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COMPANY REGISTRATION NUMBER: 02963221
Heritage Midlands Limited
Filleted Unaudited Abridged Financial Statements
31 January 2024
Heritage Midlands Limited
Abridged Financial Statements
Year Ended 31 January 2024
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 6
Heritage Midlands Limited
Abridged Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed Assets
Tangible assets
5
1,932
2,147
Investments
6
2,435,733
2,373,233
------------
------------
2,437,665
2,375,380
Current Assets
Debtors
2,025
184,767
Cash at bank and in hand
19,178
20,292
--------
---------
21,203
205,059
Creditors: amounts falling due within one year
52,067
47,944
--------
---------
Net Current (Liabilities)/Assets
( 30,864)
157,115
------------
------------
Total Assets Less Current Liabilities
2,406,801
2,532,495
Creditors: amounts falling due after more than one year
180,500
206,500
Provisions
Taxation including deferred tax
276,233
144,937
------------
------------
Net Assets
1,950,068
2,181,058
------------
------------
Heritage Midlands Limited
Abridged Statement of Financial Position (continued)
31 January 2024
2024
2023
Note
£
£
£
Capital and Reserves
Called up share capital
8
100
100
Profit and loss account
1,949,968
2,180,958
------------
------------
Shareholders Funds
1,950,068
2,181,058
------------
------------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 January 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Mr R Cutt
Ms E J Gallagher
Director
Director
Company registration number: 02963221
Heritage Midlands Limited
Notes to the Abridged Financial Statements
Year Ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and the place of business is 54 Knifesmithsgate, Chesterfield, Derbyshire, S40 1RQ.
2. Statement of compliance
These abridged 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 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. All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006.
Revenue recognition
The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax.
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 represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Fixtures, fittings and equipment
-
10% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Any fixed asset investment 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 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.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged 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 abridged 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
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
£
Cost
At 1 February 2023 and 31 January 2024
24,663
--------
Depreciation
At 1 February 2023
22,516
Charge for the year
215
--------
At 31 January 2024
22,731
--------
Carrying amount
At 31 January 2024
1,932
--------
At 31 January 2023
2,147
--------
6. Investments
Other investments other than loans
£
Cost
At 1 February 2023
2,373,233
Additions
62,500
------------
At 31 January 2024
2,435,733
------------
Impairment
At 1 February 2023 and 31 January 2024
------------
Carrying amount
At 31 January 2024
2,435,733
------------
At 31 January 2023
2,373,233
------------
7. Secured liabilities
The aggregate amount of secured liabilities, secured on the assets of the company at the year end were £206,500 (2023: £232,500).
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Directors' advances, credits and guarantees
There are no directors advances, credits or guarantees requiring disclosure.