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REGISTERED NUMBER: 12820708 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Heritage Gate (Uk) Limited

Heritage Gate (Uk) Limited (Registered number: 12820708)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


Heritage Gate (Uk) Limited (Registered number: 12820708)

Statement of Financial Position
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 6,067,336 6,000,000

CURRENT ASSETS
Debtors 5 10,012 79,535
Cash at bank 6,728 4,058
16,740 83,593
CREDITORS
Amounts falling due within one year 6 248,050 194,923
NET CURRENT LIABILITIES (231,310 ) (111,330 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,836,026

5,888,670

CREDITORS
Amounts falling due after more than
one year

7

(5,237,347

)

(5,250,271

)

PROVISIONS FOR LIABILITIES (113,730 ) (121,277 )
NET ASSETS 484,949 517,122

Heritage Gate (Uk) Limited (Registered number: 12820708)

Statement of Financial Position - continued
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair value reserve 10 577,669 570,122
Retained earnings (92,820 ) (53,100 )
SHAREHOLDERS' FUNDS 484,949 517,122

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2024 and were signed on its behalf by:





Mr John Wesley Lee - Director


Heritage Gate (Uk) Limited (Registered number: 12820708)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Heritage Gate (Uk) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12820708

Registered office: C/o 4
Patterton Drive
Sutton Coldfield
B76 1GQ

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 represents the fair value of rent received or receivable from the investment properties, excluding discounts, rebates, value added tax and other sales taxes.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


Heritage Gate (Uk) Limited (Registered number: 12820708)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 6,000,000
Additions 67,336
At 30 November 2023 6,067,336
NET BOOK VALUE
At 30 November 2023 6,067,336
At 30 November 2022 6,000,000

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2022 691,399
Cost 5,375,937
6,067,336

Investment property situated at Belem Tower, Belem Close, Sefton Park, Liverpool (also known as land and building on the west side of Aigburth Drive, Liverpool and registered at HM Land Registry under title number MS368589) is under a charge from Barclays Security Trustee Limited. The charge were created on 14 January 2022 and 31 January 2022.

Heritage Gate (Uk) Limited (Registered number: 12820708)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Other debtors 10,012 79,535

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Other creditors 248,050 194,923

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans 2,598,446 2,611,370
Other creditors 2,638,901 2,638,901
5,237,347 5,250,271

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 2,598,446 2,611,370

8. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank loans 2,598,446 2,611,370

The loan amounting to £2,598,446 is secured by the way of charge on the property situated at Belem Tower, Belem Close, Sefton Park, Liverpool (also known as land and building on the west side of Aigburth Drive, Liverpool and registered at HM Land Registry under title number MS368589, disclosed as investment property). The charge was created in the name of Barclays Security Trustee Limited on 14 January 2022 and 31 January 2022.

Heritage Gate (Uk) Limited (Registered number: 12820708)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
100 Ordinary A £1 100 100

10. RESERVES
Fair
value
reserve
£   
At 1 December 2022 570,122
Transfer to/from reserves 7,547

At 30 November 2023 577,669

11. RELATED PARTY DISCLOSURES

The company owes £2,638,901 as at accounting year end date to its parent company (100%) Heritage Gate Jamaica Limited, a company registered in Jamaica (Company registered number: 105041).