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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
Page
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Heritage Apartments Ltd Company Information for the year ended 31 May 2023
Director
Ian Morton
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
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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
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Heritage Apartments Ltd Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,651 
2,926 
Investment property
3,198,349 
2,284,328 
3,200,000 
2,287,254 
Current assets
Debtors
300,620 
232,847 
Cash at bank and in hand
14,041 
110 
314,661 
232,957 
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)
Capital and reserves
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
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Heritage Apartments Ltd Notes to the Accounts for the year ended 31 May 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Investment property
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
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Heritage Apartments Ltd Notes to the Accounts for the year ended 31 May 2023
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 June 2022
3,863 
At 31 May 2023
3,863 
Depreciation
At 1 June 2022
937 
Charge for the year
1,275 
At 31 May 2023
2,212 
Net book value
At 31 May 2023
1,651 
At 31 May 2022
2,926 
5
Investment property
2023 
£ 
Fair value at 1 June 2022
2,284,328 
Net gain from fair value adjustments
914,021 
At 31 May 2023
3,198,349 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Amounts due from group undertakings etc.
240 
- 
Other debtors
300,380 
232,847 
300,620 
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 
Accruals
70,350 
52,200 
456,021 
2,223,170 
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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 
2,818,694 
765,000 
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).
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