49 31/08/2023 2023-08-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-09-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP NI040851 2022-09-01 2023-08-31 NI040851 2023-08-31 NI040851 2022-08-31 NI040851 2021-09-01 2022-08-31 NI040851 2022-08-31 NI040851 2021-08-31 NI040851 core:LandBuildings core:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 NI040851 core:LandBuildings core:LongLeaseholdAssets 2022-09-01 2023-08-31 NI040851 core:PlantMachinery 2022-09-01 2023-08-31 NI040851 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 NI040851 core:MotorVehicles 2022-09-01 2023-08-31 NI040851 bus:Director1 2022-09-01 2023-08-31 NI040851 core:LandBuildings core:OwnedOrFreeholdAssets 2022-08-31 NI040851 core:PlantMachinery 2022-08-31 NI040851 core:FurnitureFittingsToolsEquipment 2022-08-31 NI040851 core:MotorVehicles 2022-08-31 NI040851 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 NI040851 core:PlantMachinery 2023-08-31 NI040851 core:FurnitureFittingsToolsEquipment 2023-08-31 NI040851 core:MotorVehicles 2023-08-31 NI040851 core:WithinOneYear 2023-08-31 NI040851 core:WithinOneYear 2022-08-31 NI040851 core:AfterOneYear 2023-08-31 NI040851 core:AfterOneYear 2022-08-31 NI040851 core:ShareCapital 2023-08-31 NI040851 core:ShareCapital 2022-08-31 NI040851 core:RetainedEarningsAccumulatedLosses 2023-08-31 NI040851 core:RetainedEarningsAccumulatedLosses 2022-08-31 NI040851 core:CostValuation core:Non-currentFinancialInstruments 2023-08-31 NI040851 core:Non-currentFinancialInstruments 2023-08-31 NI040851 core:Non-currentFinancialInstruments 2022-08-31 NI040851 core:LandBuildings core:OwnedOrFreeholdAssets 2022-08-31 NI040851 core:PlantMachinery 2022-08-31 NI040851 core:FurnitureFittingsToolsEquipment 2022-08-31 NI040851 core:MotorVehicles 2022-08-31 NI040851 bus:SmallEntities 2022-09-01 2023-08-31 NI040851 bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 NI040851 bus:FullAccounts 2022-09-01 2023-08-31 NI040851 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 NI040851 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 NI040851 3 2022-09-01 2023-08-31
Company registration number: NI040851
R Heatrick Limited
Unaudited filleted financial statements
31 August 2023
R Heatrick Limited
Contents
Statement of financial position
Notes to the financial statements
R Heatrick Limited
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 7,976,937 7,324,008
Investments 6 1,010,500 1,010,500
________ ________
8,987,437 8,334,508
Current assets
Stocks 20,000 34,619
Debtors 7 2,124,210 1,780,092
Cash at bank and in hand 2,095,788 2,476,834
________ ________
4,239,998 4,291,545
Creditors: amounts falling due
within one year 8 ( 1,865,671) ( 1,953,800)
________ ________
Net current assets 2,374,327 2,337,745
________ ________
Total assets less current liabilities 11,361,764 10,672,253
Creditors: amounts falling due
after more than one year 9 ( 94,888) ( 532,216)
Provisions for liabilities ( 911,722) ( 575,112)
________ ________
Net assets 10,355,154 9,564,925
________ ________
Capital and reserves
Called up share capital 100 100
Profit and loss account 10,355,054 9,564,825
________ ________
Shareholders funds 10,355,154 9,564,925
________ ________
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 July 2024 , and are signed on behalf of the board by:
Mrs J Heatrick
Director
Company registration number: NI040851
R Heatrick Limited
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 76-78 Church Street, Portadown, Co Armagh, BT62 3EU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with the Companies Act 2006.
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.
Going concern
In this period of enormous uncertainty it is extremely difficult to make future predictions but the directors consider that the impact of Covid-19 will be a temporary disruption and will ultimately pass. Given the widespread government-led support to businesses, including certain guidance to banks, certain risks are mitigated. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Land - nil % straight line
Buildings - 2 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event; it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Financial instruments
The fair values of the company's financial assets, cash and cash equivalents and financial liabilities are assumed to be approximate to their book value. The company does not enter into derivative financial instruments.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 49 (2022: 48 ).
5. Tangible assets
Land and buildings Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 September 2022 2,517,786 6,739,763 47,385 3,027,230 12,332,164
Additions - 997,235 4,300 926,500 1,928,035
Disposals - ( 254,408) - ( 268,000) ( 522,408)
________ ________ ________ ________ ________
At 31 August 2023 2,517,786 7,482,590 51,685 3,685,730 13,737,791
________ ________ ________ ________ ________
Depreciation
At 1 September 2022 9,089 2,989,150 38,009 1,971,908 5,008,156
Charge for the year 606 674,638 4,611 479,474 1,159,329
Disposals - ( 202,589) - ( 204,042) ( 406,631)
________ ________ ________ ________ ________
At 31 August 2023 9,695 3,461,199 42,620 2,247,340 5,760,854
________ ________ ________ ________ ________
Carrying amount
At 31 August 2023 2,508,091 4,021,391 9,065 1,438,390 7,976,937
________ ________ ________ ________ ________
At 31 August 2022 2,508,697 3,750,613 9,376 1,055,322 7,324,008
________ ________ ________ ________ ________
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 September 2022 and 31 August 2023 1,010,500 1,010,500
________ ________
Impairment
At 1 September 2022 and 31 August 2023 - -
________ ________
Carrying amount
At 31 August 2023 1,010,500 1,010,500
________ ________
At 31 August 2022 1,010,500 1,010,500
________ ________
7. Debtors
2023 2022
£ £
Trade debtors 2,088,111 1,730,425
Other debtors 36,099 49,667
________ ________
2,124,210 1,780,092
________ ________
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 192,593 180,000
Trade creditors 899,950 857,112
Corporation tax - 62,517
Social security and other taxes 159,278 210,210
Other creditors 613,850 643,961
________ ________
1,865,671 1,953,800
________ ________
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 94,888 532,216
________ ________
10. Contingent assets and liabilities
There were no known contingent liabilities at 31 August 2023 (2022 - Nil).
11. Directors advances, credits and guarantees
At the year end the company owed its directors £253,434 (2022: £197,534). These loans are interest free and repayable on demand.
12. Controlling party
The company is controlled by J Heatrick, I Heatrick and T Heatrick who own 30%, 35% and 35% respectively.