Company registration number 05023102 (England and Wales)
HIGHGROVE PROPERTY DEVELOPMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
HIGHGROVE PROPERTY DEVELOPMENTS LTD
COMPANY INFORMATION
Directors
Mr P N Cribb
Mr J D Kirkby
Company number
05023102
Registered office
Centre of Excellence
Hope Park,
Trevor Foster Way
Bradford
West Yorkshire
BD5 8HH
Accountants
Torevell Dent Limited
Centre of Excellence
Hope Park
Trevor Foster Way
Bradford
West Yorkshire
BD5 8HH
HIGHGROVE PROPERTY DEVELOPMENTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HIGHGROVE PROPERTY DEVELOPMENTS LTD
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
147
197
Investment property
4
2,512,500
3,177,692
2,512,647
3,177,889
Current assets
Debtors
5
312,244
187,302
Cash at bank and in hand
18,211
53,450
330,455
240,752
Creditors: amounts falling due within one year
6
(35,182)
(26,608)
Net current assets
295,273
214,144
Total assets less current liabilities
2,807,920
3,392,033
Creditors: amounts falling due after more than one year
7
(2,127,055)
(2,598,587)
Provisions for liabilities
(29,550)
(4,719)
Net assets
651,315
788,727
Capital and reserves
Called up share capital
100
100
Revaluation reserve
118,201
18,879
Profit and loss reserves
533,014
769,748
Total equity
651,315
788,727
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.
HIGHGROVE PROPERTY DEVELOPMENTS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2025
31 January 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 March 2025 and are signed on its behalf by:
Mr P N Cribb
Director
Company registration number 05023102 (England and Wales)
HIGHGROVE PROPERTY DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information
Highgrove Property Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Centre of Excellence, Hope Park,, Trevor Foster Way, Bradford, West Yorkshire, BD5 8HH.
1.1
Accounting convention
The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A for small entities.
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 £.
These financial statements for the year ended 31 January 2025 are the first financial statements of Highgrove Property Developments Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 February 2023.
The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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.
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25%
Computer equipment
25%
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
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
HIGHGROVE PROPERTY DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes, at the current rate of corporation tax.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
4
4
HIGHGROVE PROPERTY DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2024 and 31 January 2025
5,075
Depreciation and impairment
At 1 February 2024
4,879
Depreciation charged in the year
49
At 31 January 2025
4,928
Carrying amount
At 31 January 2025
147
At 31 January 2024
197
4
Investment property
2025
£
Fair value
At 1 February 2024
3,177,692
Disposals
(544,250)
Revaluations
(120,942)
At 31 January 2025
2,512,500
Investment property comprises residential lettings. The fair value of the investment property has been arrived at on the basis of an exercise carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. In the opinion of the directors the market value of the investment property is not materially different from the carrying value above.
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
312,244
187,302
Other debtors includes £ 10,644 (2024 £ 15,702) due from the directors. The balance at 31 January 2025 of £ 10,644 was repaid to the company on 17/3/2025.
HIGHGROVE PROPERTY DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
258
200
Corporation tax
20,000
6,550
Other creditors
14,924
19,858
35,182
26,608
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
2,094,039
2,559,858
Other creditors
33,016
38,729
2,127,055
2,598,587
The bank loans are secured by fixed charges over the investment properties.