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REGISTERED NUMBER: 03204178 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2023

FOR

HERITAGECREST LIMITED

HERITAGECREST LIMITED (REGISTERED NUMBER: 03204178)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HERITAGECREST LIMITED

COMPANY INFORMATION
for the Year Ended 31st May 2023







DIRECTORS: Ms D Cheung
Mr A W Taylor





REGISTERED OFFICE: 65 Moss Lane
Orrell Park
Liverpool
L9 8AE





REGISTERED NUMBER: 03204178 (England and Wales)





ACCOUNTANTS: KJG
100 Barbirolli Square
Manchester
M2 3BD

HERITAGECREST LIMITED (REGISTERED NUMBER: 03204178)

BALANCE SHEET
31st May 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 107,044 135,506
Investment property 6 419,612 458,438
526,656 593,944

CURRENT ASSETS
Stocks 35,324 36,068
Debtors 7 170,522 199,594
Cash at bank and in hand 725,651 612,959
931,497 848,621
CREDITORS
Amounts falling due within one year 8 (330,479 ) (351,594 )
NET CURRENT ASSETS 601,018 497,027
TOTAL ASSETS LESS CURRENT LIABILITIES 1,127,674 1,090,971

CREDITORS
Amounts falling due after more than one
year

9

-

(59,232

)

PROVISIONS FOR LIABILITIES (33,526 ) (23,234 )
NET ASSETS 1,094,148 1,008,505

HERITAGECREST LIMITED (REGISTERED NUMBER: 03204178)

BALANCE SHEET - continued
31st May 2023

2023 2022
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 10 10 10
Fair value reserve 11 13,527 13,527
Retained earnings 1,080,611 994,968
SHAREHOLDERS' FUNDS 1,094,148 1,008,505

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st February 2024 and were signed on its behalf by:





Ms D Cheung - Director


HERITAGECREST LIMITED (REGISTERED NUMBER: 03204178)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st May 2023


1. STATUTORY INFORMATION

Heritagecrest Limited is a private company limited by share capital, incorporated in England and Wales, registration number 03204178. The address of the registered office and principal place of business is 65 Moss Lane, Orrell Park, Liverpool, L9 8AE.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover consists of the sale of pharmaceutical goods which is recognised once a sale has been made.

Turnover consists of rental income which is recognised on a straight-line basis over the lease term.

Goodwill
Goodwill is the amount paid in connection with the acquisition of a business. Goodwill has been fully amortised over its useful economic life.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets are charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Freehold Property- 2% straight line
Fixtures & Fittings-15% reducing balance
Motor Vehicles-25% straight line
Computer Equipment-50% reducing balance

At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

HERITAGECREST LIMITED (REGISTERED NUMBER: 03204178)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st May 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

HERITAGECREST LIMITED (REGISTERED NUMBER: 03204178)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st May 2023


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

Government Grants
Government grants are recognised on the accrual model and are measured at fair value of the asset receivable. Grants are classified as relating either to other income or to assets. Grants related to other income are recognised in profit or loss over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 18 ).

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st June 2022
and 31st May 2023 533,248
AMORTISATION
At 1st June 2022
and 31st May 2023 533,248
NET BOOK VALUE
At 31st May 2023 -
At 31st May 2022 -

HERITAGECREST LIMITED (REGISTERED NUMBER: 03204178)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st May 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1st June 2022 269,882 125,540 146,814 542,236
Additions - - 17,372 17,372
At 31st May 2023 269,882 125,540 164,186 559,608
DEPRECIATION
At 1st June 2022 264,019 99,194 43,517 406,730
Charge for year 1,198 3,952 40,684 45,834
At 31st May 2023 265,217 103,146 84,201 452,564
NET BOOK VALUE
At 31st May 2023 4,665 22,394 79,985 107,044
At 31st May 2022 5,863 26,346 103,297 135,506

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st June 2022 458,825
Disposals (85,000 )
At 31st May 2023 373,825
DEPRECIATION
At 1st June 2022 387
Reclassification/transfer (46,174 )
At 31st May 2023 (45,787 )
NET BOOK VALUE
At 31st May 2023 419,612
At 31st May 2022 458,438

Fair value at 31st May 2023 is represented by:
£   
Valuation in 2019 18,527
Valuation in 2020 (5,000 )
Valuation in 2022 (85,000 )
Cost 445,298
373,825

HERITAGECREST LIMITED (REGISTERED NUMBER: 03204178)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st May 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 146,475 138,234
Other debtors 24,047 61,360
170,522 199,594

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 226,816 231,805
Taxation and social security 38,892 24,419
Other creditors 64,771 95,370
330,479 351,594

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors - 59,232

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
9 A Ordinary £1.00 9 9
1 B Ordinary £1.00 1 1
10 10

11. RESERVES
Fair
value
reserve
£   
At 1st June 2022
and 31st May 2023 13,527