Company Registration No. 10260397 (England and Wales)
Heritage Apartments Ltd
Unaudited accounts
for the year ended 31 May 2023
Heritage Apartments Ltd
Unaudited accounts
Contents
Heritage Apartments Ltd
Company Information
for the year ended 31 May 2023
Company Number
10260397 (England and Wales)
Registered Office
Marske Stables
Marske
Nr Richmond
North Yorkshire
DL11 7NB
Accountants
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
Heritage Apartments Ltd
Accountants' report
Accountants' report to the director of Heritage Apartments Ltd on the preparation of the unaudited statutory accounts for the year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Heritage Apartments Ltd for the year ended
31 May 2023 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Heritage Apartments Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Heritage Apartments Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Heritage Apartments Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Heritage Apartments Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Heritage Apartments Ltd. You consider that Heritage Apartments Ltd 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 accounts of Heritage Apartments Ltd. 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 accounts.
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
19 December 2023
Heritage Apartments Ltd
Statement of financial position
as at 31 May 2023
Tangible assets
1,651
2,926
Investment property
3,198,349
2,284,328
Cash at bank and in hand
14,041
110
Creditors: amounts falling due within one year
(456,021)
(2,223,170)
Net current liabilities
(141,360)
(1,990,213)
Total assets less current liabilities
3,058,640
297,041
Creditors: amounts falling due after more than one year
(2,818,694)
(765,000)
Net assets/(liabilities)
239,946
(467,959)
Called up share capital
220
220
Revaluation reserve
914,021
-
Profit and loss account
(674,295)
(468,179)
Shareholders' funds
239,946
(467,959)
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 February 2024 and were signed on its behalf by
Ian Morton
Director
Company Registration No. 10260397
Heritage Apartments Ltd
Notes to the Accounts
for the year ended 31 May 2023
Heritage Apartments Ltd is a private company, limited by shares, registered in England and Wales, registration number 10260397. The registered office is Marske Stables, Marske, Nr Richmond, North Yorkshire, DL11 7NB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33% on cost
Heritage Apartments Ltd
Notes to the Accounts
for the year ended 31 May 2023
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 June 2022
2,284,328
Net gain from fair value adjustments
914,021
Amounts falling due within one year
Amounts due from group undertakings etc.
240
-
Other debtors
300,380
232,847
7
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
509
-
Other creditors
-
1,793,414
Loans from directors
385,162
377,556
Heritage Apartments Ltd
Notes to the Accounts
for the year ended 31 May 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
2,095,427
45,000
Other creditors
723,267
720,000
Aggregate of amounts that fall due for payment after five years
2,095,427
45,000
In May 2020, the company received a Bounce Back Loan of £50,000, which is a 100% UK Government backed loan.
Under the terms of the loan, the fees and interest incurred in the first 12 months are settled on behalf of the company by the UK Government.
After the first 12 months, an interest rate of 2.5% is applicable.
The initial length of the loan is for six years, with an option to extend to ten years under the Bounce Back Loan
9
Transactions with related parties
Included in current assets are loans to related companies of £300,620 (2022 - £232,847).
Included in current liabilities are loans from related companies of £3,267 (2022 - nil).
The loans are interest-free.
10
Average number of employees
During the year the average number of employees was 0 (2022: 0).