Company registration number 13743109 (England and Wales)
HERITAGE ESTATES (YORKSHIRE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
HERITAGE ESTATES (YORKSHIRE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
HERITAGE ESTATES (YORKSHIRE) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
10,234
-
0
Investment property
4
5,742,000
-
0
5,752,234
-
0
Current assets
Debtors
6
797,189
-
0
Cash at bank and in hand
557,410
1
1,354,599
1
Creditors: amounts falling due within one year
7
(654,397)
-
0
Net current assets
700,202
1
Total assets less current liabilities
6,452,436
1
Provisions for liabilities
(208,600)
-
0
Net assets
6,243,836
1
Capital and reserves
Called up share capital
8
4,292,000
1
Profit and loss reserves
1,951,836
-
0
Total equity
6,243,836
1

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

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 13 September 2024
M H Hague
Director
Company registration number 13743109 (England and Wales)
HERITAGE ESTATES (YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information

Heritage Estates (Yorkshire) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Prospect Farm Kirkedge Road, High Bradfield, Sheffield, South Yorkshire, England, S6 6LJ.

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 under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover represents rental income from commercial and residential properties. Rental property income is accounted for as it falls due in accordance with the lease. Income relating to future periods is included within accruals and deferred income.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

DEFRA entitlement
50% Straight line
1.4
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.

HERITAGE ESTATES (YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.7
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 and loans from fellow group companies 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.

1.8
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.

1.9
Taxation

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

HERITAGE ESTATES (YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
HERITAGE ESTATES (YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Intangible fixed assets
DEFRA entitlement
£
Cost
At 1 November 2022
-
0
Transfers
20,468
At 31 October 2023
20,468
Amortisation
At 1 November 2022
-
0
Amortisation charged for the year
10,234
At 31 October 2023
10,234
Carrying amount
At 31 October 2023
10,234
At 31 October 2022
-
0

The transfer of the intangible assets occurred prior to a capital demerger from Hague Farming Limited, a subsidiary, at the time of transfer.

4
Investment property
2023
£
Fair value
At 1 November 2022
-
0
Transfers
5,742,000
At 31 October 2023
5,742,000

The transfer of the investment property occurred prior to a capital demerger from Hague Farming Limited, a subsidiary, at the time of transfer. The transfer consisted of Investment property of £4,035,000 and Land and Property Stock of £1,707,000. Post transfer the Property and Land held as stock was reclassified to Investment property. The fair value of the investment property has been arrived at by the directors valuation at 31 October 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Fixed asset investments
2023
2022
£
£
Shares in subsidiaries
-
0
-
0

As part of a group restructuring, the company acquired the share capital of Hague Farming Limited on 28 November 2022 and part of the assets of Hague Farming Limited were hived up on the same day. Hague Farming Limited was disposed of on 28 November 2022 as part of a capital reduction demerger.

HERITAGE ESTATES (YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiary
£
Cost
At 1 November 2022
-
Additions
12,876,000
Impairment
(4,292,000)
Cancellation of shares
(8,584,000)
At 31 October 2023
-
Carrying amount
At 31 October 2023
-
At 31 October 2022
-
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,943
-
0
Other debtors
789,246
-
0
797,189
-
0
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
292
-
0
Corporation tax
42,606
-
0
Other taxation and social security
27,160
-
0
Other creditors
584,339
-
0
654,397
-
0
HERITAGE ESTATES (YORKSHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
4,292,000
1
4,292,000
1

On the 28th November 2022 4,291,999 A Shares of £1 each and 8,584,000 £1 B Shares were issued were issued at par in relation to the acquisition of the entire share capital of Hague Farming Limited.

On the 28th November 2022 a share capital reduction took place, at which time 8,584,000 £1 B Shares were cancelled.

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