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Registration number: 06037612

Highton Developments Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Highton Developments Ltd

Contents

Company Information

1

Directors' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 7

 

Highton Developments Ltd

Company Information

Directors

David Thomas Highton

Mrs Ingrid Erica Highton

Registered office

16 Upland Drive
Brookmans Park
Hatfield
Herts
AL9 6PS

Accountants

MK4 Accountants
14 Brook Dene
Winslow
Buckingham
Buckinghamshire
MK18 3FU

 

Highton Developments Ltd

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the abridged financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

David Thomas Highton

Mrs Ingrid Erica Highton

Principal activity

The principal activity of the company is Property Development and Rental

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 11 December 2024 and signed on its behalf by:
 

.........................................
David Thomas Highton
Director

.........................................
Mrs Ingrid Erica Highton
Director

 

Highton Developments Ltd

(Registration number: 06037612)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

1,323,423

1,323,423

Current assets

 

Debtors

5

139,999

139,998

Cash at bank and in hand

 

6,258

11,242

 

146,257

151,240

Prepayments and accrued income

 

2,585

2,361

Creditors: Amounts falling due within one year

(947,296)

(990,758)

Net current liabilities

 

(798,454)

(837,157)

Total assets less current liabilities

 

524,969

486,266

Accruals and deferred income

 

(1,081)

(1,010)

Net assets

 

523,888

485,256

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

523,886

485,254

Shareholders' funds

 

523,888

485,256

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 11 December 2024 and signed on its behalf by:
 

 

Highton Developments Ltd

(Registration number: 06037612)
Abridged Balance Sheet as at 31 March 2024

.........................................
David Thomas Highton
Director

.........................................
Mrs Ingrid Erica Highton
Director

 

Highton Developments Ltd

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

1

General information

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

The address of its registered office is:
16 Upland Drive
Brookmans Park
Hatfield
Herts
AL9 6PS

These financial statements were authorised for issue by the Board on 11 December 2024.

2

Accounting policies

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 abridged 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).

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Highton Developments Ltd

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Highton Developments Ltd

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

4

Tangible assets

Cost or valuation

Depreciation

Carrying amount

At 31 March 2024

Investment properties

2024
£

At 1 April

1,323,423

There has been no valuation of investment property by an independent valuer.

5

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

7

Dividends

Final dividends paid

Interim dividends paid

Recommended final dividends paid and not recognised in the accounts

The directors are recommending the following final dividends:

These dividends have not been accrued in the balance sheet.