Company Registration No. 11088990 (England and Wales)
High Point Property Ltd
Unaudited accounts
for the year ended 31 October 2024
High Point Property Ltd
Unaudited accounts
Contents
High Point Property Ltd
Company Information
for the year ended 31 October 2024
Directors
Michael Tolman
Caroline Tolman
Caroline Tolman
Company Number
11088990 (England and Wales)
Registered Office
First Floor
85 Great Portland Street
London
W1W 7LT
United Kingdom
Accountants
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
High Point Property Ltd
Accountants' report
Accountants' report to the board of directors of High Point Property Ltd on the preparation of the unaudited statutory accounts for the year ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
High Point Property Ltd for the year ended
31 October 2024 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of High Point Property Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of High Point Property Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than High Point Property Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that High Point Property Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of High Point Property Ltd. You consider that High Point Property Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of High Point Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
30 April 2025
High Point Property Ltd
Statement of financial position
as at 31 October 2024
Tangible assets
59,091
90,627
Investment property
6,357,401
4,929,376
Cash at bank and in hand
157,506
274,169
Creditors: amounts falling due within one year
(2,066,181)
(2,231,307)
Net current liabilities
(1,894,223)
(1,748,913)
Total assets less current liabilities
4,522,269
3,271,090
Creditors: amounts falling due after more than one year
(4,152,881)
(3,241,633)
Provisions for liabilities
Deferred tax
(114,834)
(24,624)
Called up share capital
2
2
Revaluation reserve
879,367
559,115
Profit and loss account
(624,815)
(554,284)
Shareholders' funds
254,554
4,833
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2025 and were signed on its behalf by
Caroline Tolman
Director
Company Registration No. 11088990
High Point Property Ltd
Notes to the Accounts
for the year ended 31 October 2024
High Point Property Ltd is a private company, limited by shares, registered in England and Wales, registration number 11088990. The registered office is First Floor, 85 Great Portland Street, London, W1W 7LT, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% on cost
Computer equipment
33% on cost
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
High Point Property Ltd
Notes to the Accounts
for the year ended 31 October 2024
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 November 2023
207,086
2,850
209,936
At 31 October 2024
217,043
2,850
219,893
At 1 November 2023
117,296
2,013
119,309
Charge for the year
41,167
326
41,493
At 31 October 2024
158,463
2,339
160,802
At 31 October 2024
58,580
511
59,091
At 31 October 2023
89,790
837
90,627
Fair value at 1 November 2023
4,929,376
Net gain from fair value adjustments
426,567
At 31 October 2024
6,357,401
Amounts falling due within one year
Amounts due from group undertakings etc.
14,053
-
7
Creditors: amounts falling due within one year
2024
2023
Other creditors
535,000
889,000
Loans from directors
1,530,148
1,340,124
High Point Property Ltd
Notes to the Accounts
for the year ended 31 October 2024
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
4,152,881
3,241,633
Aggregate of amounts that fall due for payment after five years
-
3,241,633
Included in long term creditors are bank loans secured on investment properties. Personal guarantees have been provided.
9
Deferred taxation
2024
2023
Revaluation of investment property
293,013
186,371
Tax losses carried forward
(178,179)
(161,747)
Provision at start of year
24,624
-
Charged to the profit and loss account
90,210
24,624
Provision at end of year
114,834
24,624
Comparatives have been restated for deferred tax on revaluation of investment properties, and deferred tax asset on taxable losses.
10
Transactions with related parties
At the year end the company owed £ 1,530,148 (2023 - £1,338,012) to the Directors. No interest has been charged.
11
Average number of employees
During the year the average number of employees was 0 (2023: 0).