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REGISTERED NUMBER: 03034142 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 March 2023

for

The Hearsum Family Limited

The Hearsum Family Limited (Registered number: 03034142)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

The Hearsum Family Limited

Company Information
for the year ended 31 March 2023







DIRECTORS: Mrs J T Hearsum
Miss L J Hearsum
S.J Price





REGISTERED OFFICE: Pembroke Lodge
Richmond Park
Richmond
Surrey
TW10 5HX





REGISTERED NUMBER: 03034142 (England and Wales)





ACCOUNTANTS: Mapperson Price, Chartered Accountants
Old Gun Court
North Street
Dorking
Surrey
RH4 1DE

The Hearsum Family Limited (Registered number: 03034142)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,393,251 1,664,519

CURRENT ASSETS
Stocks 34,866 20,575
Debtors 5 464,663 458,367
Cash at bank and in hand 934,120 617,780
1,433,649 1,096,722
CREDITORS
Amounts falling due within one year 6 1,931,823 1,725,878
NET CURRENT LIABILITIES (498,174 ) (629,156 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

895,077

1,035,363

CREDITORS
Amounts falling due after more than one year 7 (228,554 ) (336,489 )

PROVISIONS FOR LIABILITIES (26,280 ) (13,654 )
NET ASSETS 640,243 685,220

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 10 19,990 19,990
Revaluation reserve 10 407,843 407,843
Capital redemption reserve 10 10 10
Retained earnings 10 212,300 257,277
SHAREHOLDERS' FUNDS 640,243 685,220

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

The Hearsum Family Limited (Registered number: 03034142)

Balance Sheet - continued
31 March 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 by the Board of Directors and authorised for issue on 21 November 2023 and were signed on its behalf by:




S.J Price - Director



Mrs J T Hearsum - Director


The Hearsum Family Limited (Registered number: 03034142)

Notes to the Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

The Hearsum Family Limited 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

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.
Land and buildings - 10% on cost
Plant and machinery etc - 25% on cost, 15% on cost and straight line over 3 years

The leasehold property is valued annually and no depreciation or amortisation is provided. The directors consider that this accounting policy results in the accounts giving a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The Hearsum Family Limited (Registered number: 03034142)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 57 (2022 - 48 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 2,104,972 528,107 2,633,079
Additions - 50,454 50,454
Disposals (83,035 ) (54,363 ) (137,398 )
At 31 March 2023 2,021,937 524,198 2,546,135
DEPRECIATION
At 1 April 2022 481,422 487,138 968,560
Charge for year 210,496 28,191 238,687
Eliminated on disposal - (54,363 ) (54,363 )
At 31 March 2023 691,918 460,966 1,152,884
NET BOOK VALUE
At 31 March 2023 1,330,019 63,232 1,393,251
At 31 March 2022 1,623,550 40,969 1,664,519

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 21,570 7,649
Amounts owed by group undertakings 400,000 407,435
Other debtors 43,093 43,283
464,663 458,367

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 95,156 118,587
Trade creditors 151,001 110,944
Amounts owed to group undertakings 68,038 -
Taxation and social security 181,124 175,607
Other creditors 1,436,504 1,320,740
1,931,823 1,725,878

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 110,670 142,416
Other creditors 117,884 194,073
228,554 336,489

The Hearsum Family Limited (Registered number: 03034142)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
£    £   
Within one year 95,584 98,034
Between one and five years 249,865 345,939
345,449 443,973

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 205,826 261,003

The loan is secured by a fixed and floating charge on the company's assets supported by a personal guarantee from Mrs J.T Hearsum, a director of the company.

10. RESERVES
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 April 2022 257,277 19,990 407,843 10 685,120
Profit for the year 112,523 112,523
Dividends (157,500 ) (157,500 )
At 31 March 2023 212,300 19,990 407,843 10 640,143

11. RELATED PARTY DISCLOSURES

Mrs J.T Hearsum and Mr S.J Price are directors of The Hearsum Family Limited. Both are Trustees of The Hearsum Collection Limited, a registered charity that is supported by the company. During the year the company provided facilities and staff resources for the charity.

12. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Soane Restorations Limited, a company incorporated in England & Wales, which is jointly owned by the three directors. There is no single controlling party.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
The Hearsum Family Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Hearsum Family Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of The Hearsum Family Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Hearsum Family Limited and state those matters that we have agreed to state to the Board of Directors of The Hearsum Family Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Hearsum Family Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Hearsum Family Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Hearsum Family Limited. You consider that The Hearsum Family Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Hearsum Family Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Mapperson Price, Chartered Accountants
Old Gun Court
North Street
Dorking
Surrey
RH4 1DE


21 November 2023