Company Registration No. 07954483 (England and Wales)
HEPTINSTALL PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
PAGES FOR FILING WITH REGISTRAR
HEPTINSTALL PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mr R Heptinstall
Mrs E Heptinstall
Company number
07954483
Registered office
4 & 6 Harris Business Park
Hanbury Road
Stoke Prior
Bromsgrove
Worcestershire
B60 4FG
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
47 High Street
Bromsgrove
Worcestershire
B61 8AW
HEPTINSTALL PROPERTIES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
HEPTINSTALL PROPERTIES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HEPTINSTALL PROPERTIES LIMITED FOR THE YEAR ENDED 31 MAY 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Heptinstall Properties Limited for the year ended 31 May 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Heptinstall Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Heptinstall Properties Limited and state those matters that we have agreed to state to the Board of Directors of Heptinstall Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Heptinstall Properties Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Heptinstall Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Heptinstall Properties Limited. You consider that Heptinstall Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Heptinstall Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
31 August 2022
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
HEPTINSTALL PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 MAY 2022
31 May 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
125,000
Tangible assets
4
72,000
Investment properties
5
622,615
Investments
6
150
50
150
819,665
Current assets
Debtors
7
625,917
205
Cash at bank and in hand
3,372
11,629
629,289
11,834
Creditors: amounts falling due within one year
8
(281,020)
(628,966)
Net current assets/(liabilities)
348,269
(617,132)
Total assets less current liabilities
348,419
202,533
Creditors: amounts falling due after more than one year
9
(266,464)
Net assets/(liabilities)
348,419
(63,931)
Capital and reserves
Called up share capital
11
2
2
Profit and loss reserves
348,417
(63,933)
Total equity
348,419
(63,931)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HEPTINSTALL PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2022
31 May 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 31 August 2022 and are signed on its behalf by:
Mr R Heptinstall
Director
Company Registration No. 07954483
HEPTINSTALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
- 4 -
1
Accounting policies
Company information
Heptinstall Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 & 6 Harris Business Park, Hanbury Road, Stoke Prior, Bromsgrove, Worcestershire, B60 4FG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services and rents provided in the normal course of business, and is shown net of VAT. The fair value of consideration for rents takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
HEPTINSTALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 5 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2021 - 2).
HEPTINSTALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2021
250,000
Disposals
(250,000)
At 31 May 2022
Amortisation and impairment
At 1 June 2021
125,000
Disposals
(125,000)
At 31 May 2022
Carrying amount
At 31 May 2022
At 31 May 2021
125,000
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 June 2021
90,000
Additions
2,306
Disposals
(92,306)
At 31 May 2022
Depreciation and impairment
At 1 June 2021
18,000
Eliminated in respect of disposals
(18,000)
At 31 May 2022
Carrying amount
At 31 May 2022
At 31 May 2021
72,000
HEPTINSTALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 7 -
5
Investment property
2022
£
Fair value
At 1 June 2021
622,615
Disposals
(622,615)
At 31 May 2022
6
Fixed asset investments
2022
2021
£
£
Investments
150
50
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 June 2021
50
Additions
100
At 31 May 2022
150
Carrying amount
At 31 May 2022
150
At 31 May 2021
50
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
12,112
Other debtors
613,805
205
625,917
205
HEPTINSTALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 8 -
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
25,085
Amounts owed to group undertakings and undertakings in which the company has a participating interest
79,255
Taxation and social security
67,548
Other creditors
134,217
603,881
281,020
628,966
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
266,464
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
-
166,123
10
Secured debts
The following secured debts are included within creditors:
2022
2021
£
£
Bank loans
-
291,549
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
11
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary A of £1 each
2
2
2
2
12
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
HEPTINSTALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 9 -
13
Ultimate controlling party
There is no ultimate controlling party.
2022-05-312021-06-01false31 August 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityMr R HeptinstallMrs E Heptinstall079544832021-06-012022-05-3107954483bus:Director12021-06-012022-05-3107954483bus:Director22021-06-012022-05-3107954483bus:RegisteredOffice2021-06-012022-05-3107954483bus:Agent12021-06-012022-05-31079544832022-05-31079544832021-05-3107954483core:NetGoodwill2022-05-3107954483core:NetGoodwill2021-05-3107954483core:FurnitureFittings2022-05-3107954483core:FurnitureFittings2021-05-3107954483core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3107954483core:CurrentFinancialInstrumentscore:WithinOneYear2021-05-3107954483core:CurrentFinancialInstruments2022-05-3107954483core:CurrentFinancialInstruments2021-05-3107954483core:Non-currentFinancialInstruments2022-05-3107954483core:Non-currentFinancialInstruments2021-05-3107954483core:ShareCapital2022-05-3107954483core:ShareCapital2021-05-3107954483core:RetainedEarningsAccumulatedLosses2022-05-3107954483core:RetainedEarningsAccumulatedLosses2021-05-3107954483core:ShareCapitalOrdinaryShares2022-05-3107954483core:ShareCapitalOrdinaryShares2021-05-3107954483core:Goodwill2021-06-012022-05-3107954483core:FurnitureFittings2021-06-012022-05-3107954483core:NetGoodwill2021-05-3107954483core:NetGoodwill2021-06-012022-05-3107954483core:FurnitureFittings2021-05-31079544832021-05-3107954483bus:OrdinaryShareClass12022-05-3107954483bus:OrdinaryShareClass12021-06-012022-05-3107954483bus:PrivateLimitedCompanyLtd2021-06-012022-05-3107954483bus:SmallCompaniesRegimeForAccounts2021-06-012022-05-3107954483bus:FRS1022021-06-012022-05-3107954483bus:AuditExemptWithAccountantsReport2021-06-012022-05-3107954483bus:FullAccounts2021-06-012022-05-31xbrli:purexbrli:sharesiso4217:GBP