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COMPANY REGISTRATION NUMBER: 07269171
Hercules Property Co (UK) Ltd
Filleted Financial Statements
31 December 2023
Hercules Property Co (UK) Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
910,357
910,357
Current assets
Debtors
5
243
127
Cash at bank and in hand
106,051
62,003
---------
--------
106,294
62,130
Creditors: amounts falling due within one year
6
5,871
5,693
---------
--------
Net current assets
100,423
56,437
------------
---------
Total assets less current liabilities
1,010,780
966,794
Creditors: amounts falling due after more than one year
7
890,483
890,483
------------
---------
Net assets
120,297
76,311
------------
---------
Capital and reserves
Called up share capital
1
1
Share premium account
42,000
42,000
Profit and loss account
78,296
34,310
---------
--------
Shareholders funds
120,297
76,311
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 22 February 2024 , and are signed on behalf of the board by:
Mr B A Johansson
Director
Company registration number: 07269171
Hercules Property Co (UK) Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 19-20 Nimbus Hercules Way, Farnborough, Hampshire, GU14 6AQ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20 % straight line
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessment value in use, the estimates future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimates to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 of all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preferences shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
4. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
894,919
20,788
915,707
---------
--------
---------
Depreciation
At 1 January 2023 and 31 December 2023
5,350
5,350
---------
--------
---------
Carrying amount
At 31 December 2023
894,919
15,438
910,357
---------
--------
---------
At 31 December 2022
894,919
15,438
910,357
---------
--------
---------
5. Debtors
2023
2022
£
£
Trade debtors
33
Amounts owed by group undertakings and undertakings in which the company has a participating interest
50
Other debtors
160
127
----
----
243
127
----
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
( 33)
Amounts owed to group undertakings and undertakings in which the company has a participating interest
4,149
4,149
Social security and other taxes
1,722
1,577
-------
-------
5,871
5,693
-------
-------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
890,483
890,483
---------
---------
8. Summary audit opinion
The auditor's report dated 22 February 2024 was unqualified .
The senior statutory auditor was Thomas William McManners BSC ACA ACMI , for and on behalf of TTCA Ltd .
9. Controlling party
Hercules Property Co (UK) Ltd is a subsidiary of A.J. Produkter AB. its financial statements are consolidated into the financial statements of its ultimate parent company A.J. Produkter AB which can be obtained from S-301, 82 Halmstad, Sweden.