REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
HIGHER ELEVATION LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
HIGHER ELEVATION LIMITED |
HIGHER ELEVATION LIMITED (REGISTERED NUMBER: 04078005) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HIGHER ELEVATION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Charlton House |
Dour Street |
DOVER |
Kent |
CT16 1BL |
HIGHER ELEVATION LIMITED (REGISTERED NUMBER: 04078005) |
BALANCE SHEET |
30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
HIGHER ELEVATION LIMITED (REGISTERED NUMBER: 04078005) |
BALANCE SHEET - continued |
30 SEPTEMBER 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
HIGHER ELEVATION LIMITED (REGISTERED NUMBER: 04078005) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Higher Elevation Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
HIGHER ELEVATION LIMITED (REGISTERED NUMBER: 04078005) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and |
depreciated over their estimated useful lives. |
The interest element of these obligations is charged to profit and loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit and loss as incurred. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 October 2023 |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
HIGHER ELEVATION LIMITED (REGISTERED NUMBER: 04078005) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
The investment property was valued at the year end by the directors using open market conditions at the year end. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 15,851 | 37,308 |
VAT |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors and accruals |
Directors' current accounts | 2,419 | 35,007 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Hire purchase contracts (see note 9) |
HIGHER ELEVATION LIMITED (REGISTERED NUMBER: 04078005) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
30.9.24 | 30.9.23 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 21,014 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
30.9.24 | 30.9.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
30.9.24 | 30.9.23 |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
Hire purchase contracts and leases are secured on the related assets. |
The Bounce Back Loan of £16,667 (2023 - £26,667) is guaranteed by the government. |
The company's bank holds a fixed and floating charge covering all the properties or undertakings of the Company. The charge also contains a negative pledge. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
value: | £ | £ |
Ordinary | 1 | 2 | 2 |
12. | RELATED PARTY DISCLOSURES |
The Company has previously lent £179,146 to Marina Mobility Limited, a company under common control. The loan is interest free and repayable on demand. The balance outstanding at the year end was £13,104 (2023 - £151,974). |