Company registration number 04597494 (England and Wales)
HERITAGE HOMES (SOUTHERN) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HERITAGE HOMES (SOUTHERN) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HERITAGE HOMES (SOUTHERN) LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
5
1,375,000
1,375,000
Current assets
Debtors
6
-
0
1,315
Cash at bank and in hand
1,627
1,154
1,627
2,469
Creditors: amounts falling due within one year
7
(885,417)
(37,302)
Net current liabilities
(883,790)
(34,833)
Total assets less current liabilities
491,210
1,340,167
Creditors: amounts falling due after more than one year
8
(348,621)
(1,208,984)
Net assets
142,589
131,183
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
142,579
131,173
Total equity
142,589
131,183

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges her 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 5 November 2024
Ms Nicola Cole
Director
Company registration number 04597494 (England and Wales)
HERITAGE HOMES (SOUTHERN) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Heritage Homes (Southern) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 29 Gildredge Road, Eastbourne, East Sussex, United Kingdom, BN21 4RU.

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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rental income received.

1.3
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.

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:

Computers
Straight line over 3 years

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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
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 HOMES (SOUTHERN) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.

1.6
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.

1.7
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.

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:

2023
2022
Number
Number
Total
-
0
-
0
HERITAGE HOMES (SOUTHERN) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 and 30 November 2023
1,767
Depreciation and impairment
At 1 December 2022 and 30 November 2023
1,767
Carrying amount
At 30 November 2023
-
0
At 30 November 2022
-
0
5
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
1,375,000

The director considers the fair value of the investment property to be its open market value at the balance sheet date.

 

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
1,315
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,821
7,664
Corporation tax
34,639
33,465
Other taxation and social security
1,337
1,337
Other creditors
838,620
(5,164)
885,417
37,302
HERITAGE HOMES (SOUTHERN) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
348,621
366,939
Other creditors
-
0
842,045
348,621
1,208,984
9
Loans and overdrafts
2023
2022
£
£
Bank loans
348,621
366,939
Payable after one year
348,621
366,939

The above bank loans are secured by a debenture over the company's assets dated 24 May 2011 and a mortgage deed over the company's assets dated 8 July 2011.

 

The other loan is secured by a fixed charge over the company's assets dated 5 May 2020.

 

 

 

10
Directors' transactions

Dividends totalling £0 (2022 - £0) were paid in the year in respect of shares held by the company's directors.

Description
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
Directors' loan
6,487
54
(6,541)
-
6,487
54
(6,541)
-
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