Registered number
11787799
Heritage Property Options Limited
Unaudited Filleted Accounts
31 January 2023
Heritage Property Options Limited
Registered number: 11787799
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 241,000 96,000
Current assets
Debtors 4 332 13,980
Cash at bank and in hand 18,517 9,571
18,849 23,551
Creditors: amounts falling due within one year 5 (142,899) (77,205)
Net current liabilities (124,050) (53,654)
Total assets less current liabilities 116,950 42,346
Creditors: amounts falling due after more than one year 6 (126,641) (76,641)
Net liabilities (9,691) (34,295)
Capital and reserves
Called up share capital 3 3
Profit and loss account (9,694) (34,298)
Shareholders' funds (9,691) (34,295)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Bishop
Director
Approved by the board on 23 October 2023
Heritage Property Options Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2022 96,000
Additions 93,224
Surplus on revaluation 51,776
At 31 January 2023 241,000
Depreciation
At 31 January 2023 -
Net book value
At 31 January 2023 241,000
At 31 January 2022 96,000
Freehold land and buildings: 2023 2022
£ £
Historical cost 168,838 75,614
Cumulative depreciation based on historical cost - -
168,838 75,614
4 Debtors 2023 2022
£ £
Other debtors 332 13,980
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 58,500 -
Other creditors 84,399 77,205
142,899 77,205
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 126,641 76,641
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 185,141 76,641
The bank loans are secured on the land and buildings owned by the company.
8 Other information
Heritage Property Options Limited is a private company limited by shares and incorporated in England. Its registered office is:
14 Laverstoke Close
Fleet
Hampshire
GU51 1HD
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