Registered number
07970314
Highgate Properties N/E Limited
Filleted Accounts
28 February 2024
Highgate Properties N/E Limited
Registered number: 07970314
Balance Sheet
as at 28 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 100,000 100,000
Current assets
Debtors 4 1,054 2,115
Cash at bank and in hand 7,300 19,625
8,354 21,740
Creditors: amounts falling due within one year 5 (47,021) (35,156)
Net current liabilities (38,667) (13,416)
Total assets less current liabilities 61,333 86,584
Creditors: amounts falling due after more than one year 6 (92,680) (108,894)
Net liabilities (31,347) (22,310)
Capital and reserves
Called up share capital 1 1
Profit and loss account (31,348) (22,311)
Shareholders' funds (31,347) (22,310)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Quadrini
Director
Approved by the board on 16 July 2024
Highgate Properties N/E Limited
Notes to the Accounts
for the year ended 28 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and Buildings NIL
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2023 100,000
At 28 February 2024 100,000
Depreciation
At 28 February 2024 -
Net book value
At 28 February 2024 100,000
At 28 February 2023 100,000
4 Debtors 2024 2023
£ £
Trade debtors 1,054 2,115
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,796 2,796
Trade creditors 82 217
Other creditors 44,143 32,143
47,021 35,156
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 6,060 8,871
Other creditors 86,620 100,023
92,680 108,894
7 Other information
Highgate Properties N/E Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 40 Friar House
Low Friar Street
Newcastle upon Tyne
NE1 5UF
6 Ultimate controlling party
The company is under the control of Mr N Quadrini
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