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REGISTERED NUMBER: 08370956 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

Heritage Rocks Ltd

Heritage Rocks Ltd (Registered number: 08370956)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


Heritage Rocks Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Miss T Madge
Mr M Chittenden





SECRETARY: Mr M Chittenden





REGISTERED OFFICE: Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE





REGISTERED NUMBER: 08370956 (England and Wales)





AUDITORS: Cartwrights
Chartered Accountants and Business Advisors
Statutory Auditor
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE

Heritage Rocks Ltd (Registered number: 08370956)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The group is a wedding venue provider, with multiple venues under its operation, the same as in the previous year.

The decrease in revenue and profit compared to 2022 reflects the impact the increases in inflation, interest rates and energy costs have had on the industry at large. The rise in inflation has eroded consumers' purchasing power, ongoing increases in interest rates have raised the cost of borrowing for both consumers and businesses, reducing disposable income and investment capacity. Moreover persistently high energy prices have driven up costs. These economic factors collectively have impacted the groups performance.

Key performance indicators

Performance of the company is monitored internally using a variety of statutory and alternative performance measures (APMs) and key performance indicators (KPls). APMs are used where management considers they are more representative of underlying trading or in monitoring performance against the company's objectives.

Turnover is an important metric as it reflects the core underlying activities of the company by adding together the turnover from each venue.

Gross Margin is an important metric as it provides valuable insight into whether the company is pricing it's services appropriately.

Operating profit is an important metric as it is an indirect measure of efficiency. The higher the net profit, the more profitable the company's core business is.

Earnings before interest, tax, depreciation and amortisation ("EBITDA") is considered, by management, to be informative as it reflects operating profit adjusted for non-cash charges.

The figures for these 4 key performance measures are stated below:

2023 2022
Turnover £7,575,453 £8,938,750
Gross profit margin 78.01% 77.63%
Operating profit/(loss) £478,209 £1,879,495
EBITDA £1,172,330 £2,530,311


Turnover decreased 15.25% in the year as the UK economy struggled with inflation and interest rate rises.

Operating profit and EBITDA reduced significantly in the year as expected, following the cessation of various government grants and local authority concessions, and due to the significant inflationary cost pressures in the UK particularly in relation to supply chain costs and energy costs.


Heritage Rocks Ltd (Registered number: 08370956)

Group Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
In the course of normal business, the company continually assesses significant risks faced and takes action to mitigate the potential impacts. The principle risks (which is not intended to be a comprehensive analysis) facing the company are as follows:

Financial and liquidity

The general health of the UK economy and individuals disposable income is important to the company's success. The company manages any potential downturn in the economy by a policy of structuring payment plans for customers..

Operating capital - The availability of operating capital is crucial to ensuring that the company has sufficient funds to meet their liabilities as they fall due to suppliers and employees. The company manages this by reviewing the cash flow daily and tracks on a rolling year to ensure sufficient funds are available.

Operational risks

Customer service - The company relies on its teams to provide quality customer service. Teams are provided with rigorous training, covering customer service, digital tools to inform risk and mitigate thereafter to ensure that high standards and customer experience are maintained.

Health and safety - All staff are provided with comprehensive training to ensure they are all aware of the risks and how they can help to mitigate them.

ON BEHALF OF THE BOARD:





Mr M Chittenden - Director


22 July 2024

Heritage Rocks Ltd (Registered number: 08370956)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £150 per share.

The total distribution of dividends for the year ended 31 December 2023 will be £ 150,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Miss T Madge
Mr M Chittenden

POLITICAL DONATIONS AND EXPENDITURE
The group made donations totalling £464 (2022: £175) to various charitable organisations during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Heritage Rocks Ltd (Registered number: 08370956)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Cartwrights, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr M Chittenden - Director


22 July 2024

Report of the Independent Auditors to the Members of
Heritage Rocks Ltd

Opinion
We have audited the financial statements of Heritage Rocks Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Heritage Rocks Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Heritage Rocks Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, and that they remained alert to instances of non-compliance throughout the audit.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- based on our understanding of the company and industry, and through discussions with directors and key management, we identified any specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; and
- we assessed the extent of compliance with these laws and regulations through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries, particularly focused around the year-end, to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates in the notes to the financial statements were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditors responsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Heritage Rocks Ltd


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Eric McIntyre (Senior Statutory Auditor)
for and on behalf of Cartwrights
Chartered Accountants and Business Advisors
Statutory Auditor
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE

29 July 2024

Heritage Rocks Ltd (Registered number: 08370956)

Consolidated Income Statement
for the Year Ended 31 December 2023

31/12/23 31/12/22
Notes £    £   

TURNOVER 7,575,453 8,938,750

Cost of sales (1,665,698 ) (1,999,438 )
GROSS PROFIT 5,909,755 6,939,312

Administrative expenses (5,405,794 ) (5,096,484 )
503,961 1,842,828

Other operating income (25,752 ) 36,667
OPERATING PROFIT 4 478,209 1,879,495

Interest receivable and similar income 110,568 4,516
588,777 1,884,011

Interest payable and similar expenses 5 (523,676 ) (293,907 )
PROFIT BEFORE TAXATION 65,101 1,590,104

Tax on profit 6 (140,090 ) (379,059 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(74,989

)

1,211,045
(Loss)/profit attributable to:
Owners of the parent (74,989 ) 1,211,045

Heritage Rocks Ltd (Registered number: 08370956)

Consolidated Other Comprehensive Income
for the Year Ended 31 December 2023

31/12/23 31/12/22
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (74,989 ) 1,211,045


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(74,989

)

1,211,045

Total comprehensive income attributable to:
Owners of the parent (74,989 ) 1,211,045

Heritage Rocks Ltd (Registered number: 08370956)

Consolidated Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 757,525 1,032,936
Tangible assets 10 5,740,447 5,530,904
Investments 11 15,186 15,186
6,513,158 6,579,026

CURRENT ASSETS
Stocks 12 94,663 66,166
Debtors 13 5,861,568 6,010,228
Cash at bank and in hand 413,350 1,019,994
6,369,581 7,096,388
CREDITORS
Amounts falling due within one year 14 4,933,393 7,345,567
NET CURRENT ASSETS/(LIABILITIES) 1,436,188 (249,179 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,949,346

6,329,847

CREDITORS
Amounts falling due after more than one year 15 (4,502,375 ) (2,793,140 )

PROVISIONS FOR LIABILITIES 18 (398,097 ) (262,844 )
NET ASSETS 3,048,874 3,273,863

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000
Revaluation reserve 20 1,716,640 1,716,640
Retained earnings 20 1,331,234 1,556,223
SHAREHOLDERS' FUNDS 3,048,874 3,273,863

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2024 and were signed on its behalf by:





Mr M Chittenden - Director


Heritage Rocks Ltd (Registered number: 08370956)

Company Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 1,102 1,102
1,102 1,102

CURRENT ASSETS
Debtors 13 280,000 -

CREDITORS
Amounts falling due within one year 14 150,102 102
NET CURRENT ASSETS/(LIABILITIES) 129,898 (102 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

131,000

1,000

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000
Retained earnings 20 130,000 -
SHAREHOLDERS' FUNDS 131,000 1,000

Company's profit for the financial year 280,000 -

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2024 and were signed on its behalf by:





Mr M Chittenden - Director


Heritage Rocks Ltd (Registered number: 08370956)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 1,000 345,178 1,716,640 2,062,818

Changes in equity
Total comprehensive income - 1,211,045 - 1,211,045
Balance at 31 December 2022 1,000 1,556,223 1,716,640 3,273,863

Changes in equity
Dividends - (150,000 ) - (150,000 )
Total comprehensive income - (74,989 ) - (74,989 )
Balance at 31 December 2023 1,000 1,331,234 1,716,640 3,048,874

Heritage Rocks Ltd (Registered number: 08370956)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1,000 - 1,000

Changes in equity
Balance at 31 December 2022 1,000 - 1,000

Changes in equity
Dividends - (150,000 ) (150,000 )
Total comprehensive income - 280,000 280,000
Balance at 31 December 2023 1,000 130,000 131,000

Heritage Rocks Ltd (Registered number: 08370956)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

31/12/23 31/12/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 408,306 1,783,759
Interest paid (523,676 ) (293,907 )
Government Grants (25,752 ) 36,665
Tax paid 59,861 5,668
Net cash from operating activities (81,261 ) 1,532,185

Cash flows from investing activities
Purchase of tangible fixed assets (628,253 ) (586,317 )
Sale of tangible fixed assets - 45,250
Interest received 110,568 4,516
Net cash from investing activities (517,685 ) (536,551 )

Cash flows from financing activities
Loan repayments in year (279,670 ) (1,133,814 )
Capital repayments in year - (44,037 )
Amount introduced by directors 305,151 62
Amount withdrawn by directors 111,000 (4,611 )
Equity dividends paid (150,000 ) -
Net cash from financing activities (13,519 ) (1,182,400 )

Decrease in cash and cash equivalents (612,465 ) (186,766 )
Cash and cash equivalents at beginning of
year

2

1,012,955

1,199,721

Cash and cash equivalents at end of year 2 400,490 1,012,955

Heritage Rocks Ltd (Registered number: 08370956)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31/12/23 31/12/22
£    £   
Profit before taxation 65,101 1,590,104
Depreciation charges 694,121 650,816
Government grants 25,752 (36,667 )
Finance costs 523,676 293,907
Finance income (110,568 ) (4,516 )
1,198,082 2,493,644
Increase in stocks (28,497 ) (2,407 )
Decrease/(increase) in trade and other debtors 97,680 (131,120 )
Decrease in trade and other creditors (858,959 ) (576,358 )
Cash generated from operations 408,306 1,783,759

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 413,350 1,019,994
Bank overdrafts (12,860 ) (7,039 )
400,490 1,012,955
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 1,019,994 1,205,174
Bank overdrafts (7,039 ) (5,453 )
1,012,955 1,199,721


Heritage Rocks Ltd (Registered number: 08370956)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 1,019,994 (606,644 ) 413,350
Bank overdrafts (7,039 ) (5,821 ) (12,860 )
1,012,955 (612,465 ) 400,490
Debt
Debts falling due within 1 year (2,557,120 ) 2,217,948 (339,172 )
Debts falling due after 1 year (2,020,019 ) (1,938,278 ) (3,958,297 )
(4,577,139 ) 279,670 (4,297,469 )
Total (3,564,184 ) (332,795 ) (3,896,979 )

Heritage Rocks Ltd (Registered number: 08370956)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Heritage Rocks Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 10% on cost
Plant and machinery - 25% on cost, 10% on cost and Straight line over 5 years
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on cost and 15% on cost
Computer equipment - 25% on cost, 10% on cost and Straight line over 5 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.


Heritage Rocks Ltd (Registered number: 08370956)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 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 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
31/12/23 31/12/22
£    £   
Wages and salaries 3,134,090 2,616,632
Social security costs 164,583 151,089
Other pension costs 18,961 19,085
3,317,634 2,786,806

The average number of employees during the year was as follows:
31/12/23 31/12/22

Direct labour 183 160
Admin 10 10
193 170

31/12/23 31/12/22
£    £   
Directors' remuneration 17,664 17,664

Heritage Rocks Ltd (Registered number: 08370956)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/12/23 31/12/22
£    £   
Hire of plant and machinery 45,777 60,354
Other operating leases 332,909 344,025
Depreciation - owned assets 418,710 374,666
Goodwill amortisation 275,411 276,149
Auditors' remuneration 21,488 19,000
Foreign exchange differences 20 (5 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/23 31/12/22
£    £   
Bank interest 194,139 126,690
Bank loan interest 329,537 167,217
523,676 293,907

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/23 31/12/22
£    £   
Current tax:
UK corporation tax - 152,778
Prior year CT adjustment 7,598 (14,212 )
CT Interest (2,761 ) -
Total current tax 4,837 138,566

Deferred tax 135,253 240,493
Tax on profit 140,090 379,059

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
31/12/23 31/12/22
£    £   
Ordinary shares of £1 each
Final 150,000 -

Heritage Rocks Ltd (Registered number: 08370956)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 2,761,493
AMORTISATION
At 1 January 2023 1,728,557
Amortisation for year 275,411
At 31 December 2023 2,003,968
NET BOOK VALUE
At 31 December 2023 757,525
At 31 December 2022 1,032,936

10. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2023 3,834,940 236,354 290,101
Additions - - 72,179
At 31 December 2023 3,834,940 236,354 362,280
DEPRECIATION
At 1 January 2023 3,327 206,663 242,038
Charge for year 5,723 19,021 13,600
At 31 December 2023 9,050 225,684 255,638
NET BOOK VALUE
At 31 December 2023 3,825,890 10,670 106,642
At 31 December 2022 3,831,613 29,691 48,063

Heritage Rocks Ltd (Registered number: 08370956)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 3,761,417 98,307 164,313 8,385,432
Additions 535,606 - 20,468 628,253
At 31 December 2023 4,297,023 98,307 184,781 9,013,685
DEPRECIATION
At 1 January 2023 2,275,352 10,784 116,364 2,854,528
Charge for year 344,681 24,760 10,925 418,710
At 31 December 2023 2,620,033 35,544 127,289 3,273,238
NET BOOK VALUE
At 31 December 2023 1,676,990 62,763 57,492 5,740,447
At 31 December 2022 1,486,065 87,523 47,949 5,530,904

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 70,288 24,758 95,046
DEPRECIATION
At 1 January 2023
and 31 December 2023 70,288 18,569 88,857
NET BOOK VALUE
At 31 December 2023 - 6,189 6,189
At 31 December 2022 - 6,189 6,189

Heritage Rocks Ltd (Registered number: 08370956)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 15,186
NET BOOK VALUE
At 31 December 2023 15,186
At 31 December 2022 15,186
Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1,102
NET BOOK VALUE
At 31 December 2023 1,102
At 31 December 2022 1,102

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Seckford Holdings Limited
Registered office: Regency House, 33 Wood Street, Barnet, Herts. EN5 4BE
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
31/12/23 31/12/22
£    £   
Aggregate capital and reserves (818,072 ) (536,388 )
Loss for the year (281,684 ) (10,774 )

Heritage Rocks Ltd (Registered number: 08370956)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. FIXED ASSET INVESTMENTS - continued

Seckford Hall Hotel Limited
Registered office: Regency House, 33 Wood Street, Barnet, Herts. EN5 4BE
Nature of business: Hotel and wedding venue
%
Class of shares: holding
Ordinary 100.00
31/12/23 31/12/22
£    £   
Aggregate capital and reserves 2,810,584 3,131,442
(Loss)/profit for the year (320,858 ) 732,009

The Manor By The Lake Cheltenham Limited
Registered office: Regency House, 33 Wood Street, Barnet, Herts. EN5 4BE
Nature of business: Hotel and wedding venue
%
Class of shares: holding
Ordinary 100.00
31/12/23 31/12/22
£    £   
Aggregate capital and reserves 1,214,759 719,031
Profit for the year 495,728 139,913

Woodhall Manor Events Limited
Registered office: Regency House, 33 Wood Street, Barnet, Herts. EN5 4BE
Nature of business: Hotel and wedding venue
%
Class of shares: holding
Ordinary 100.00
31/12/23 31/12/22
£    £   
Aggregate capital and reserves 706,859 421,987
Profit for the year 284,872 263,310

Measured Media Limited
Registered office: Regency House, 33 Wood Street, Barnet, Herts. EN5 4BE
Nature of business: Advertising
%
Class of shares: holding
Ordinary 100.00
31/12/23 31/12/22
£    £   
Aggregate capital and reserves 4,118 339,966
(Loss)/profit for the year (55,848 ) 284,136


Heritage Rocks Ltd (Registered number: 08370956)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. STOCKS

Group
31/12/23 31/12/22
£    £   
Stocks 51,586 29,610
Finished goods 43,077 36,556
94,663 66,166

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Trade debtors 294,726 1,095,598 - -
Bad debt provision (15,968 ) (15,968 ) - -
Amounts owed by group undertakings - - 280,000 -
Other debtors 5,531,201 4,778,905 - -
Tax - 50,980 - -
Prepayments and accrued income 51,609 100,713 - -
5,861,568 6,010,228 280,000 -

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Bank loans and overdrafts (see note 16) 352,032 2,564,159 - -
Trade creditors 476,840 608,429 - -
Tax 166,496 152,778 - -
Social security and other taxes 28,779 16,522 - -
Net wages 135,347 84,769 - -
Wages Control 113,123 117,319 - -
Pensions Control 11,145 9,520 - -
VAT 294,169 302,167 - -
Income in advance - wedding,
non-wedding and deposits 1,375,761 1,741,838 102 102
Other creditors 866,217 271,082 - -
Directors' current accounts 450,182 34,031 150,000 -
Accruals 663,302 1,442,953 - -
4,933,393 7,345,567 150,102 102

Heritage Rocks Ltd (Registered number: 08370956)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31/12/23 31/12/22
£    £   
Bank loans (see note 16) 3,958,297 2,020,019
Income in advance - wedding, non-wedding
and deposits

230,924

167,902
Other creditors 313,154 605,219
4,502,375 2,793,140

16. LOANS

An analysis of the maturity of loans is given below:

Group
31/12/23 31/12/22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 12,860 7,039
Bank loans 339,172 2,557,120
352,032 2,564,159
Amounts falling due between one and two years:
Bank loans - 1-2 years 252,040 102,467
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,109,130 711,413
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 2,597,127 1,206,139

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
31/12/23 31/12/22
£    £   
Bank loans 4,297,469 4,577,139

Santander Uk Plc holds a debenture dated 3 December 2018 over the company's assets.

Heritage Rocks Ltd (Registered number: 08370956)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

18. PROVISIONS FOR LIABILITIES

Group
31/12/23 31/12/22
£    £   
Deferred tax
Accelerated capital allowances 381,637 235,568
Deferred tax 16,460 27,276
398,097 262,844

Group
Deferred
tax
£   
Balance at 1 January 2023 262,844
Provided during year 135,253
Balance at 31 December 2023 398,097

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
1,000 Ordinary £1 1,000 1,000

20. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 1,556,223 1,716,640 3,272,863
Deficit for the year (74,989 ) (74,989 )
Dividends (150,000 ) (150,000 )
At 31 December 2023 1,331,234 1,716,640 3,047,874

Company
Retained
earnings
£   

Profit for the year 280,000
Dividends (150,000 )
At 31 December 2023 130,000

Heritage Rocks Ltd (Registered number: 08370956)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

20. RESERVES - continued


21. RELATED PARTY DISCLOSURES

Included in other debtors, the following balances and transactions concerned related parties at year end:

The Manor By The Lake Cheltenham Ltd was owed the following amounts at year end from companies controlled by the director, M Chittenden:
2023 2022
£    £   
Eastgate Street Ltd 885,230 885,230
International House (CI) Ltd 350,000 350,000
MRM 47 Ltd 537,500 556,470
Manor Studios Ltd 651 651
Sand Dunes (Essex) Ltd 180,000 180,000
The Ordnance Depot Ltd 310,000 365,000
Capcoin Investments Ltd 565,200 465,000
Seckford Properties Ltd 294,617 690

Measured Media Ltd was owed the following balances from companies controlled by the director, M Chittenden:
2023 2022
£    £   
Capcoin Investments Ltd 26,800 5,000
Sand Dunes (Essex) Ltd 125,000 125,000
MRM 47 Ltd 44,174 44,174
Manor Studios Ltd 240,000 240,000
Seckford Properties Ltd 255,168 -

Seckford Hall Hotel Limited was owed the following balances from companies controlled by the director, M Chittenden:
2023 2022
£    £   
The Ordnance Depot Ltd 30,000 30,000
Eastgate Street Ltd 70,000 120,000
MRM 47 Ltd 76,452 76,452
Stanwood Holdings Ltd 963,200 860,000

Woodhall Manor Events Ltd was owed the following balances from companies controlled by the director, M Chittenden:
2023 2022
£    £   
MRM 47 Ltd 98,190 98,118
Eastgate Street Ltd 25,000 25,000

Seckford Holdings Ltd was owed the following balances from companies controlled by the director, M Chittenden:
2023 2022
£    £   
Royal Hotel (Essex) Ltd 45,980 41,800
Sand Dunes (Essex) Ltd 20,000 20,000

During the reporting period, The Manor By The Lake Cheltenham Ltd paid rent of £212,700 (2022: £169,100) to the directors, for the building from which the company operates.

Heritage Rocks Ltd (Registered number: 08370956)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

22. ULTIMATE CONTROLLING PARTY

The directors are in joint control of the company by virtue of their shareholding.