REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31 March 2023 |
for |
Heritage & Wise Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Non distributable reserves | 11 |
Fair value reserve | 11 | ( |
) |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Unlimited |
Properties | Other |
Limited | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 | 8,849 | 3,771,186 |
Additions | - | 1,003,137 |
Disposals | - | ( |
) | (1,069,722 | ) |
Revaluations | - | ( |
) | (200,102 | ) |
Dividends received | - | 80,942 | 80,942 |
At 31 March 2023 | 8,849 | 3,585,441 |
NET BOOK VALUE |
At 31 March 2023 | 8,849 | 3,585,441 |
At 31 March 2022 | 8,849 | 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 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Deferred tax asset | 24,612 | - |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Amounts owed to participating interests | 317,908 | 317,908 |
Corporation tax |
Social security and other taxes | ( |
) |
VAT | 1,098 | - |
Other creditors |
Directors' current accounts | 100 | 100 |
Accruals and deferred income |
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: | £ | £ |
Ordinary | 1 | 2,052 | 2,052 |
11. | RESERVES |
Non | Fair |
Retained | distributable | value |
earnings | reserves | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | 5,561,701 |
Deficit for the year | ( |
) | ( |
) |
Transfer of reserves | 162,083 | - | (162,083 | ) | - |
At 31 March 2023 | ( |
) | 5,362,055 |