Company Registration No. SC237615 (Scotland)
Heritable Limited
Unaudited accounts
for the year ended 30 June 2022
Heritable Limited
Unaudited accounts
Contents
Heritable Limited
Company Information
for the year ended 30 June 2022
Directors
Catherine Isobel Edith McCallum
Colin Fraser McCallum
Secretary
Catherine Isobel Edith McCallum
Company Number
SC237615 (Scotland)
Registered Office
11, Upper Floor
Dunira Street
Comrie, Crieff
PH6 2LJ
Scotland
Heritable Limited
Statement of financial position
as at 30 June 2022
Tangible assets
4,050
3,531
Cash at bank and in hand
29,309
30,112
Creditors: amounts falling due within one year
(7,037)
(8,932)
Net current assets
24,816
32,764
Total assets less current liabilities
28,866
36,295
Provisions for liabilities
Other provisions
(770)
(671)
Called up share capital
10,000
10,000
Profit and loss account
18,096
25,624
Shareholders' funds
28,096
35,624
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 14 July 2022 and were signed on its behalf by
Colin Fraser McCallum
Director
Company Registration No. SC237615
Heritable Limited
Notes to the Accounts
for the year ended 30 June 2022
Heritable Limited is a private company, limited by shares, registered in Scotland, registration number SC237615. The registered office is 11, Upper Floor, Dunira Street, Comrie, Crieff, PH6 2LJ, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Straight line
Computer equipment
33% Straight line
Turnover represents the value of commissions and fees which are accounted for on an accruals basis.
Revenue from professional services is recognised upon delivery to the customer.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Heritable Limited
Notes to the Accounts
for the year ended 30 June 2022
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 July 2021
16,912
3,028
19,940
At 30 June 2022
20,236
3,028
23,264
At 1 July 2021
14,401
2,008
16,409
Charge for the year
1,785
1,020
2,805
At 30 June 2022
16,186
3,028
19,214
At 30 June 2022
4,050
-
4,050
At 30 June 2021
2,511
1,020
3,531
5
Debtors: amounts falling due within one year
2022
2021
Accrued income and prepayments
2,098
1,985
6
Creditors: amounts falling due within one year
2022
2021
Taxes and social security
7,001
8,932
Allotted, called up and fully paid:
80,000 80,000 Ordinary A shares of 10p each of £0.10 each
8,000
8,000
10,000 10,000 Ordinary B shares of 10p each of £0.10 each
1,000
1,000
10,000 10,000 Ordinary C shares of 10p each of £0.10 each
1,000
1,000
8
Operating lease commitments
2022
2021
At 30 June 2022 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
1,065
1,065
Heritable Limited
Notes to the Accounts
for the year ended 30 June 2022
9
Average number of employees
During the year the average number of employees was 3 (2021: 3).