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COMPANY REGISTRATION NUMBER: 06816199
Heeley Enterprises Limited
Filleted Unaudited Financial Statements
31 March 2024
Heeley Enterprises Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
2,110,459
1,763,531
Current assets
Debtors
6
6,452
6,629
Cash at bank and in hand
42,703
398,674
--------
---------
49,155
405,303
Creditors: amounts falling due within one year
7
1,349,514
1,353,577
------------
------------
Net current liabilities
1,300,359
948,274
------------
------------
Total assets less current liabilities
810,100
815,257
Provisions
113,015
110,379
---------
---------
Net assets
697,085
704,878
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
703,883
687,728
Profit and loss account
( 6,898)
17,050
---------
---------
Shareholders funds
697,085
704,878
---------
---------
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 statement of comprehensive income 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 .
Heeley Enterprises Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 7 October 2024 , and are signed on behalf of the board by:
Mr J E Heeley
Director
Company registration number: 06816199
Heeley Enterprises 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 Sevick End Lodge, 60 Renhold Road, Wilden, MK44 2PX.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Deferred 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.
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:
Plant and machinery
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 statement of financial position 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Freehold property
Long leasehold property
Plant and machinery
Total
£
£
£
£
Cost or valuation
At 1 April 2023
1,669,000
70,245
78,930
1,818,175
Additions
333,056
333,056
Revaluations
19,944
19,944
------------
--------
--------
------------
At 31 March 2024
2,022,000
70,245
78,930
2,171,175
------------
--------
--------
------------
Depreciation
At 1 April 2023
54,644
54,644
Charge for the year
6,072
6,072
------------
--------
--------
------------
At 31 March 2024
60,716
60,716
------------
--------
--------
------------
Carrying amount
At 31 March 2024
2,022,000
70,245
18,214
2,110,459
------------
--------
--------
------------
At 31 March 2023
1,669,000
70,245
24,286
1,763,531
------------
--------
--------
------------
6. Debtors
2024
2023
£
£
Other debtors
6,452
6,629
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
666
848
Social security and other taxes
2,556
Other creditors
1,346,292
1,352,729
------------
------------
1,349,514
1,353,577
------------
------------