| Highley Pens Limited |
| Registered number: |
02461985 |
| Balance Sheet |
| as at 31 December 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
1,140,646 |
|
|
1,140,646 |
| Investments |
4 |
|
|
300,002 |
|
|
300,002 |
|
|
|
|
1,440,648 |
|
|
1,440,648 |
|
| Current assets |
| Debtors |
5 |
|
250,839 |
|
|
315,234 |
| Cash at bank and in hand |
|
|
94,161 |
|
|
85,388 |
|
|
|
345,000 |
|
|
400,622 |
|
| Creditors: amounts falling due within one year |
6 |
|
(44,560) |
|
|
(43,671) |
|
| Net current assets |
|
|
|
300,440 |
|
|
356,951 |
|
| Total assets less current liabilities |
|
|
|
1,741,088 |
|
|
1,797,599 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(450,000) |
|
|
(490,000) |
|
|
|
| Net assets |
|
|
|
1,291,088 |
|
|
1,307,599 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
5,700 |
|
|
5,700 |
| Revaluation reserve |
9 |
|
|
332,355 |
|
|
332,355 |
| Capital redemption reserve |
|
|
|
3,800 |
|
|
3,800 |
| Profit and loss account |
|
|
|
949,233 |
|
|
965,744 |
|
| Shareholders' funds |
|
|
|
1,291,088 |
|
|
1,307,599 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
| Mr C R H Stockbridge |
| Director |
| Approved by the board on 25 September 2025 |
|
| Highley Pens Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Land and buildings held and used in the Company’s own activities or for administrative purposes are stated at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position and any revaluation increase or decrease on land and buildings is credited to the revaluation reserve. |
|
|
Freehold property is not currently depreciated, as it is considered that to depreciate would not give a true and fair view. An annual review is undertaken for any impairment with any significant reduction in value accounted for within the financial statements. |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
Consolidation |
|
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts. |
|
| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Freehold land and buildings |
| £ |
|
Cost or valuation |
|
At 1 January 2024 |
1,140,646 |
|
At 31 December 2024 |
1,140,646 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 December 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
1,140,646 |
|
At 31 December 2023 |
1,140,646 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2024 |
|
2023 |
| £ |
£ |
|
Historical cost |
667,645 |
|
667,645 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
667,645 |
|
667,645 |
|
|
The company leases its land and buildings to Manuscript Pen Company Ltd, a subsidiary undertaking . |
|
|
Freehold land and buildings were revalued in 2018 and the directors consider the valuation of these assets at the balance sheet date to not be significantly different. |
|
|
| 4 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
At 1 January 2024 |
300,002 |
|
|
At 31 December 2024 |
300,002 |
|
|
The company holds 100% of the Ordinary share capital of all of its unlisted subsidiaries, namely; Manuscript Pen Company Ltd, D L Highley Limited, T.Hessin & Co.,Limited, Lionheart Creations Limited and Manuscript Brands Limited. |
|
|
| 5 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade debtors |
2,419 |
|
2,414 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
246,700 |
|
312,742 |
|
Other debtors |
1,720 |
|
78 |
|
|
|
|
|
|
250,839 |
|
315,234 |
|
|
|
|
|
|
|
|
|
|
Amounts due after more than one year included above |
200,000 |
|
200,000 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Bank loans and overdrafts |
40,000 |
|
40,000 |
|
Trade creditors |
1,724 |
|
- |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
1 |
|
- |
|
Taxation and social security costs |
138 |
|
766 |
|
Other creditors |
2,697 |
|
2,905 |
|
|
|
|
|
|
44,560 |
|
43,671 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Bank loans |
450,000 |
|
490,000 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Secured debt |
2024 |
|
2023 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
490,000 |
|
530,000 |
|
|
|
|
|
|
|
|
|
|
Bank borrowings are secured by a charge over the company's property and the assets of its subsidiary undertaking, Manuscript Pen Company Ltd, by way of a cross-guarantee between the parties. |
|
|
The company is party to a cross-guarantee with its subsidiary company, Manuscript Pen Company Ltd, in regard to a trade finance facility secured by a fixed and floating charge on the subsidiary company's assets and a cross guarantee from this company. At 31 December 2024, the outstanding amount of the finance facility held by its subsidiary company amounted to £129,281 (2023 - £nil). |
|
|
| 9 |
Revaluation reserve |
2024 |
|
2023 |
| £ |
£ |
|
|
At 1 January 2024 |
332,355 |
|
332,355 |
|
|
At 31 December 2024 |
332,355 |
|
332,355 |
|
|
|
|
|
|
|
|
|
|
| # |
Other information |
|
|
Highley Pens Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Manuscript House |
|
Netherton Lane |
|
Highley |
|
Shropshire |
|
WV16 6BF |