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Company registration number: 04461846
Highgrade Associates Ltd
Unaudited filleted financial statements
30 June 2024
Highgrade Associates Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Highgrade Associates Ltd
Directors and other information
Directors Susannah Mary-Anne Turner
Timothy Eric Turner
Secretary Timothy Eric Turner
Company number 04461846
Registered office 230 Western Way
Ponteland
Newcastle upon Tyne
NE20 9ND
Business address 230 Western Way
Ponteland
Newcastle upon Tyne
NE20 9ND
Accountants Harrison Hutchinson Ltd
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Highgrade Associates Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Highgrade Associates Ltd
Year ended 30th June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Highgrade Associates Ltd for the year ended 30th June 2024 which comprise the statement of financial position, statement of changes in equity and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Highgrade Associates 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 Highgrade Associates Ltd and state those matters that we have agreed to state to the board of directors of Highgrade Associates 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 Highgrade Associates Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Highgrade Associates 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 profit of Highgrade Associates Ltd. You consider that Highgrade Associates Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Highgrade Associates 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.
Harrison Hutchinson Ltd
Chartered Accountants
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Highgrade Associates Ltd
Statement of financial position
30th June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 28,415 38,960
_______ _______
28,415 38,960
Current assets
Debtors 6 173,380 158,606
Cash at bank and in hand 197,267 350,852
_______ _______
370,647 509,458
Creditors: amounts falling due
within one year 7 ( 57,446) ( 79,628)
_______ _______
Net current assets 313,201 429,830
_______ _______
Total assets less current liabilities 341,616 468,790
_______ _______
Net assets 341,616 468,790
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 341,516 468,690
_______ _______
Shareholders funds 341,616 468,790
_______ _______
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 October 2024 , and are signed on behalf of the board by:
Susannah Mary-Anne Turner
Director
Company registration number: 04461846
Highgrade Associates Ltd
Statement of changes in equity
Year ended 30th June 2024
Called up share capital Profit and loss account Total
£ £ £
At 1st July 2022 100 427,478 427,578
Profit for the year 141,212 141,212
_______ _______ _______
Total comprehensive income for the year - 141,212 141,212
Dividends paid and payable ( 100,000) ( 100,000)
_______ _______ _______
Total investments by and distributions to owners - ( 100,000) ( 100,000)
_______ _______ _______
At 30th June 2023 and 1st July 2023 100 468,690 468,790
Profit for the year 52,826 52,826
_______ _______ _______
Total comprehensive income for the year - 52,826 52,826
Dividends paid and payable ( 180,000) ( 180,000)
_______ _______ _______
Total investments by and distributions to owners - ( 180,000) ( 180,000)
_______ _______ _______
At 30th June 2024 100 341,516 341,616
_______ _______ _______
Highgrade Associates Ltd
Notes to the financial statements
Year ended 30th June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 230 Western Way, Ponteland, Newcastle upon Tyne, NE20 9ND.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 15 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1st July 2023 46,846 41,229 88,075
Additions 1,832 1,198 3,030
_______ _______ _______
At 30th June 2024 48,678 42,427 91,105
_______ _______ _______
Depreciation
At 1st July 2023 17,255 31,860 49,115
Charge for the year 10,371 3,204 13,575
_______ _______ _______
At 30th June 2024 27,626 35,064 62,690
_______ _______ _______
Carrying amount
At 30th June 2024 21,052 7,363 28,415
_______ _______ _______
At 30th June 2023 29,591 9,369 38,960
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 97,985 70,171
Other debtors 75,395 88,435
_______ _______
173,380 158,606
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 18,530 39,875
Social security and other taxes 19,807 22,760
Other creditors 19,109 16,993
_______ _______
57,446 79,628
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Susannah Mary-Anne Turner ( 9,011) - ( 9,011)
_______ _______ _______
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Susannah Mary-Anne Turner ( 8,051) ( 960) ( 9,011)
_______ _______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2024 2023
£ £
Dividends to directors 180,000 100,000
_______ _______
Ordinary dividends were paid to the directors during the year in their capacity as shareholders.