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REGISTERED NUMBER: 10563329 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

HEARTHSTONE ADVISORY LIMITED

HEARTHSTONE ADVISORY LIMITED (REGISTERED NUMBER: 10563329)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Statement of Financial Position 1

Notes to the Financial Statements 3


HEARTHSTONE ADVISORY LIMITED (REGISTERED NUMBER: 10563329)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - 6,437
Tangible assets 5 4,568 5,621
4,568 12,058

CURRENT ASSETS
Debtors 6 508,970 331,008
Cash at bank and in hand 6,748 7,798
515,718 338,806
CREDITORS
Amounts falling due within one year 7 (388,971 ) (188,495 )
NET CURRENT ASSETS 126,747 150,311
TOTAL ASSETS LESS CURRENT
LIABILITIES

131,315

162,369

CREDITORS
Amounts falling due after more than one
year

8

(70,960

)

(102,460

)
NET ASSETS 60,355 59,909

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 55,355 54,909
60,355 59,909

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

HEARTHSTONE ADVISORY LIMITED (REGISTERED NUMBER: 10563329)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





A P S Nayyar - Director


HEARTHSTONE ADVISORY LIMITED (REGISTERED NUMBER: 10563329)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Hearthstone Advisory 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: 10563329

Registered office: Europa House
Marsham Way
Gerrards Cross
Buckinghamshire
SL9 8BQ

The principle activity of the company is the provision of mortgage broker services.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

Revenue relates to mortgage broker services provided and is recognised on completion of the mortgage lend.

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.

Website costs is being amortised evenly over its estimated useful life of two years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

HEARTHSTONE ADVISORY LIMITED (REGISTERED NUMBER: 10563329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

HEARTHSTONE ADVISORY LIMITED (REGISTERED NUMBER: 10563329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 12,875
AMORTISATION
At 1 January 2023 6,438
Charge for year 6,437
At 31 December 2023 12,875
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 6,437

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 779 932 6,419 8,130
Additions - - 1,254 1,254
At 31 December 2023 779 932 7,673 9,384
DEPRECIATION
At 1 January 2023 452 233 1,824 2,509
Charge for year 156 233 1,918 2,307
At 31 December 2023 608 466 3,742 4,816
NET BOOK VALUE
At 31 December 2023 171 466 3,931 4,568
At 31 December 2022 327 699 4,595 5,621

HEARTHSTONE ADVISORY LIMITED (REGISTERED NUMBER: 10563329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 12,236 2,446
Amounts owed by group undertakings 159,386 65,201
Other debtors - 3,135
Amounts owed by connected
companies 216,588 170,249
Directors' loan accounts 111,910 86,192
Prepayments 8,850 3,785
508,970 331,008

Amounts due from group and connected companies are unsecured, interest free and are repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 4,800 4,800
Other loans 27,852 13,034
Amounts owed to group undertakings 255,741 115,101
Tax 71,681 38,460
Social security and other taxes 304 358
Other creditors 25,371 13,342
Amounts owed to connected
companies - 1,000
Accruals and deferred income 3,222 2,400
388,971 188,495

Amounts due to group and connected companies are unsecured, interest free and are repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 4,800 4,800
Bank loans - 2-5 years 2,000 6,800
Other loans - 1-2 years 16,847 14,818
Other loans - 2-5 years 47,313 57,776
Other loans more 5 years
instalments - 18,266
70,960 102,460

HEARTHSTONE ADVISORY LIMITED (REGISTERED NUMBER: 10563329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.12.23 31.12.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5 years
instalments - 18,266
- 18,266

9. OTHER FINANCIAL COMMITMENTS

The amount of other commitments, guarantees and contingencies is £1,997 (2022: £9,983).

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
A P S Nayyar
Balance outstanding at start of year 86,192 75,643
Amounts advanced 166,882 174,230
Amounts repaid (141,164 ) (163,681 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 111,910 86,192

By virtue of the outstanding loan account balances a liability to taxation exists under Section 455 of CTA 2010 of £37,770. It is anticipated that the loans will be repaid within 9 months of the year end and so no provision for tax has been made.

11. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events up to the date of the approval of the financial statements by the Board.

12. CONTROLLING PARTY

The company is a wholly owned subsidiary of The Hearthstone Group Limited, a company incorporated in England and Wales.