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Registration number: 14401528

Heritique Property Ltd

Annual Report and Unaudited Financial Statements

for the Period from 6 October 2022 to 31 October 2023

 

Heritique Property Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Heritique Property Ltd

(Registration number: 14401528)
Balance Sheet as at 31 October 2023

Note

2023
£

Fixed assets

 

Investment property

4

185,000

Current assets

 

Debtors

5

2,539

Cash at bank and in hand

 

4,945

 

7,484

Creditors: Amounts falling due within one year

6

(190,675)

Net current liabilities

 

(183,191)

Net assets

 

1,809

Capital and reserves

 

Called up share capital

7

100

Retained earnings

1,709

Shareholders' funds

 

1,809

For the financial period ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 February 2024
 


Mr Daniel Draper
Director

 

Heritique Property Ltd

Notes to the Unaudited Financial Statements for the Period from 6 October 2022 to 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
N S 301 Royal Mills
2 Cotton Street
Manchester
M4 5BD

These financial statements were authorised for issue by the director on 29 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Heritique Property Ltd

Notes to the Unaudited Financial Statements for the Period from 6 October 2022 to 31 October 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

 

Heritique Property Ltd

Notes to the Unaudited Financial Statements for the Period from 6 October 2022 to 31 October 2023

4

Investment properties

2023
£

Additions

172,027

Fair value adjustments

12,973

At 31 October

185,000

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.

Subsequently, investment properties are measured at fair value. Investment property valuations are based on an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair value of investment properties are included in the statement of income and Retained Earnings in the period in which they arise.

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2023
£

Other debtors

2,539

 

Heritique Property Ltd

Notes to the Unaudited Financial Statements for the Period from 6 October 2022 to 31 October 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Taxation and social security

636

Accruals and deferred income

6,697

Other creditors

183,342

190,675

7

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary shares of £1 each

100

100

     

8

Parent and ultimate parent undertaking

The ultimate controlling party is the director.