Company Registration No. 06019063 (England and Wales)
HIGHCONSULT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
PAGES FOR FILING WITH REGISTRAR
HIGHCONSULT LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
HIGHCONSULT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2019
31 August 2019
- 1 -
2019
2018
Notes
£
£
£
£
Non-current assets
Investment properties
3
2,699,541
2,698,960
Current assets
Trade and other receivables
4
27,121
42,057
Cash and cash equivalents
12,948
11,413
40,069
53,470
Current liabilities
5
(2,739,604)
(2,752,424)
Net current liabilities
(2,699,535)
(2,698,954)
Total assets less current liabilities
6
6
Equity
Called up share capital
6
6
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 August 2020 and are signed on its behalf by:
G Dallimore
Director
Company Registration No. 06019063
HIGHCONSULT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
- 2 -
1
Accounting policies
Company information
Highconsult Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Marketing Suite, Regents Court, Carlisle, Cumbria, CA6 4SJ.
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 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property, plant and equipment.
1.3
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. Bank overdrafts are shown within borrowings in current liabilities.
1.4
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 trade and other receivables and cash and bank balances, 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.
HIGHCONSULT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
1
Accounting policies
(Continued)
- 3 -
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 trade and other payables, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts 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 payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
4
4
3
Investment property
2019
£
Fair value
At 1 September 2018
2,698,960
Disposals
581
At 31 August 2019
2,699,541
Investment property comprises the title of freehold land and buildings at Bridgewater Business Park ,Leigh, Greater Manchester, The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors.
HIGHCONSULT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 4 -
4
Trade and other receivables
2019
2018
Amounts falling due within one year:
£
£
Other receivables
27,121
42,057
5
Current liabilities
2019
2018
£
£
Taxation and social security
-
4,700
Other payables
2,739,604
2,747,724
2,739,604
2,752,424
6
Related party transactions
The company is related to Getstarted Limited through common shareholders.Both companies act as nominees for and on behalf of and as agents for and on behalf of the Michael J Field SIPP's of BK Scowcroft, K Edmondson, AK Scowcroft, AW Goddard and MA Wheawell.
The Michael J Field SIPP's are the beneficial co owners of the freehold land and buildings at Bridgewater Business Park, Leigh, Wigan, Greater Manchester, the title to which is held in the names of both Highconsult Limited and Getstarted Limited in their capacity as Nominees.All revenues and expenses incurred by both companies are received and paid on behalf of the SIPP's and are reported in the various individual SIPP accounts.
At the balance sheet date the following amounts were included in creditors:-
201
9
201
8
BK Scowcroft SIPP
£
1,164,116
£1
,165,918
K Edmondson SIPP £
1,164,666
£1,
166,468
AK Scowcroft SIPP
£
201,827
£
202,143
A W Goddard SIPP £125,718 £125,929
MA Wheawell SIPP
£
54,486
£
54,571
It has been indicated that the above creditors will continue to support the company.
By virtue of common directors and members
Kingmoor Park Properties Limited
is a
related part
y.
At the year end, a balance of £
18,665
(
2018: £32,010
) was due
from
Kingmoor Park Properties Limited.