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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
95,182
16,895
969
111,108
57,767
10,234
760
67,241
43,867
37,415
xbrli:pure
xbrli:shares
iso4217:GBP
03170656
2023-04-01
2024-03-31
03170656
2024-03-31
03170656
2023-03-31
03170656
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2023-03-31
03170656
2023-03-31
03170656
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2023-04-01
2024-03-31
03170656
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2023-04-01
2024-03-31
03170656
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2023-03-31
03170656
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2024-03-31
03170656
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2024-03-31
03170656
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2023-03-31
03170656
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2024-03-31
03170656
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2023-03-31
03170656
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2024-03-31
03170656
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2023-03-31
03170656
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2024-03-31
03170656
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2023-03-31
03170656
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2024-03-31
03170656
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2023-03-31
03170656
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2023-03-31
03170656
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03170656
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2024-03-31
03170656
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2024-03-31
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03170656
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2024-03-31
COMPANY REGISTRATION NUMBER:
03170656
HERON HOUSE FINANCIAL MANAGEMENT LIMITED |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
HERON HOUSE FINANCIAL MANAGEMENT LIMITED |
|
Year ended 31 March 2024
Notes to the financial statements |
3 |
|
|
HERON HOUSE FINANCIAL MANAGEMENT LIMITED |
|
31 March 2024
FIXED ASSETS
Tangible assets |
5 |
43,867 |
37,415 |
|
|
|
|
CURRENT ASSETS
Debtors |
6 |
66,406 |
49,902 |
Cash at bank and in hand |
917,754 |
908,512 |
|
--------- |
--------- |
|
984,160 |
958,414 |
|
|
|
|
CREDITORS: amounts falling due within one year |
7 |
(
156,583) |
(
123,026) |
|
--------- |
--------- |
NET CURRENT ASSETS |
827,577 |
835,388 |
|
--------- |
--------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
871,444 |
872,803 |
|
|
|
|
PROVISIONS |
(
8,595) |
(
9,187) |
|
--------- |
--------- |
NET ASSETS |
862,849 |
863,616 |
|
--------- |
--------- |
|
|
|
CAPITAL AND RESERVES
Called up share capital |
200 |
200 |
Profit and loss account |
862,649 |
863,416 |
|
--------- |
--------- |
SHAREHOLDERS FUNDS |
862,849 |
863,616 |
|
--------- |
--------- |
|
|
|
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 profit and loss account has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
HERON HOUSE FINANCIAL MANAGEMENT LIMITED |
|
BALANCE SHEET (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
13 August 2024
, and are signed on behalf of the board by:
Company registration number:
03170656
HERON HOUSE FINANCIAL MANAGEMENT LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
Year ended 31 March 2024
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Heron House, 1 Bryngwyn Road, Newport, NP20 4JS.
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.
Contributions to employee ownership trust
The Heron House Employee Ownership Trust (EOT) was established by Heron House Financial Management Limited. The Trust purchased 51% of the company's share capital from the owners and now holds these shares for the benefit of the company's employees.
Funding for the purchase of the company's share capital is derived from the company which pays contributions to the Trust. These contributions are accounted for as payments out of the company's distributable reserves.
Turnover
Turnover comprises of charges paid by clients based on the value of their invested assets. These charges are payable as a single charge upon initially investing in a new product recommended by the company and an annual charge, payable monthly, on invested assets that the company continues to provide advice on. Occasional one-off ad hoc hourly fees can also be charged for specialist financial planning work. The initial fee obligation relates to the initial advice provided to a client which leads to an an investment in a third-party product, hence it is appropriate that the initial income is recognised when an amount is invested. The annual charges are recognised in full when received. Turnover also includes amounts received from clients who receive advice in connection with their assets. These charges are recognised as revenue on an on-going basis, consistent with the nature of the performance obligation being discharged, rather than a point in time. Rental income is recognised on a straight line basis over the period to which it relates.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
20% reducing balance |
|
|
|
|
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
22
(2023:
22
).
5.
TANGIBLE ASSETS
|
Fixtures and fittings |
|
£ |
Cost |
|
At 1 April 2023 |
95,182 |
Additions |
16,895 |
Disposals |
(
969) |
|
--------- |
At 31 March 2024 |
111,108 |
|
--------- |
Depreciation |
|
At 1 April 2023 |
57,767 |
Charge for the year |
10,234 |
Disposals |
(
760) |
|
--------- |
At 31 March 2024 |
67,241 |
|
--------- |
Carrying amount |
|
At 31 March 2024 |
43,867 |
|
--------- |
At 31 March 2023 |
37,415 |
|
--------- |
|
|
6.
DEBTORS
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
3,889 |
4,829 |
Amounts owed by group undertakings |
42 |
114 |
Other debtors |
62,475 |
44,959 |
|
-------- |
-------- |
|
66,406 |
49,902 |
|
-------- |
-------- |
|
|
|
7.
CREDITORS:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
1,501 |
271 |
Corporation tax |
130,033 |
74,259 |
Social security and other taxes |
17,707 |
31,255 |
Other creditors |
7,342 |
17,241 |
|
--------- |
--------- |
|
156,583 |
123,026 |
|
--------- |
--------- |
|
|
|
8.
OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
76,909 |
69,879 |
Later than 1 year and not later than 5 years |
217,777 |
251,351 |
Later than 5 years |
341,250 |
380,250 |
|
--------- |
--------- |
|
635,936 |
701,480 |
|
--------- |
--------- |
|
|
|
9.
FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES
The terms of the agreement between the Heron House Employee Ownership Trust (EOT) and the owners of the company to buy 51% of the share company's shares included both a completion payment and deferred consideration of £850,000 (2023 - £1,150,000) which is payable by instalments until 30 September 2028. In order that the Heron House EOT should have the funds to pay the deferred consideration, Heron House Financial Management Limited intends to make contributions to the Trust over this same period, subject to there being distributable reserves available within the company.
10.
RELATED PARTY TRANSACTIONS
Capital contributions to the Heron House Employee Ownership Trust are shown within the Statement of Changes in Equity.
11.
CONTROLLING PARTY
51% of the share capital of the company is owned by Heron House Employee Ownership Trustee Limited. This is the ultimate parent company. Heron House Employee Ownership Trustee Limited is a trustee of Heron House Employee Ownership Trust.