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Registered Number: 12310571
England and Wales

 

 

 

HEART PROPERTIES LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Heart Properties Limited for the year ended 30 November 2023


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Heart Properties Limited for the year ended 30 November 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance.


This report is made solely to the Board of Directors of Heart Properties Limited, as a body, in accordance with the terms of our engagement letter dated 05 July 2024.



Our work has been undertaken solely to prepare for your approval the accounts of Heart Properties Limited and state those matters that we have agreed to state to the Board of Directors of Heart Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF.



To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Heart Properties Limited and its Board of Directors as a body for our work or for this report.


It is your duty to ensure that Heart Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Heart Properties Limited. 


You consider that Heart Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Heart Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
30 November 2023



....................................................
aa Chartered Accountants
Fenlake House,
Fenlake Business Centre,
Fengate,
Peterborough,
PE1 5BQ
05 July 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 424,767    189,070 
424,767    189,070 
Current assets      
Debtors 2,932    2,711 
Cash at bank and in hand 5,679    47,411 
8,611    50,122 
Creditors: amount falling due within one year (223,037)   (7,276)
Net current assets (214,426)   42,846 
 
Total assets less current liabilities 210,341    231,916 
Creditors: amount falling due after more than one year (165,500)   (151,500)
Provisions for liabilities (11,864)  
Net assets 32,977    80,416 
 

Capital and reserves
     
Called up share capital 5 1    1 
Reserves 6 50,580    53,000 
Profit and loss account (17,604)   27,415 
Shareholders' funds 32,977    80,416 
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 05 July 2024 and were signed by:


-------------------------------
Linda Threadgold
Director
2
General Information
Heart Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 12310571, registration address 27 Old Gloucester Street, London, WC1N 3AX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees including directors

Average number of employees during the year was 1 (2022 : 1).
3.

Financial Commitments, Guarantees and Contingencies


The Company has an option to purchase lease in place for 94 Park Road Spalding, until September 2026. The annual rental income is £8,940 with the lessee having the option to purchase after that date  

4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Investment properties   Total
  £   £   £
At 01 December 2022 293    188,881    189,174 
Additions   226,291    226,291 
Disposals    
Revaluations   9,444    9,444 
At 30 November 2023 293    424,616    424,909 
Depreciation
At 01 December 2022 104      104 
Charge for year 38      38 
On disposals    
At 30 November 2023 142      142 
Net book values
Closing balance as at 30 November 2023 151    424,616    424,767 
Opening balance as at 01 December 2022 189    188,881    189,070 


5.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
1 Class A share of £1.00 each  
 

6.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Related party Notes 202,647 202,647 

As at the balance sheet date the company was owed £202,647 by Heart Properties Developments Ltd, a company with which it shares common directors and/or shareholders. The facility is interest bearing.
7.

Property Revaluation

At the end of the year the directors have revalued the properties based on market valuation using available market tools.
3