which 49 years and 11 months remain at the year end.
The company has a 60 year lease for the leasehold property of Upper Saxondale Business Park, of which 49 years and 11 months remain at the year end.
The company has a 24 year lease for the leasehold property of Berry Hill Poultry Unit, of which 18 years and 4 1/2 months remain at the year end.
Future minimum lease payments are based on a percentage of actual quarterly turnover and will be payable for the remainder of the leases.
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2022
Amounts due to related parties
£
£
Other related parties
1,220,061
1,470,061
The following amounts were outstanding at the reporting end date:
2024
2022
Amounts due from related parties
£
£
Entities with participating interest over the company
-
424,706
Other related parties
-
178,000
Other information
No transactions with related parties were undertaken such as are required to be disclosed under FRS102 Section 1A.
10
Parent company
The ultimate controlling party are the Trustees of The Grove Settlement by virtue of their majority shareholding. The director of High Slade Properties Ltd is also a Trustee of The Grove Settlement.
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