Registered number
04713107
Highfield Motors Limited
Filleted Accounts
30 April 2024
Highfield Motors Limited
Registered number: 04713107
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 34,954 46,605
Current assets
Stocks 2,437,639 2,081,238
Debtors 4 60,089 80,785
Investments held as current assets 5 763,558 2,345,945
Cash at bank and in hand 119,690 60,787
3,380,976 4,568,755
Creditors: amounts falling due within one year 6 (345,200) (291,689)
Net current assets 3,035,776 4,277,066
Total assets less current liabilities 3,070,730 4,323,671
Creditors: amounts falling due after more than one year 7 (370,415) (1,651,415)
Provisions for liabilities (257) (2,587)
Net assets 2,700,058 2,669,669
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,700,056 2,669,667
Shareholders' funds 2,700,058 2,669,669
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.
R G M Lowe Esq.
Director
Approved by the board on 25 January 2025
Highfield Motors Limited
Notes to the Accounts
for the year ended 30 April 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% Reducing balance
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 20 19
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 134,186
At 30 April 2024 134,186
Depreciation
At 1 May 2023 87,581
Charge for the year 11,651
At 30 April 2024 99,232
Net book value
At 30 April 2024 34,954
At 30 April 2023 46,605
4 Debtors 2024 2023
£ £
Trade debtors 28,036 49,023
Other debtors 32,053 31,762
60,089 80,785
5 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 763,558 2,345,945
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 109,430 173,446
Taxation and social security costs 56,605 41,477
Other creditors 179,165 76,766
345,200 291,689
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 370,415 1,651,415
8 Other information
Highfield Motors Limited is a private company limited by shares and incorporated in England. Its registered office is:
138-144 London Road
Wheatley
OXFORD
OX33 1JH
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