ACCOUNTS - Final Accounts

HIGH FLIERS PUBLICATIONS LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-07-312021-07-3122020-08-01false2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03171847 2020-08-01 2021-07-31 03171847 2019-08-01 2020-07-31 03171847 2021-07-31 03171847 2020-07-31 03171847 c:Director1 2020-08-01 2021-07-31 03171847 d:CurrentFinancialInstruments 2021-07-31 03171847 d:CurrentFinancialInstruments 2020-07-31 03171847 d:CurrentFinancialInstruments d:WithinOneYear 2021-07-31 03171847 d:CurrentFinancialInstruments d:WithinOneYear 2020-07-31 03171847 d:ShareCapital 2021-07-31 03171847 d:ShareCapital 2020-07-31 03171847 d:RetainedEarningsAccumulatedLosses 2020-08-01 2021-07-31 03171847 d:RetainedEarningsAccumulatedLosses 2021-07-31 03171847 d:RetainedEarningsAccumulatedLosses 2020-07-31 03171847 c:OrdinaryShareClass1 2020-08-01 2021-07-31 03171847 c:OrdinaryShareClass1 2021-07-31 03171847 c:OrdinaryShareClass1 2020-07-31 03171847 c:FRS102 2020-08-01 2021-07-31 03171847 c:AuditExempt-NoAccountantsReport 2020-08-01 2021-07-31 03171847 c:FullAccounts 2020-08-01 2021-07-31 03171847 c:PrivateLimitedCompanyLtd 2020-08-01 2021-07-31 03171847 2 2020-08-01 2021-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03171847

HIGH FLIERS PUBLICATIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

HIGH FLIERS PUBLICATIONS LIMITED

REGISTERED NUMBER: 03171847

BALANCE SHEET

AS AT 31 JULY 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	19,516		26,391
Cash at bank and in hand	5	542,623		431,535
		562,139		457,926
Creditors: amounts falling due within one year	6	(342,498)		(255,730)
Net current assets			219,641		202,196
Total assets less current liabilities			219,641		202,196

Net assets			219,641		202,196

Capital and reserves
Called up share capital	7	100	100
Profit and loss account	8	219,541	202,096
		219,641	202,196

The director considers 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 director acknowledges his 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 income and retained earnings 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:

M. E. Birchall

Director

Date: 28 April 2022

The notes on pages 2 to 5 form part of these financial statements.

Page 1

HIGH FLIERS PUBLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

1.	General information

The company is a private company limited by shares and incorporated in England, United Kingdom. The registered number for the company is 03171847 and the address of the registered office is 24 Old Bond Street, London, W1S 4AP. The trading address is The Gridiron Building, 1 Pancras Square, London, N1C 4AG.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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.

The following principal accounting policies have been applied:

2.2

Going concern

During the year the company has been affected by restrictions imposed by the UK Government in response to the COVID-19 pandemic. The result of this is that the company's premises in Bath had remained open but the business had to operated at a reduced capacity.
The director considers that the resources available to the company will be sufficient for it to be able to continue as a going concern and therefore the financial statements have been prepared on the going concern basis.

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

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

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

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.

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HIGH FLIERS PUBLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

2.Accounting policies (continued)

2.5

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.

2.6

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

2.7

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.

2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.9

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.

2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

HIGH FLIERS PUBLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

2.Accounting policies (continued)

2.11

Taxation

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.

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

Debtors

					2021	2020
					£	£


Trade debtors	15,391	22,266
Other debtors	2,000	2,000
Prepayments and accrued income	2,125	2,125
	19,516	26,391

5.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	542,623	431,535
	542,623	431,535

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	8,207	582
Amounts owed to associates	222,023	146,244
Corporation tax	39,370	57,199
Other taxation and social security	1,846	8,453
Other creditors	152	152
Accruals and deferred income	70,900	43,100
	342,498	255,730

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HIGH FLIERS PUBLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

7.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

100 (2020 - 100) Ordinary shares of £1.00 each	100	100

Reserves

Profit and loss account

The profit and loss account represents cumulative profit and losses net of dividends and other adjustments.

Related party transactions

During the year the company paid dividends of £150,000 (2020 - £325,000) to the director.
At the year end, the amount due to the director was £152 (2020 - £152).
At the year end, the company owed £222,023 (2020 - £146,244) to High Fliers Research Limited.
During the year the company were charged management fees of £171,000 (2020 - £206,000) and licence fees of £55,000 (2020 - £77,000) by a connected company, a company in which the director has a material interest.

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