Company registration number 02963934 (England and Wales)
HIGHCLARE INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
HIGHCLARE INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr J A Barrett
Highclare School
Company number
02963934
Registered office
241 Birmingham Road
Sutton Coldfield
West Midlands
B72 1EA
Auditor
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
HIGHCLARE INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HIGHCLARE INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
1,148,350
Investments
5
1
900,000
1
2,048,350
Current assets
Cash at bank and in hand
-
0
2
Creditors: amounts falling due within one year
6
-
0
(1,331,811)
Net current liabilities
-
0
(1,331,809)
Net assets
1
716,541
Capital and reserves
Called up share capital
7
1
950,000
Profit and loss reserves
-
0
(233,459)
Total equity
1
716,541

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Mr J A Barrett
Director
Company registration number 02963934 (England and Wales)
HIGHCLARE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information

Highclare Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 241 Birmingham Road, Sutton Coldfield, West Midlands, B72 1EA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Highclare Investments Limited is a wholly owned subsidiary of Highclare School and the results of Highclare Investments Limited are included in the consolidated financial statements of Highclare School which are available from 241 Birmingham Road, Sutton Coldfield, West Midlands, B72 1EA.

1.2
Going concern

The financial statements have been prepared on a going concern basis, which places reliance on the continued support of the company's ultimate parent undertaking and group's bankers.true

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Up to 50 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

HIGHCLARE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

HIGHCLARE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 September 2023
1,378,350
Transfer to parent undertaking
(4,321,164)
Revaluation
1,074,122
Transfer from subsidiary undertaking
1,868,692
At 31 August 2024
-
0
Depreciation and impairment
At 1 September 2023
230,000
Revaluation
(230,000)
At 31 August 2024
-
0
Carrying amount
At 31 August 2024
-
0
At 31 August 2023
1,148,350

Included in cost of land and buildings is freehold land of £2,036,020 (2023 : £953,350).

 

The legal documents to effect the transaction to transfer the land and buildings to the ultimate parent undertaking were finalised after the year end and all assets were transferred to the parent undertaking at revalued amounts. This is considered to be a material post balance sheet event reflecting a decision made prior to the financial year end and only delayed by the completion of the legal formalities and has therefore been reflected in these financial statements.

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
900,000
HIGHCLARE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
5
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023
900,000
Shares extinguished
(899,999)
At 31 August 2024
1
Carrying amount
At 31 August 2024
1
At 31 August 2023
900,000

On 3 October 2024 the company completed the legal formalities to effect the reduction of its share capital extinguishing 949,999 Ordinary Shares of £1 each.

6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
-
0
1,331,811
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
950,000
1
950,000

The company extinguished 949,999 Ordinary shares of £1 each being unrequired share capital as part of the agreed reconstruction and return of assets to the parent undertaking referred to in the events after the reporting date note.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Peter Whitehead FCA
Statutory Auditor:
Malcolm Piper & Company Limited
Date of audit report:
30 January 2025
HIGHCLARE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
9
Financial commitments, guarantees and contingent liabilities

The company has guaranteed by a fixed and floating charge the bank borrowing of the other group undertakings which totalled £554,676 at the year end (2023 : £640,573). This charge was satisfied in full after the year end and the cross guarantee released.

 

10
Events after the reporting date

During the financial year, the company substantially completed the legal formalities to effect the simplification of the group structure which involved the reduction of its share capital extinguishing 949,999 Ordinary Shares of £1 each were extinguished reducing its issued share capital to £1. These arrangements also included the transfer of all freehold land and buildings and leasehold improvements at revalued carrying amounts to the ultimate parent undertaking. Whilst these transactions were concluded after date, the decision was taken, and the practical steps to achieve this were substantially completed, before the year end. The process was originally intended to have been concluded by 31 August 2024 but was delayed only by the completion of the legal formalities. The nature and impact of the transactions is considered to be material to the company and therefore the transaction has been reflected in the financial statements as if it had been completed as at 31 August 2024.

 

11
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

The amounts owed to group undertakings disclosed within the note "Creditors: Amounts falling due within one year" relate to amounts owed to the parent undertaking, Highclare School. The amounts are not subject to interest and are repayable upon demand. The parent undertaking has agreed not to seek such repayment until the company can do so without detriment to its going concern status or other external creditors.

12
Parent company

The company is controlled by its parent undertaking Highclare School, a company limited by guarantee and incorporated in England and Wales. Highclare School's registered office is 241 Birmingham Road, Wylde Green, Sutton Coldfield, West Midlands, B72 1EA.

 

The financial statements of Highclare School can be obtained from Companies House.

 

 

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