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REGISTERED NUMBER: 06783907 (England and Wales)





HIGHGROUNDS PAINTSHOPS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






HIGHGROUNDS PAINTSHOPS LIMITED (REGISTERED NUMBER: 06783907)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HIGHGROUNDS PAINTSHOPS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mr A J A Gibson
Mrs S L Gibson





REGISTERED OFFICE: High Grounds
Rhodesia
Worksop
Nottinghamshire
S80 3AT





REGISTERED NUMBER: 06783907 (England and Wales)





ACCOUNTANTS: ApC
Chartered Accountants
7 St John Street
Mansfield
Nottinghamshire
NG18 1QH

HIGHGROUNDS PAINTSHOPS LIMITED (REGISTERED NUMBER: 06783907)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 131,322 145,375
131,322 145,375

CURRENT ASSETS
Stocks 2,973 3,045
Debtors 7 852,659 882,516
Cash at bank 135,801 87,926
991,433 973,487
CREDITORS
Amounts falling due within one year 8 279,292 223,192
NET CURRENT ASSETS 712,141 750,295
TOTAL ASSETS LESS CURRENT
LIABILITIES

843,463

895,670

CREDITORS
Amounts falling due after more than one
year

9

(98,845

)

(130,392

)

PROVISIONS FOR LIABILITIES (28,900 ) (32,956 )
NET ASSETS 715,718 732,322

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 715,717 732,321
SHAREHOLDERS' FUNDS 715,718 732,322

HIGHGROUNDS PAINTSHOPS LIMITED (REGISTERED NUMBER: 06783907)

BALANCE SHEET - continued
31 DECEMBER 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2025 and were signed on its behalf by:





Mr A J A Gibson - Director


HIGHGROUNDS PAINTSHOPS LIMITED (REGISTERED NUMBER: 06783907)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Highgrounds Paintshops 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value excluding Value Added Tax of services provided to customers during the year. In respect of services provided, all income is taken to profit and loss at the same point as the right to receive consideration has been acquired.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33.33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


HIGHGROUNDS PAINTSHOPS LIMITED (REGISTERED NUMBER: 06783907)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

HIGHGROUNDS PAINTSHOPS LIMITED (REGISTERED NUMBER: 06783907)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 19 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 25,000
AMORTISATION
At 1 January 2024
and 31 December 2024 25,000
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

6. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2024 74,635 123,677 - 198,312
Additions 8,000 - 4,772 12,772
At 31 December 2024 82,635 123,677 4,772 211,084
DEPRECIATION
At 1 January 2024 28,200 24,737 - 52,937
Charge for year 5,448 19,787 1,590 26,825
At 31 December 2024 33,648 44,524 1,590 79,762
NET BOOK VALUE
At 31 December 2024 48,987 79,153 3,182 131,322
At 31 December 2023 46,435 98,940 - 145,375

HIGHGROUNDS PAINTSHOPS LIMITED (REGISTERED NUMBER: 06783907)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 133,703 185,988
Amounts owed by group undertakings 713,590 693,053
Other debtors 1,500 -
Directors' current accounts - 1,205
Prepayments and accrued income 3,866 2,270
852,659 882,516

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 16,809 16,755
Hire purchase contracts 23,476 23,476
Trade creditors 36,103 45,954
Corporation tax 31,370 29,415
Social security and other taxes 9,602 12,530
VAT 19,699 9,194
Other creditors 62,779 60,363
Credit card 380 6,260
Wages control account 464 192
Directors' current accounts 3,231 -
Accruals and deferred income 75,379 19,053
279,292 223,192

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,141 16,755
Bank loans - 2-5 years 7,061 14,911
Hire purchase contracts 81,643 98,726
98,845 130,392

HIGHGROUNDS PAINTSHOPS LIMITED (REGISTERED NUMBER: 06783907)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. CALLED UP SHARE CAPITAL

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

11. RELATED PARTY DISCLOSURES

During the year the company sold to its parent company Highgrounds Holdings Ltd £Nil (2023 - £Nil). During the year the company purchased from its parent company £78,000 (2023 - £67,000).
The company also paid dividends to its parent company of £100,000 (2023 - £120,00).

At the balance sheet date, the company is owed £713,355 from its parent (2023 - £693,053).

The remuneration of key management and directors was £18,200 (2023 - £18,200).