Highfield Property Associates Limited Small abridged accounts

HIGHFIELD PROPERTY ASSOCIATES LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Highfield Property Associates Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 07611985

Highfield Property Associates Limited

Filleted Abridged Financial Statements

31 March 2017

Highfield Property Associates Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Officers and professional advisers	1

Directors' responsibilities statement	2

Abridged statement of financial position	3

Notes to the abridged financial statements	4

Highfield Property Associates Limited

Officers and Professional Advisers

The board of directors	Mr. G M Hartland FCCA
	Mrs. K A Hartland ACCA

Registered office	17 Lichfield Street
	Stone
	Staffordshire
	ST15 8NA

Auditor	Plant & Co Limited
	Chartered Accountants & statutory auditor
	17 Lichfield Street
	Stone
	Staffordshire
	ST15 8NA

Highfield Property Associates Limited

Directors' Responsibilities Statement

Year ended 31 March 2017

The directors are responsible for preparing the directors' report and the abridged financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare abridged financial statements for each financial year. Under that law the directors have elected to prepare the abridged financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the abridged financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these abridged financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the abridged financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the abridged financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Highfield Property Associates Limited

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		1,286,255	1,338,454

Current assets

Debtors	195	195
Cash at bank and in hand	1,169	–
	-------	----
	1,364	195

Creditors: amounts falling due within one year	102,587		123,246
	---------		---------
Net current liabilities		101,223	123,051
		------------	------------
Total assets less current liabilities		1,185,032	1,215,403

Creditors: amounts falling due after more than one year		6,628	–

Provisions

Taxation including deferred tax	89,998	102,048
	------------	------------
Net assets	1,088,406	1,113,355
	------------	------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	1,088,405	1,113,354
	------------	------------
Shareholder funds	1,088,406	1,113,355
	------------	------------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

These abridged financial statements were approved by the board of directors and authorised for issue on 22 December 2017 , and are signed on behalf of the board by:

Mr. G M Hartland FCCA

Director

Company registration number: 07611985

Highfield Property Associates Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17 Lichfield Street, Stone, Staffordshire, ST15 8NA.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company."

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and Fittings	-	15% reducing balance
Motor Vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Tax on (loss)/profit

Major components of tax (income)/expense

	2017	2016
	£	£

Deferred tax:

Origination and reversal of timing differences	( 12,050)	19,210
	--------	--------
Tax on (loss)/profit	( 12,050)	19,210
	--------	--------

Reconciliation of tax (income)/expense

The tax assessed on the loss on ordinary activities for the year is lower than (2016: higher than) the standard rate of corporation tax in the UK of 20 % (2016: 20 %).

	2017	2016
	£	£
(Loss)/profit on ordinary activities before taxation	( 36,999)	31,519
	--------	--------
(Loss)/profit on ordinary activities by rate of tax	( 7,400)	6,304
Effect of expenses not deductible for tax purposes	20,998	–
Effect of capital allowances and depreciation	11,844	( 23,488)
Utilisation of tax losses	( 333)	–
Group tax losses surrendered	( 25,109)	17,184
Deferred Tax movement in the year	( 12,050)	19,210
	--------	--------
Tax on (loss)/profit	( 12,050)	19,210
	--------	--------

Factors that may affect future tax income

There are no factors affecting future tax charges.

5. Tangible assets

	£
Cost
At 1 April 2016	2,726,955
Additions	184,047
	------------
At 31 March 2017	2,911,002
	------------
Depreciation
At 1 April 2016	1,388,501
Charge for the year	236,246
	------------
At 31 March 2017	1,624,747
	------------
Carrying amount
At 31 March 2017	1,286,255
	------------
At 31 March 2016	1,338,454
	------------

Tangible assets held at valuation

The above assets are let to other group companies under operating leases.

6. Contingencies

Barclays Bank Plc holds an debenture dated 17 June 2016 incorporating fixed and floating charges. The debenture relates to bank borrowings of other group companies. Clydesdale Bank Plc holds an debenture dated 17 June 2016 incorporating fixed and floating charges. The debenture relates to bank borrowings of other group companies.

7. Events after the end of the reporting period

There were no material events up to 22 December 2017, the date of approval of the financial statements by the Board.

8. Summary audit opinion

The auditor's report for the year dated 22 December 2017 was unqualified.

The senior statutory auditor was Peter Plant BA FCA , for and on behalf of Plant & Co Limited .

9. Related party transactions

During the period, the company was under the ultimate control of the directors by virtue of their ability to act in concert in the respect of the operating and financial policies of the company. The company is associated with other companies through the common directorship and control of Mr. G M Hartland FCCA . The company has used the exemption granted under FRS 102 section 33.1A, being that related party disclosures do not need to be given of transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

10. Controlling party

At the year end, the company was a wholly owned subsidiary of Wingate Associates Limited. The largest and smallest group in which the results of the company are consolidated is that headed by Wingate Associates Limited. The consolidated financial statements of this company are available to the public and may be obtained from Companies House. No other group financial statements include the results of the company. The ultimate shareholder is The Bilbrook Trust, a trust based in Jersey, Channel Islands.