The High Street Group

High Street Commercial Finance finally files accounts for 2017

High Street Commercial Finance, which has issued a series of bonds paying typical rates of 12% per year to the public via unregulated introducers, has finally filed its accounts for December 2017, nine months overdue.

High Street Commercial Finance Limited is the arm of the High Street Group which borrows money from investors, covered earlier by FoxonLaw.com last year.

The company was so tardy with its 2017 accounts that it will be overdue again in a mere three months, the 2018 accounting period having closed six months ago.

High Street Group took advantage of small company exemptions and did not have the accounts audited or file a profit and loss account.

The accounts show net assets of £13.5 million, comprising £57.3 million of assets and £43.8 million of liabilities. £37.5 million of those liabilities represented loan investors, with the remainder comprising trade creditors, loans from other High Street Group companies, and “other”.

The assets include £19.8 million of money loaned to other High Street Group companies and £34.2 million of subsidiaries, associated and jointly controlled entities, valued at “fair value”.

As the accounts were unaudited, the valuation of High Street Group’s assets is the word of the directors.

Over the past year, investors in High Street Group have reported that the company has for certain investors exercised a right to delay repayment for six months, and for others offered to swap the debt for shares. A debt-equity swap means High Street Group is no longer responsible for returning investors’ money and they have to find a buyer for their shares to realize their investment.

While the company withheld its profit and loss account, it is clear from what they have filed that the company was loss-making in 2017. The “profit and loss account” on the balance sheet sank from an already negative balance of minus £8.9 million to minus £20.6 million.

To put it another way, over 2017 High Street Group borrowed an additional £22.1 million (£16.3 million from loan investors and £4.5 million from other High Street Group companies) but net assets increased by only £1.0 million.

These heavy losses do not mean that High Street Group is insolvent; at the time of writing it continues to trade and its 2017 accounts state that it had sufficient assets to pay all liabilities. This however depends on the unaudited valuations of its subsidiary companies and loans to other group companies being accurate.

High Street Group is currently reported to be offering bonds paying 12% per year, with additional bonuses for investing for longer than 1 year. To successfully repay investors with an interest of over 12% per year, along with meeting the costs of paying commission to unregulated introducers (which are not specifically disclosed in the accounts), it will clearly have to find a way to reverse its heavy losses at some point.

According to charges filed with Companies House in March 2019, High Street Group has recently borrowed money from bridging loan provider Fortwell Capital and the Bank of London and the Middle East, with fixed charges. 

FoxonLaw.com will continue to monitor this situation as it develops.

Read More Reviews and Complaints

WRITE A REVIEW
  1. Mr Brambles
    November 10, 2020

Rate and Write a Review on The High Street Group

Sending

The Worst Lawyer Ever!

Managing Lawyer Izzy Yetnikoff was an outrageous exercise in futility, exertion and cash for me. Legal counsel Izzy Yetnikoff has brought

Thieves Anthony Cavaluzzi and Profit Management Solutions

Anthony Cavaluzzi and his bother Nathan Cavaluzzi opened a company by the name of Profit Management Solutions (ProfitManagementSolutions

Sean Cooley Los Angeles – Child Molester On The Loose

Sean Cooley is one extremely shady and dangerous individual currently on the loose in Los Angeles, he is always high and always looking

Pedophile Abusing Young Boys 

With all due respect to Sean Cooley’s strange and shady way of life and just mostly to be accurate with what I am writing and not

Cruel Captivity: The EVIL Southwest Wildlife Conservation Center

Full report page:  Southwest Wildlife Conservation Center Backyard Zoos, like the Southwest Wildlife Conservations Center remove animals

Massive Crypto Scam Looting Indians

Zanmai Labs private limited is a dangerous scam targeting Indian cryptocurrency users. This company owns India’s largest crypto exchange,