Company Registration No. 10815682 (England and Wales)
HIGH SOL DEVELOPMENTS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
King & King
Chartered Accountants
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
HIGH SOL DEVELOPMENTS LIMITED
CONTENTS
Page
Directors' report
2
Balance sheet
3 - 4
Notes to the financial statements
5 - 9
HIGH SOL DEVELOPMENTS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs V Bhatia
Mr A K Bhatia
Company number
10815682
Registered office
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
Accountants
King & King
Chartered Accountants
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
HIGH SOL DEVELOPMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
The directors present their report and the financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of property development and letting.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mrs V Bhatia
Mr A K Bhatia
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr A K Bhatia
Director
27 June 2025
HIGH SOL DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
15,840
25,440
Investment property
5
5,978,166
5,925,812
5,994,006
5,951,252
Current assets
Debtors
6
40,728
6,168
Cash at bank and in hand
269,080
131,312
309,808
137,480
Creditors: amounts falling due within one year
7
(4,460,221)
(4,296,984)
Net current liabilities
(4,150,413)
(4,159,504)
Total assets less current liabilities
1,843,593
1,791,748
Creditors: amounts falling due after more than one year
Loans and overdrafts
9
1,717,355
1,753,019
(1,717,355)
(1,753,019)
Net assets
126,238
38,729
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
126,138
38,629
Total equity
126,238
38,729
HIGH SOL DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 4 -
For the financial year ended 30 June 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 of its financial statements for the period in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
Mr A K Bhatia
Director
Company registration number 10815682 (England and Wales)
HIGH SOL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
1
Accounting policies
Company information
High Sol Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, Watson House, 54-60 Baker Street, London, W1U 7BU.
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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost, and subsequently measured at cost net of depreciation and any impairment losses.
Fixtures and fittings
20% straight line
1.4
Investment property
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.
1.5
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.
HIGH SOL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.6
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
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.
1.9
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 period. 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 tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
HIGH SOL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
1.10
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.
1.11
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
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
2
2
HIGH SOL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 July 2023 and 30 June 2024
48,000
Depreciation and impairment
At 1 July 2023
22,560
Depreciation charged in the year
9,600
At 30 June 2024
32,160
Carrying amount
At 30 June 2024
15,840
At 30 June 2023
25,440
5
Investment property
2024
£
Fair value
At 1 July 2023
5,925,812
Additions
52,354
At 30 June 2024
5,978,166
The investment properties are valued by the directors, in whose opinion, the market value of the properties at the balance sheet date reflects ongoing economic conditions and the value of the properties has not changed during the year.
There has been no valuation of investment properties by an independent valuer in the current year.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
539
541
Other debtors
40,189
5,627
40,728
6,168
HIGH SOL DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
4,690
Other taxation and social security
10,332
Deferred income
12,500
12,500
Other creditors
4,389,427
4,216,032
Accruals and deferred income
53,604
58,120
4,460,221
4,296,984
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
9
1,717,355
1,753,019
9
Loans and overdrafts
2024
2023
£
£
Bank loans
1,717,355
1,753,019
The term of the bank loan is 7 years and is secured by way of a debenture over the fixed and floating assets of the company and a personal guarantee from the director.
10
Directors' transactions
Included in creditors is the amount of £2,752,239 (2023: £2,752,570) owed to the directors. This amount is unsecured, interest free and is repayable on demand.
11
Controlling party
During the year, the company was under the control of Mr A K Bhatia and Mrs V Bhatia by virtue of their shareholding in the company.