ACCOUNTS - Final Accounts

HIGH FLIERS PUBLICATIONS LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31false2022-08-0111truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03171847 2022-08-01 2023-07-31 03171847 2021-08-01 2022-07-31 03171847 2023-07-31 03171847 2022-07-31 03171847 c:Director1 2022-08-01 2023-07-31 03171847 d:CurrentFinancialInstruments 2023-07-31 03171847 d:CurrentFinancialInstruments 2022-07-31 03171847 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 03171847 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 03171847 d:ShareCapital 2023-07-31 03171847 d:ShareCapital 2022-07-31 03171847 d:RetainedEarningsAccumulatedLosses 2023-07-31 03171847 d:RetainedEarningsAccumulatedLosses 2022-07-31 03171847 c:OrdinaryShareClass1 2022-08-01 2023-07-31 03171847 c:OrdinaryShareClass1 2023-07-31 03171847 c:OrdinaryShareClass1 2022-07-31 03171847 c:FRS102 2022-08-01 2023-07-31 03171847 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 03171847 c:FullAccounts 2022-08-01 2023-07-31 03171847 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03171847 d:EntityControlledByKeyManagementPersonnel1 2022-08-01 2023-07-31 03171847 d:EntityControlledByKeyManagementPersonnel1 2023-07-31 03171847 d:EntityControlledByKeyManagementPersonnel1 2022-07-31 03171847 2 2022-08-01 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03171847

HIGH FLIERS PUBLICATIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

HIGH FLIERS PUBLICATIONS LIMITED

REGISTERED NUMBER: 03171847

BALANCE SHEET

AS AT 31 JULY 2023

		2023		2022
Note		£		£

Current assets
Debtors: amounts falling due within one year	4	16,546		7,379
Cash at bank and in hand		636,431		626,133
		652,977		633,512
Creditors: amounts falling due within one year	5	(637,502)		(451,479)
Net current assets			15,475		182,033

Net assets			15,475		182,033

Capital and reserves
Called up share capital	6	100	100
Profit and loss account		15,375	181,933
		15,475	182,033

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: 5 January 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

HIGH FLIERS PUBLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

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.

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

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.

2.3

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.4

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.

Page 2

HIGH FLIERS PUBLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

2.5

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet 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, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 3

HIGH FLIERS PUBLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

2.5

Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2.6

Creditors

Short-term creditors are measured at the transaction price.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

Page 4

HIGH FLIERS PUBLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

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.

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 1 (2022 - 1).

Page 5

HIGH FLIERS PUBLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

Debtors

					2023	2022
					£	£


Trade debtors	12,027	2,985
Other debtors	2,000	2,000
Prepayments	2,519	2,394
	16,546	7,379

5.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Trade creditors	553	1,529
Amounts owed to related party	513,103	334,663
Corporation tax	48,744	55,777
Other taxation and social security	11,300	2,933
Other creditors	152	3,140
Accruals and deferred income	63,650	53,437
	637,502	451,479

6.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

100 (2022 - 100) Ordinary shares of £1.00 each	100	100

Related party transactions

At the year end, the company owed £513,103 (2022 - £334,663) to High Fliers Research Limited, a company which the director has a material interest. This is interest free and repayable on demand.
During the year the company were charged management fees of £197,000 (2022 - £173,000) and licence fees of £67,000 (2022 - £65,000) by a connected company, a company in which the director has a material interest.

Page 6