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COMPANY REGISTRATION NUMBER: 04158362
HERTFORD HEATH REALTY LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 December 2023
HERTFORD HEATH REALTY LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
31 Dec 23
25 Dec 22
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,498,467
1,498,467
Current assets
Debtors
6
1,194
3,155
Cash at bank and in hand
39,125
21,919
-------
-------
40,319
25,074
Creditors: amounts falling due within one year
7
( 377,164)
( 423,631)
--------
--------
Net current liabilities
( 336,845)
( 398,557)
-----------
-----------
Total assets less current liabilities
1,161,622
1,099,910
Provisions for liabilities
Taxation, including deferred taxation
( 63,971)
( 63,971)
-----------
-----------
Net assets
1,097,651
1,035,939
-----------
-----------
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
278,035
278,035
Profit and loss account
819,516
757,804
-----------
-----------
Total shareholders' funds
1,097,651
1,035,939
-----------
-----------
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.
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.
These financial statements were approved by the board of directors and authorised for issue on 18 October 2024 , and are signed on behalf of the board by:
H S Grewal
Director
Company registration number: 04158362
HERTFORD HEATH REALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 26 DECEMBER 2022 TO 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 North Bar, Banbury, OX16 0TB, England.
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. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
These financial statements have been prepared on a going concern basis which the director considers to be appropriate for the company. After reviewing the company's forecasts and projections, the director is satisfied that the company has sufficient resources to continue in operational existence and will be able to meet its debts as they fall due for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Turnover
The turnover shown in the profit and loss account represents rents receivable during the year. Turnover for rental income is recognised on a straight line basis over the term of the lease.
Income tax
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.
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.
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:
Freehold property
-
2% per annum straight line basis
Leasehold property
-
2% per annum straight line basis
Investment property
Investment properties are initially recognised at cost and directly attributable expenditure. Subsequent to initial recognition, investment properties are stated at fair value. Gains or losses arising from changes in the fair values are recognised in the profit and loss account in the year in which they arise. This is in accordance with FRS102 section 16 which does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, bank loans 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Distributions to equity holders
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of income and retained earnings.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2022: 1 ).
5. Tangible assets
Freehold property
Leasehold property
Investment property
Total
£
£
£
£
Cost or valuation
At 26 December 2022 and 31 December 2023
245,888
111,080
1,261,687
1,618,655
--------
--------
-----------
-----------
Accumulated depreciation
At 26 December 2022 and 31 December 2023
87,290
32,898
120,188
--------
--------
-----------
-----------
Carrying amount
At 31 December 2023
158,598
78,182
1,261,687
1,498,467
--------
--------
-----------
-----------
At 25 December 2022
158,598
78,182
1,261,687
1,498,467
--------
--------
-----------
-----------
The historical cost of the investment properties are £811,922 (2022: £811,922). The properties were valued on 31 December 2023 by HS Grewal, a director of the company. The carrying values of the properties are considered to be a reasonable reflection of the open market value at the balance sheet date.
6. Debtors
31 Dec 23
25 Dec 22
£
£
Trade debtors
1,500
Other debtors
1,194
1,655
------
------
1,194
3,155
------
------
7. Creditors: amounts falling due within one year
31 Dec 23
25 Dec 22
£
£
Trade creditors
452
574
Amounts owed to group undertakings
337,247
387,247
Corporation tax
19,033
10,799
Other creditors
20,432
25,011
--------
--------
377,164
423,631
--------
--------
Amounts owed to group undertakings are repayable on demand.
8. Called up share capital
Issued, called up and fully paid
31 Dec 23
25 Dec 22
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Summary audit opinion
The auditor's report dated 18 October 2024 was unqualified .
The senior statutory auditor was W J E Kerr , for and on behalf of Xeinadin Audit Limited .
10. Controlling party
The immediate and ultimate parent company is Palico Limited, a company incorporated in England and Wales. Palico Limited heads the smallest and largest group to prepare consolidated financial statements which include Hertford Heath Realty Limited. The consolidated financial statements of Palico Limited can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ. The ultimate controlling party is the director H S Grewal .