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Company No: 00837787 (England and Wales)

W.A.HEATH & SON LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

W.A.HEATH & SON LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

W.A.HEATH & SON LIMITED

BALANCE SHEET

As at 30 June 2023
W.A.HEATH & SON LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 573,785 574,106
573,785 574,106
Current assets
Debtors 4 2,366 1,830
Cash at bank and in hand 56,400 49,843
58,766 51,673
Creditors: amounts falling due within one year 5 ( 9,175) ( 8,145)
Net current assets 49,591 43,528
Total assets less current liabilities 623,376 617,634
Provision for liabilities ( 59,114) ( 59,175)
Net assets 564,262 558,459
Capital and reserves
Called-up share capital 6 5,000 5,000
Share premium account 6,000 6,000
Revaluation reserve 361,869 361,869
Profit and loss account 191,393 185,590
Total shareholder's funds 564,262 558,459

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of W.A.Heath & Son Limited (registered number: 00837787) were approved and authorised for issue by the Director on 28 September 2023. They were signed on its behalf by:

Mrs J A Heath
Director
W.A.HEATH & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
W.A.HEATH & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

W.A.Heath & Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lynnowglaze, Mill Road Bolingey, Perranporth, TR6 0PE, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the rental of a shop and holiday accommodation in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Investment property not depreciated
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Investment property Fixtures and fittings Total
£ £ £
Cost
At 01 July 2022 572,500 19,259 591,759
At 30 June 2023 572,500 19,259 591,759
Accumulated depreciation
At 01 July 2022 0 17,653 17,653
Charge for the financial year 0 321 321
At 30 June 2023 0 17,974 17,974
Net book value
At 30 June 2023 572,500 1,285 573,785
At 30 June 2022 572,500 1,606 574,106

Revaluation of tangible assets

The fair value of the company's investment properties was revalued on 19 June 2015 by an independent valuer. The name of the independent valuer was Camel Commercial Estate Agents and valuers.

The directors consider the value unchanged.

4. Debtors

2023 2022
£ £
Trade debtors 1,932 1,396
Prepayments 434 434
2,366 1,830

5. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to directors 8 8
Accruals 1,419 1,321
Taxation and social security 7,748 6,816
9,175 8,145

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
5,000 Ordinary shares of £ 1.00 each 5,000 5,000