Company registration number 03065897 (England and Wales)
HEATHPLACE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HEATHPLACE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
HEATHPLACE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
6
311,920
415,894
Tangible assets
7
1,093,008
1,221,095
1,404,928
1,636,989
Current assets
Stocks
29,704
40,676
Debtors
8
935,941
1,143,754
Cash at bank and in hand
67,773
75,716
1,033,418
1,260,146
Creditors: amounts falling due within one year
9
(970,776)
(1,026,069)
Net current assets
62,642
234,077
Total assets less current liabilities
1,467,570
1,871,066
Creditors: amounts falling due after more than one year
11
(1,047,143)
(1,440,715)
Provisions for liabilities
(69,616)
(52,657)
Net assets
350,811
377,694
Capital and reserves
Called up share capital
13
100
100
Profit and loss reserves
14
350,711
377,594
Total equity
350,811
377,694
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
Mr H Jivraj
Director
Company registration number 03065897 (England and Wales)
HEATHPLACE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
100
395,470
395,570
Year ended 31 March 2023:
Loss and total comprehensive income
-
(17,876)
(17,876)
Balance at 31 March 2023
100
377,594
377,694
Year ended 31 March 2024:
Loss and total comprehensive income
-
(26,883)
(26,883)
Balance at 31 March 2024
100
350,711
350,811
HEATHPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Heathplace Limited is a private company limited by shares incorporated in England and Wales. The registered office is 133 High Street, Barnet, Hertfordshire, EN5 5UZ.
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 on the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial performance of the company is set out in the report of the directors and in the statement of profittrue or loss and the other comprehensive income. The financial position of the company is set out in the statement of financial position.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the invoiced value, net of Value Added Tax, of food and beverage provided to customers. Turnover from restaurants is recognised when payment is tendered by the customer at the point of sale.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
HEATHPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation 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:
Leasehold land and buildings
Over the remaining life of lease
Plant and machinery
10% reducing balance method
Fixtures and fittings
25% reducing balance method
Motor vehicles
25% reducing balance method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.7
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts.
1.9
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.
HEATHPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the fair value of the cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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.
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.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
HEATHPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.15
There were no changes in comparative figures during the year.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
Key sources of estimation uncertainity
In the application of the accounting policies, the directors are 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 relevant factors. Such estimates and assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The directors have made the following assumptions that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Useful lives of property, plant and equipment and intangible assets
Management reviews the useful lives, amortisation methods, depreciation methods and residual values of the items of property, plant and equipment and intangible assets on a regular basis. During the financial year, the directors determined no significant changes in the useful lives and residual values. The carrying amounts of property, plant and equipment and intangible assets are disclosed in note 7 and 6 respectively.
Recoverablility of Trade and intercompany receivables
Intercompany receivables are stated at their recoverable amount less any necessary provision. Recoverability of trade and intercompany receivables is assessed annually and a provision is recognised if any indications exist that the receivables are not considered recoverable.
3
Turnover
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by geographical market
Golders Green Store
1,388,122
1,324,022
Barnet Store
1,399,641
1,349,001
Hounslow Central
2,314,056
2,202,075
Hounslow West
1,800,390
1,856,085
6,902,209
6,731,183
HEATHPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
117
115
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
54,046
23,948
Deferred tax
Origination and reversal of timing differences
16,958
(12,866)
Total tax charge
71,004
11,082
2024
2023
£
£
Profit/(loss) before taxation
44,121
(6,794)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
11,030
(1,291)
Tax effect of expenses that are not deductible in determining taxable profit
25,994
19,756
Group relief
(12,616)
Permanent capital allowances in excess of depreciation
17,022
18,099
Deferred taxation
16,958
(12,866)
Taxation charge for the year
71,004
11,082
HEATHPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
6
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1,039,738
Amortisation and impairment
At 1 April 2023
623,844
Amortisation charged for the year
103,974
At 31 March 2024
727,818
Carrying amount
At 31 March 2024
311,920
At 31 March 2023
415,894
7
Tangible fixed assets
Leasehold land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
1,915,725
1,135,267
993,077
9,400
4,053,469
Additions
4,214
4,214
At 31 March 2024
1,915,725
1,139,481
993,077
9,400
4,057,683
Depreciation and impairment
At 1 April 2023
1,423,215
563,680
843,129
2,350
2,832,374
Depreciation charged in the year
35,878
57,175
37,486
1,762
132,301
At 31 March 2024
1,459,093
620,855
880,615
4,112
2,964,675
Carrying amount
At 31 March 2024
456,632
518,626
112,462
5,288
1,093,008
At 31 March 2023
492,510
571,587
149,948
7,050
1,221,095
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
44,537
Amounts owed by group undertakings
743,877
1,041,139
Other debtors
58,286
13,605
Prepayments and accrued income
89,241
89,010
935,941
1,143,754
HEATHPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10
244,307
333,467
Trade creditors
174,366
227,649
Amounts owed to group undertakings
33,000
Corporation tax
54,046
23,948
Other taxation and social security
196,487
208,720
Other creditors
64,540
11,542
Accruals and deferred income
204,030
220,743
970,776
1,026,069
10
Loans and overdrafts
2024
2023
£
£
Bank loans
1,291,450
1,774,182
Payable within one year
244,307
333,467
Payable after one year
1,047,143
1,440,715
The bank loans are secured by:
Composite company limited guarantee dated 20 July 2012 given by group companies.
Fixed and floating debenture charges over all present freehold and leasehold property, other debts, chattels, goodwill and uncalled capital, both present and future dated 16 July 2012.
The loans are subject to monthly repayments and commercial rates of interest.
11
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10
1,047,143
1,440,715
Amounts included above which fall due after five years are as follows:
Payable by instalments
113,367
192,530
HEATHPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
12
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated Capital Allowances
69,616
52,657
2024
Movements in the year:
£
Liability at 1 April 2023
52,657
Charge to profit or loss
16,959
Liability at 31 March 2024
69,616
13
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
14
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
377,594
395,470
Loss for the year
(26,883)
(17,876)
At the end of the year
350,711
377,594
15
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Shilpa Chheda
Statutory Auditor:
KLSA LLP
Date of audit report:
15 August 2024
HEATHPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
16
Financial commitments, guarantees and contingent liabilities
There are unlimited cross guarantees in place between group companies in respect of group borrowings.
17
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
252,350
276,284
Between two and five years
1,042,320
1,034,299
In over five years
775,536
1,036,599
2,070,206
2,347,182
18
Related party transactions
The company has taken advantage of the exemption available in FRS 102 (s33 "Related Party Disclosure"), whereby it has not disclosed transactions with the parent company or any wholly owned subsidiary undertakings of the group.
Included in other creditors is directors account amounting to £2,926 (20223: £Nil).
19
Parent company
The company is controlled by the ultimate parent company Goldtique Ltd, which is registered in England and Wales.
The largest group in which the entity is consolidated is Goldtique Limited. The copies of the consolidated financial statements can be obtained from 133 High Street, Barnet, Hertfordshire EN5 5UZ.
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