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REGISTERED NUMBER: 05161988 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

Highterrace Limited

Highterrace Limited (Registered number: 05161988)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Highterrace Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mr V G Smedley
Mr K D Smedley





SECRETARY: Mr V G Smedley





REGISTERED OFFICE: 128 Ilkeston Road
Trowell
Nottinghamshire
NG9 3PX





REGISTERED NUMBER: 05161988 (England and Wales)





ACCOUNTANTS: Franklins
18 St Christopher's Way
Pride Park
Derby
Derbyshire
DE24 8JY

Highterrace Limited (Registered number: 05161988)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 23,577 17,156
Investments 5 12,500 12,500
Investment property 6 42,000 42,000
78,077 71,656

CURRENT ASSETS
Debtors 7 901,308 1,059,908
Cash at bank 115,440 9,203
1,016,748 1,069,111
CREDITORS
Amounts falling due within one year 8 12,110 11,583
NET CURRENT ASSETS 1,004,638 1,057,528
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,082,715

1,129,184

PROVISIONS FOR LIABILITIES 5,894 4,289
NET ASSETS 1,076,821 1,124,895

CAPITAL AND RESERVES
Called up share capital 9 1,009,156 1,009,156
Retained earnings 67,665 115,739
SHAREHOLDERS' FUNDS 1,076,821 1,124,895

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Highterrace Limited (Registered number: 05161988)

Balance Sheet - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:




Mr V G Smedley - Director



Mr K D Smedley - Director


Highterrace Limited (Registered number: 05161988)

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

1. STATUTORY INFORMATION

Highterrace Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Containers - 10% on cost
Plant and machinery - 15% on cost
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the fair value reserve.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Highterrace Limited (Registered number: 05161988)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor
Containers machinery vehicles Totals
£    £    £    £   
COST
At 1 July 2023 2,315 27,605 9,400 39,320
Additions - - 18,356 18,356
Disposals - - (9,400 ) (9,400 )
At 30 June 2024 2,315 27,605 18,356 48,276
DEPRECIATION
At 1 July 2023 1,390 14,348 6,426 22,164
Charge for year 231 4,141 4,589 8,961
Eliminated on disposal - - (6,426 ) (6,426 )
At 30 June 2024 1,621 18,489 4,589 24,699
NET BOOK VALUE
At 30 June 2024 694 9,116 13,767 23,577
At 30 June 2023 925 13,257 2,974 17,156

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 July 2023
and 30 June 2024 12,500
NET BOOK VALUE
At 30 June 2024 12,500
At 30 June 2023 12,500

Cost or valuation at 30 June 2024 is represented by:

Other
investments
£   
Valuation in 2022 12,500

If motor vehicle investments had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 12,500 12,500

Motor vehicle investments were valued on an open market basis on 30 June 2024 by Mr V G Smedley .

Highterrace Limited (Registered number: 05161988)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 42,000
NET BOOK VALUE
At 30 June 2024 42,000
At 30 June 2023 42,000

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2020 428,430
Valuation in 2022 (386,430 )
42,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 42,000 42,000

Investment property was valued on an open market basis on 30 June 2024 by the director, Mr V G Smedley .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
S455 Tax Repayable 2,061 39,654
Other debtors 760,000 853,500
Directors' current accounts 116,674 108,309
Prepayments and accrued income 22,573 58,445
901,308 1,059,908

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 4,698 4,698
Tax 4,592 4,677
Accruals and deferred income 2,820 2,208
12,110 11,583

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,009,156 Ordinary £1 1,009,156 1,009,156

Highterrace Limited (Registered number: 05161988)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
Mr K D Smedley and Mr V G Smedley
Balance outstanding at start of year 108,309 200,610
Amounts advanced 203,607 86,173
Amounts repaid (195,242 ) (178,474 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 116,674 108,309

Section 455 tax had previously been charged on the overdrawn directors loan account balance that was not cleared within 9 months of the year end.

Interest was charged on the overdrawn balances at HM Revenue & Customs official rate of 2.25% per annum.