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Registration number: 11229373

Herons (Investments) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Herons (Investments) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Herons (Investments) Ltd

Company Information

Director

Mr K T Lake

Registered office

8a Carlton Crescent
Southampton
Hampshire
SO15 2EZ

Accountants

Lines & Company Ltd
8 Highfield Road
West Moors
Ferndown
Dorset
BH22 0NA

 

Herons (Investments) Ltd

(Registration number: 11229373)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

250,000

-

Investments

5

1,968,501

-

 

2,218,501

-

Current assets

 

Stocks

6

1,202,240

1,201,340

Debtors

7

389,347

919,581

Cash at bank and in hand

 

806,557

42,507

 

2,398,144

2,163,428

Creditors: Amounts falling due within one year

8

(1,581,481)

(1,491,371)

Net current assets

 

816,663

672,057

Net assets

 

3,035,164

672,057

Capital and reserves

 

Called up share capital

9

200

100

Share premium reserve

1,968,401

-

Retained earnings

1,066,563

671,957

Shareholders' funds

 

3,035,164

672,057

 

Herons (Investments) Ltd

(Registration number: 11229373)
Balance Sheet as at 28 February 2023

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 November 2023
 


Mr K T Lake
Director

 

Herons (Investments) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8a Carlton Crescent
Southampton
Hampshire
SO15 2EZ
England

These financial statements were authorised for issue by the director on 27 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

The company has taken advantage of the exemption to not disclose transactions with wholly owned group members (FRS102 1AC.35)..

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown inclusive of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Tax

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

 

Herons (Investments) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Herons (Investments) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

 Recognition and measurement
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument, and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Trade and other debtors (including accrued income) which are receivable within one year are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

Trade and other creditors (including accruals) payable within one year are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

 

 

Herons (Investments) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

Additions

250,000

250,000

At 28 February 2023

250,000

250,000

Depreciation

Carrying amount

At 28 February 2023

250,000

250,000

Included within the net book value of land and buildings above is £250,000 (2022 - £Nil) in respect of long leasehold land and buildings.
 

 

Herons (Investments) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

1,968,501

-

Subsidiaries

£

Cost or valuation

Revaluation

(2,505,658)

Additions

4,474,159

At 28 February 2023

1,968,501

Provision

Carrying amount

At 28 February 2023

1,968,501

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Orchard Homes & Developments Limited

8a Carlton Crescent, Southampton, SO15 2EZ

England

Ordinary

100%

0%

Subsidiary undertakings

Orchard Homes & Developments Limited

The principal activity of Orchard Homes & Developments Limited is property development. Its financial period end is 30 April.

 

Herons (Investments) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Stocks

2023
£

2022
£

Work in progress

1,202,240

1,201,340

7

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

10

389,347

874,112

Other debtors

 

-

45,469

 

389,347

919,581

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

3,000

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

250,000

-

Taxation and social security

 

-

5,255

Accruals and deferred income

 

2,160

1,440

Other creditors

 

1,326,321

1,484,676

 

1,581,481

1,491,371

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

200

200

100

100

         
 

Herons (Investments) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

10

Related party transactions

Key management personnel

At the balance sheet date, a member of key management personnel was owed £1,326,321 (2022: £1,484,676) by the company. This amount is included within creditors falling due within one year.

No interest was paid on this loan during the year and there are no fixed terms for repayment.

Summary of transactions with associates

At the balance sheet date, loans amounting to £300,510 (2022: £874,112) were owed to the company. These amounts are included within debtors falling due within one year.
 
No interest was paid on these loans during the year and there are no fixed terms for repayment.