Company registration number 04617829 (England and Wales)
HERITAGE SOMERFIELD GROUP UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HERITAGE SOMERFIELD GROUP UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
HERITAGE SOMERFIELD GROUP UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
2,650,000
1,600,000
Investments
5
-
0
50,000
2,650,000
1,650,000
Current assets
Debtors
6
6,427
4,560,821
Cash at bank and in hand
167,617
8,248
174,044
4,569,069
Creditors: amounts falling due within one year
7
(111,022)
(3,891,818)
Net current assets
63,022
677,251
Total assets less current liabilities
2,713,022
2,327,251
Creditors: amounts falling due after more than one year
8
-
0
(903,023)
Provisions for liabilities
(416,309)
(153,809)
Net assets
2,296,713
1,270,419
Capital and reserves
Called up share capital
9
48,480
48,480
Capital redemption reserve
2,020
2,020
Profit and loss reserves
2,246,213
1,219,919
Total equity
2,296,713
1,270,419

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 16 August 2024
P Culshaw
Director
Company registration number 04617829 (England and Wales)
HERITAGE SOMERFIELD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Heritage Somerfield Group UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Cranfield Road, Lostock, Bolton, Lancs, BL6 4SB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, modified to include the investment properties at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Culshaw Group Holdings Ltd. These consolidated financial statements are available from its registered office, Fourth Floor, Unit 5b The Parklands, Bolton, United Kingdom, BL6 4SD.

1.2
Turnover
Turnover represents amounts received and receivable from property rental net of VAT, recognised over the period of the lease.
1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

HERITAGE SOMERFIELD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HERITAGE SOMERFIELD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred taxation is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements which arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised for tax purposes.

 

A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.

 

Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

1.8
Finance cost
Interest on bank loans is recognised over the period of the loan.
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment property valuation

Investment properties are valued at fair value. Calculation of fair value is based on the knowledge of the market and demand in the area in which the property is situated. Valuations of £2,650,000 (2022: £1,600,000) have been recognised at the year end.

3
Employees

There were no employees during the year apart from the directors.

2023
2022
Number
Number
Total
1
1
HERITAGE SOMERFIELD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 January 2023
1,600,000
Revaluations
1,050,000
At 31 December 2023
2,650,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out dated 13 June 2023 by Lamb & Swift Commercial, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors do not consider that the fair value of the property has changed since this valuation was carried out.

 

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
-
0
50,000
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
50,000
Disposals
(50,000)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
50,000
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
31,200
Amounts owed by group undertakings
-
0
4,524,015
Other debtors
6,427
5,606
6,427
4,560,821
HERITAGE SOMERFIELD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
81,941
Trade creditors
6,426
5,606
Amounts owed to group undertakings
-
0
3,763,965
Corporation tax
27,196
9,106
Other taxation and social security
11,250
5,200
Other creditors
66,150
26,000
111,022
3,891,818
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
-
0
903,023
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
48,480
48,480
48,480
48,480
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Stuart Stead
Statutory Auditor:
Sumer Auditco Limited
Date of audit report:
19 August 2024
11
Financial commitments, guarantees and contingent liabilities

The group is subject to an inter-company guarantee in respect of bank borrowings. At the year end the net borrowings of the group were £Nil (2022: £984,964).

HERITAGE SOMERFIELD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
12
Related party transactions

The company has taken advantage of the exemption available under FRS 102 'related party disclosures' whereby it has not disclosed transactions with any wholly owned subsidiary undertaking. Please see below for transactions with non wholly owned subsidiaries.

 

During the year the Company charged rental income to Heritage Somerfield Group Limited of £101,691 (2022: £Nil). At the reporting date £Nil (2022: £Nil) was outstanding. Heritage Somerfield Group Limited is a related party by way of directorship, where P Culshaw is a company director. The amounts disclosed relate to invoices raised after a group restructure during the year.

13
Parent company

The ultimate controlling party changed during the year, Culshaw Group Holdings Limited, a company registered in England and Wales, acquired all of the share capital of Heritage Group Holdings Limited, the immediate parent undertaking of Heritage Somerfield Group UK Limited.

 

V Culshaw and P Culshaw are the ultimate controlling parties due to their majority shareholdings held in Culshaw Group Holdings Limited.

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