Herstone Limited 05328601 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is holding freeholds and rental. Digita Accounts Production Advanced 6.30.9574.0 true 05328601 2023-04-01 2024-03-31 05328601 2024-03-31 05328601 core:RetainedEarningsAccumulatedLosses 2024-03-31 05328601 core:ShareCapital 2024-03-31 05328601 core:CurrentFinancialInstruments 2024-03-31 05328601 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05328601 bus:SmallEntities 2023-04-01 2024-03-31 05328601 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05328601 bus:FullAccounts 2023-04-01 2024-03-31 05328601 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05328601 bus:RegisteredOffice 2023-04-01 2024-03-31 05328601 bus:Director1 2023-04-01 2024-03-31 05328601 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05328601 core:OtherRelatedParties 2023-04-01 2024-03-31 05328601 countries:EnglandWales 2023-04-01 2024-03-31 05328601 2023-03-31 05328601 2022-04-01 2023-03-31 05328601 2023-03-31 05328601 core:RetainedEarningsAccumulatedLosses 2023-03-31 05328601 core:ShareCapital 2023-03-31 05328601 core:CurrentFinancialInstruments 2023-03-31 05328601 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure

Herstone Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 05328601

 

Herstone Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Herstone Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

75,000

75,000

Current assets

 

Debtors

5

8,846

10,541

Cash at bank and in hand

 

17,058

14,305

 

25,904

24,846

Creditors: Amounts falling due within one year

6

(56,502)

(57,469)

Net current liabilities

 

(30,598)

(32,623)

Total assets less current liabilities

 

44,402

42,377

Provisions for liabilities

(3,000)

(3,000)

Net assets

 

41,402

39,377

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

41,302

39,277

Shareholders' funds

 

41,402

39,377

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 28 October 2024
 

.........................................
T G Lewis
Director

Company Registration Number: 05328601

 

Herstone Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
41 Commercial Road
Poole
Dorset
BH14 0HU

These financial statements were authorised for issue by the director on 28 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements have been prepared using British pound sterling and rounded to the nearest whole pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rent the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

 

Herstone Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director who uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 April

75,000

At 31 March

75,000

The investment property has previously been revalued by the director.

 

Herstone Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

5

Debtors

2024
£

2023
£

Trade debtors

8,682

9,308

Other debtors

164

1,233

8,846

10,541

6

Creditors

Creditors: amounts falling due within one year

2024
 £

2023
 £

Due within one year

Trade creditors

286

90

Amounts due to group undertakings

23,008

23,008

Corporation tax

475

440

Social security and other taxes

1,325

-

Other creditors

29,613

32,629

Accrued expenses

1,795

1,302

56,502

57,469

7

Related party transactions

Transactions with the director

Summary of transactions with other related parties

At the year end the company owed Lewis Property Services (UK) Limited £10,000, a company under common control (2023 - £13,500).
 

8

Control

The company is controlled by T G Lewis by virtue of his shareholding in the company and his shareholding in Lewis & Co (Investments & Pensions) Limited, which owns 50% of the shares in the Herstone Limited.

9

Reserves

The profit and loss account includes £20,320 (2023 - £20,320) of non distributable reserves.