Caseware UK (AP4) 2021.0.152 2021.0.152 2022-04-302022-04-30true42021-05-01false4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06128806 2021-05-01 2022-04-30 06128806 2020-05-01 2021-04-30 06128806 2022-04-30 06128806 2021-04-30 06128806 2020-05-01 06128806 c:Director1 2021-05-01 2022-04-30 06128806 d:LeaseholdInvestmentProperty 2022-04-30 06128806 d:LeaseholdInvestmentProperty 2021-04-30 06128806 d:LeaseholdInvestmentProperty 2 2021-05-01 2022-04-30 06128806 d:CurrentFinancialInstruments 2022-04-30 06128806 d:CurrentFinancialInstruments 2021-04-30 06128806 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 06128806 d:CurrentFinancialInstruments d:WithinOneYear 2021-04-30 06128806 d:ShareCapital 2021-05-01 2022-04-30 06128806 d:ShareCapital 2022-04-30 06128806 d:ShareCapital 2020-05-01 2021-04-30 06128806 d:ShareCapital 2021-04-30 06128806 d:ShareCapital 2020-05-01 06128806 d:RevaluationReserve 2021-05-01 2022-04-30 06128806 d:RevaluationReserve 2022-04-30 06128806 d:RevaluationReserve 2020-05-01 2021-04-30 06128806 d:RevaluationReserve 2021-04-30 06128806 d:RevaluationReserve 2020-05-01 06128806 d:OtherMiscellaneousReserve 2021-05-01 2022-04-30 06128806 d:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 06128806 d:RetainedEarningsAccumulatedLosses 2022-04-30 06128806 d:RetainedEarningsAccumulatedLosses 2020-05-01 2021-04-30 06128806 d:RetainedEarningsAccumulatedLosses 2021-04-30 06128806 d:RetainedEarningsAccumulatedLosses 2020-05-01 06128806 c:OrdinaryShareClass1 2021-05-01 2022-04-30 06128806 c:OrdinaryShareClass1 2022-04-30 06128806 c:OrdinaryShareClass1 2021-04-30 06128806 c:OrdinaryShareClass2 2021-05-01 2022-04-30 06128806 c:OrdinaryShareClass2 2022-04-30 06128806 c:OrdinaryShareClass2 2021-04-30 06128806 c:OrdinaryShareClass3 2021-05-01 2022-04-30 06128806 c:OrdinaryShareClass3 2022-04-30 06128806 c:OrdinaryShareClass3 2021-04-30 06128806 c:FRS102 2021-05-01 2022-04-30 06128806 c:AuditExempt-NoAccountantsReport 2021-05-01 2022-04-30 06128806 c:FullAccounts 2021-05-01 2022-04-30 06128806 c:PrivateLimitedCompanyLtd 2021-05-01 2022-04-30 06128806 2 2021-05-01 2022-04-30 06128806 5 2021-05-01 2022-04-30 06128806 6 2021-05-01 2022-04-30 06128806 d:OtherDeferredTax 2022-04-30 06128806 d:OtherDeferredTax 2021-04-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 06128806









HEREDITAS PROPERTIES LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2022

 
HEREDITAS PROPERTIES LIMITED
REGISTERED NUMBER: 06128806

BALANCE SHEET
AS AT 30 APRIL 2022

As restated
2022
2021
Note
£
£

Fixed assets
  

Investment property
 6 
6,000,000
5,500,000

  
6,000,000
5,500,000

Current assets
  

Debtors: amounts falling due within one year
 7 
7,631
12,467

Current asset investments
 8 
165,921
163,284

Cash at bank and in hand
 9 
214,487
171,708

  
388,039
347,459

Creditors: amounts falling due within one year
 10 
(77,886)
(69,096)

Net current assets
  
 
 
310,153
 
 
278,363

Total assets less current liabilities
  
6,310,153
5,778,363

Provisions for liabilities
  

Deferred tax
 11 
(496,345)
(286,854)

  
 
 
(496,345)
 
 
(286,854)

Net assets
  
5,813,808
5,491,509


Capital and reserves
  

Called up share capital 
 12 
202
202

Other reserve
 13 
2,570,756
2,305,370

Profit and loss account
 13 
3,242,850
3,185,937

  
5,813,808
5,491,509


Page 1

 
HEREDITAS PROPERTIES LIMITED
REGISTERED NUMBER: 06128806

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2022

The directors consider 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 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 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 profit and loss account 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: 

T. C. Oxenham
Director

Date: 9 September 2022

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
HEREDITAS PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022


Called up share capital
Other reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2021
202
2,305,370
3,185,937
5,491,509


Comprehensive income for the year

Profit for the year

-
-
442,299
442,299


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
442,299
442,299

Dividends: Equity capital
-
-
(120,000)
(120,000)

Transfer to/from profit and loss account
-
265,386
(265,386)
-


Total transactions with owners
-
265,386
(385,386)
(120,000)


At 30 April 2022
202
2,570,756
3,242,850
5,813,808


The notes on pages 4 to 10 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2021


Called up share capital
Other reserve
Profit and loss account
Total equity

£
£
£
£

As Restated
At 1 May 2020
202
2,141,307
3,227,926
5,369,435


Comprehensive income for the year

Profit for the year

-
-
242,074
242,074


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
242,074
242,074

Dividends: Equity capital
-
-
(120,000)
(120,000)

Transfer to/from profit and loss account
-
164,063
(164,063)
-


Total transactions with owners
-
164,063
(284,063)
(120,000)


As Restated 
At 30 April 2021
202
2,305,370
3,185,937
5,491,509


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
HEREDITAS PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

1.


General information

The company is a private company limited by shares, incorporated in England and Wales, within the United Kingdom. The registered number for the company is 06128806 and the address of the registered office is The Forge, The Green, Sarratt, Rickmansworth, Hertfordshire, WD3 6AT. The company is not part of a group.

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

Going concern

The company has been affected by restrictions imposed by the UK Government in response to the COVID-19 pandemic. Although the company did suffer from reduced income in 2021, this has been in some way recovered during 2022.  The company did not have to furlough any employees, defer tax payments or borrow any loans during the pandemic.
The directors consider that the resources available to the company will be sufficient for it to be able to continue as a going concern during the restrictions and once the restrictions are lifted. However, there is a high level of uncertainty about how long the restrictions will last and the level of demand once the restrictions have ended which could affect this assessment. The financial statements do not contain any adjustments that would be required if the company were not able to continue as a going concern.

 
2.3

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.

Page 4

 
HEREDITAS PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

2.Accounting policies (continued)

 
2.4

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing
Page 5

 
HEREDITAS PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

2.Accounting policies (continued)


2.9
Financial instruments (continued)

transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

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.

 
2.12

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.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 6

 
HEREDITAS PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2021 - 4).


4.


Factors affecting future tax charges

A permanent difference in deferred tax has arisen by virtue of the deferred tax provision being calculated on the market value in which the investment properties entered the financial statements as opposed to the original tax base cost.  If deferred tax was recognised on the original tax base cost, the closing provision would have amounted to £1,015,544 (2021: £676,814).


5.


Dividends

2022
2021
£
£


Dividends paid
120,000
120,000

120,000
120,000

Page 7

 
HEREDITAS PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

6.


Investment property


Investment property

£



Valuation


At 1 May 2021
5,500,000


Surplus on revaluation
500,000



At 30 April 2022
6,000,000

The 2022 valuations were made by the directors, on an open market value for existing use basis.





7.


Debtors

2022
2021
£
£


Other debtors
6,316
6,083

Prepayments and accrued income
1,315
6,384

7,631
12,467



8.


Current asset investments

2022
2021
£
£

Listed investments
165,921
163,284

165,921
163,284



9.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
214,487
171,708

214,487
171,708


Page 8

 
HEREDITAS PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

10.


Creditors: Amounts falling due within one year

2022
2021
£
£

Corporation tax
36,942
20,062

Other creditors
29,802
29,741

Accruals and deferred income
11,142
19,293

77,886
69,096



11.


Deferred taxation




2022


£






At beginning of year
(286,854)


Charged to profit or loss
(209,491)



At end of year
(496,345)

The provision for deferred taxation is made up as follows:

As restated
2022
2021
£
£


Revaluation of assets
(496,345)
(286,854)

(496,345)
(286,854)

Page 9

 
HEREDITAS PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

12.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



83,104 (2021 - 83,100) Ordinary A shares of £0.001 each
83
83
16,896 (2021 - 16,900) Ordinary  B shares of £0.001 each
17
17
100,002 (2021 - 102,000) Ordinary C shares of £0.001 each
102
102

202

202



13.


Reserves

Other reserves

Other reserves represent non distributable profit arising from unrealised gain from fair value adjustment for  investment properties and investment in shares.

Profit and loss account

The profit and loss account represents cumulative distributable profit and losses net of dividends and other adjustments.


14.


Prior year adjustment

The following adjustments have been made in respect of the prior period:
Opening profit and loss reserves were overstated by £2,177,921, opening deferred tax liabilities were understated by £403,994 and opening other reserves were understated by £1,773,927.  This was due to an error in principle.
The deferred tax charge was understated by £47,529 and the deferred tax liability was understated by £47,529.  This was due to an error in principle.
The transfer from the profit and loss reserve to other reserves was overstated by £64,021.  This was due to an error in principle.
The restatements arose due to an error in the calculation of deferred tax arising from the incorrect application of the tax base cost of the investment properties held by the company.


15.


Related party transactions

During the year the company paid dividends of £120,000 (2021 - £120,000) to directors and connected parties.
Other creditors include an amount owed of £276 due (2021 - £70) to the directors.


Page 10