Company Registration No. 07507878 (England and Wales)
High Point Solutions Limited
Annual report and financial statements
for the year ended 31 December 2024
High Point Solutions Limited
Company information
Directors
Michael Mendiburu
Thomas Mendiburu
Company number
07507878
Registered office
5 Ockham Drive
Greenford Park
Greenford
Middlesex
UB6 0FD
Independent auditor
Saffery LLP
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
High Point Solutions Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
High Point Solutions Limited
Strategic report
For the year ended 31 December 2024
1
The directors present the strategic report for the year ended 31 December 2024.
Principal activities
The principal activity of the company is the resale of networking hardware components, the resale of customer hardware support contracts and the provision of professional services including network assessment, design, implementation and managed services.
Review of the business
The financial statements have been prepared in US dollars as the majority of trading activity is denominated in this currency.
The results of trading for the year are shown on page 8.
Turnover increased to $55,724,656 from $51,790,915. Operating loss for the year amounted to $144,050 (2023: $105,886). The net loss after tax was $187,765 (2023: $22,024 profit). Net current assets decreased to $8,939,914 from $9,134,167. Cash at bank and in hand decreased to $5,946,511 from $7,123,540.
High Point Solutions has long established itself as a leading provider of well-respected IT manufacturers. The company has invested significantly over the last several years in its Professional Service and Managed Service solutions to complement our product offerings. High Point's Service organisation partners with customers to plan, build and manage tailored, flexible solutions that deliver true value.
Principal risks and uncertainties
The management of the business and the execution of the company's strategy are structured in order to minimise risks.
Financial risks
From the perspective of the company, the business, financial and credit risks and uncertainties are integrated with the business risk of the parent company, and are not managed separately. The key business risks and uncertainties affecting the company are considered to relate to the growth of the technology industry, national and international competition, client retention and product enhancements. High Point Solutions Limited has had, and will continue to have, access to the funds it requires through its parent, High Point Solutions, Inc.
Exchange rate risk
As with any international company, High Point Solutions Limited is exposed to exchange risk when trading in foreign currencies. High Point Solutions Limited has mitigated exchange rate risks through carefully managing such risks, where possible matching sales and purchase currencies.
Key performance indicators
KPIs used by management are gross margins, operating profit and net profit all of which can be determined from the information on page 8.
Events after the reporting date
There have been no significant events affecting the company since the year end date.
Future prospects
The technology industry remains in a high growth mode as the needs of our customers change. We are seeing a shift in the trend of the types of solutions we need to provide and need to adjust to follow and capture the growth within the industry. Customers are continuing to move more and more towards artificial intelligence, cloud solutions and cyber security, coupled with the continued drive to rely less on continually replacing physical hardware with the associated maintenance themselves. Given the highly competitive nature of the industry, there is a continuous need to provide clients with rapid and continuous innovation.
High Point Solutions Limited
Strategic report (continued)
For the year ended 31 December 2024
2
Michael Mendiburu
Director
4 August 2025
High Point Solutions Limited
Directors' report
For the year ended 31 December 2024
3
The directors present their annual report and financial statements for the year ended 31 December 2024.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid (2023: $nil). The directors do not recommend payment of a final dividend (2023: $nil).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Michael Mendiburu
Thomas Mendiburu
Auditor
The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Matters covered in the Strategic report
Details of the financial risk management objectives and policies, future prospects and events after the reporting date are not included in the Directors' report as, under s414C(11), they have instead been included in the Strategic report.
High Point Solutions Limited
Directors' report (continued)
For the year ended 31 December 2024
4
On behalf of the board
Michael Mendiburu
Director
4 August 2025
High Point Solutions Limited
Independent auditor's report
To the members of High Point Solutions Limited
5
Opinion
We have audited the financial statements of High Point Solutions Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
High Point Solutions Limited
Independent auditor's report (continued)
To the members of High Point Solutions Limited
6
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
High Point Solutions Limited
Independent auditor's report (continued)
To the members of High Point Solutions Limited
7
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Ross Lomas
Senior Statutory Auditor
For and on behalf of Saffery LLP
5 August 2025
Statutory Auditors
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
High Point Solutions Limited
Statement of comprehensive income
For the year ended 31 December 2024
8
2024
2023
Notes
$
$
Turnover
3
55,724,656
51,790,915
Cost of sales
(45,905,713)
(42,730,727)
Gross profit
9,818,943
9,060,188
Administrative expenses
(10,243,298)
(9,606,637)
Other operating income
4
280,305
440,563
Operating loss
5
(144,050)
(105,886)
Interest receivable and similar income
8
94,239
127,910
(Loss)/profit before taxation
(49,811)
22,024
Tax on (loss)/profit
9
(137,954)
(Loss)/profit for the financial year
(187,765)
22,024
The income statement has been prepared on the basis that all operations are continuing operations.
High Point Solutions Limited
Statement of financial position
As at 31 December 2024
9
2024
2023
Notes
$
$
$
$
Fixed assets
Tangible assets
10
98,013
78,434
Current assets
Stocks
11
517,797
10,211,007
Debtors
12
9,625,651
11,990,433
Cash at bank and in hand
5,946,511
7,123,540
16,089,959
29,324,980
Creditors: amounts falling due within one year
13
(7,150,045)
(20,190,813)
Net current assets
8,939,914
9,134,167
Total assets less current liabilities
9,037,927
9,212,601
Provisions for liabilities
Deferred tax liability
14
13,091
(13,091)
-
Net assets
9,024,836
9,212,601
Capital and reserves
Called up share capital
16
1
1
Profit and loss reserves
9,024,835
9,212,600
Total equity
9,024,836
9,212,601
The financial statements were approved by the board of directors and authorised for issue on 4 August 2025 and are signed on its behalf by:
Michael Mendiburu
Director
Company Registration No. 07507878
High Point Solutions Limited
Statement of changes in equity
For the year ended 31 December 2024
10
Share capital
Profit and loss reserves
Total
$
$
$
Balance at 1 January 2023
1
9,190,576
9,190,577
Year ended 31 December 2023:
Profit and total comprehensive income
-
22,024
22,024
Balance at 31 December 2023
1
9,212,600
9,212,601
Year ended 31 December 2024:
Loss and total comprehensive income
-
(187,765)
(187,765)
Balance at 31 December 2024
1
9,024,835
9,024,836
High Point Solutions Limited
Statement of cash flows
For the year ended 31 December 2024
11
2024
2023
Notes
$
$
$
$
Cash flows from operating activities
Cash (absorbed by)/generated from operations
19
(1,172,277)
1,510,823
Income taxes paid
(43,533)
Net cash (outflow)/inflow from operating activities
(1,215,810)
1,510,823
Investing activities
Purchase of tangible fixed assets
(55,458)
(35,522)
Interest received
94,239
127,910
Net cash generated from investing activities
38,781
92,388
Net (decrease)/increase in cash and cash equivalents
(1,177,029)
1,603,211
Cash and cash equivalents at beginning of year
7,123,540
5,520,329
Cash and cash equivalents at end of year
5,946,511
7,123,540
High Point Solutions Limited
Notes to the financial statements
For the year ended 31 December 2024
12
1
Accounting policies
Company information
High Point Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Ockham Drive, Greenford Park, Greenford, Middlesex, UB6 0FD. The principal activity is disclosed in the strategic report.
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.
The financial statements are prepared in US dollars, which is the presentational and 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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the truefinancial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In forming this expectation, the directors have considered a period in excess of 12 months from the date of approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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 realised or realisable and earned when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and collectability is reasonably assured. Delivery does not occur until the products have been shipped, risk of loss has transferred to the customer and either customer acceptance has been obtained, customer acceptance provisions have lapsed, or the company has objective evidence that the criteria specified in the customer acceptance provisions, if any and as applicable, have been satisfied. The sales price is not considered to be fixed or determinable until any contingencies related to the sale have been resolved.
Revenue from contracts for the provision of 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.
1.4
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and office equipment
20% on cost
High Point Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
13
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
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 statement of financial position 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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
High Point Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
14
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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 year. Taxable profit differs from net profit as reported in the income statement 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.
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
High Point Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
15
1.13
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
Critical accounting 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition
The company recognises revenue in connection with the sale of support service contracts where contract delivery is outsourced. The directors exercise judgement in assessing that the company is acting as agent, rather than principal, and therefore the revenue recognised is representative only of the commission value rather than the full contract value. In arriving at this conclusion, the directors have given due consideration to which party has primary responsibility for service delivery and to the overall profile of risks and rewards associated with these transactions.
3
Turnover and other revenue
2024
2023
$
$
Turnover analysed by class of business
Sale of goods
34,520,045
30,971,437
Provision of services
21,204,611
20,819,478
55,724,656
51,790,915
2024
2023
$
$
Turnover analysed by geographical market
United Kingdom
52,376,865
43,014,231
Continental Europe
2,974,843
6,161,408
Rest of the World
372,948
2,615,276
55,724,656
51,790,915
High Point Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
16
4
Other operating income /(charges)
2024
2023
$
$
Foreign exchange losses
(188,132)
(147,850)
Intra group service fees
468,437
588,413
5
Operating loss
2024
2023
Operating loss for the year is stated after charging:
$
$
Foreign exchange losses
188,132
147,850
Fees payable to the company's auditor for the audit of the company's financial statements
24,950
23,760
Depreciation of owned tangible fixed assets
35,879
33,286
Operating lease charges
400,234
384,632
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Marketing and distribution
51
49
Administration
12
11
Total
63
60
Their aggregate remuneration comprised:
2024
2023
$
$
Wages and salaries
8,495,964
7,953,272
Social security costs
1,020,970
980,049
Pension costs
161,013
158,322
9,677,947
9,091,643
7
Directors' remuneration
The directors were remunerated by High Point Solutions Inc and a re-charge to the company was made of $91,480 (2023: $91,480) being a reasonable charge for the time spent by the directors on managing the company. The directors are the only key management personnel of the company.
High Point Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
17
8
Interest receivable and similar income
2024
2023
$
$
Interest income
Interest on bank deposits
94,239
127,910
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
94,239
127,910
9
Taxation
2024
2023
$
$
Current tax
UK corporation tax on profits for the current period
124,863
Deferred tax
Origination and reversal of timing differences
13,091
Total tax charge
137,954
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
$
$
(Loss)/profit before taxation
(49,811)
22,024
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(12,453)
5,180
Tax effect of expenses that are not deductible in determining taxable profit
16,518
Change in unrecognised deferred tax assets
8,906
Adjustments in respect of prior years
124,642
(5,180)
Other permanent differences
120
Foreign exchange differences
221
Taxation charge for the year
137,954
-
High Point Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
18
10
Tangible fixed assets
Fixtures and office equipment
$
Cost
At 1 January 2024
218,268
Additions
55,458
At 31 December 2024
273,726
Depreciation and impairment
At 1 January 2024
139,834
Depreciation charged in the year
35,879
At 31 December 2024
175,713
Carrying amount
At 31 December 2024
98,013
At 31 December 2023
78,434
11
Stocks
2024
2023
$
$
Finished goods and goods for resale
517,797
10,211,007
12
Debtors
2024
2023
Amounts falling due within one year:
$
$
Trade debtors
6,738,154
6,153,902
Amounts owed by group undertakings
2,240,737
3,101,633
Other debtors
72,047
88,744
Prepayments and accrued income
574,713
2,646,154
9,625,651
11,990,433
Amounts owed by group undertakings are unsecured and repayable on demand. The balance includes interest of $88,237 calculated on a monthly basis at a rate of 8.5% for the period from January to August, 8% from September to October, 7.75% for November and 7% for December 2024.
Included within other debtors are amounts of $72,047 (2023: $88,744) relating to payment of a rental deposit into a designated interest earning account. A fixed charge has been registered over this asset as security for a default of the tenant's obligations.
High Point Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
19
13
Creditors: amounts falling due within one year
2024
2023
$
$
Payments received on account
60,627
509,124
Trade creditors
3,932,079
9,160,387
Amounts owed to group undertakings
249,251
2,422,497
Corporation tax
144,652
63,322
Other taxation and social security
1,002,095
272,823
Accruals and deferred income
1,761,341
7,762,660
7,150,045
20,190,813
Amounts owed to group undertakings are unsecured and repayable on demand. The balance includes $80,296 of interest calculated on a monthly basis at a rate of 8.5% for the period from January to August, 8% from September to October, 7.75% for November and 7% for December 2024.
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
$
$
Accelerated capital allowances
22,565
-
Tax losses
(9,474)
-
13,091
-
2024
Movements in the year:
$
Liability at 1 January 2024
-
Charge to profit or loss
13,091
Liability at 31 December 2024
13,091
High Point Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
20
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
161,013
158,322
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions outstanding at the balance sheet date amounted to $nil (2023: $nil).
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary share of $1 each
1
1
1
1
The ordinary shares carry full voting rights and have no restrictions on the distribution of dividends and the repayment of capital.
17
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
$
$
Within one year
375,814
382,211
Between two and five years
133,851
518,340
509,665
900,551
18
Ultimate controlling party
The ultimate and immediate parent undertaking of the company is High Point Solutions Inc; a company registered in the USA.
The largest and smallest group of undertakings for which group accounts have been drawn up including the company is that headed by High Point Solutions Inc.
The directors are the company's ultimate controlling party by virtue of their shareholding in the parent company.
High Point Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
21
19
Cash (absorbed by)/generated from operations
2024
2023
$
$
(Loss)/profit for the year after tax
(187,765)
22,024
Adjustments for:
Taxation charged
137,954
Investment income
(94,239)
(127,910)
Depreciation and impairment of tangible fixed assets
35,879
33,286
Movements in working capital:
Decrease/(increase) in stocks
9,693,210
(9,751,240)
Decrease in debtors
2,364,782
3,951,543
(Decrease)/increase in creditors
(13,122,098)
7,383,120
Cash (absorbed by)/generated from operations
(1,172,277)
1,510,823
20
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
$
$
$
Cash at bank and in hand
7,123,540
(1,177,029)
5,946,511
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