Company registration number 06019063 (England and Wales)
HIGHCONSULT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
HIGHCONSULT LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
HIGHCONSULT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2022
31 August 2022
- 1 -
2022
2021
Notes
£
£
£
£
Non-current assets
Investment properties
4
636,999
Current assets
Trade and other receivables
5
135,126
643,686
Cash and cash equivalents
75,482
32,254
210,608
675,940
Current liabilities
6
(210,602)
(1,312,933)
Net current assets/(liabilities)
6
(636,993)
Net assets
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 2022 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 16 March 2023 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 2022
- 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.
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.
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.
HIGHCONSULT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
non-current assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
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.
HIGHCONSULT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
4
4
Investment property
2022
£
Fair value
At 1 September 2021
636,999
Disposals
(636,999)
At 31 August 2022
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.
5
Trade and other receivables
2022
2021
Amounts falling due within one year:
£
£
Other receivables
135,126
643,686
6
Current liabilities
2022
2021
£
£
Taxation and social security
374,135
Other payables
210,602
938,798
210,602
1,312,933
HIGHCONSULT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 5 -
7
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:-
2022
20
21
BK Scowcroft SIPP
£
97,930
£
423.417
K Edmondson SIPP
£
93,718 £405,019
AK Scowcroft SIPP
£
14,321
£
68,556
A W Goddard SIPP £4,634 £36,870
It has been indicated that the above creditors will continue to support the company.
By virtue of common directors and members
Bacard Holdings
Limited
is a
related part
y.
At the year end, a balance of £
210,603
(
2021: £642,438
) was due
from Bacard Holdings
Limited.