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REGISTERED NUMBER: 00684596 (England and Wales)










Unaudited Financial Statements

For The Year Ended 31 March 2023

for

Heritage & Wise Limited

Heritage & Wise Limited (Registered number: 00684596)






Contents of the Financial Statements
For The Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Heritage & Wise Limited

Company Information
For The Year Ended 31 March 2023







DIRECTORS: D Heritage
Mrs J G Heritage
M J Davies





SECRETARY: Mrs J G Heritage





REGISTERED OFFICE: Westminster House
St Oswalds Road
Gloucester
Gloucestershire
GL1 2SG





REGISTERED NUMBER: 00684596 (England and Wales)





ACCOUNTANTS: Kingscott Dix Limited
Chartered Accountants
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

Heritage & Wise Limited (Registered number: 00684596)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,166,461 1,181,135
Investments 5 3,585,441 3,771,186
Investment property 6 360,000 360,000
5,111,902 5,312,321

CURRENT ASSETS
Stocks 7 156,238 144,009
Debtors 8 33,802 26,192
Cash at bank and in hand 401,342 471,112
591,382 641,313
CREDITORS
Amounts falling due within one year 9 339,177 359,177
NET CURRENT ASSETS 252,205 282,136
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,364,107

5,594,457

PROVISIONS FOR LIABILITIES - 30,704
NET ASSETS 5,364,107 5,563,753

CAPITAL AND RESERVES
Called up share capital 10 2,052 2,052
Non distributable reserves 11 158,022 158,022
Fair value reserve 11 (31,203 ) 130,880
Retained earnings 11 5,235,236 5,272,799
SHAREHOLDERS' FUNDS 5,364,107 5,563,753

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Heritage & Wise Limited (Registered number: 00684596)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:




D Heritage - Director



Mrs J G Heritage - Director


Heritage & Wise Limited (Registered number: 00684596)

Notes to the Financial Statements
For The Year Ended 31 March 2023

1. STATUTORY INFORMATION

Heritage & Wise Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold Property- 1% per annum on cost
Fixtures and fittings- 15% per annum on cost
Motor vehicles- 25% per annum on cost

Investment property
Investment properties are properties, either owned or leased by the Company, that are held either to earn rental income or for capital appreciation, or both. Investment properties are measured initially at cost including related transaction costs, and subsequently at fair value. Fair value is based on market value, as determined by a professional independent valuer at each reporting date. The difference between the fair value of an investment property at the reporting date and its carrying amount prior to re-measurement is included in the income statement as a valuation surplus or deficit. Investment properties are presented on the balance sheet within non-current assets.

Stocks
Stocks are stated at the lower of cost and estimated selling price. Cost comprises direct purchase cost together with those overheads that have been incurred in bringing the stocks to present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Heritage & Wise Limited (Registered number: 00684596)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and loans from related companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

Heritage & Wise Limited (Registered number: 00684596)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022
and 31 March 2023 1,467,323 148,377 59,460 1,675,160
DEPRECIATION
At 1 April 2022 286,188 148,377 59,460 494,025
Charge for year 14,674 - - 14,674
At 31 March 2023 300,862 148,377 59,460 508,699
NET BOOK VALUE
At 31 March 2023 1,166,461 - - 1,166,461
At 31 March 2022 1,181,135 - - 1,181,135

5. FIXED ASSET INVESTMENTS
Unlimited
Properties Other
Limited investments Totals
£    £    £   
COST OR VALUATION
At 1 April 2022 8,849 3,762,337 3,771,186
Additions - 1,003,137 1,003,137
Disposals - (1,069,722 ) (1,069,722 )
Revaluations - (200,102 ) (200,102 )
Dividends received - 80,942 80,942
At 31 March 2023 8,849 3,576,592 3,585,441
NET BOOK VALUE
At 31 March 2023 8,849 3,576,592 3,585,441
At 31 March 2022 8,849 3,762,337 3,771,186

Cost or valuation at 31 March 2023 is represented by:

Unlimited
Properties Other
Limited investments Totals
£    £    £   
Valuation in 2022 - (76,099 ) (76,099 )
Cost 8,849 3,652,691 3,661,540
8,849 3,576,592 3,585,441

The unlisted investment is an investment portfolio held with HSBC Plc.

Heritage & Wise Limited (Registered number: 00684596)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 360,000
NET BOOK VALUE
At 31 March 2023 360,000
At 31 March 2022 360,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2006 228,022
Valuation in 2007 270,000
Valuation in 2010 (340,000 )
Cost 201,978
360,000

The properties are considered by the Directors to be value at fair market value.

7. STOCKS
31.3.23 31.3.22
£    £   
Stocks 156,238 144,009

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 8,858 11,445
Other debtors 332 332
VAT - 14,415
Deferred tax asset 24,612 -
33,802 26,192

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 10,885 18,547
Amounts owed to participating interests 317,908 317,908
Corporation tax 777 -
Social security and other taxes (1,685 ) 1,146
VAT 1,098 -
Other creditors 451 346
Directors' current accounts 100 100
Accruals and deferred income 9,643 21,130
339,177 359,177

Heritage & Wise Limited (Registered number: 00684596)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
2,052 Ordinary 1 2,052 2,052

11. RESERVES
Non Fair
Retained distributable value
earnings reserves reserve Totals
£    £    £    £   

At 1 April 2022 5,272,799 158,022 130,880 5,561,701
Deficit for the year (199,646 ) (199,646 )
Transfer of reserves 162,083 - (162,083 ) -
At 31 March 2023 5,235,236 158,022 (31,203 ) 5,362,055