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REGISTERED NUMBER: 07694062 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

HERON FINANCIAL LIMITED

HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HERON FINANCIAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M R Coulson
W R Harrocks





REGISTERED OFFICE: 207 Cardinal Point
Park Road
Rickmansworth
Hertfordshire
WD3 1RE





REGISTERED NUMBER: 07694062 (England and Wales)





AUDITORS: Jamieson Stone LLP
Windsor House
40/41 Great Castle Street
London
W1W 8LU

HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 105,528 -
Tangible assets 5 115,717 183,163
221,245 183,163

CURRENT ASSETS
Debtors 6 922,828 574,096
Cash at bank 7 521,683 408,938
1,444,511 983,034
CREDITORS
Amounts falling due within one year 8 (624,281 ) (265,267 )
NET CURRENT ASSETS 820,230 717,767
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,041,475

900,930

CREDITORS
Amounts falling due after more than one
year

9

(96,983

)

(118,467

)

PROVISIONS FOR LIABILITIES 11 (282,543 ) (282,529 )
NET ASSETS 661,949 499,934

CAPITAL AND RESERVES
Called up share capital 12 88 88
Capital redemption reserve 13 12 12
Retained earnings 13 661,849 499,834
SHAREHOLDERS' FUNDS 661,949 499,934

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2024 and were signed on its behalf by:





M R Coulson - Director


HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062)

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

1. STATUTORY INFORMATION

Heron Financial Limited 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 Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are prepared in sterling (£) and rounded to the nearest (£), which is the functional currency of the Company.

Significant judgements and estimates
A provision is made for potential clawback of the companies income streams.

Revenue recognition
Turnover represents brokerage and fees, net of commission payable.

Income relating to insurance broking is brought into account at the policy inception date. Where there is an expectation of future servicing requirements, a proportionate element of income relating to the policy is deferred to cover the associated contractual obligations. Provision is made for anticipated alterations in brokerage arising from returns, additional premiums and other adjustments.

Fees and other income receivable are recognised in the period to which they relate.

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.

Customer databases are being amortised evenly over their estimated useful life of ten years.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles20-25% on straight line
Computer equipment25% on cost

Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the Same period as the related expenditure.

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.


HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062)

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

2. ACCOUNTING POLICIES - continued
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 balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

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

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.

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 amortized cost using the effective interest method.

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.

HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062)

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

2. ACCOUNTING POLICIES - continued

Interest income
Interest income is recognised in profit or loss using the effective interest method.

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.

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

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 38 ) .

4. INTANGIBLE FIXED ASSETS
Customer Computer
databases software Totals
£    £    £   
COST
Additions 25,000 90,379 115,379
At 31 December 2023 25,000 90,379 115,379
AMORTISATION
Amortisation for year 1,458 8,393 9,851
At 31 December 2023 1,458 8,393 9,851
NET BOOK VALUE
At 31 December 2023 23,542 81,986 105,528

HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062)

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

5. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 301,430 73,045 374,475
Disposals (28,305 ) - (28,305 )
At 31 December 2023 273,125 73,045 346,170
DEPRECIATION
At 1 January 2023 123,197 68,115 191,312
Charge for year 61,926 2,572 64,498
Eliminated on disposal (25,357 ) - (25,357 )
At 31 December 2023 159,766 70,687 230,453
NET BOOK VALUE
At 31 December 2023 113,359 2,358 115,717
At 31 December 2022 178,233 4,930 183,163

Included within tangible fixed assets are motor vehicles held under hire purchase contracts with a net book value of £113,359 (2022: £171,746).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 13,158 13,158
Director's current account 493,962 312,175
Tax 155,659 105,359
Prepayments and accrued income 260,049 143,404
922,828 574,096

7. CASH AT BANK
2023 2022
£    £   
Cash in bank and in hand 521,683 408,938

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 15,873 -
Hire purchase contracts (see note 10) 57,991 41,273
Trade creditors 7,276 13,218
Corporation tax 198,607 71,022
Social security and other taxes 71,920 82,837
Other creditors 194,598 9,169
Accruals and deferred income 78,016 47,748
624,281 265,267

HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans due between
1 & 2 years 36,508 -
Hire purchase contracts (see note 10) 60,475 118,467
96,983 118,467

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 57,991 41,273
Between one and five years 60,475 118,467
118,466 159,740

Non-cancellable operating leases
2023 2022
£    £   
Within one year 15,000 50,000
Between one and five years - 12,500
15,000 62,500

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 34,815 34,801
Other provisions 247,728 247,728
282,543 282,529

Deferred Other
tax provisions
£    £   
Balance at 1 January 2023 34,801 247,728
Provided during year 14 -
Balance at 31 December 2023 34,815 247,728

HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062)

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

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
88 Ordinary £1 88 88

13. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 499,834 12 499,846
Profit for the year 416,915 416,915
Dividends (254,900 ) (254,900 )
At 31 December 2023 661,849 12 661,861

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

The financial statements of the company for the year ended 30 November 2020, the comparative period, were unaudited.

James Delve (Senior Statutory Auditor)
for and on behalf of PKF Smith Cooper Audit Limited

15. PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £74,011 (2022: £80,762). Contributions totalling £8,713 (2022: £8,384) were payable to the fund at the balance sheet date and are included in creditors.

16. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.