IRIS Accounts Production v23.3.0.418 09438351 Board of Directors 1.3.22 28.2.23 28.2.23 0 0 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh094383512022-02-28094383512023-02-28094383512022-03-012023-02-28094383512021-02-28094383512021-03-012022-02-28094383512022-02-2809438351ns10:Originalns15:EnglandWales2022-03-012023-02-2809438351ns14:PoundSterlingns10:Original2022-03-012023-02-2809438351ns10:Originalns10:Director12022-03-012023-02-2809438351ns10:Original2022-03-012023-02-2809438351ns10:Original2023-02-2809438351ns10:Originalns10:PrivateLimitedCompanyLtd2022-03-012023-02-2809438351ns10:Originalns10:SmallEntities2022-03-012023-02-2809438351ns10:Originalns10:AuditExempt-NoAccountantsReport2022-03-012023-02-2809438351ns10:SmallCompaniesRegimeForAccountsns10:Original2022-03-012023-02-2809438351ns10:Originalns10:FullAccounts2022-03-012023-02-2809438351ns10:Original2021-03-012022-02-2809438351ns10:Originalns10:OrdinaryShareClass12022-03-012023-02-2809438351ns10:Originalns10:Director22022-03-012023-02-2809438351ns10:Originalns10:RegisteredOffice2022-03-012023-02-2809438351ns10:Original2022-02-2809438351ns10:Originalns5:CurrentFinancialInstruments2023-02-2809438351ns10:Originalns5:CurrentFinancialInstruments2022-02-2809438351ns10:Originalns5:Non-currentFinancialInstruments2023-02-2809438351ns10:Originalns5:Non-currentFinancialInstruments2022-02-2809438351ns5:ShareCapitalns10:Original2023-02-2809438351ns5:ShareCapitalns10:Original2022-02-2809438351ns10:Originalns5:RevaluationReserve2023-02-2809438351ns10:Originalns5:RevaluationReserve2022-02-2809438351ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-02-2809438351ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-02-2809438351ns10:Originalns5:FurnitureFittings2022-03-012023-02-2809438351ns10:Originalns5:FurnitureFittings2022-02-2809438351ns10:Originalns5:FurnitureFittings2023-02-2809438351ns10:Originalns5:FurnitureFittings2022-02-2809438351ns10:Original2022-02-2809438351ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2809438351ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-02-2809438351ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-02-2809438351ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-02-2809438351ns10:Originalns5:Non-currentFinancialInstruments2022-03-012023-02-2809438351ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-02-2809438351ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-02-2809438351ns5:Securedns10:Original2023-02-2809438351ns5:Securedns10:Original2022-02-2809438351ns10:Originalns10:OrdinaryShareClass12023-02-2809438351ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-02-2809438351ns10:Originalns5:RevaluationReserve2022-02-2809438351ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-012023-02-28
REGISTERED NUMBER: 09438351 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

HERWOOD LTD

HERWOOD LTD (REGISTERED NUMBER: 09438351)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


HERWOOD LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: M Rothbart
Mrs S Herzog





REGISTERED OFFICE: Unit 4
70-72 Markfield Road
South Tottenham
London
N15 4QF





REGISTERED NUMBER: 09438351 (England and Wales)





ACCOUNTANTS: Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

HERWOOD LTD (REGISTERED NUMBER: 09438351)

STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023

28.2.23 28.2.22
Notes £    £   
FIXED ASSETS
Tangible assets 5 1,193 1,404
Investment property 6 601,626 600,666
602,819 602,070

CURRENT ASSETS
Debtors 7 102,550 71,450
Cash at bank 6,117 8,029
108,667 79,479
CREDITORS
Amounts falling due within one year 8 (65,625 ) (34,432 )
NET CURRENT ASSETS 43,042 45,047
TOTAL ASSETS LESS CURRENT
LIABILITIES

645,861

647,117

CREDITORS
Amounts falling due after more than one
year

9

(274,082

)

(274,888

)
NET ASSETS 371,779 372,229

CAPITAL AND RESERVES
Called up share capital 12 1 1
Revaluation reserve 13 304,286 304,286
Retained earnings 13 67,492 67,942
SHAREHOLDERS' FUNDS 371,779 372,229

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

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.

HERWOOD LTD (REGISTERED NUMBER: 09438351)

STATEMENT OF FINANCIAL POSITION - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 16 November 2023 and were signed on its behalf by:





M Rothbart - Director


HERWOOD LTD (REGISTERED NUMBER: 09438351)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

HERWOOD LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

HERWOOD LTD (REGISTERED NUMBER: 09438351)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 March 2022
and 28 February 2023 3,543
DEPRECIATION
At 1 March 2022 2,139
Charge for year 211
At 28 February 2023 2,350
NET BOOK VALUE
At 28 February 2023 1,193
At 28 February 2022 1,404

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 600,666
Additions 960
At 28 February 2023 601,626
NET BOOK VALUE
At 28 February 2023 601,626
At 28 February 2022 600,666

The fair value of investment property was assessed to be unchanged by the director. The fair value was determined using open market valuation method. The director does not have a formal qualification but considerable experience in property market to ascertain the fair value with sufficient level of confidence.

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2017 86,486
Valuation in 2018 217,800
Cost 297,340
601,626

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Other debtors 102,550 71,450

HERWOOD LTD (REGISTERED NUMBER: 09438351)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Taxation and social security - 407
Other creditors 65,625 34,025
65,625 34,432

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans (see note 10) 267,771 267,771
Other creditors 6,311 7,117
274,082 274,888

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 267,771 267,771

Repayable by instalments
Other loans more 5yrs instal - 7,117

Other creditors include Bounceback Loan of £6,311 [2022 - £7,117]. The loan is unsecured, interest free for the first year, then capped at 2.5% and guaranteed by HM Government.

10. LOANS

An analysis of the maturity of loans is given below:

28.2.23 28.2.22
£    £   
Amounts falling due between two and five years:
Other loans - 2-5 years 6,311 -

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 267,771 267,771

Repayable by instalments
Other loans more 5yrs instal - 7,117

HERWOOD LTD (REGISTERED NUMBER: 09438351)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

11. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Bank loans 267,771 267,771

Bank loan is secured by first charge over the investment properties of the company.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
1 Ordinary £1 1 1

13. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 March 2022 67,942 304,286 372,228
Deficit for the year (450 ) (450 )
At 28 February 2023 67,492 304,286 371,778

14. ULTIMATE CONTROLLING PARTY

The controlling party is Suzanne Herzog.