High Firs Penthouses Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 08945002 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HIGH FIRS PENTHOUSES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D H McKinley

R A Shields

B B Jacobs

SECRETARY:

R A Shields

REGISTERED OFFICE:

Nagler Simmons

5 Beaumont Gate

Shenley Hill

Radlett

Hertfordshire

WD7 7AR

REGISTERED NUMBER:

08945002 (England and Wales)

ACCOUNTANTS:

Nagler Simmons

Chartered Accountants

5 Beaumont Gate

Shenley Hill

Radlett

WD7 7AR

CURRENT ASSETS

Stocks

-

1,372,500

Debtors

4

279,926

6,119

Cash at bank

707

1,823

280,633

1,380,442

CREDITORS

Amounts falling due within one year

5

696,314

30,327

NET CURRENT (LIABILITIES)/ASSETS

(415,681

)

1,350,115

TOTAL ASSETS LESS CURRENT LIABILITIES

(415,681

)

1,350,115

CREDITORS

Amounts falling due after more than one
year

6

-

1,415,022

NET LIABILITIES

(415,681

)

(64,907

)

CAPITAL AND RESERVES

Called up share capital

7

40,032

Share premium

399,990

Retained earnings

(855,703

)

(504,929

)

SHAREHOLDERS' FUNDS

(415,681

)

(64,907

)

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 22 July 2026 and were signed on its behalf by:

R A Shields - Director

1.	STATUTORY INFORMATION

High Firs Penthouses 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements have been prepared on a basis other than the going concern basis, as the directors have resolved that the company will not continue in operational existence. During the year, the company completed the sale of the last remaining penthouse development and has since ceased trading.

The directors intend to realise the company's remaining assets, settle its liabilities and, once all outstanding matters, including claims involving third parties, have been resolved, place the company into liquidation. Although the timing of these matters is uncertain, the directors remain committed to an orderly realisation of the company's remaining assets and settlement of its obligations.

Accordingly, the financial statements have been prepared on a break-up basis. Assets and liabilities have been measured on the basis that the company's assets will be realised and its liabilities settled as part of the orderly winding-up of the company.

Significant judgements and estimates

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.

Turnover

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

Borrowing costs related to stock

Borrowing costs directly attributed to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

3.	EMPLOYEES AND DIRECTORS

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

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

5,000

Other debtors

269,600

-

VAT

5,326

1,119

279,926

6,119

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Other creditors

212,813

-

Amounts due to High Firs lessees

24,750

-

Shareholder loans

165,000

-

Directors' current accounts

152,413

-

Accruals and deferred income

141,338

30,327

696,314

30,327

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

Shareholder loans

-

240,000

Other creditors

-

662,964

Amounts due to High Firs lessees

-

183,645

Directors' loan accounts

-

167,413

Accruals and deferred income

-

161,000

-

1,415,022

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

20

Ordinary

£1

20

40,002

Preference

£1

40,002

10

A Ordinary

£1

10

40,032

Ordinary Shares carry one vote per share and rank pari passu in respect of dividends and, subject to the rights attaching to the A Ordinary Shares and Preference Shares, on a return of capital.

A Ordinary Shares carry voting rights equal in aggregate to 5% of the total voting rights attributable to the Ordinary Shares. On a return of capital, holders of A Ordinary Shares rank in priority to the holders of Preference Shares and Ordinary Shares.

Preference Shares carry no voting or dividend rights. Subject to the Companies Act 2006 and the Articles of Association, the Preference Shares are redeemable and, on a return of capital, rank in priority to the Ordinary Shares but behind the A Ordinary Shares.

8.	CONTINGENT LIABILITIES

At the balance sheet date the company is involved in claims and potential claims arising from matters connected with its previous property development activities. The directors, having taken appropriate professional advice where necessary, do not consider that any provision is required in respect of these matters other than those recognised in these financial statements. The ultimate outcome remains uncertain and will depend on the resolution of the outstanding claims.

9.	RELATED PARTY DISCLOSURES

Included within other creditors at the year end is a loan due to Vehicle Rescue Services Limited amounting to £40,544, a company in which the former director, Mr J E Parkinson, held a controlling interest.