Company registration number 02963938 (England and Wales)
HIGHCLARE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
HIGHCLARE LIMITED
COMPANY INFORMATION
Directors
Mr J A Barrett
Highclare School
Company number
02963938
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 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HIGHCLARE LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
875,000
Current assets
Debtors
5
1
-
0
Cash at bank and in hand
-
0
3
1
3
Creditors: amounts falling due within one year
6
-
0
(873,488)
Net current assets/(liabilities)
1
(873,485)
Net assets
1
1,515
Capital and reserves
Called up share capital
7
1
900,000
Profit and loss reserves
-
0
(898,485)
Total equity
1
1,515

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 02963938 (England and Wales)
HIGHCLARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information

Highclare 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 modified to include the revaluation of leasehold improvements at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the 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.

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:

Leasehold improvements
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
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.

HIGHCLARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -

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.

1.5
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.

1.6
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.

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
HIGHCLARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
4
Tangible fixed assets
Leasehold improvements
£
Cost
At 1 September 2023
1,749,585
Transfer to parent undertaking
(1,868,692)
Revaluation
119,107
At 31 August 2024
-
0
Depreciation and impairment
At 1 September 2023
874,585
Revaluation
(874,585)
At 31 August 2024
-
0
Carrying amount
At 31 August 2024
-
0
At 31 August 2023
875,000

The legal documentation to effect the transaction to transfer the leasehold improvements 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
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1
-
0
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
-
0
873,488
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
900,000
1
900,000

The company extinguished 899,999 Ordinary shares of £1 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.

HIGHCLARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
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
9
Financial commitments, guarantees and contingent liabilities

The company has guaranteed by a fixed and floating charge the bank borrowings of 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 whereby 899,999 Ordinary Shares of £1 each were extinguished reducing its issued share capital to £1. These arrangements also included the transfer of all 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 Investments Limited, a company limited by shares and incorporated in England and Wales. The company's ultimate controlling party is Highclare School, a company limited by guarantee and incorporated in England and Wales. Both companies registered office is 241, Birmingham Road, Wylde Green, Sutton Coldfield, B72 1EA.

 

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

2024-08-312023-09-01false30 January 2025CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr J A BarrettHighclare Schoolfalsefalse029639382023-09-012024-08-3102963938bus:Director12023-09-012024-08-3102963938bus:Director22023-09-012024-08-3102963938bus:RegisteredOffice2023-09-012024-08-31029639382024-08-31029639382023-08-3102963938core:LandBuildings2024-08-3102963938core:LandBuildings2023-08-3102963938core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3102963938core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3102963938core:ShareCapital2024-08-3102963938core:ShareCapital2023-08-3102963938core:RetainedEarningsAccumulatedLosses2024-08-3102963938core:RetainedEarningsAccumulatedLosses2023-08-3102963938core:LeaseholdImprovements2023-09-012024-08-31029639382022-09-012023-08-3102963938core:LandBuildings2023-08-3102963938core:LandBuildings2023-09-012024-08-3102963938core:CurrentFinancialInstruments2023-08-3102963938core:CurrentFinancialInstruments2024-08-3102963938bus:PrivateLimitedCompanyLtd2023-09-012024-08-3102963938bus:SmallCompaniesRegimeForAccounts2023-09-012024-08-3102963938bus:FRS1022023-09-012024-08-3102963938bus:Audited2023-09-012024-08-3102963938bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP