Company registration number 04378132 (England and Wales)
HEASON KELLY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
HEASON KELLY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HEASON KELLY LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
54
64
Investment property
4
150,000
150,000
150,054
150,064
Current assets
Debtors
5
110
94
Cash at bank and in hand
25,418
21,956
25,528
22,050
Creditors: amounts falling due within one year
6
(110,319)
(110,557)
Net current liabilities
(84,791)
(88,507)
Net assets
65,263
61,557
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
8
44,809
44,809
Profit and loss reserves
20,354
16,648
Total equity
65,263
61,557

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 8 November 2023 and are signed on its behalf by:
Mrs H E Kelly
Director
Company registration number 04378132 (England and Wales)
HEASON KELLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information

Heason Kelly Limited is a private company limited by shares incorporated in England and Wales. The registered office is Audmond House, County Brook Lane, Foulridge, Colne, Lancashire, BB8 7LS.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern
The company is reliant upon the support of its directors in order to meet its liabilities as they fall due. The directors have indicated that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statements.true
1.3
Turnover
Turnover represents amounts receivable for rent.
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.

Tangible fixed assets include investment properties valued by the directors on an existing use open market value basis.  Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
15% and 25% reducing balance

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
Investment properties

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, they are measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

HEASON KELLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and any deferred tax.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 and 28 February 2023
1,674
Depreciation and impairment
At 1 March 2022
1,610
Depreciation charged in the year
10
At 28 February 2023
1,620
Carrying amount
At 28 February 2023
54
At 28 February 2022
64
4
Investment property
2023
£
Fair value
At 1 March 2022 and 28 February 2023
150,000

The directors have valued the investment property at its approximate open market value as at the balance sheet date. The historic cost of the property is £105,191.

HEASON KELLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
110
94
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
872
588
Other creditors
109,447
109,969
110,319
110,557

Other creditors comprise directors' loans (see note 10) £108,708 (2022: £108,708) and accruals £739 (2022: £1,261).

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
44,809
44,809
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