ACCOUNTS - Final Accounts preparation

Company Registration Number: 10397382

HIGHLEY'S OF YORKSHIRE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

HIGHLEY'S OF YORKSHIRE LIMITED

REGISTERED NUMBER: 10397382

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	5		60,690		69,445
			60,690		69,445
Current assets
Stocks	7	10,660		44,771
Debtors: amounts falling due within one year	8	566,117		342,358
Cash at bank and in hand	9	43,921		40,125
		620,698		427,254
Creditors: amounts falling due within one year	10	(184,041)		(144,400)
Net current assets			436,657		282,854
Total assets less current liabilities			497,347		352,299
Provisions for liabilities
Deferred tax	11	(2,678)		(3,072)
			(2,678)		(3,072)
Net assets			494,669		349,227

Capital and reserves
Called up share capital	12	100	100
Revaluation reserve		69,450	69,450
Profit and loss account		425,119	279,677
		494,669	349,227

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Kristian Lennard

Director

Date: 24 September 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 1

HIGHLEY'S OF YORKSHIRE LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 March 2023	100	69,450	274,130	343,680
Comprehensive income for the period
Profit for the period	-	-	5,547	5,547

At 1 January 2024	100	69,450	279,677	349,227
Comprehensive income for the year
Profit for the year	-	-	145,442	145,442
At 31 December 2024	100	69,450	425,119	494,669

Page 2

HIGHLEY'S OF YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Highleys Of Yorkshire Limited ("the company') is a private company (registration number: 1039382), limited by shares, incorporated in England and Wales. The Company is a wholly owned subsidiary of F.S.H (Holdings) Limited, a Company registered in England and Wales. The registered office and its principal place of business is as follows: Unit D, Links 31, Willowbridge Way, Whitwood, Castleford, WF10 SNP.
These financial statements have been presented in Pounds Sterling as this is the currency of the primary economic environment in which the company operates.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

HIGHLEY'S OF YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 4

HIGHLEY'S OF YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery	-	15%
Motor vehicles	-	25%
Fixtures and fittings	-	15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

HIGHLEY'S OF YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

2.14

Financial Instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Work in Progress
The Company determines the stage of completion of work in progress and the revenue and profit or loss attributable to the finanical year based on historic financial information available and also forecast information regarding expectations about future performance to completion of the contracts and therefore requires estimates and assumptions to be used by management. Judgement is applied by the management when determining the final valuation of works performed and also when determining the costs expected to be incurred to complete the contracted works.

Employees

The average monthly number of employees, including directors, during the period was 7 (2023 - 8).

Page 6

HIGHLEY'S OF YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	74,801	13,714	16,813	105,328
Additions	-	-	5,611	5,611
At 31 December 2024	74,801	13,714	22,424	110,939
Depreciation
At 1 January 2024	20,437	7,363	8,083	35,883
Charge for the year on owned assets	8,131	1,885	4,350	14,366
At 31 December 2024	28,568	9,248	12,433	50,249
Net book value
At 31 December 2024	46,233	4,466	9,991	60,690
At 31 December 2023	54,364	6,351	8,730	69,445

6.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 24 September 2025 by Rohan Day (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

7.	Stocks
		2024	2023
		£	£

Work in progress	10,660	44,771
	10,660	44,771

Page 7

HIGHLEY'S OF YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	13,407	78,450
Amounts owed by group undertakings	535,113	256,481
Other debtors	12,880	7,427
Prepayments and accrued income	4,717	-
	566,117	342,358

Amounts owed by group undertakings are unsecured, have no fixed repayment date and are repayable on demand.

9.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	43,921	40,125

10.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	63,201	40,688
Amounts owed to group undertakings	37,568	34,528
Corporation tax	-	6,364
Other taxation and social security	5,942	6,006
Accruals and deferred income	77,330	56,814
	184,041	144,400

Amounts owed to group undertakings are unsecured, have no fixed repayment date and are repayble on demand.

Page 8

HIGHLEY'S OF YORKSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Deferred taxation

		2024
		£

	At beginning of year	(3,072)
	Charged to profit or loss	394
	At end of year	(2,678)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	(3,072)	(3,698)
Charged to profit or loss	394	626
	(2,678)	(3,072)

12.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 - 100) Ordinary shares of £1.00 each	100	100

13.	Pension commitments

The company pays contributions into money purchase pension schemes for the benefit of certain employees. The asses of these schems are held seperately from those of the Company in the indepentendly administered funds. The pension cost charge represents contributions payable by the Company to these funds and amounted to £3,126 (10 month period to 31 December 2023: £1,843). Contributions of £116 (31 December 2023: £10) were payable to these funds at the balance sheet date.

14.	Post balance sheet events

On 31 March 2025, Neways Associates Limited acquired the business and trading assets of F.S.H. (Group) Limited.
On 10 April 2025, Neways Associates Limited acquired the shares in Highley’s of Yorkshire Limited from F.S.H Holdings Limited.

15.	Controlling party

The ultimate parent company is Polystorm Jersey Limited, a company registered in Jersey.

Page 9