22 false false false false false false false false false true false false false false false false 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 2022-04-01 2023-03-31 03170656 2023-03-31 03170656 core:FurnitureFittings 2023-04-01 2024-03-31 03170656 bus:Director2 2023-04-01 2024-03-31 03170656 core:FurnitureFittings 2023-03-31 03170656 core:FurnitureFittings 2024-03-31 03170656 core:WithinOneYear 2024-03-31 03170656 core:WithinOneYear 2023-03-31 03170656 core:ShareCapital 2024-03-31 03170656 core:ShareCapital 2023-03-31 03170656 core:RetainedEarningsAccumulatedLosses 2024-03-31 03170656 core:RetainedEarningsAccumulatedLosses 2023-03-31 03170656 core:BetweenOneFiveYears 2024-03-31 03170656 core:BetweenOneFiveYears 2023-03-31 03170656 core:MoreThanFiveYears 2024-03-31 03170656 core:MoreThanFiveYears 2023-03-31 03170656 core:FurnitureFittings 2023-03-31 03170656 bus:SmallEntities 2023-04-01 2024-03-31 03170656 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03170656 bus:FullAccounts 2023-04-01 2024-03-31 03170656 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03170656 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 03170656
HERON HOUSE FINANCIAL MANAGEMENT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
HERON HOUSE FINANCIAL MANAGEMENT LIMITED
FINANCIAL STATEMENTS
Year ended 31 March 2024
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
HERON HOUSE FINANCIAL MANAGEMENT LIMITED
BALANCE SHEET
31 March 2024
2024
2023
Note
£
£
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:
Mr C M Jordan
Director
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.