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Registered number: 03005564 HIGHLANDS NORTH PROPERTIES LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
HIGHLANDS NORTH PROPERTIES LIMITED CONTENTS
| Page
Accountants' Report | 1
Balance Sheet | 2 - 3
Notes to the Financial Statements | 4 - 10
HIGHLANDS NORTH PROPERTIES LIMITED CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HIGHLANDS NORTH PROPERTIES LIMITED FOR THE YEAR ENDED 30 JUNE 2025 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Highlands North Properties Limited for the year ended 30 June 2025 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation. This report is made solely to the Board of Directors of Highlands North Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Highlands North Properties Limited and state those matters that we have agreed to state to the Board of Directors of Highlands North Properties Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Highlands North Properties Limited and its Board of Directors, as a body, for our work or for this report. It is your duty to ensure that Highlands North Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Highlands North Properties Limited. You consider that Highlands North Properties Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or review of the financial statements of Highlands North Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. BAGINSKY COHEN CHARTERED ACCOUNTANTS 930 HIGH ROAD LONDON N12 9RT 8 October 2025 Page 1
HIGHLANDS NORTH PROPERTIES LIMITED REGISTERED NUMBER: 03005564 BALANCE SHEET AS AT 30 JUNE 2025
| 2025 | 2025 | 2024 | 2024
Note | £ | £ | £ | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 4 |  | 616 |  | 725
Investments | 5 |  | 100 |  | 100
Investment property | 6 |  | 919,565 |  | 919,565
|  |  | 920,281 |  | 920,390
CURRENT ASSETS |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 13,151 |  | 1,742 |
Cash at bank and in hand | 8 | 343,528 |  | 289,807 |
|  | 356,679 |  | 291,549 |
Creditors: amounts falling due within one year | 9 | (34,389) |  | (21,089) |
NET CURRENT ASSETS |  |  | 322,290 |  | 270,460
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 1,242,571 |  | 1,190,850
PROVISIONS FOR LIABILITIES |  |  |  |  |
Deferred tax | 10 | (90,000) |  | (90,000) |
|  |  | (90,000) |  | (90,000)
NET ASSETS |  |  | 1,152,571 |  | 1,100,850
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 11 |  | 120 |  | 100
Investment property reserve | 12 |  | 360,000 |  | 360,000
Profit and loss account | 12 |  | 792,451 |  | 740,750
|  |  | 1,152,571 |  | 1,100,850
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. 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 on Page 2
HIGHLANDS NORTH PROPERTIES LIMITED REGISTERED NUMBER: 03005564 BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2025 8 October 2025.
D COHEN
Director
The notes on pages 4 to 10 form part of these financial statements. Page 3
HIGHLANDS NORTH PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 1.ACCOUNTING POLICIES
| 1.1 | 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2). The following principal accounting policies have been applied:
| 1.2 | 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.
| 1.3 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 1.4 | 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. Page 4
HIGHLANDS NORTH PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 1.ACCOUNTING POLICIES (CONTINUED)
| 1.5 | 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. Land is not depreciated. Depreciation on other assets 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:
|  |  |  | Fixtures, fittings and equipment | - | 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.
| 1.6 | INVESTMENT PROPERTY
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 1.7 | VALUATION OF INVESTMENTS
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 1.8 | 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.
| 1.9 | 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.
| 1.10 | 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. Page 5
HIGHLANDS NORTH PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 1.ACCOUNTING POLICIES (CONTINUED)
| 1.11 | PROVISIONS FOR LIABILITIES
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
2. | JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the Company’s accounting policies, which are described in note 1, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those 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 if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
3. | EMPLOYEES
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 3 | 3
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HIGHLANDS NORTH PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
4. | TANGIBLE FIXED ASSETS
|  | Fixtures & fittings
|  | £
| COST OR VALUATION |
| At 1 July 2024 | 34,026
| At 30 June 2025 | 34,026
| DEPRECIATION |
| At 1 July 2024 | 33,301
| Charge for the year on owned assets | 109
| At 30 June 2025 | 33,410
| NET BOOK VALUE |
| At 30 June 2025 | 616
| At 30 June 2024 | 725
5. | FIXED ASSET INVESTMENTS
|  | Unlisted investments
|  | £
| COST OR VALUATION |
| At 1 July 2024 | 41,626
| At 30 June 2025 | 41,626
| IMPAIRMENT |
| At 1 July 2024 | 41,526
| At 30 June 2025 | 41,526
| NET BOOK VALUE |
| At 30 June 2025 | 100
| At 30 June 2024 | 100
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HIGHLANDS NORTH PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
6. | INVESTMENT PROPERTY
|  | Freehold investment property
|  | £
| VALUATION |
| At 1 July 2024 | 919,565
| AT 30 JUNE 2025 | 919,565
The 2025 valuations were made by the Director, on an open market value for existing use basis.
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| REVALUATION RESERVES |  |
| At 1 July 2024 | 360,000 | 360,000
| AT 30 JUNE 2025 | 360,000 | 360,000
7. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 9,131 | 1,743
| Other debtors | 4,020 | -
8. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 343,528 | 289,807
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HIGHLANDS NORTH PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accruals and deferred income | 8,607 | 2,707
| Corporation tax | 8,922 | 11,533
| Other taxation and social security | 5,760 | 3,699
| Other creditors | 11,100 | 3,150
|  | 34,389 | 21,089
10. | DEFERRED TAXATION
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (90,000) | (90,000)
| AT END OF YEAR | (90,000) | (90,000)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Timing difference on investment property revaluation | (90,000) | (90,000)
11. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 120 (2024 - 100) Ordinary shares of £1.00 each | 120 | 100
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HIGHLANDS NORTH PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
12. | RESERVES
Investment property revaluation reserve Investment properties are carried at fair value with changes at each reporting date recognised in profit or loss. The revaluation reserve in a non-distributable reserve to reflect the unrealised gains over and above the cost of investment properties less deferred tax arising on the gains. Profit & loss account This includes all current and prior period retained profits and losses.
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