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Registration number: 06330757

High Latitude Services Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

High Latitude Services Limited

(Registration number: 06330757)

Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

88

610

Current assets

 

Debtors

6

1,390

964

Other financial assets

5

557,510

502,861

Cash at bank and in hand

 

25,376

38,110

 

584,276

541,935

Creditors: Amounts falling due within one year

7

(3,200)

(3,584)

Net current assets

 

581,076

538,351

Total assets less current liabilities

 

581,164

538,961

Provisions for liabilities

(19,036)

(10,548)

Net assets

 

562,128

528,413

Capital and reserves

 

Called up share capital

1

1

Retained earnings

562,127

528,412

Shareholders' funds

 

562,128

528,413

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year 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.

These financial statements have 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.

These financial statements, which have 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the director on 29 November 2024.
 

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

M Sharp
Director

 

High Latitude Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

Accounting policies

Statutory information

High Latitude Services Limited is a private company, limited by shares, domiciled in England and Wales, company number 06330757. The registered office is at 602 Redmires Road, Sheffield, S10 4LJ.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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.

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.

 

High Latitude Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

1

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Office equipment

20% straight line basis

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

3

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

522

639

(Gain)/loss on disposal of current asset investments

3,327

(1,850)

 

High Latitude Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

9,416

9,416

At 30 June 2024

9,416

9,416

Depreciation

At 1 July 2023

8,806

8,806

Charge for the year

522

522

At 30 June 2024

9,328

9,328

Carrying amount

At 30 June 2024

88

88

At 30 June 2023

610

610

5

Financial assets

2024
£

2023
£

Current financial assets

Financial assets at fair value through profit and loss

557,510

502,861

The historical cost of the current financial assets is £481,454 (2023 - £460,541).

6

Debtors

Current

2024
£

2023
£

Other debtors

1,390

964

 

1,390

964

 

High Latitude Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

7

Creditors

2024
£

2023
£

Due within one year

Taxation and social security

-

786

Accruals and deferred income

3,200

2,798

3,200

3,584

8

Related party transactions

During the year the director had an interest free loan account with the company. At the balance sheet date the amount owed to the company was £1,390 (2023: £964).