Company registration number 07920621 (England and Wales)
HERITAGE 2012 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
HERITAGE 2012 LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
6
18,065,064
17,935,085
Current assets
Debtors
7
149,818
262,461
Cash at bank and in hand
372,492
673,955
522,310
936,416
Creditors: amounts falling due within one year
8
(12,867,524)
(13,474,463)
Net current liabilities
(12,345,215)
(12,538,047)
Total assets less current liabilities
5,719,850
5,397,038
Provisions for liabilities
(829,881)
(899,892)
Net assets
4,889,969
4,497,146
Capital and reserves
Called up share capital
100
100
Share premium account
691,173
691,173
Fair value reserve
2,489,641
3,253,991
Profit and loss reserves
1,709,055
1,243,055
Total equity
4,889,969
4,497,146
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 January 2024 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.
HERITAGE 2012 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 22 October 2024
Mr G Breaden
Director
Company Registration No. 07920621
HERITAGE 2012 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Heritage 2012 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
The company's subsidiary, DEPE Electrical Limited has had no trade under Heritage 2012 ownership to date.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
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. Bank overdrafts are shown within borrowings in current liabilities.
1.4
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.
HERITAGE 2012 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
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. 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, bank loans and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
1.5
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.
Foreign exchange forward contracts
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
HERITAGE 2012 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
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 a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Deferred tax is not discounted to net present value and represents the taxation due were the investments to be sold at their revalued carrying value, regardless of whether a decision to sell the assets has been made at the balance sheet date.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2023 - 1).
4
Investment movements
2024
2023
£
£
Fair value gains/(losses)
Change in value of financial assets held at fair value through profit or loss
152,385
(1,032,228)
Other gains/(losses)
Gain/(loss) on disposal of financial assets held at fair value through profit or loss
143,432
(659,566)
295,817
(1,691,794)
HERITAGE 2012 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
66,346
Deferred tax
Tax related increases/ (decreases) in value of investments unsold at the year end
(70,012)
(184,772)
Total tax credit
(3,666)
(184,772)
6
Fixed asset investments
2024
2023
£
£
Investments
18,065,064
17,935,085
Listed investments are traded on a recognised stock exchange and valued with reference to the last trade price or mid-market price as appropriate. The company also holds unlisted investments within it's portfolio. Unlisted investments are valued by the investment manager and included in these accounts at fair value. The historic cost of investments at the balance sheet date was £14,745,527 (2023 £14,335,502).
Shares is group undertakings is an investment in D.E.P.E Electrical Limited, acquired via a share for share exchange. D.E.P.E Electrical Limited is now dormant, registered in England and Wales and shares a registered office with Heritage 2012 Limited..
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 February 2023
15
17,935,070
17,935,085
Additions
-
1,842,392
1,842,392
Valuation changes
-
152,385
152,385
Disposals
-
(1,864,798)
(1,864,798)
At 31 January 2024
15
18,065,049
18,065,064
Carrying amount
At 31 January 2024
15
18,065,049
18,065,064
At 31 January 2023
15
17,935,070
17,935,085
HERITAGE 2012 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
3,634
3,634
Other debtors
146,184
258,827
149,818
262,461
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,032,710
2,005,819
Corporation tax
66,346
4,021
Other creditors
10,768,468
11,464,623
12,867,524
13,474,463
The loans due within one year are fixed term advances. At the year end the following were outstanding:
£713,766 (E835,784) Euro fixed term advance at 5.269% ending 23.02.2024.
£1,318,944 Sterling fixed term advance at 6.65% ending 02.02.2024.
Other creditors includes an on demand interest free loan of £7,435,321 (2023: £7,615,126) from the sole director and shareholder to the company, and an interest free loan of £3,309,762 (2023: £3,309,762 ) repayable on demand from Sophie Holdings Limited, a company in which the sole shareholder has a controlling interest, and £nil (2023:£700,387 ) ) repayable on demand from D.E.P.E Breaden Limited, a company in which the sole shareholder has a controlling beneficial interest
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
829,881
899,892
10
Related party transactions
The director is the controlling party due to his 100% shareholding. No remuneration or advances were paid to the director. Details of loans made to the company by related parties are disclosed in note 8.