REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
57 HIGH PATH LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
57 HIGH PATH LIMITED |
57 HIGH PATH LIMITED (REGISTERED NUMBER: 11288013) |
Contents of the Financial Statements |
for the year ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Accountants' Report | 7 |
57 HIGH PATH LIMITED |
Company Information |
for the year ended 30 April 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
57 HIGH PATH LIMITED (REGISTERED NUMBER: 11288013) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | 9 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Investment property fair value reserve | 11 |
Retained earnings | 11 |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
57 HIGH PATH LIMITED (REGISTERED NUMBER: 11288013) |
Notes to the Financial Statements |
for the year ended 30 April 2024 |
1. | Statutory information |
57 High Path Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. |
Financial statements are required to be prepared on a going concern basis, unless that basis is not appropriate. |
An entity is a going concern unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative to do so. |
If the going concern basis is not appropriate then the assets and liabilities would need to be stated on a break-up basis, which can entail reduced asset values and increased liabilities. |
Financing: |
The company is operating well within the financial covenants specified in the bank loan facility. |
The company has net current liabilities because the amount owed to the directors and shareholders is repayable on demand. The directors have considered the anticipated income and expenditure for at least 12 months from the date of approval of the financial statements. Having taken that into consideration and all other factors, the directors have undertaken to continue to provide sufficient finance to enable the company to meet its liabilities as they fall due for not less than 12 months from the date of approval of the financial statements. |
Directors' conclusion on going concern: |
Having taken into consideration all of the foregoing, the directors have concluded that it remains appropriate to adopt the going concern basis for the preparation of the financial statements, as they believe the company will continue to be in business, with neither the necessity of liquidation or requirement to cease to carrying on in business for a period of at least 12 months from the date of approval of these financial statements. |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is inherent estimation uncertainty in arriving at a fair value of the investment properties. The investment properties accounting policy sets out the basis of valuation. |
The directors have to make judgements in assessing going concern, which involves considering the existing lessee's ongoing ability to meet the payments under the lease on the investment property and the company's arrangements should such a situation arise. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
57 HIGH PATH LIMITED (REGISTERED NUMBER: 11288013) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
2. | Accounting policies - continued |
Investment property |
Investment properties are stated at fair value at the balance sheet date and not depreciated. |
Fair value is the estimated amount for which the asset could be exchanged between knowledgeable, willing parties in an arm's length transaction, therefore in practice the concept is similar to open market value. |
The directors' opinion of market value is used to ascertain a fair value for each investment property, having regard to the last professional market valuation. |
Gains and losses arising on changes in fair value are recognised in the Income Statement. |
Deferred tax is provided on the unrealised gains at the rate expected to be applied when the property is sold. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. A provision against debtors is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
3. | Employees and directors |
The average number of employees during the year was NIL (2023 - NIL). |
57 HIGH PATH LIMITED (REGISTERED NUMBER: 11288013) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
4. | Investment property |
Total |
£ |
Fair value |
At 1 May 2023 |
and 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2024 | 924,354 |
The investment property fair value is the directors opinion of market value at 30 April 2024 having regard to yield used in a past professional valuation and changes in market yields since. |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other debtors |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
8. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The company's bank has fixed and floating charges over all the companies assets. |
9. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax |
Property stated at fair value | 72,493 | 72,493 |
57 HIGH PATH LIMITED (REGISTERED NUMBER: 11288013) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
9. | Provisions for liabilities - continued |
Deferred tax |
£ |
Balance at 1 May 2023 |
Balance at 30 April 2024 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal Value: | 2024 | 2023 |
£ | £ |
27 | Ordinary A | £1 | 27 | 27 |
25 | Ordinary B | £1 | 25 | 25 |
24 | Ordinary C | £1 | 24 | 24 |
24 | Ordinary D | £1 | 24 | 24 |
76 | 76 |
11. | Reserves |
Investment |
property |
Retained | fair value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | 440,495 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 April 2024 | 467,791 |
The investment property fair value reserve is derived from transfers out of the retained earnings reserve and represents the unrealised profit on the investment property, that is stated in the balance sheet above cost, less the deferred tax provision relating to the investment property. |
12. | Related party disclosures |
At 30 April 2024, the company owed £169,259 (2023: £224,619) to the directors. The loan was interest free and repayable on demand. |
The directors have given a personal joint and several guarantee to the company's bank, limited to £366,000. |
At 30 April 2024 creditors also included £16,718 (2023: £14,563) in respect of amounts owed to other shareholders. The amounts were interest free and repayable on demand. |
Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
57 High Path Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 57 High Path Limited for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
This report is made solely to the Board of Directors of 57 High Path Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 57 High Path Limited and state those matters that we have agreed to state to the Board of Directors of 57 High Path Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that 57 High Path Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 57 High Path Limited. You consider that 57 High Path Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of 57 High Path Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |