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Registration number: 06101322

Highgate Asset Management Limited

trading as Highgate Asset Management Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Highgate Asset Management Limited

trading as Highgate Asset Management Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Highgate Asset Management Limited

trading as Highgate Asset Management Ltd

Company Information

Directors

Mr Kailayapillai Ranjan

Mrs Bahmini Ranjan

Company secretary

Mrs Bahmini Ranjan

Registered office

Suite S4 Sterling House
Langston Road
Loughton
Essex
IG10 3TS

Accountants

Tahas & Co Ltd
Chartered Certified Accountants
Suite 3, Second Floor
760 Eastern Avenue
Newbury Park
London
IG2 7HU

 

Highgate Asset Management Limited

trading as Highgate Asset Management Ltd

(Registration number: 06101322)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

29,826

39,768

Current assets

 

Debtors

5

1,159,706

1,335,835

Cash at bank and in hand

 

508,360

26,634

 

1,668,066

1,362,469

Creditors: Amounts falling due within one year

6

(1,595,303)

(1,334,502)

Net current assets

 

72,763

27,967

Net assets

 

102,589

67,735

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

102,588

67,734

Shareholders' funds

 

102,589

67,735

For the financial year ending 30 June 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 March 2025 and signed on its behalf by:
 

 

Highgate Asset Management Limited

trading as Highgate Asset Management Ltd

(Registration number: 06101322)
Balance Sheet as at 30 June 2024

.........................................
Mr Kailayapillai Ranjan
Director

 

Highgate Asset Management Limited

trading as Highgate Asset Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite S4 Sterling House
Langston Road
Loughton
Essex
IG10 3TS

These financial statements were authorised for issue by the Board on 11 March 2025.

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 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 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.

 

Highgate Asset Management Limited

trading as Highgate Asset Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

25% per annum reducing balance basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Highgate Asset Management Limited

trading as Highgate Asset Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

 

Highgate Asset Management Limited

trading as Highgate Asset Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

12,316

55,330

67,646

At 30 June 2024

12,316

55,330

67,646

Depreciation

At 1 July 2023

12,316

15,562

27,878

Charge for the year

-

9,942

9,942

At 30 June 2024

12,316

25,504

37,820

Carrying amount

At 30 June 2024

-

29,826

29,826

At 30 June 2023

-

39,768

39,768

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

720

11,520

Amounts owed by related parties

9

90,000

55,000

Other debtors

 

1,068,986

1,269,315

   

1,159,706

1,335,835

6

Creditors

Creditors: amounts falling due within one year

 

Highgate Asset Management Limited

trading as Highgate Asset Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

449

131

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

850,019

799,019

Taxation and social security

 

17,143

37,822

Accruals and deferred income

 

2,100

2,100

Other creditors

 

725,592

495,430

 

1,595,303

1,334,502

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil (2023 - £100,000.00) per each Ordinary

-

100,000

 

 

9

Related party transactions

The company is a directly owned subsidiary of Highgate Asset Management Holdings Limited and has taken advantage of the exemption conferred by Section 33.1A of FRS 102 not to disclose transactions with its parent company or other wholly owned subsidiaries within the group

 

Highgate Asset Management Limited

trading as Highgate Asset Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

144,000

72,500

Contributions paid to money purchase schemes

59,900

-

203,900

72,500

Summary of transactions with other related parties

At 30 June 2024 the company was owed £90,000 (2023 - £55,000) by Highgate JV Developments Limited, a company under common control.