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Registration number: 08915960

Heritage Trees Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Heritage Trees Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Heritage Trees Limited

Company Information

Directors

N Egleton

N Bunce

Registered office

Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

Accountants

Landmark Accountants Limited
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Heritage Trees Limited

(Registration number: 08915960)
Balance Sheet as at 31 March 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

5

 

300,658

 

219,451

Current assets

   

 

Debtors

6

191,988

 

120,933

 

Cash at bank and in hand

 

32,706

 

86,104

 

 

224,694

 

207,037

 

Creditors: Amounts falling due within one year

7

(191,218)

 

(195,804)

 

Net current assets

   

33,476

 

11,233

Total assets less current liabilities

   

334,134

 

230,684

Creditors: Amounts falling due after more than one year

7

 

(99,582)

 

(53,412)

Provisions for liabilities

 

(57,125)

 

(40,774)

Net assets

   

177,427

 

136,498

Capital and reserves

   

 

Called up share capital

100

 

100

 

Retained earnings

177,327

 

136,398

 

Shareholders' funds

   

177,427

 

136,498

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.

Directors' 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

 

Heritage Trees Limited

(Registration number: 08915960)
Balance Sheet as at 31 March 2024

.........................................
N Egleton
Director

.........................................
N Bunce
Director

 

Heritage Trees Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
United Kingdom

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The presentational currency of these accounts is £ Sterling. The level of rounding is to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current and deferred 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 income 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.

 

Heritage Trees Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Heavy plant & machinery

10% reducing balance

Light plant & machinery

25% straight line basis

Motor vehicles

25% straight line basis

Short leasehold land and buildings

10% straight line basis

Fixture & Fittings

25% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 4 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Heritage Trees Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Heritage Trees Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

 

Heritage Trees Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 14).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

20,000

20,000

At 31 March 2024

20,000

20,000

Amortisation

At 1 April 2023

20,000

20,000

At 31 March 2024

20,000

20,000

Carrying amount

At 31 March 2024

-

-

 

Heritage Trees Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

36,292

17,735

211,914

199,755

465,696

Additions

-

1,339

27,409

114,514

143,262

Disposals

-

-

-

(7,500)

(7,500)

At 31 March 2024

36,292

19,074

239,323

306,769

601,458

Depreciation

At 1 April 2023

4,621

7,515

93,001

141,108

246,245

Charge for the year

3,629

4,500

19,544

33,549

61,222

Eliminated on disposal

-

-

-

(6,667)

(6,667)

At 31 March 2024

8,250

12,015

112,545

167,990

300,800

Carrying amount

At 31 March 2024

28,042

7,059

126,778

138,779

300,658

At 31 March 2023

31,671

10,220

118,913

58,647

219,451

Included within the net book value of land and buildings above is £28,042 (2023 - £31,671) in respect of short leasehold land and buildings.
 

Restrictions on title and pledges as security
Tangible fixed assets with a carrying amount of £162,159 (2023 - £81,949) have been pledged as security for the company's finance lease liabilities and bank borrowings.

6

Debtors

2024
£

2023
£

Trade debtors

148,593

116,208

Other debtors

39,780

-

Prepayments

3,615

4,725

191,988

120,933

 

Heritage Trees Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

83,784

39,262

Trade creditors

 

31,894

18,930

Social security and other taxes

 

70,292

112,320

Other creditors

 

1,488

22,040

Accruals

 

3,760

3,252

 

191,218

195,804

Due after one year

 

Loans and borrowings

8

99,582

53,412

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,667

21,667

Finance lease liabilities

87,915

31,745

99,582

53,412

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

40,150

931

Finance lease liabilities

33,634

28,331

83,784

39,262

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £99,598 (2023 - £61,994).

 

Heritage Trees Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Loans to directors (interest charged at rates of 2% to 2.25%, and repayable on demand)

(20,766)

100,287

(44,527)

34,994

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Loans to directors (interest charged at rates of 2% to 2.25%, and repayable on demand)

(20,378)

98,620

(99,008)

(20,766)