Registered number
09908157
Hermitage Holdings (Wilmslow) Ltd
Unaudited Filleted Accounts
31 March 2023
Hermitage Holdings (Wilmslow) Ltd
Registered number: 09908157
Balance Sheet
As at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 7,128,458 7,060,852
Investments 4 16,148,534 17,051,333
23,276,992 24,112,185
Current assets
Debtors 5 4,192,190 4,799,773
Cash at bank and in hand 1,740,506 6,405,899
5,932,696 11,205,672
Creditors: amounts falling due within one year 6 (1,195,328) (7,995,918)
Net current assets 4,737,368 3,209,754
Total assets less current liabilities 28,014,360 27,321,939
Creditors: amounts falling due after more than one year 7 (183,333) (283,333)
Net assets 27,831,027 27,038,606
Capital and reserves
Called up share capital 1,537 1,537
Profit and loss account 27,829,490 27,037,069
Shareholders' funds 27,831,027 27,038,606
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P H Hogarth
Director
Approved by the board on 27 November 2023
Hermitage Holdings (Wilmslow) Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 6
3 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 6,950,007 195,743 38,379 7,184,129
Additions 95,910 13,647 - 109,557
At 31 March 2023 7,045,917 209,390 38,379 7,293,686
Depreciation
At 1 April 2022 - 84,972 38,305 123,277
Charge for the year - 41,877 74 41,951
At 31 March 2023 - 126,849 38,379 165,228
Net book value
At 31 March 2023 7,045,917 82,541 - 7,128,458
At 31 March 2022 6,950,007 110,771 74 7,060,852
4 Investments
Other
Investments
£
Cost
At 1 April 2022 17,051,333
Additions 97,955
Disposals (1,000,754)
At 31 March 2023 16,148,534
Historical cost
At 1 April 2022 17,051,333
At 31 March 2023 16,148,534
Other investments includes listed and unlisted investments. The listed investments are included in these accounts at their market (fair) value on 31 March 2023. The fair value of the investment property and the unlisted investments are assessed at the end of every accounting period. The director considers that these values have not changed significantly since purchase.
5 Debtors 2023 2022
£ £
Trade debtors - 4,167
Taxation and social security costs 2,445 765
Other debtors 4,189,745 4,794,841
4,192,190 4,799,773
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 100,000 100,000
Trade creditors 6,600 23,390
Taxation and social security costs 439 1,565
Other creditors 1,088,289 7,870,963
1,195,328 7,995,918
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 183,333 283,333
8 Related party transactions
The company is owed £900 (2022 - £900) by Hermitage (No.1) Ltd and £6,731 (2022 - £2,609) by Somerford Booths Hall LLP, both under common control. These amounts are interest-free and repayable on demand and are included in other debtors in these accounts.
The company owes £240,571 (2022 - £240,571) to Rascasse Investments (PFS) Ltd; £1,093,595 (2022 - £1,784,933) to Hermitage Holdings (2018) Ltd and £154,159 (2022 - £188,000) to Withington Investments Ltd, all of which are under common control. All loans are interest-free and repayable on demand and are included in other creditors due within one year in these accounts.
The company owes P H Hogarth, a shareholder and director, £380,237 (2022 - £4,735,713) at the balance sheet date. This loan is interest-free and repayable on demand. It is included in other creditors due within one year in these accounts.
9 Controlling party
The company is controlled by P H Hogarth and his wife, J A Hogarth, both directors.
10 Other information
Hermitage Holdings (Wilmslow) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Paradigm House
Brooke Court
Lower Meadow Road
Wilmslow
SK9 3ND
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