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COMPANY REGISTRATION NUMBER: 10886861
Heer Partnership Limited
Filleted Unaudited Financial Statements
31 August 2023
Heer Partnership Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
5,627,685
5,627,685
Investments
5
100
100
------------
------------
5,627,785
5,627,785
Current assets
Debtors
6
3,644,676
1,924,967
Cash at bank and in hand
623,133
116,363
------------
------------
4,267,809
2,041,330
Creditors: amounts falling due within one year
7
1,678,228
267,281
------------
------------
Net current assets
2,589,581
1,774,049
------------
------------
Total assets less current liabilities
8,217,366
7,401,834
Creditors: amounts falling due after more than one year
8
4,145,050
3,405,010
------------
------------
Net assets
4,072,316
3,996,824
------------
------------
Capital and reserves
Called up share capital
102
102
Share premium account
188,181
188,181
Revaluation reserve
3,764,830
3,764,830
Profit and loss account
119,203
43,711
------------
------------
Shareholders funds
4,072,316
3,996,824
------------
------------
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 income statement has not been delivered.
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Heer Partnership Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Mr L Heer
Director
Company registration number: 10886861
Heer Partnership 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 England and Wales. The address of the registered office is The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
4. Tangible assets
Freehold property
£
Cost
At 1 September 2022 and 31 August 2023
5,627,685
------------
Depreciation
At 1 September 2022 and 31 August 2023
------------
Carrying amount
At 31 August 2023
5,627,685
------------
At 31 August 2022
5,627,685
------------
5. Investments
Shares in group undertakings
£
Cost
At 1 September 2022 and 31 August 2023
100
----
Impairment
At 1 September 2022 and 31 August 2023
----
Carrying amount
At 31 August 2023
100
----
At 31 August 2022
100
----
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
3,644,676
Other debtors
1,924,967
------------
------------
3,644,676
1,924,967
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
49,999
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,566,313
Other creditors
111,915
217,282
------------
---------
1,678,228
267,281
------------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,145,050
3,405,010
------------
------------