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Registered number: 10366071









HERITAGE NATIONAL PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
HERITAGE NATIONAL PROPERTIES LIMITED
REGISTERED NUMBER: 10366071

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
                                                                    Note
£
£

Fixed assets
  

Tangible assets
 4 
449
682

Investment property
 5 
8,598,050
7,948,050

  
8,598,499
7,948,732

Current assets
  

Debtors: amounts falling due within one year
 6 
54,885
65,604

Cash at bank and in hand
 7 
50,331
63,738

  
105,216
129,342

Creditors: amounts falling due within one year
 8 
(3,416,440)
(3,363,592)

Net current liabilities
  
 
 
(3,311,224)
 
 
(3,234,250)

Total assets less current liabilities
  
5,287,275
4,714,482

Creditors: amounts falling due after more than one year
 9 
(4,518,118)
(4,635,963)

Provisions for liabilities
  

Deferred tax
 11 
(162,500)
-

Net assets
  
606,657
78,519


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
487,500
-

Profit and loss account
  
119,057
78,419

  
606,657
78,519


Page 1

 
HERITAGE NATIONAL PROPERTIES LIMITED
REGISTERED NUMBER: 10366071
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S M Hussain
Director

Date: 24 April 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
HERITAGE NATIONAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Heritage National Properties Limited ("the Company") is a private company, limited by shares, registered in England and Wales. The Company's registered office is 14-26 Victoria House, Victoria Street, Luton, Bedfordshire, England, LU1 2UA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

As part of a going concern review, the directors have followed the guidelines published by the Financial Reporting Council entitled "Going Concern and Liquidity Risk Guidance for UK Companies 2009". The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future as the company expects to receive continuing financial support from its companies connected by virtue of common directorship and ownership. On this basis the directors consider that the going concern basis of accounting remains appropriate.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. 
Revenue principally comprises income recognised by the Company in respect of rent charged and other ancillary services supplied during the period, exclusive of Value Added Tax and trade discounts.
Rental income is recognised on a straight line basis over the term of the lease. Amounts invoiced in advance of the tenancy period are deferred accordingly and recognised as income in the period to which they relate.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
HERITAGE NATIONAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.8

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
HERITAGE NATIONAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 5

 
HERITAGE NATIONAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 October 2022
1,167



At 30 September 2023

1,167



Depreciation


At 1 October 2022
485


Charge for the year on owned assets
233



At 30 September 2023

718



Net book value



At 30 September 2023
449



At 30 September 2022
682


5.


Investment property


Freehold investment property

£



Valuation


At 1 October 2022
7,948,050


Surplus on revaluation
650,000



At 30 September 2023
8,598,050

The 2023 valuations were made by the directors, on an open market value for existing use basis.





Page 6

 
HERITAGE NATIONAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
46,867
58,160

Other debtors
2,826
7,224

Prepayments and accrued income
5,192
220

54,885
65,604



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
50,331
63,738



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
210,931
97,257

Trade creditors
20,391
20,248

Amounts owed to group undertakings
12,011
35,997

Corporation tax
36,291
21,966

Other taxation and social security
21,978
22,045

Other creditors
3,113,588
3,164,829

Accruals
1,250
1,250

3,416,440
3,363,592



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank and other loans
4,518,118
4,635,963


Page 7

 
HERITAGE NATIONAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
210,931
97,257

Amounts falling due 1-2 years

Bank loans
210,931
97,257

Amounts falling due 2-5 years

Bank loans
632,793
291,770

Amounts falling due after more than 5 years

Bank loans and other loans
3,674,394
4,246,936

4,729,049
4,733,220


Bank loans totalling £2,649,049 (2022 - £2,653,221) are secured by way of a fixed charge over the assets to which they relate.


11.


Deferred taxation




2023


£






Charged to profit or loss
162,500



At end of year
162,500

The deferred taxation balance is made up as follows:

2023
2022
£
£


Revaluation gains
162,500
-


12.


Related party transactions

At the year end the Company owed connected companies £2,740,091 (2022 - £2,784,896).
At the year end the Company owed £35,997 (
2022 - £35,997) to its wholly owned subsidiary.
At the year end the Company owed the directors £367,562 (2022 - £375,198).

Page 8

 
HERITAGE NATIONAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

13.


Controlling party

Following the acquisition of 100% of the issued share capital of the Company on 15 September 2023, the Company is now a wholly owned subsidiary of Heritage Property Group Limited, a company incorporated in Jersey.

 
Page 9