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REGISTERED NUMBER: 03030096 (England and Wales)










High Standard Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






High Standard Limited (Registered number: 03030096)






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


High Standard Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr M U Ulhasan





SECRETARY: Mr R Mahmood





REGISTERED OFFICE: 1 Summer Street
Rochdale
Lancashire
OL16 1SY





REGISTERED NUMBER: 03030096 (England and Wales)






High Standard Limited (Registered number: 03030096)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 195,294 203,116

CURRENT ASSETS
Stocks 348,242 525,823
Debtors 6 581,945 595,540
Cash at bank and in hand 6,302 3,628
936,489 1,124,991
CREDITORS
Amounts falling due within one year 7 (430,561 ) (650,295 )
NET CURRENT ASSETS 505,928 474,696
TOTAL ASSETS LESS CURRENT
LIABILITIES

701,222

677,812

CREDITORS
Amounts falling due after more than one year 8 (41,312 ) (62,371 )

PROVISIONS FOR LIABILITIES (4,065 ) (4,065 )
NET ASSETS 655,845 611,376

CAPITAL AND RESERVES
Called up share capital 9 22 22
Retained earnings 655,823 611,354
SHAREHOLDERS' FUNDS 655,845 611,376

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 director acknowledges his 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.

High Standard Limited (Registered number: 03030096)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 November 2024 and were signed by:





Mr M U Ulhasan - Director


High Standard Limited (Registered number: 03030096)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. GENERAL INFORMATION

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

The address of its registered office is:
1 Summer Street
Rochdale
Lancs
OL16 1SY

2. 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).

3. ACCOUNTING POLICIES

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.

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.

REVENUE RECOGNITION
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of 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.

FOREIGN CURRENCY TRANSACTIONS AND BALANCES
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

TAX
The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

High Standard Limited (Registered number: 03030096)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

TANGIBLE ASSETS
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

DEPRECIATION
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class Depreciation method and rate
Plant and machinery 20% Reducing Balance
Leashold Property 2% Straight Line
Fixtures and fittings 20% Reducing Balance
Motor vehicles 25% Reducing Balance
Office equipment 25% Reducing Balance

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.

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 Standard Limited (Registered number: 03030096)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. 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.

LEASES
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 11 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2023
and 31 March 2024 249,858 131,089 47,781
DEPRECIATION
At 1 April 2023 60,028 122,932 46,004
Charge for year 4,998 1,631 355
At 31 March 2024 65,026 124,563 46,359
NET BOOK VALUE
At 31 March 2024 184,832 6,526 1,422
At 31 March 2023 189,830 8,157 1,777

High Standard Limited (Registered number: 03030096)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 10,620 11,585 450,933
DEPRECIATION
At 1 April 2023 9,557 9,296 247,817
Charge for year 266 572 7,822
At 31 March 2024 9,823 9,868 255,639
NET BOOK VALUE
At 31 March 2024 797 1,717 195,294
At 31 March 2023 1,063 2,289 203,116

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 471,144 482,708
Other debtors 110,801 112,832
581,945 595,540

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 198,476 220,414
Trade creditors 109,203 237,236
Taxation and social security 16,033 15,696
Other creditors 106,849 176,949
430,561 650,295

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 41,312 62,371

High Standard Limited (Registered number: 03030096)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
22 Ordinary share 1 22 22