HERITAGE PROJECTS (YORK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
HERITAGE PROJECTS (YORK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HERITAGE PROJECTS (YORK) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
302,362
354,707
Current assets
Stocks
29,355
24,826
Debtors
4
64,820
69,451
Cash at bank and in hand
516,150
336,534
610,325
430,811
Creditors: amounts falling due within one year
5
(1,952,951)
(1,870,553)
Net current liabilities
(1,342,626)
(1,439,742)
Net liabilities
(1,040,264)
(1,085,035)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(1,040,265)
(1,085,036)
Total equity
(1,040,264)
(1,085,035)
The notes on pages 2 - 6 form an integral part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 October 2023 and are signed on its behalf by:
A M Pawson
Director
Company Registration No. 07618476
HERITAGE PROJECTS (YORK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
1
Accounting policies
Company information
Heritage Projects (York) Limited is a private company limited by shares incorporated in England and Wales. The registered office is St. Edmunds House, Margaret Street, York, YO10 4UX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company reported a profit for the year ended 31 January 2023 but at that date the company's liabilities exceeded its assets.true
The company participates in the group's banking arrangements and thereby shares such facilities with its parent company and fellow subsidiaries. Accordingly the company meets its working capital requirements through the group facilities.
The directors have prepared forecasts for the period to 31 January 2025. If the forecast revenue levels are achieved, the forecasts demonstrate that the company would be able to continue to operate within the group facilities.
On this basis the directors have concluded it is appropriate to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for visitor admissions, cafe and retail sales net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from visitors to the attraction is recognised by reference to the date of admission.
1.4
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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
over 4 to 10 years
Fixtures, fittings & equipment
over 1 to 5 years
Computer equipment
over 3 to 5 years
HERITAGE PROJECTS (YORK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises the purchase price of stock items.
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 sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
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.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
Derecognition of financial assets
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HERITAGE PROJECTS (YORK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to the Coronavirus Job Retention Scheme are recognised as other income in the period to which the employee costs are recognised for the relevant furlough period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
32
25
HERITAGE PROJECTS (YORK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 February 2022
411,943
1,418,029
45,047
1,875,019
Additions
12,393
391
12,784
At 31 January 2023
411,943
1,430,422
45,438
1,887,803
Depreciation and impairment
At 1 February 2022
203,661
1,272,950
43,701
1,520,312
Depreciation charged in the year
20,470
43,270
1,389
65,129
At 31 January 2023
224,131
1,316,220
45,090
1,585,441
Carrying amount
At 31 January 2023
187,812
114,202
348
302,362
At 31 January 2022
208,282
145,079
1,346
354,707
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,152
5,871
Other debtors
2,398
Prepayments and accrued income
58,270
63,580
64,820
69,451
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
48,000
31,182
Amounts due to group undertakings
1,790,138
1,761,744
Corporation tax
10,464
Other taxation and social security
31,855
19,669
Other creditors
1,763
1,661
Accruals and deferred income
70,731
56,297
1,952,951
1,870,553
HERITAGE PROJECTS (YORK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mark Holmes BA FCA
Statutory Auditor:
Ashworth Moulds
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under operating leases, which fall due as follows:
2023
2022
£
£
Within one year
195,765
196,445
Between two and five years
482,295
643,060
678,060
839,505
9
Financial commitments, guarantees and contingent liabilities
The company has provided a guarantee against the group bank borrowings, supported by debentures over the company's assets comprising fixed and floating charges. The guarantee is limited to £3,088,125 (2022: £1,741,250).
10
Parent company
The company's immediate parent undertaking is The Continuum Group Limited, a company registered in England and Wales, with its registered office address in the UK, and which is the parent of the smallest group in which the company is a member. These financial statements form part of the group financial statements of The Continuum Group Limited, copies of which are available from Companies House.